N-CSR 1 d394842dncsr.htm ALLSPRING FUNDS TRUST Allspring Funds Trust

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

 

 

Allspring Funds Trust

(Exact name of registrant as specified in charter)

 

 

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

 

 

Matthew Prasse

Allspring Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 800-222-8222

Date of fiscal year end: August 31

 

 

Registrant is making a filing for 10 of its series:

Allspring Managed Account CoreBuilder® Shares - Series CP, Allspring Adjustable Rate Government Fund, Allspring Conservative Income Fund, Allspring Government Securities Fund, Allspring High Yield Bond Fund, Allspring Core Plus Bond Fund, Allspring Short Duration Government Bond Fund, Allspring Short-Term Bond Plus Fund, Allspring Short-Term High Yield Bond Fund, Allspring Ultra Short-Term Income Fund

Date of reporting period: August 31, 2022

 

 

 


ITEM 1. REPORT TO STOCKHOLDERS


Annual Report
August 31, 2022
Allspring
Adjustable Rate Government Fund




Contents
The views expressed and any forward-looking statements are as of August 31, 2022, unless otherwise noted, and are those of the Fund's portfolio managers and/or Allspring Global Investments. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Allspring Global Investments disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

  |  1


Letter to shareholders (unaudited)
Andrew Owen
President
Allspring Funds
Dear Shareholder:
We are pleased to offer you this annual report for the Allspring Adjustable Rate Government Fund for the 12-month period that ended August 31, 2022. Globally, stocks and bonds experienced heightened volatility through the period. Non-U.S. securities fared the worst as the global economy faced multiple challenges. Bonds had historically poor performance during a difficult period, with major fixed income indexes all falling substantially for the 12-month period. The performance of non-U.S. investments was worsened by the strong U.S. dollar.
Earlier tailwinds provided by global stimulus programs, vaccination rollouts, and recovering consumer and corporate sentiment were wiped away by the highest rate of inflation in four decades, the impact of aggressive central bank rate hikes, more highly contagious COVID-19 variants, and the Russia-Ukraine war. The already-significant global supply-chain disruptions were compounded by China’s COVID-19 lockdowns.
For the 12-month period, both stocks and bonds registered significant losses, with U.S. large-cap stocks faring better overall than non-U.S. developed market equities and emerging market stocks. Fixed income securities were also deeply in the red, in a period of high inflation and sharply rising interest rates. For the period, U.S. stocks, based on the S&P 500 Index,1 lost 11.23%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),2 returned -19.52%, while the MSCI EM Index (Net) (USD)3 had weaker performance with a decline of  21.80%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index4 returned -11.52%, the Bloomberg Global Aggregate ex-USD Index (unhedged)5 tumbled 22.05%, the Bloomberg Municipal Bond Index6 declined 8.63%, and the ICE BofA U.S. High Yield Index7 fell 10.41%.
Rising inflation, COVID, and the Russian invasion of Ukraine drove market performance.
Global financial assets, except for commodities, began the period with a broad retreat in September 2021, as concerns over inflation and the interest rate outlook depressed investor confidence. Emerging markets declined on concerns over supply-chain disruptions along with rising energy and food prices. Meanwhile, the Federal Reserve (Fed) indicated it would soon start to slow the pace of asset purchases. U.S. concerns included a congressional debt ceiling showdown, the 2022 federal government budget, and the infrastructure package. Meanwhile, commodities thrived in September, driven by sharply higher energy prices.
Elevated inflation pressures and the global supply bottleneck continued in October, but strong earnings provided a bright spot in the U.S., the eurozone, and many Asian countries. Government bond yields rose globally as central banks prepared to tighten monetary policy. Commodity prices continued to rise, driven by sharply higher energy costs.
Global financial assets, except for commodities, began the period with a broad retreat in September 2021, as concerns over inflation and the interest rate outlook depressed investor confidence.

1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
2 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
3 The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
4 The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
5 The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.
6 The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.
7 The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved.

