Portfolio of investments—March 31, 2024 (unaudited)
Portfolio of investments
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 98.48% | ||||||
Alabama: 0.84% | ||||||
Utilities revenue: 0.84% | ||||||
Southeast Energy Authority A Cooperative District Project No. 5 Series Aøø | 5.25 % | 1-1-2054 | $ | 750,000 | $796,441 | |
California: 0.55% | ||||||
Utilities revenue: 0.55% | ||||||
California Community Choice Financing Authority Series C | 5.00 | 10-1-2031 | 500,000 | 520,323 | ||
Georgia: 0.52% | ||||||
Utilities revenue: 0.52% | ||||||
Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | 8-1-2052 | 500,000 | 486,495 | ||
Guam: 1.33% | ||||||
Airport revenue: 0.83% | ||||||
Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | 10-1-2031 | 200,000 | 206,947 | ||
Port Authority of Guam Series B AMT | 5.00 | 7-1-2032 | 550,000 | 576,951 | ||
783,898 | ||||||
Miscellaneous revenue: 0.50% | ||||||
Territory of Guam Series F | 4.00 | 1-1-2042 | 500,000 | 475,866 | ||
1,259,764 | ||||||
Illinois: 0.84% | ||||||
Airport revenue: 0.52% | ||||||
Chicago O’Hare International Airport Customer Facility Charge Revenue (BAM Insured) | 5.00 | 1-1-2030 | 450,000 | 490,261 | ||
Miscellaneous revenue: 0.32% | ||||||
City of Chicago Lakeshore East Special Assessment Area144A | 2.27 | 12-1-2024 | 308,000 | 302,964 | ||
793,225 | ||||||
Pennsylvania: 93.83% | ||||||
Airport revenue: 3.87% | ||||||
Allegheny County Airport Authority Series A AMT | 5.00 | 1-1-2051 | 1,500,000 | 1,549,480 | ||
City of Philadelphia Airport Revenue Series A AMT | 5.00 | 6-15-2026 | 580,000 | 585,789 | ||
City of Philadelphia Airport Revenue Series A AMT | 5.00 | 6-15-2030 | 1,500,000 | 1,519,439 | ||
3,654,708 | ||||||
Education revenue: 19.55% | ||||||
Chester County IDA Avon Grove Charter School | 5.00 | 3-1-2027 | 500,000 | 508,132 | ||
Chester County IDA Avon Grove Charter School Series A | 5.00 | 12-15-2047 | 1,160,000 | 1,139,348 | ||
Chester County IDA Collegium Charter School Series A | 5.13 | 10-15-2037 | 1,000,000 | 986,221 | ||
Chester County IDA Renaissance Academy Charter School | 3.75 | 10-1-2024 | 130,000 | 129,647 | ||
Cumberland County Municipal Authority Dickinson College | 5.00 | 5-1-2032 | 940,000 | 966,090 | ||
Delaware County Authority Neumann University | 5.00 | 10-1-2039 | 250,000 | 249,937 | ||
General Authority of Southcentral Pennsylvania York College Series TT2 | 4.00 | 5-1-2032 | 330,000 | 333,215 | ||
General Authority of Southcentral Pennsylvania York College Series TT2 | 4.00 | 5-1-2033 | 315,000 | 318,756 | ||
General Authority of Southcentral Pennsylvania York College Series TT2 | 4.00 | 5-1-2034 | 550,000 | 558,863 | ||
See accompanying notes to portfolio of investments
Allspring Pennsylvania Tax-Free Fund | 1
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Education revenue(continued) | ||||||
Huntingdon County General Authority Juniata College Series T | 5.00 % | 10-1-2051 | $ | 2,000,000 | $1,903,131 | |
Latrobe IDA Seton Hill University | 4.00 | 3-1-2051 | 800,000 | 614,130 | ||
Lehigh County General Purpose Authority Valley Academy Regional Charter School | 4.00 | 6-1-2032 | 675,000 | 666,195 | ||
