Portfolio of investments—May 31, 2024 (unaudited)
Portfolio of investments
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 2.20% | ||||||
GNMA±± | 4.57 % | 8-20-2070 | $ | 1,513,656 | $1,473,488 | |
GNMA Series 2023-H13 Class BA±± | 4.66 | 5-20-2073 | 1,355,797 | 1,330,743 | ||
Total agency securities (Cost $2,914,336) | 2,804,231 | |||||
Asset-backed securities: 26.99% | ||||||
BMW Vehicle Lease Trust Series 2023-1 Class A3 | 5.16 | 11-25-2025 | 877,992 | 876,146 | ||
Capital One Prime Auto Receivables Trust Series 2023-1 Class A2 | 5.20 | 5-15-2026 | 2,125,132 | 2,121,699 | ||
CarMax Auto Owner Trust Series 2021-4 Class A3 | 0.56 | 9-15-2026 | 1,707,875 | 1,659,978 | ||
Chase Auto Owner Trust Series 2023-AA Class A2144A | 5.90 | 3-25-2027 | 597,435 | 598,090 | ||
Daimler Trucks Retail Trust Series 2024-1 Class A3 | 5.49 | 12-15-2027 | 1,625,000 | 1,626,184 | ||
Enterprise Fleet Financing LLC Series 2024-1 Class A2144A | 5.23 | 3-20-2030 | 2,000,000 | 1,988,357 | ||
Evergreen Credit Card Trust Series 2022-CRT2 Class B144A | 6.56 | 11-15-2026 | 1,000,000 | 1,003,835 | ||
Ford Credit Auto Lease Trust Series 2024-A Class A3 | 5.06 | 5-15-2027 | 1,450,000 | 1,443,425 | ||
GM Financial Automobile Leasing Trust Series 2022-3 Class A4 | 4.11 | 8-20-2026 | 2,000,000 | 1,985,387 | ||
GM Financial Automobile Leasing Trust Series 2023-1 Class A2A | 5.27 | 6-20-2025 | 202,837 | 202,753 | ||
Honda Auto Receivables Owner Trust Series 2021-3 Class A3 | 0.41 | 11-18-2025 | 746,915 | 734,596 | ||
Honda Auto Receivables Owner Trust Series 2021-4 Class A4 | 1.14 | 6-21-2028 | 1,530,000 | 1,466,152 | ||
Honda Auto Receivables Owner Trust Series 2023-1 Class A2 | 5.22 | 10-21-2025 | 628,506 | 627,734 | ||
Hyundai Auto Receivables Trust Series 2023-A Class A2A | 5.19 | 12-15-2025 | 368,087 | 367,670 | ||
John Deere Owner Trust Series 2022-C Class A2 | 4.98 | 8-15-2025 | 181,519 | 181,395 | ||
Mercedes-Benz Auto Lease Trust Series 2023-A Class A2 | 5.24 | 11-17-2025 | 1,138,815 | 1,137,731 | ||
Mercedes-Benz Auto Receivables Trust Series 2022-1 Class A2 | 5.26 | 10-15-2025 | 140,788 | 140,743 | ||
Nissan Auto Lease Trust Series 2022-A Class A3 | 3.81 | 5-15-2025 | 159,181 | 159,032 | ||
Nissan Auto Receivables Owner Trust Series 2023-A Class A2A | 5.34 | 2-17-2026 | 1,236,169 | 1,235,126 | ||
Porsche Financial Auto Securitization Trust Series 2023-1A Class A2144A | 5.42 | 12-22-2026 | 1,151,639 | 1,150,854 | ||
Porsche Financial Auto Securitization Trust Series 2023-2A Class A2A144A | 5.88 | 11-23-2026 | 1,320,221 | 1,321,613 | ||
SBNA Auto Lease Trust Series 2023-A Class A2144A | 6.27 | 4-20-2026 | 873,000 | 875,696 | ||
SBNA Auto Lease Trust Series 2023-A Class A3144A | 6.51 | 4-20-2027 | 2,000,000 | 2,021,672 | ||
Tesla Auto Lease Trust Series 2023-A Class A3144A | 5.89 | 6-22-2026 | 2,225,000 | 2,227,749 | ||