2  |  Allspring Adjustable Rate Government Fund


Letter to shareholders (unaudited)
In November, as COVID-19 hospitalizations rose, most major global asset classes declined. Two exceptions were U.S. investment-grade bonds and Treasury inflation-protected securities. President Biden signed a long-awaited infrastructure bill to upgrade U.S. roads, bridges, and railways. Meanwhile, the U.S. Consumer Price Index (CPI),1 a measure of domestic inflation conditions, jumped to its highest level in 31 years. While the threat of consistently high inflation led the Fed to discuss a faster pace of tapering, the Omicron strain created uncertainty. Commodities lost ground for the month, driven by sharp declines in oil prices (and energy costs in general) as well as precious metals.
Global volatility lessened in December as data indicated a lower risk of severe disease and death from the Omicron variant. Even so, several countries introduced restrictions on travel and hospitality, among other sectors, in an effort to reduce the spread. In the U.S., data indicated a stable economy overall, with robust corporate earnings. Consumer spending potential looked strong heading into 2022 on elevated household savings and the lowest household debt ratio since 1973. U.S. corporate and high-yield bonds had monthly gains while Treasuries declined. Bonds were adversely affected by the increased likelihood of multiple rate hikes in 2022.
In January 2022, the main focus was on potential U.S. interest rate hikes and the Russia-Ukraine conflict. The Fed hinted that a March interest rate hike was likely. Meanwhile, Russia threatened a potential invasion of Ukraine, which could disrupt Russia’s massive energy supplies and drive demand from non-Russian oil-producing countries. Elsewhere overseas, Europe saw food and energy prices spike, leading to rising inflation. Within fixed income, corporate bonds struggled in January, underperforming government bonds, as investors focused on continued elevated inflation and ongoing uncertainty over the U.S. monetary path.
The Russian invasion of Ukraine dominated the financial world in February and March. Equity, bond, and commodities markets were shaken by fear, uncertainty, and an upending of demand-supply dynamics. Major global stock indexes were down in February, along with global bonds overall, with ongoing high levels of volatility in March along with mixed results that favored U.S. large-cap stocks. Prices of commodities spiked, including crude oil, natural gas, wheat, and precious metals, on elevated concerns of supply shortages. All of this fed already-high inflation concerns and added to expectations of more aggressive central bank interest rate hikes. Sweeping sanctions against Russia and corporate pullouts contributed to market volatility. Despite the geopolitical turmoil, the U.S. economic outlook remained largely unchanged, with a healthy job market and signs of economic resilience accompanying higher prices.
In April, market volatility continued, with deepening losses across major capital markets, as both the S&P 500 and MSCI ACWI (Net)2 fell 8% or more for the month. The Chinese economy struggled through a strict lockdown as the government tried to contain a major COVID-19 outbreak, creating a global ripple effect that compounded existing supply shortages. This was exacerbated by the impact of the Russia-Ukraine war on global commodities. Meanwhile, U.S. annual inflation raged at 8.5%, its highest level since 1981, and investors braced themselves for aggressive Fed monetary tightening moves.
Market volatility continued in May, although markets recovered ground late in the month. Value stocks continued to outperform growth stocks. The concerns that had dominated markets for months continued, including high inflation and geopolitical tensions that exacerbated high crude oil, gasoline, and food prices. In response, the Fed raised the federal funds rate by 0.50%, with broad expectations of multiple rate hikes to come. Meanwhile, highly contagious COVID-19 variants persisted. However, labor markets in the U.S., the U.K., and Europe remained strong. The U.S. recorded a 3.6% unemployment rate, although labor market participation remained low. U.S. retail sales for April, released in May, indicated a fourth consecutive monthly increase, reflecting continued consumer resilience.
The Russian invasion of Ukraine dominated the financial world in February and March. Equity, bond, and commodities markets were shaken by fear, uncertainty, and an upending of demand-supply dynamics.

1 The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.
2 The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index.

Allspring Adjustable Rate Government Fund  |  3


Letter to shareholders (unaudited)
A historically bad year in financial markets continued in June with stocks posting further losses enroute to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the same factors that have been at play: rising global inflation and fears of recession as central banks increase rates to try to curb inflation, which climbed above 9% in June in the U.S. The Fed raised its short-term rate by another 0.75% in June. Meanwhile, U.S. economic data showed resilience as the U.S. unemployment rate held steady at 3.6% and the housing market was only marginally affected, so far, by sharply higher mortgage rates.
Markets rebounded in July, led by U.S. stocks. While evidence began to point to an economic slowdown, and possibly a recession after two consecutive quarters of economic contraction, the U.S. labor market remained surprisingly robust: July nonfarm payrolls grew by more than 500,000 and U.S. unemployment dipped to 3.5%. Meanwhile, crude oil and retail gasoline prices, major contributors to recent overall inflation, fell substantially from earlier highs. And while U.S. housing market data indicated a continued rise in home prices, home sales fell as houses became less affordable with mortgage rates at a 13-year high. The Fed raised the federal funds rate another 0.75% in July—to a range of 2.25% to 2.50%—and forecasts pointed to continued rate increases..
August was yet another broadly challenging month for financial markets, with more red ink flowing. Inflation persisted at historically high levels, cresting 9% in the eurozone and remaining above 8% in the U.S. despite the Fed’s aggressive monetary policy and a major drop in global crude oil and gasoline prices from their earlier peaks. The hint of a silver lining—and a questionable one—was the continued resilience of the U.S. jobs market. However, the dark smudge on that silver lining was the increased likelihood of further Fed rate hikes: The Fed’s job was clearly not complete. One longer-term bright spot was the U.S. Congress’s passage of the Inflation Reduction Act. Its primary stated goals include: to reduce inflation (though not immediately) by curbing the deficit, capping health care spending by seniors, and investing in domestic sources of clean energy.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.
Sincerely,
Andrew Owen
President
Allspring Funds