Lehigh County IDA Seven Generations Charter School Series A | 4.00 | 5-1-2051 | 750,000 | 555,215 | ||
Montgomery County Higher Education & Health Authority Arcadia University | 5.00 | 4-1-2030 | 1,500,000 | 1,501,699 | ||
Montgomery County IDA Public School of Germantown Series A | 4.00 | 10-1-2041 | 450,000 | 403,866 | ||
Montgomery County IDA Public School of Germantown Series A | 4.00 | 10-1-2046 | 225,000 | 192,846 | ||
Montgomery County IDA Public School of Germantown Series A | 4.00 | 10-1-2051 | 825,000 | 682,290 | ||
Northeastern Pennsylvania Hospital & Education Authority Wilkes University Series B | 5.25 | 3-1-2037 | 1,000,000 | 1,002,330 | ||
Pennsylvania Higher Educational Facilities Authority Ursinus College Series A | 5.00 | 11-1-2026 | 500,000 | 508,142 | ||
Pennsylvania Higher Educational Facilities Authority Ursinus College Series A | 5.00 | 11-1-2027 | 300,000 | 307,620 | ||
Philadelphia IDA First Philadelphia Preparatory Charter School Series A | 7.00 | 6-15-2033 | 940,000 | 946,156 | ||
Philadelphia IDA Green Woods Charter School Series A | 5.00 | 6-15-2032 | 340,000 | 345,958 | ||
Philadelphia IDA Independence Charter School West | 5.00 | 6-15-2039 | 250,000 | 240,702 | ||
Philadelphia IDA LaSalle University | 5.00 | 5-1-2036 | 1,355,000 | 1,215,966 | ||
Philadelphia IDA Performing Arts Charter School144A | 5.00 | 6-15-2029 | 220,000 | 228,939 | ||
Philadelphia IDA Performing Arts Charter School144A | 5.00 | 6-15-2030 | 145,000 | 150,607 | ||
Philadelphia IDA Tacony Academy Charter School144A | 5.50 | 6-15-2043 | 500,000 | 507,894 | ||
Philadelphia IDA West Philadelphia Achievement Charter Elementary School | 7.50 | 5-1-2031 | 1,285,000 | 1,287,059 | ||
18,450,954 | ||||||
GO revenue: 15.18% | ||||||
Blue Mountain School District Series B (AGM Insured) | 4.00 | 8-1-2036 | 350,000 | 361,785 | ||
Blue Mountain School District Series B (AGM Insured) | 4.00 | 8-1-2037 | 350,000 | 358,829 | ||
Blue Mountain School District Series B (AGM Insured) | 4.00 | 8-1-2038 | 250,000 | 254,417 | ||
City of Oil City Series A (AGM Insured) | 4.00 | 12-1-2039 | 315,000 | 316,625 | ||
City of Oil City Series A (AGM Insured) | 4.00 | 12-1-2040 | 250,000 | 251,309 | ||
City of Oil City Series A (AGM Insured) | 4.00 | 12-1-2041 | 250,000 | 251,163 | ||
City of Oil City Series A (AGM Insured) | 4.00 | 12-1-2042 | 200,000 | 200,425 | ||
City of Philadelphia Series A | 5.00 | 8-1-2036 | 1,250,000 | 1,314,503 | ||
City of Pittsburgh | 5.00 | 9-1-2043 | 200,000 | 214,445 | ||
Coatesville School District Series C CAB (BAM Insured)¤ | 0.00 | 10-1-2033 | 1,000,000 | 695,089 | ||
Conestoga Valley School District Series A | 4.00 | 2-1-2043 | 500,000 | 496,124 | ||
Highlands School District (AGM Insured) | 5.00 | 4-15-2035 | 295,000 | 329,638 | ||
Montour School District Series B (AGM Insured) | 5.00 | 4-1-2032 | 1,000,000 | 1,018,903 | ||
Moon Area School District Series A | 5.00 | 11-15-2028 | 150,000 | 151,337 | ||
Moon Area School District Series A | 5.00 | 11-15-2029 | 1,445,000 | 1,456,902 | ||
Parkland School District Series B | 4.00 | 2-1-2036 | 650,000 | 670,345 | ||
Penn Delco School District | 4.00 | 6-1-2045 | 1,000,000 | 980,108 | ||
