Portfolio of investments—May 31, 2024 (unaudited)
Portfolio of investments
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 75.36% | ||||||
FHLMC (30 Day Average U.S. SOFR+2.13%)± | 4.24 % | 6-1-2052 | $ | 3,925,250 | $3,717,008 | |
FHLMC (RFUCCT1Y+1.62%)± | 6.13 | 2-1-2046 | 16,041,326 | 16,330,217 | ||
FHLMC (RFUCCT1Y+1.62%)± | 6.18 | 8-1-2046 | 4,042,602 | 4,108,214 | ||
FHLMC (RFUCCT1Y+1.63%)± | 3.80 | 2-1-2050 | 6,953,217 | 6,879,821 | ||
FHLMC Series 4272 Class FD (30 Day Average U.S. SOFR+0.46%)± | 5.79 | 11-15-2043 | 1,622,107 | 1,595,504 | ||
FHLMC Series 4273 Class PF (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 11-15-2043 | 1,801,178 | 1,768,329 | ||
FHLMC Series 4281 Class FA (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 12-15-2043 | 1,280,188 | 1,257,320 | ||
FHLMC Series 4683 Class EA | 2.50 | 5-15-2047 | 4,649,436 | 4,309,010 | ||
FHLMC Series 5335 Class FB (30 Day Average U.S. SOFR+0.81%)± | 6.14 | 10-15-2039 | 1,981,900 | 1,981,648 | ||
FHLMC Series 5399 Class FB (30 Day Average U.S. SOFR+0.90%)± | 6.22 | 4-25-2054 | 5,255,758 | 5,250,710 | ||
FNMA | 3.00 | 8-1-2036 | 2,579,020 | 2,399,024 | ||
FNMA | 3.00 | 11-1-2039 | 3,461,197 | 3,192,997 | ||
FNMA | 3.50 | 7-1-2043 | 1,810,373 | 1,686,970 | ||
FNMA | 4.00 | 3-1-2031 | 1,825,297 | 1,796,482 | ||
FNMA | 4.00 | 2-1-2034 | 1,758,832 | 1,684,617 | ||
FNMA | 4.00 | 6-1-2038 | 3,834,063 | 3,711,819 | ||
FNMA (1 Year Treasury Constant Maturity+2.05%)± | 3.93 | 3-1-2049 | 2,151,944 | 2,114,954 | ||
FNMA (RFUCCT1Y+1.58%)± | 6.07 | 6-1-2045 | 457,586 | 466,639 | ||
FNMA (RFUCCT1Y+1.58%)± | 6.42 | 1-1-2046 | 504,512 | 513,029 | ||
FNMA (RFUCCT1Y+1.61%)± | 3.45 | 7-1-2049 | 17,162,904 | 16,229,584 | ||
FNMA Series 2008-7 Class FA (30 Day Average U.S. SOFR+0.56%)± | 5.89 | 2-25-2038 | 337,648 | 334,452 | ||
FNMA Series 2010-111 Class KF (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 10-25-2040 | 4,077,018 | 4,035,582 | ||
FNMA Series 2011-47 Class GF (30 Day Average U.S. SOFR+0.68%)± | 6.01 | 6-25-2041 | 6,712,902 | 6,650,096 | ||
FNMA Series 2011-55 Class FH (30 Day Average U.S. SOFR+0.55%)± | 5.88 | 6-25-2041 | 2,100,029 | 2,069,440 | ||
FNMA Series 2011-58 Class F (30 Day Average U.S. SOFR+0.58%)± | 5.91 | 7-25-2041 | 1,570,978 | 1,550,949 | ||
FNMA Series 2012-9 Class CF (30 Day Average U.S. SOFR+0.56%)± | 5.89 | 2-25-2042 | 6,979,883 | 6,879,193 | ||
FNMA Series 2014-74 Class FC (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 11-25-2044 | 975,063 | 950,277 | ||
FNMA Series 2016-10 Class FA (30 Day Average U.S. SOFR+0.46%)± | 5.79 | 3-25-2046 | 1,291,610 | 1,267,989 | ||
FNMA Series 2016-3 Class FB (30 Day Average U.S. SOFR+0.46%)± | 5.79 | 2-25-2046 | 3,091,602 | 3,063,262 | ||
FNMA Series 2016-69 Class DF (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 10-25-2046 | 1,043,942 | 1,028,413 | ||
FNMA Series 2016-81 Class FA (30 Day Average U.S. SOFR+0.46%)± | 5.79 | 11-25-2046 | 1,454,438 | 1,429,000 | ||
FNMA Series 2016-90 Class FA (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 12-25-2046 | 3,348,453 | 3,296,168 | ||
FNMA Series 2017-11 Class FA (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 3-25-2047 | 1,434,144 | 1,407,619 | ||
FNMA Series 2017-35 Class MC | 2.63 | 12-25-2044 | 5,776,619 | 5,418,615 | ||
FNMA Series 2017-82 Class FE (30 Day Average U.S. SOFR+0.36%)± | 5.69 | 10-25-2047 | 4,944,198 | 4,894,801 | ||
FNMA Series 2017-9 Class EF (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 3-25-2047 | 1,548,985 | 1,522,229 | ||