For further information about your fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

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Performance highlights (unaudited)
Investment objective The Fund seeks current income consistent with capital preservation.
Manager Allspring Funds Management, LLC
Subadviser Allspring Global Investments, LLC
Portfolio managers Christopher Y. Kauffman, CFA®, Michal Stanczyk
Average annual total returns (%) as of August 31, 2022
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year 10 year   1 year 5 year 10 year   Gross Net 2
Class A (ESAAX) 6-30-2000 -2.65 0.64 0.45   -0.69 1.04 0.66   0.83 0.75
Class C (ESACX) 6-30-2000 -2.08 0.38 0.04   -1.08 0.38 0.04   1.58 1.50
Administrator Class (ESADX) 7-30-2010   -0.67 1.18 0.80   0.77 0.61
Institutional Class (EKIZX) 10-1-1991   -0.53 1.30 0.93   0.50 0.47
Bloomberg 6-Month Treasury Bill Index3   0.23 1.23 0.81  
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, allspringglobal.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 2.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.
Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the Net Asset Value (NAV) at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
2 The manager has contractually committed through December 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C, 0.60% for Administrator Class, and 0.46% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees.  Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 The Bloomberg 6-Month Treasury Bill Index tracks the performance and attributes of recently issued 6-Month U.S. Treasury bills. The index follows Bloomberg monthly rebalancing conventions. You cannot invest directly in an index.
Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

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Performance highlights (unaudited)
Growth of $10,000 investment as of August 31, 20221
1 The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg 6-Month Treasury Bill Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 2.00%.

Allspring Adjustable Rate Government Fund  |  7


Performance highlights (unaudited)
MANAGER'S DISCUSSION
Fund highlights
The Fund underperformed its benchmark, the Bloomberg 6-Month Treasury Bill Index, for the 12-month period that ended August 31, 2022.  
The largest detractor came from the Fund’s allocation to floating-rate agency collateralized mortgage obligations (CMOs) and private-label CMOs, as both sectors experienced significant spread widening over the 12-month period. Allocations to Federal Family Education Loan Program (FFELP) student loan asset-backed securities (ABS) and certain fixed-rate CMOs also detracted from performance to a lesser degree.
An allocation to post-reset adjustable-rate mortgages (ARMs) modestly contributed to performance. During the period, the Fund reduced its allocation to post-reset ARMs in favor of floating-rate CMOs given valuations. The Fund’s short duration position relative to the benchmark was the primary contributor to performance as rates rose materially during the period. The Fund’s duration during the period increased from 0.2 to 0.4 years as we covered duration underweights to the intermediate part of the yield curve.
It was a year of mounting pressures.
The U.S. economy slowed significantly over the past 12 months and entered a technical recession as real growth contracted at a -1.6% and -0.9% rate in the first and second quarters of 2022, respectively. While the headline numbers were concerning, nominal growth was robust as consumers and businesses remained healthy primarily due to the tailwinds brought about by the historic amount of fiscal and monetary stimulus in response to the pandemic. Unemployment circled back to its pre-COVID-19-cycle low of 3.5% and the labor market recovered all of the lost jobs from the pandemic. With the U.S. labor force participation rate sitting below pre-COVID-19 levels, the labor market was uncomfortably tight, which put significant upward pressure on wages. 
Ten largest holdings (%) as of August 31, 20221
FHLMC Series 350 Class F2, 2.06%, 9-15-2040 1.37
FHLMC, 3.17%, 9-1-2036 1.35
FHLMC, 2.79%, 7-1-2038 1.35
FRESB Mortgage Trust Series 2022-SB94 Class A5H, 1.72%, 11-25-2041 1.25
FNMA Series 2017-M9 Class F, 2.92%, 5-25-2029 1.06
FNMA Series 2016-40 Class AF, 2.16%, 7-25-2046 1.03
FNMA Series 2016-40 Class PF, 2.16%, 7-25-2046 0.98
FHLMC Series 4915 Class FE, 2.11%, 2-15-2038 0.93
FNMA Series 2002-66 Class A3, 3.76%, 4-25-2042 0.92
FNMA Series 2021-85 Class EF, 1.24%, 12-25-2051 0.89
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
The pandemic gradually shifted into the endemic phase, but consumer sentiment plummeted as elevated geopolitical tensions, persistently high inflation, and the possibility of a recession weighed heavily on the hearts and minds of consumers. Consumption was strong despite record-low
sentiment supported by still-large excess savings. However, the consumption outlook is becoming increasingly negative as the savings rate and real disposable income have consistently dropped while revolving credit use has steadily increased.
Price pressures rapidly accelerated and broadened, which prompted the Federal Reserve (Fed) to embark on a historically brisk pace of monetary tightening. The Fed increased the federal funds rate a total of 225 basis points (bps; 100 bps equals 1.00%) and began balance sheet reduction with additional monetary tightening set to come in the remainder of the year. Interest-rate-sensitive sectors, such as housing and manufacturing, have rapidly deteriorated as a result, but this in turn has alleviated supply chain pressures via reduced aggregate demand. Looking ahead, inflation, especially in goods, is expected to ease, but persistent services inflation amid a tight labor market and resiliently strong consumer demand risks keeping inflation higher for longer.
The Fund was predominantly invested in adjustable-rate residential mortgage securities.
The Fund remains defensively positioned with a significant out-of-benchmark allocation to ARMs and floating-rate CMOs that have frequent rate resets and are generally indexed to the 1-month London Interbank Offered Rate (LIBOR), 1-month SOFR, 1-year Treasury Constant Maturity Rate, and the 12-month LIBOR. During the period, the Fund underperformed the benchmark due to wider spreads on agency and private-label CMOs as well as FFELP student loan ABS. The Fund's duration increased from 0.2 to 0.4 years during the reporting period. We continued to see value in certain monthly reset floating-rate CMOs and ABS.
 