Pequea Valley School District | 4.00 | 5-15-2049 | 750,000 | 716,490 | ||
School District of Philadelphia Series B | 5.00 | 9-1-2043 | 1,235,000 | 1,281,173 | ||
School District of Philadelphia Series C (AGM Insured) | 5.00 | 6-1-2024 | 1,225,000 | 1,227,222 | ||
See accompanying notes to portfolio of investments
2 | Allspring Pennsylvania Tax-Free Fund
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
GO revenue(continued) | ||||||
West Shore School District | 5.00 % | 11-15-2048 | $ | 1,500,000 | $1,542,052 | |
Wilkes-Barre Area School District (BAM Insured) | 5.00 | 4-15-2027 | 100,000 | 104,259 | ||
Wilkes-Barre Area School District (BAM Insured) | 5.00 | 4-15-2029 | 50,000 | 53,861 | ||
Wilkes-Barre Area School District (BAM Insured) | 5.00 | 4-15-2030 | 70,000 | 76,094 | ||
14,323,098 | ||||||
Health revenue: 26.34% | ||||||
Allegheny County Hospital Development Authority Allegheny Health Network Obligated Group Series A | 4.00 | 4-1-2044 | 1,810,000 | 1,722,449 | ||
Allegheny County Hospital Development Authority UPMC Obligated Group (SIFMA Municipal Swap+0.70%)± | 4.34 | 11-15-2047 | 1,000,000 | 992,065 | ||
Berks County IDA Tower Health Obligated Group | 5.00 | 11-1-2037 | 430,000 | 223,108 | ||
Bucks County IDA St. Luke’s Hospital Obligated Group | 4.00 | 8-15-2050 | 400,000 | 373,811 | ||
Cumberland County Municipal Authority Diakon Lutheran Social Ministries Obligated Group | 5.00 | 1-1-2028 | 2,090,000 | 2,104,841 | ||
Dauphin County General Authority UPMC Obligated Group Series A | 5.00 | 6-1-2035 | 1,000,000 | 1,031,515 | ||
Doylestown Hospital Authority Series A | 5.00 | 7-1-2049 | 250,000 | 238,972 | ||
East Hempfield Township IDA Willow Valley Communities Obligated Group | 5.00 | 12-1-2028 | 450,000 | 456,316 | ||
East Hempfield Township IDA Willow Valley Communities Obligated Group | 5.00 | 12-1-2029 | 375,000 | 380,814 | ||
Geisinger Authority Health System Obligated Group Series A | 4.00 | 4-1-2050 | 1,000,000 | 933,473 | ||
Geisinger Authority Health System Obligated Group Series A | 5.00 | 6-1-2041 | 1,000,000 | 1,001,025 | ||
Geisinger Authority Health System Obligated Group Series A-1 | 5.00 | 2-15-2045 | 1,000,000 | 1,020,157 | ||
Geisinger Authority Health System Obligated Group Series Cøø | 5.00 | 4-1-2043 | 645,000 | 693,496 | ||
Hospitals & Higher Education Facilities Authority of Philadelphia Temple University Health System Obligated Group (AGM Insured) | 5.00 | 7-1-2037 | 1,000,000 | 1,089,582 | ||
Lancaster County Hospital Authority St. Anne’s Retirement Community Obligated Group | 5.00 | 3-1-2045 | 500,000 | 421,410 | ||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group Series B | 5.00 | 5-1-2052 | 1,000,000 | 1,040,259 | ||
Montgomery County IDA ACTS Retirement-Life Communities, Inc. Obligated Group Series C | 5.00 | 11-15-2045 | 1,000,000 | 1,039,323 | ||
Montgomery County IDA Waverly Heights Ltd Obligated Group | 5.00 | 12-1-2044 | 1,000,000 | 1,017,619 | ||
Pennsylvania EDFA Presbyterian Homes Obligated Group Series B-1 | 5.25 | 7-1-2049 | 500,000 | 515,480 | ||
Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | 10-15-2035 | 645,000 | 730,047 | ||
Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | 10-15-2036 | 800,000 | 899,884 | ||
Pennsylvania EDFA UPMC Obligated Group Series A1 | 4.00 | 4-15-2037 | 700,000 | 714,631 | ||
Pennsylvania Higher Educational Facilities Authority Health System Obligated Group | 5.00 | 8-15-2040 | 1,500,000 | 1,523,348 | ||
Pennsylvania Higher Educational Facilities Authority Health System Obligated Group | 5.00 | 8-15-2049 | 1,000,000 | 1,047,068 | ||
Pennsylvania Higher Educational Facilities Authority Health System Obligated Group Series A | 5.00 | 8-15-2047 | 1,500,000 | 1,525,818 | ||
Pennsylvania Higher Educational Facilities Authority University of Pennsylvania Health System Obligated Group Series Aø | 3.62 | 1-1-2038 | 1,000,000 | 1,000,000 | ||
West Cornwall Township Municipal Authority Lebanon Valley Brethren Home Obligated Group Series A | 4.00 | 11-15-2041 | 370,000 | 319,928 | ||
See accompanying notes to portfolio of investments
Allspring Pennsylvania Tax-Free Fund | 3
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Health revenue(continued) | ||||||
West Cornwall Township Municipal Authority Lebanon Valley Brethren Home Obligated Group Series A | 4.00 % | 11-15-2046 | $ | 525,000 | $428,458 | |
Westmoreland County IDA Excela Health Obligated Group Series A | 4.00 | 7-1-2037 | 400,000 | 371,763 | ||
24,856,660 | ||||||
Housing revenue: 4.08% | ||||||
Chester County IDA University Student Housing LLC Series A | 5.00 | 8-1-2030 | 555,000 | 555,092 | ||
Pennsylvania EDFA Commonwealth of Pennsylvania Department of Transportation AMT | 5.75 | 6-30-2048 | 750,000 | 835,475 | ||
Pennsylvania Housing Finance Agency | 4.45 | 10-1-2044 | 1,000,000 | 999,336 | ||
State Public School Building Authority Chester Upland School District Series B | 5.25 | 9-15-2030 | 540,000 | 578,891 | ||
State Public School Building Authority Chester Upland School District Series C (AGM Insured) | 5.00 | 9-15-2026 | 875,000 | 875,710 | ||
3,844,504 | ||||||
Miscellaneous revenue: 5.18% | ||||||
Commonwealth of Pennsylvania Series A COP | 5.00 | 7-1-2038 | 1,000,000 | 1,052,860 | ||
Delaware County Authority Neumann University | 5.00 | 10-1-2031 | 1,500,000 | 1,513,011 | ||
Delaware Valley Regional Finance Authority Series D (TD Bank N.A. LOC)ø | 3.65 | 11-1-2055 | 500,000 | 500,000 | ||
Pennsylvania EDFA Philadelphia Water Department | 4.00 | 1-1-2030 | 1,000,000 | 993,442 | ||
Philadelphia IDA Series A | 5.00 | 2-15-2038 | 785,000 | 826,824 | ||
4,886,137 | ||||||
Tax revenue: 2.34% | ||||||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2042 | 500,000 | 514,574 | ||
Southeastern Pennsylvania Transportation Authority | 5.25 | 6-1-2042 | 1,500,000 | 1,688,033 | ||
2,202,607 | ||||||
Transportation revenue: 5.33% | ||||||
Delaware River Joint Toll Bridge Commission | 5.00 | 7-1-2042 | 580,000 | 608,693 | ||
Pennsylvania Turnpike Commission Series 1 | 5.00 | 12-1-2043 | 1,800,000 | 1,968,674 | ||
Pennsylvania Turnpike Commission Series A | 4.00 | 12-1-2043 | 810,000 | 805,607 | ||
Pennsylvania Turnpike Commission Series A | 5.25 | 12-1-2053 | 1,500,000 | 1,645,231 | ||
5,028,205 | ||||||
Utilities revenue: 1.08% | ||||||