Tesla Auto Lease Trust Series 2024-A Class A3144A | 5.30 | 6-21-2027 | 675,000 | 672,950 | ||
Toyota Auto Receivables Owner Trust Series 2023-A Class A2 | 5.05 | 1-15-2026 | 1,058,966 | 1,057,577 | ||
Toyota Lease Owner Trust Series 2023-A Class A2144A | 5.30 | 8-20-2025 | 483,152 | 482,681 | ||
Verizon Master Trust Series 2023-2 Class A | 4.89 | 4-13-2028 | 1,000,000 | 994,322 | ||
Verizon Master Trust Series 2024-1 Class A1A | 5.00 | 12-20-2028 | 1,000,000 | 994,356 | ||
World Omni Auto Receivables Trust Series 2022-D Class A3 | 5.61 | 2-15-2028 | 2,500,000 | 2,500,840 | ||
World Omni Automobile Lease Securitization Trust Series 2023-A Class A2A | 5.47 | 11-17-2025 | 544,961 | 544,618 | ||
Total asset-backed securities (Cost $34,478,385) | 34,400,961 | |||||
Corporate bonds and notes: 40.10% | ||||||
Basic materials: 0.43% | ||||||
Mining: 0.43% | ||||||
Newmont Corp./Newcrest Finance Pty. Ltd.144A | 5.30 | 3-15-2026 | 550,000 | 548,115 |
See accompanying notes to portfolio of investments
Allspring Conservative Income Fund | 1
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Consumer, cyclical: 8.00% | ||||||
Auto manufacturers: 8.00% | ||||||
American Honda Finance Corp. Series A | 4.60 % | 4-17-2025 | $ | 2,000,000 | $1,985,054 | |
BMW U.S. Capital LLC144A | 5.30 | 8-11-2025 | 2,200,000 | 2,197,709 | ||
Daimler Truck Finance North America LLC144A | 5.20 | 1-17-2025 | 1,000,000 | 996,585 | ||
Hyundai Capital America144A | 5.80 | 6-26-2025 | 500,000 | 500,211 | ||
Hyundai Capital America144A | 6.25 | 11-3-2025 | 650,000 | 654,191 | ||
Mercedes-Benz Finance North America LLC144A | 3.30 | 5-19-2025 | 2,000,000 | 1,959,474 | ||
Toyota Motor Credit Corp. (U.S. SOFR+0.45%)± | 5.81 | 5-15-2026 | 1,900,000 | 1,901,225 | ||
10,194,449 | ||||||
Consumer, non-cyclical: 4.20% | ||||||
Agriculture: 1.95% | ||||||
Philip Morris International, Inc. | 5.13 | 11-15-2024 | 2,500,000 | 2,495,595 | ||
Food: 0.98% | ||||||
Campbell Soup Co. | 5.30 | 3-20-2026 | 1,250,000 | 1,247,179 | ||
Pharmaceuticals: 1.27% | ||||||
Bristol-Myers Squibb Co. | 4.95 | 2-20-2026 | 1,625,000 | 1,618,396 | ||
Financial: 24.40% | ||||||
Banks: 16.72% | ||||||
Bank of America NA | 5.65 | 8-18-2025 | 3,000,000 | 3,011,793 | ||
Bank of New York Mellon Corp. | 3.25 | 9-11-2024 | 1,500,000 | 1,490,353 | ||
Bank of New York Mellon (U.S. SOFR+0.80%)± | 5.22 | 11-21-2025 | 2,000,000 | 1,996,816 | ||
Citibank NA | 5.86 | 9-29-2025 | 600,000 | 604,014 | ||
CitiBank NA | 5.44 | 4-30-2026 | 1,900,000 | 1,903,902 | ||
Goldman Sachs Group, Inc. | 3.75 | 5-22-2025 | 1,000,000 | 982,662 | ||
JPMorgan Chase & Co. (U.S. SOFR+1.07%)± | 5.55 | 12-15-2025 | 2,400,000 | 2,397,135 | ||
Morgan Stanley Bank NA | 5.48 | 7-16-2025 | 2,500,000 | 2,502,279 | ||