8  |  Allspring Adjustable Rate Government Fund


Performance highlights (unaudited)
Portfolio composition as of August 31, 20221
1 Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified.
Outlook
U.S. markets have begrudgingly accepted the reality that the Fed likely has more work to do in order to tame inflation and that rates will stay in restrictive territory for longer. We see this acceptance as healthy, if overdue, and we feel that markets have now priced in a more realistic set of assumptions. This allows us to become more comfortable looking for opportunities to add to duration from the neutral posture we have held for much of 2022. We do not expect an immediate recession in the U.S. in 2022, but we believe that growth trends and credit conditions will continue to weaken, pressuring spreads wider as inflation and the Fed’s efforts to combat it remain a substantial challenge for the economy. We will remain vigilant in our focus on risk exposure, and we continue to believe that while prudence is always warranted, that is especially true at this point in the cycle. 
 

Allspring Adjustable Rate Government Fund  |  9


Fund expenses (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from March 1, 2022 to August 31, 2022. 
Actual expenses
The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
  Beginning
account value
3-1-2022
Ending
account value
8-31-2022
Expenses
paid during
the period1
Annualized net
expense ratio
Class A        
Actual $1,000.00 $ 993.74 $3.72 0.74%
Hypothetical (5% return before expenses) $1,000.00 $1,021.48 $3.77 0.74%
Class C        
Actual $1,000.00 $ 991.71 $5.82 1.16%
Hypothetical (5% return before expenses) $1,000.00 $1,019.36 $5.90 1.16%
Administrator Class        
Actual $1,000.00 $ 994.44 $3.02 0.60%
Hypothetical (5% return before expenses) $1,000.00 $1,022.18 $3.06 0.60%
Institutional Class        
Actual $1,000.00 $ 995.13 $2.31 0.46%
Hypothetical (5% return before expenses) $1,000.00 $1,022.89 $2.35 0.46%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half-year period).

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Portfolio of investments—August 31, 2022