Philadelphia Gas Works Co. Series 15TH | 5.00 | 8-1-2047 | 1,000,000 | 1,022,856 | ||
Water & sewer revenue: 10.88% | ||||||
Bucks County Water & Sewer Authority Series A (AGM Insured) | 5.25 | 12-1-2047 | 2,175,000 | 2,380,213 | ||
Capital Region Water Sewer Revenue | 5.00 | 7-15-2037 | 1,000,000 | 1,056,803 | ||
City of Philadelphia Water & Wastewater Revenue Series A | 5.00 | 10-1-2038 | 2,000,000 | 2,132,134 | ||
City of Philadelphia Water & Wastewater Revenue Series C | 5.00 | 6-1-2042 | 555,000 | 607,759 | ||
Erie City Water Authority (BAM Insured) | 4.25 | 12-1-2052 | 1,000,000 | 985,345 | ||
Lehigh County Authority City Division Fund CAB¤ | 0.00 | 12-1-2030 | 2,000,000 | 1,570,465 | ||
See accompanying notes to portfolio of investments
4 | Allspring Pennsylvania Tax-Free Fund
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue(continued) | ||||||
Luzerne County IDA Pennsylvania-American Water Co. AMTøø | 2.45 % | 12-1-2039 | $ | 500,000 | $452,974 | |
Pittsburgh Water & Sewer Authority Series A (AGM Insured) | 5.00 | 9-1-2048 | 1,000,000 | 1,079,692 | ||
10,265,385 | ||||||
88,535,114 | ||||||
South Carolina: 0.57% | ||||||
Utilities revenue: 0.57% | ||||||
Patriots Energy Group Financing Agency Series A1øø | 5.25 | 10-1-2054 | 500,000 | 535,348 | ||
Total municipal obligations (Cost $96,466,363) | 92,926,710 | |||||
Yield | Shares | |||||
Short-term investments: 0.30% | ||||||
Investment companies: 0.30% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.25 | 277,317 | 277,317 | |||
Total short-term investments (Cost $277,317) | 277,317 | |||||
Total investments in securities (Cost $96,743,680) | 98.78 % | 93,204,027 | ||||
Other assets and liabilities, net | 1.22 | 1,154,952 | ||||
Total net assets | 100.00 % | $94,358,979 | ||||
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
COP | Certificate of participation |
EDFA | Economic Development Finance Authority |
GO | General obligation |
IDA | Industrial Development Authority |
LOC | Letter of credit |
SIFMA | Securities Industry and Financial Markets Association |
See accompanying notes to portfolio of investments
Allspring Pennsylvania Tax-Free Fund | 5
Portfolio of investments—March 31, 2024 (unaudited)
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $0 | $6,701,029 | $(6,423,712 ) | $0 | $0 | $277,317 | 277,317 | $10,119 |
Investments in affiliates no longer held at end of period | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | 1,717,837 | 21,162,558 | (22,880,395 ) | 14 | (14 ) | 0 | 0 | 38,271 |
$14 | $(14 ) | $277,317 | $48,390 | |||||
See accompanying notes to portfolio of investments
6 | Allspring Pennsylvania Tax-Free Fund
Notes to portfolio of investments—March 31, 2024 (unaudited)
Notes to portfolio of investments
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2024:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $92,926,710 | $0 | $92,926,710 |
Short-term investments | ||||
Investment companies | 277,317 | 0 | 0 | 277,317 |
Total assets | $277,317 | $92,926,710 | $0 | $93,204,027 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At March 31, 2024, the Fund did not have any transfers into/out of Level 3.
Allspring Pennsylvania Tax-Free Fund | 7