PNC Financial Services Group, Inc. (U.S. SOFR+1.09%)± | 5.67 | 10-28-2025 | 1,832,000 | 1,831,650 | ||
U.S. Bancorp | 1.45 | 5-12-2025 | 1,900,000 | 1,829,864 | ||
Wells Fargo Bank NA | 5.55 | 8-1-2025 | 2,750,000 | 2,755,400 | ||
21,305,868 | ||||||
Insurance: 5.74% | ||||||
Allied World Assurance Co. Holdings Ltd. | 4.35 | 10-29-2025 | 1,000,000 | 977,517 | ||
Athene Global Funding144A | 5.62 | 5-8-2026 | 1,900,000 | 1,897,127 | ||
GA Global Funding Trust (U.S. SOFR+1.36%)144A± | 6.72 | 4-11-2025 | 2,000,000 | 2,009,702 | ||
New York Life Global Funding144A | 3.60 | 8-5-2025 | 1,800,000 | 1,764,999 | ||
Principal Life Global Funding II (U.S. SOFR+0.38%)144A± | 5.75 | 8-23-2024 | 670,000 | 670,115 | ||
7,319,460 | ||||||
REITS: 1.94% | ||||||
Simon Property Group LP | 2.00 | 9-13-2024 | 2,500,000 | 2,474,743 | ||
Industrial: 0.92% | ||||||
Trucking & leasing: 0.92% | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp.144A | 1.20 | 11-15-2025 | 1,250,000 | 1,172,515 |
See accompanying notes to portfolio of investments
2 | Allspring Conservative Income Fund
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Technology: 1.18% | ||||||
Computers: 1.18% | ||||||
Hewlett Packard Enterprise Co. | 5.90 % | 10-1-2024 | $ | 1,500,000 | $1,500,221 | |
Utilities: 0.97% | ||||||
Electric: 0.97% | ||||||
NextEra Energy Capital Holdings, Inc. | 4.95 | 1-29-2026 | 1,000,000 | 993,542 | ||
NextEra Energy Capital Holdings, Inc. | 6.05 | 3-1-2025 | 250,000 | 250,519 | ||
1,244,061 | ||||||
Total corporate bonds and notes (Cost $51,106,765) | 51,120,602 | |||||
Yankee corporate bonds and notes: 25.60% | ||||||
Financial: 25.29% | ||||||
Banks: 23.78% | ||||||
Australia & New Zealand Banking Group Ltd. | 5.00 | 3-18-2026 | 2,000,000 | 1,992,000 | ||
Bank of Montreal | 1.85 | 5-1-2025 | 2,000,000 | 1,934,373 | ||
Bank of Nova Scotia | 0.65 | 7-31-2024 | 2,736,000 | 2,713,988 | ||
Banque Federative du Credit Mutuel SA144A | 2.38 | 11-21-2024 | 2,000,000 | 1,969,847 | ||
Canadian Imperial Bank of Commerce | 1.00 | 10-18-2024 | 2,000,000 | 1,965,447 | ||
Cooperatieve Rabobank UA | 4.85 | 1-9-2026 | 1,550,000 | 1,541,313 | ||
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity+1.55%)± | 5.06 | 9-12-2025 | 1,750,000 | 1,745,602 | ||
NatWest Markets PLC (U.S. SOFR+0.53%)144A± | 5.89 | 8-12-2024 | 1,250,000 | 1,250,437 | ||
Royal Bank of Canada | 5.66 | 10-25-2024 | 2,000,000 | 1,999,473 | ||
Skandinaviska Enskilda Banken AB144A | 0.65 | 9-9-2024 | 2,000,000 | 1,971,594 | ||
Sumitomo Mitsui Financial Group, Inc. | 1.47 | 7-8-2025 | 1,900,000 | 1,818,112 | ||
Sumitomo Mitsui Trust Bank Ltd. (U.S. SOFR+0.44%)144A± | 5.79 | 9-16-2024 | 1,200,000 | 1,201,176 | ||
Toronto-Dominion Bank | 4.29 | 9-13-2024 | 2,500,000 | 2,490,199 | ||
UBS AG | 5.80 | 9-11-2025 | 1,500,000 | 1,505,834 | ||