    Interest
rate
Maturity
date
Principal Value
Agency securities: 85.22%          
FHLMC (11th District COFI +1.25%) ±   1.55% 1-1-2030 $    1,616 $       1,561
FHLMC (11th District COFI +1.25%) ±   1.55 1-1-2030       375         362
FHLMC (11th District COFI +1.25%) ±   1.55 7-1-2030    83,988      81,024
FHLMC (11th District COFI +1.28%) ±   1.65 2-1-2035    28,946      28,490
FHLMC (12 Month LIBOR +1.51%) ±   1.76 2-1-2037    43,685      43,353
FHLMC (30 Day Average U.S. SOFR +0.26%) ±   1.81 7-1-2031 3,500,000   3,492,577
FHLMC (12 Month LIBOR +1.73%) ±   1.98 1-1-2035   153,491     152,432
FHLMC (12 Month LIBOR +1.74%) ±   1.99 12-1-2036   146,260     149,452
FHLMC (12 Month LIBOR +1.78%) ±   2.03 11-1-2035   110,953     113,600
FHLMC (1 Year Treasury Constant Maturity +1.99%) ±   2.11 11-1-2034   156,461     153,910
FHLMC (1 Year Treasury Constant Maturity +2.03%) ±   2.12 3-1-2025     8,063       7,968
FHLMC (12 Month Treasury Average +1.90%) ±   2.12 5-1-2028    81,577      80,659
FHLMC (12 Month LIBOR +1.73%) ±   2.16 5-1-2037   502,167     510,705
FHLMC (1 Year Treasury Constant Maturity +0.85%) ±   2.17 4-1-2030    11,666      11,497
FHLMC (12 Month LIBOR +1.67%) ±   2.17 8-1-2035   115,865     115,589
FHLMC (12 Month LIBOR +1.99%) ±   2.24 7-1-2036   192,921     191,717
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±   2.27 9-1-2033    47,616      49,270
FHLMC (12 Month LIBOR +1.85%) ±   2.28 9-1-2036   218,108     220,995
FHLMC (1 Year Treasury Constant Maturity +1.87%) ±   2.31 5-1-2035   232,347     229,359
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±   2.34 12-1-2033   289,933     285,495
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±   2.35 2-1-2034   238,761     233,875
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±   2.35 10-1-2036   111,962     110,779
FHLMC (12 Month LIBOR +1.80%) ±   2.35 9-1-2037   141,129     144,545
FHLMC (12 Month LIBOR +1.78%) ±   2.35 9-1-2037 157,233 160,488
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±   2.36 2-1-2034 36,135 35,439
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±   2.36 1-1-2037 27,091 27,805
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±   2.37 12-1-2034 112,970 111,239
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±   2.38 5-1-2034 28,751 29,177
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±   2.38 2-1-2036 157,916 157,549
FHLMC (1 Year Treasury Constant Maturity +2.10%) ±   2.38 10-1-2037 333,943 335,842
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±   2.40 11-1-2029 27,773 27,378
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±   2.40 7-1-2031 39,407 38,999
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±   2.40 9-1-2031 29,405 29,065
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±   2.41 1-1-2035 144,176 142,216
FHLMC (12 Month LIBOR +1.82%) ±   2.42 5-1-2039 219,757 219,586
FHLMC (12 Month LIBOR +1.81%) ±   2.43 4-1-2035 562,793 570,864
FHLMC (1 Year Treasury Constant Maturity +2.19%) ±   2.45 6-1-2036 296,238 302,326
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±   2.46 2-1-2035 265,554 261,199
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±   2.47 4-1-2036 129,849 129,335
FHLMC (1 Year Treasury Constant Maturity +2.16%) ±   2.48 6-1-2033 268,029 263,306
FHLMC (6 Month LIBOR +1.68%) ±   2.49 1-1-2037 404,513 409,791
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±   2.50 11-1-2027 175,710 174,285
FHLMC (12 Month LIBOR +1.85%) ±   2.51 7-1-2038 614,107 626,494
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±   2.55 8-1-2027 2,723 2,689
FHLMC (1 Year Treasury Constant Maturity +2.20%) ±   2.55 1-1-2037 342,467 335,837
FHLMC (12 Month LIBOR +1.79%) ±   2.55 1-1-2040 1,148,730 1,175,353
FHLMC (2 Year Treasury Constant Maturity +2.44%) ±   2.57 8-1-2029 6,032 5,989
FHLMC (12 Month LIBOR +1.84%) ±   2.59 4-1-2037 188,078 192,829
FHLMC (U.S. Treasury H15 Treasury Bill 6 Month Auction High Discount +1.75%) ±   2.60 1-1-2023 815 815
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±   2.60 6-1-2030 18,646 18,350
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±   2.60 4-1-2038 329,763 336,303
FHLMC (12 Month LIBOR +1.91%) ±   2.61 3-1-2032 153,512 152,170
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±   2.62 4-1-2023 12,241 12,145
The accompanying notes are an integral part of these financial statements.