FNMA Series 2018-1 Class FA (30 Day Average U.S. SOFR+0.36%)± | 5.69 | 2-25-2048 | 2,310,081 | 2,256,646 | ||
FNMA Series 2018-1 Class FB (30 Day Average U.S. SOFR+0.36%)± | 5.69 | 2-25-2048 | 6,495,508 | 6,357,036 | ||
FNMA Series 2019-35 Class FA (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 7-25-2049 | 1,188,098 | 1,158,054 | ||
FNMA Series 2020-37 Class DA | 1.50 | 6-25-2050 | 1,722,622 | 1,466,934 | ||
FNMA Series 2023-38 Class FC (30 Day Average U.S. SOFR+0.66%)± | 5.99 | 6-25-2040 | 1,970,136 | 1,951,162 | ||
FNMA Series 2023-38 Class FD (30 Day Average U.S. SOFR+0.86%)± | 6.19 | 10-25-2039 | 3,940,387 | 3,918,721 | ||
GNMA Series 2016-167 Class AC | 2.25 | 3-20-2039 | 2,084,758 | 1,892,018 | ||
Total agency securities (Cost $148,808,926) | 145,792,552 | |||||
Asset-backed securities: 4.94% | ||||||
Hyundai Auto Lease Securitization Trust Series 2023-C Class A4144A | 5.84 | 9-15-2027 | 1,079,000 | 1,084,900 |
See accompanying notes to portfolio of investments
Allspring Short Duration Government Bond Fund | 1
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities(continued) | ||||||
Navient Private Education Refinance Loan Trust Series 2020-GA Class A144A | 1.17 % | 9-16-2069 | $ | 943,576 | $848,511 | |
Nelnet Student Loan Trust Series 2004-4 Class A5 (90 Day Average U.S. SOFR+0.42%)± | 5.77 | 1-25-2037 | 924,083 | 917,464 | ||
SBNA Auto Receivables Trust Series 2024-A Class A3144A | 5.32 | 12-15-2028 | 1,060,000 | 1,055,955 | ||
SFS Auto Receivables Securitization Trust Series 2024-1A Class A4144A | 4.94 | 1-21-2031 | 1,055,000 | 1,042,321 | ||
SoFi Professional Loan Program LLC Series 2020-C Class AFX144A | 1.95 | 2-15-2046 | 488,956 | 445,012 | ||
Synchrony Card Funding LLC Series 2024-A1 Class A | 5.04 | 3-15-2030 | 1,054,000 | 1,047,043 | ||
T-Mobile U.S. Trust Series 2024-1A Class A144A | 5.05 | 9-20-2029 | 1,048,000 | 1,041,209 | ||
WF Card Issuance Trust Series 2024-A1 Class A | 4.94 | 2-15-2029 | 1,060,000 | 1,055,643 | ||
World Financial Network Credit Card Master Trust Series 2024-A Class A | 5.47 | 2-17-2031 | 1,026,000 | 1,029,484 | ||
Total asset-backed securities (Cost $9,734,721) | 9,567,542 | |||||
Non-agency mortgage-backed securities: 1.74% | ||||||
Angel Oak Mortgage Trust Series 2020-5 Class A1144A±± | 1.37 | 5-25-2065 | 449,903 | 416,681 | ||
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1144A | 2.88 | 7-25-2049 | 374,331 | 353,073 | ||
BX Commercial Mortgage Trust Series 2021-VOLT Class A (U.S. SOFR 1 Month+0.81%)144A± | 6.13 | 9-15-2036 | 1,489,000 | 1,478,816 | ||
Citigroup Commercial Mortgage Trust Series 2014-GC25 Class AAB | 3.37 | 10-10-2047 | 10,686 | 10,668 | ||
Verus Securitization Trust Series 2019-4 Class A1144A | 3.64 | 11-25-2059 | 126,318 | 122,457 | ||
Verus Securitization Trust Series 2019-INV3 Class A1144A±± | 3.69 | 11-25-2059 | 265,005 | 256,874 | ||
Verus Securitization Trust Series 2021-3 Class A1144A±± | 1.05 | 6-25-2066 | 864,321 | 720,537 | ||
Total non-agency mortgage-backed securities (Cost $3,579,681) | 3,359,106 | |||||
U.S. Treasury securities: 11.29% | ||||||
U.S. Treasury Notes | 1.13 | 10-31-2026 | 1,156,000 | 1,060,856 | ||
U.S. Treasury Notes | 4.50 | 5-15-2027 | 492,000 | 489,694 | ||
U.S. Treasury Notes | 4.63 | 2-28-2026 | 267,000 | 265,550 | ||
U.S. Treasury Notes | 4.88 | 11-30-2025 | 8,000,000 | 7,981,875 | ||
U.S. Treasury Notes | 4.88 | 4-30-2026 | 11,669,000 | 11,664,898 | ||
U.S. Treasury Notes | 4.88 | 5-31-2026 | 372,000 | 372,058 | ||