UBS AG (U.S. SOFR+0.45%)144A± | 5.81 | 8-9-2024 | 1,500,000 | 1,500,615 | ||
Westpac Banking Corp. | 5.51 | 11-17-2025 | 700,000 | 702,648 | ||
Westpac Banking Corp. (U.S. SOFR+0.30%)± | 5.66 | 11-18-2024 | 2,000,000 | 2,000,936 | ||
30,303,594 | ||||||
Savings & loans: 1.51% | ||||||
Nationwide Building Society144A | 1.00 | 8-28-2025 | 1,000,000 | 944,290 | ||
Nationwide Building Society144A | 3.90 | 7-21-2025 | 1,000,000 | 983,668 | ||
1,927,958 | ||||||
Utilities: 0.31% | ||||||
Electric: 0.31% | ||||||
Algonquin Power & Utilities Corp. | 5.37 | 6-15-2026 | 400,000 | 397,251 | ||
Total yankee corporate bonds and notes (Cost $32,608,676) | 32,628,803 |
Short-term investments: 7.65% | ||||||
Commercial paper: 6.19% | ||||||
Armada Funding Co. LLC144A☼ | 2.69 | 6-6-2024 | 3,500,000 | 3,496,845 |
See accompanying notes to portfolio of investments
Allspring Conservative Income Fund | 3
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Commercial paper(continued) | ||||||
Edison International144A☼ | 0.00 % | 6-3-2024 | $ | 2,400,000 | $2,398,886 | |
Intel Corp.144A☼ | 3.78 | 6-10-2024 | 2,000,000 | 1,996,982 | ||
7,892,713 |
Yield | Shares | |||||
Investment companies: 1.46% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.24 | 1,851,275 | 1,851,275 | |||
Total short-term investments (Cost $9,747,606) | 9,743,988 | |||||
Total investments in securities (Cost $130,855,768) | 102.54 % | 130,698,585 | ||||
Other assets and liabilities, net | (2.54 ) | (3,235,128 ) | ||||
Total net assets | 100.00 % | $127,463,457 |
±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. 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. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
♠ | 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: | |
GNMA | Government National Mortgage Association |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
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 | $666,357 | $116,677,562 | $(115,492,644 ) | $0 | $0 | $1,851,275 | 1,851,275 | $67,489 |
See accompanying notes to portfolio of investments
4 | Allspring Conservative Income Fund
Notes to portfolio of investments—May 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 May 31, 2024:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $0 | $2,804,231 | $0 | $2,804,231 |
Asset-backed securities | 0 | 34,400,961 | 0 | 34,400,961 |
Corporate bonds and notes | 0 | 51,120,602 | 0 | 51,120,602 |
Yankee corporate bonds and notes | 0 | 32,628,803 | 0 | 32,628,803 |
Short-term investments | ||||
Commercial paper | 0 | 7,892,713 | 0 | 7,892,713 |
Investment companies | 1,851,275 | 0 | 0 | 1,851,275 |
Total assets | $1,851,275 | $128,847,310 | $0 | $130,698,585 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At May 31, 2024, the Fund did not have any transfers into/out of Level 3.
Allspring Conservative Income Fund | 5