Allspring Adjustable Rate Government Fund  |  11


Portfolio of investments—August 31, 2022

    Interest
rate
Maturity
date
Principal Value
Agency securities (continued)          
FHLMC (3 Year Treasury Constant Maturity +2.44%) ±   2.62% 5-1-2032 $   74,215 $      73,978
FHLMC (1 Year Treasury Constant Maturity +2.00%) ±   2.62 8-1-2033   424,480     419,054
FHLMC (1 Year Treasury Constant Maturity +2.49%) ±   2.64 12-1-2032    56,197      55,399
FHLMC (12 Month LIBOR +1.64%) ±   2.64 6-1-2050 2,587,719   2,443,902
FHLMC (1 Year Treasury Constant Maturity +2.55%) ±   2.67 9-1-2029    19,960      19,657
FHLMC (6 Month LIBOR +1.42%) ±   2.67 2-1-2037     1,591       1,608
FHLMC (1 Year Treasury Constant Maturity +2.35%) ±   2.69 4-1-2034   148,187     145,650
FHLMC (12 Month LIBOR +2.06%) ±   2.70 3-1-2038   566,615     581,208
FHLMC (12 Month LIBOR +1.62%) ±   2.71 7-1-2045   530,164     536,329
FHLMC (12 Month LIBOR +1.88%) ±   2.72 4-1-2037   128,305     130,765
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±   2.73 10-1-2024    16,450      16,351
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±   2.73 10-1-2025     4,446       4,419
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±   2.73 2-1-2030    21,106      20,883
FHLMC (12 Month LIBOR +1.93%) ±   2.74 4-1-2035   495,750     495,639
FHLMC (1 Year Treasury Constant Maturity +2.52%) ±   2.75 11-1-2029    45,133      43,977
FHLMC (12 Month LIBOR +1.80%) ±   2.76 10-1-2043 2,824,675   2,880,685
FHLMC (12 Month Treasury Average +2.52%) ±   2.77 6-1-2028    21,210      20,903
FHLMC (1 Year Treasury Constant Maturity +2.34%) ±   2.79 4-1-2032   989,867     996,741
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±   2.79 2-1-2036 2,196,584   2,243,907
FHLMC (6 Month LIBOR +1.83%) ±   2.79 6-1-2037   133,114     131,508
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±   2.79 7-1-2038 5,857,079   5,989,184
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±   2.80 4-1-2034    83,340      81,780
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±   2.80 1-1-2037   661,651     679,727
FHLMC (1 Year Treasury Constant Maturity +2.44%) ±   2.82 4-1-2029 26,878 26,454
FHLMC (12 Month LIBOR +1.83%) ±   2.84 6-1-2043 3,155,670 3,243,603
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±   2.87 11-1-2029 82,710 81,743
FHLMC (12 Month LIBOR +1.80%) ±   2.87 8-1-2037 744,720 760,842
FHLMC (12 Month LIBOR +1.62%) ±   2.87 11-1-2047 2,586,409 2,529,521
FHLMC (12 Month Treasury Average +2.46%) ±   2.89 10-1-2029 59,474 58,980
FHLMC (1 Year Treasury Constant Maturity +2.37%) ±   2.90 2-1-2034 1,674,330 1,698,227
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±   2.90 9-1-2038 2,077,523 2,126,447
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±   2.91 1-1-2028 1,002 993
FHLMC (1 Year Treasury Constant Maturity +2.61%) ±   2.91 9-1-2030 39,082 37,959
FHLMC (6 Month LIBOR +2.12%) ±   2.91 5-1-2037 20,936 20,693
FHLMC (1 Year Treasury Constant Maturity +2.31%) ±   2.92 7-1-2031 112,043 109,994
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±   2.93 6-1-2030 55,841 54,771
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±   2.94 9-1-2033 144,037 141,744
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±   2.95 6-1-2035 32,004 32,759
FHLMC (6 Month LIBOR +1.73%) ±   2.98 6-1-2024 1,821 1,807
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±   2.98 4-1-2037 1,165,087 1,195,973
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±   2.98 5-1-2038 273,676 270,718
FHLMC (12 Month LIBOR +1.75%) ±   3.02 4-1-2035 80,564 82,656
FHLMC (11th District COFI +2.29%) ±   3.04 12-1-2025 2,014 2,012
FHLMC (1 Year Treasury Constant Maturity +2.04%) ±   3.05 12-1-2035 237,607 234,348
FHLMC (12 Month LIBOR +1.77%) ±   3.05 8-1-2042 166,951 172,467
FHLMC (1 Year Treasury Constant Maturity +2.69%) ±   3.10 5-1-2028 67,878 66,917
FHLMC (1 Year Treasury Constant Maturity +2.38%) ±   3.10 6-1-2035 360,120 364,848
FHLMC (6 Month LIBOR +2.13%) ±   3.11 6-1-2026 222,949 220,708
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±   3.12 1-1-2028 6,559 6,514
FHLMC (1 Year Treasury Constant Maturity +2.34%) ±   3.12 10-1-2033 363,863 359,717
FHLMC (12 Month LIBOR +1.77%) ±   3.14 10-1-2036 170,085 174,240
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±   3.17 9-1-2036 5,822,207 5,992,191
FHLMC (U.S. Treasury H15 Treasury Bill 6 Month Auction High Discount +1.94%) ±   3.19 7-1-2024 6,649 6,655
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±   3.23 4-1-2034 62,358 61,840
The accompanying notes are an integral part of these financial statements.