Total U.S. Treasury securities (Cost $21,847,372) | 21,834,931 |
Yield | Shares | |||||
Short-term investments: 7.32% | ||||||
Investment companies: 7.32% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.24 | 14,159,389 | 14,159,389 | |||
Total short-term investments (Cost $14,159,389) | 14,159,389 | |||||
Total investments in securities (Cost $198,130,089) | 100.65 % | 194,713,520 | ||||
Other assets and liabilities, net | (0.65 ) | (1,249,346 ) | ||||
Total net assets | 100.00 % | $193,464,174 |
See accompanying notes to portfolio of investments
2 | Allspring Short Duration Government Bond Fund
Portfolio of investments—May 31, 2024 (unaudited)
± | Variable rate investment. 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 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. |
♠ | 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: | |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year |
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 | $4,619,516 | $131,345,083 | $(121,805,210 ) | $0 | $0 | $14,159,389 | 14,159,389 | $279,226 |
Futures contracts
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
2-Year U.S. Treasury Notes | 451 | 9-30-2024 | $91,913,112 | $91,870,110 | $0 | $(43,002 ) |
Short | ||||||
Ultra 10-Year U.S. Treasury Notes | (50 ) | 9-19-2024 | (5,623,615 ) | (5,601,563 ) | 22,052 | 0 |
5-Year U.S. Treasury Notes | (140 ) | 9-30-2024 | (14,830,417 ) | (14,811,562 ) | 18,855 | 0 |
$40,907 | $(43,002 ) |
See accompanying notes to portfolio of investments
Allspring Short Duration Government Bond Fund | 3
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.
Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
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.
Futures contracts
Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.
Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable). Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded.
Mortgage dollar roll transactions
The Fund may engage in mortgage dollar roll transactions through TBA mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Fund sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.
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)
4 | Allspring Short Duration Government Bond Fund
Notes to portfolio of investments—May 31, 2024 (unaudited)
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 | $145,792,552 | $0 | $145,792,552 |
Asset-backed securities | 0 | 9,567,542 | 0 | 9,567,542 |
Non-agency mortgage-backed securities | 0 | 3,359,106 | 0 | 3,359,106 |
U.S. Treasury securities | 21,834,931 | 0 | 0 | 21,834,931 |
Short-term investments | ||||
Investment companies | 14,159,389 | 0 | 0 | 14,159,389 |
35,994,320 | 158,719,200 | 0 | 194,713,520 | |
Futures contracts | 40,907 | 0 | 0 | 40,907 |
Total assets | $36,035,227 | $158,719,200 | $0 | $194,754,427 |
Liabilities | ||||
Futures contracts | $43,002 | $0 | $0 | $43,002 |
Total liabilities | $43,002 | $0 | $0 | $43,002 |
Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. All other assets and liabilities are reported at their market value at measurement date.
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
As of May 31, 2024, $1,174,000 was segregated as cash collateral for these open futures contracts.
At May 31, 2024, an agency security with a market value of $3,918,721 was transferred from Level 3 to Level 2 due to an increase in the number of market contributors.
Allspring Short Duration Government Bond Fund | 5