12  |  Allspring Adjustable Rate Government Fund


Portfolio of investments—August 31, 2022

    Interest
rate
Maturity
date
Principal Value
Agency securities (continued)          
FHLMC (1 Year Treasury Constant Maturity +2.17%) ±   3.23% 5-1-2037 $   20,849 $     20,784
FHLMC (12 Month LIBOR +1.61%) ±   3.23 7-1-2044    96,117      97,240
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±   3.24 3-1-2027    23,688      23,515
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±   3.25 5-1-2034   103,679     102,810
FHLMC (12 Month LIBOR +1.75%) ±   3.26 5-1-2033   117,452     116,903
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±   3.29 7-1-2034   139,785     137,590
FHLMC (1 Year Treasury Constant Maturity +2.31%) ±   3.33 7-1-2027   154,013     153,450
FHLMC (11th District COFI +2.57%) ±   3.35 12-1-2025    61,773      61,610
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±   3.36 4-1-2038   600,361     596,627
FHLMC (12 Month LIBOR +1.87%) ±   3.37 5-1-2035    19,511      19,456
FHLMC (3 Year Treasury Constant Maturity +2.83%) ±   3.39 6-1-2035   247,986     246,839
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±   3.44 7-1-2029    29,791      29,638
FHLMC (1 Year Treasury Constant Maturity +2.68%) ±   3.44 9-1-2030    21,953      21,785
FHLMC (5 Year Treasury Constant Maturity +2.44%) ±   3.57 8-1-2027    20,002      19,720
FHLMC (12 Month LIBOR +1.77%) ±   3.59 10-1-2035   390,835     388,272
FHLMC (1 Year Treasury Constant Maturity +2.60%) ±   3.60 6-1-2032   119,839     118,909
FHLMC (1 Year Treasury Constant Maturity +2.49%) ±   3.61 6-1-2035   146,447     145,540
FHLMC (12 Month LIBOR +1.75%) ±   3.70 6-1-2033   166,810     166,394
FHLMC (1 Year Treasury Constant Maturity +2.43%) ±   3.93 6-1-2025    21,276      21,064
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±   3.93 6-1-2030   150,014     148,746
FHLMC (3 Year Treasury Constant Maturity +2.40%) ±   3.97 5-1-2031    60,506      60,697
FHLMC    4.00 7-1-2029   888,389     887,996
FHLMC (12 Month LIBOR +1.77%) ±   4.02 6-1-2035   126,991     125,638
FHLMC (11th District COFI +1.25%) ±   4.08 11-1-2030 9,428 9,158
FHLMC (6 Month LIBOR +3.83%) ±   4.21 11-1-2026 13,586 13,464
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±   4.22 8-1-2033 14,604 14,453
FHLMC (1 Year Treasury Constant Maturity +2.47%) ±   4.22 7-1-2034 96,260 95,204
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±   4.23 11-1-2026 36,529 36,319
FHLMC (1 Year Treasury Constant Maturity +2.35%) ±   4.35 7-1-2038 139,401 138,506
FHLMC (5 Year Treasury Constant Maturity +2.13%) ±   4.50 8-1-2029 6,251 6,309
FHLMC    5.00 10-1-2022 149 152
FHLMC Multifamily Structured Pass-Through Certificates Series KF112 Class AS (30 Day Average U.S. SOFR +0.23%) ±   1.78 4-25-2031 1,332,055 1,310,773
FHLMC Multifamily Structured Pass-Through Certificates Series KF114 Class AS (30 Day Average U.S. SOFR +0.22%) ±   1.77 5-25-2031 917,392 901,971
FHLMC Multifamily Structured Pass-Through Certificates Series KF46 Class A (1 Month LIBOR +0.22%) ±   2.58 3-25-2028 183,825 181,766
FHLMC Multifamily Structured Pass-Through Certificates Series KF65 Class A (1 Month LIBOR +0.52%) ±   2.88 7-25-2029 994,996 989,828
FHLMC Multifamily Structured Pass-Through Certificates Series KF84 Class AL (1 Month LIBOR +0.30%) ±   2.66 7-25-2030 1,321,849 1,306,850
FHLMC Multifamily Structured Pass-Through Certificates Series KF85 Class AL (1 Month LIBOR +0.30%) ±   2.66 8-25-2030 351,754 348,277
FHLMC Multifamily Structured Pass-Through Certificates Series KX04 Class AFL (1 Month LIBOR +0.33%) ±   2.69 3-25-2030 2,085,490 2,076,892
FHLMC Multifamily Structured Pass-Through Certificates Series Q016 Class APT2 ±±   1.48 5-25-2051 3,699,359 3,346,141
FHLMC Series 1671 Class QA (11th District COFI +0.95%) ±   1.32 2-15-2024 163,308 163,911
FHLMC Series 1686 Class FE (Enterprise 11th District COFI Institutional Replacement +1.10%) ±   1.47 2-15-2024 1,771 1,779
FHLMC Series 1709 Class FA (10 Year Treasury Constant Maturity -0.85%) ±   2.09 3-15-2024 29,832 29,542
FHLMC Series 1730 Class FA (10 Year Treasury Constant Maturity -0.60%) ±   2.34 5-15-2024 19,061 18,931
FHLMC Series 20 Class F ±±   1.55 7-1-2029 1,966 1,978
FHLMC Series 2315 Class FW (1 Month LIBOR +0.55%) ±   2.94 4-15-2027 23,086 23,122
The accompanying notes are an integral part of these financial statements.

Allspring Adjustable Rate Government Fund  |  13


Portfolio of investments—August 31, 2022

    Interest
rate
Maturity
date
Principal Value
Agency securities (continued)          
FHLMC Series 2391 Class EF (1 Month LIBOR +0.50%) ±   2.89% 6-15-2031 $   29,436 $      29,447
FHLMC Series 2454 Class SL (1 Month LIBOR +8.00%) ♀±   5.61 3-15-2032    61,004       4,515
FHLMC Series 2461 Class FI (1 Month LIBOR +0.50%) ±   2.89 4-15-2028    36,503      36,534
FHLMC Series 2464 Class FE (1 Month LIBOR +1.00%) ±   3.39 3-15-2032    39,761      40,488
FHLMC Series 2466 Class FV (1 Month LIBOR +0.55%) ±   2.94 3-15-2032    76,378      76,528
FHLMC Series 2538 Class F (1 Month LIBOR +0.60%) ±   2.99 12-15-2032   162,900     162,790
FHLMC Series 264 Class F1 (1 Month LIBOR +0.55%) ±   2.94 7-15-2042   623,082     632,399
FHLMC Series 2682 Class FK (1 Month LIBOR +1.47%) ±   3.86 1-15-2033 3,205,709   3,309,276
FHLMC Series 3067 Class FA (1 Month LIBOR +0.35%) ±   2.74 11-15-2035   554,454     551,373
FHLMC Series 3114 Class FT (1 Month LIBOR +0.35%) ±   2.74 9-15-2030   236,616     236,229
FHLMC Series 3140 Class GF (1 Month LIBOR +0.35%) ±   2.74 3-15-2036   455,613     452,990
FHLMC Series 3146 Class FP (1 Month LIBOR +0.35%) ±   2.74 4-15-2036   405,690     403,482
FHLMC Series 3149 Class FB (1 Month LIBOR +0.35%) ±   2.74 5-15-2036   705,453     701,832
FHLMC Series 319 Class F1 (1 Month LIBOR +0.45%) ±   2.84 11-15-2043   902,651     879,085
FHLMC Series 3236 Class AF (1 Month LIBOR +0.35%) ±   2.74 11-15-2036 1,921,422   1,910,107
FHLMC Series 3240 Class FM (1 Month LIBOR +0.35%) ±   2.74 11-15-2036   749,363     743,516
FHLMC Series 3284 Class CF (1 Month LIBOR +0.37%) ±   2.76 3-15-2037   493,590     491,071
FHLMC Series 3286 Class FA (1 Month LIBOR +0.40%) ±   2.79 3-15-2037    69,156      68,880
FHLMC Series 3311 Class KF (1 Month LIBOR +0.34%) ±   2.73 5-15-2037   859,437     853,560
FHLMC Series 3312 Class FN (1 Month LIBOR +0.22%) ±   2.61 7-15-2036   711,131     702,752
FHLMC Series 3436 Class A ±±   2.47 11-15-2036   245,542     250,883
FHLMC Series 350 Class F2 (1 Month LIBOR +0.35%) ±   2.06 9-15-2040 6,198,044   6,111,841
FHLMC Series 3684 Class FM (1 Month LIBOR +0.35%) ±   2.06 11-15-2036 1,041,149   1,034,719
FHLMC Series 3753 Class FA (1 Month LIBOR +0.50%) ±   2.89 11-15-2040 1,133,270 1,135,729
FHLMC Series 3757 Class PF (1 Month LIBOR +0.50%) ±   2.89 8-15-2040 265,969 266,126
FHLMC Series 3822 Class FY (1 Month LIBOR +0.40%) ±   2.79 2-15-2033 519,164 518,091
FHLMC Series 3827 Class DF (1 Month LIBOR +0.45%) ±   2.84 3-15-2041 259,300 258,821
FHLMC Series 3925 Class FL (1 Month LIBOR +0.45%) ±   2.84 1-15-2041 62,467 62,601
FHLMC Series 3997 Class FQ (1 Month LIBOR +0.50%) ±   2.89 2-15-2042 480,626 481,936
FHLMC Series 4013 Class QF (1 Month LIBOR +0.55%) ±   2.94 3-15-2041 240,390 240,716
FHLMC Series 4039 Class FA (1 Month LIBOR +0.50%) ±   2.89 5-15-2042 763,305 763,276
FHLMC Series 4116 Class LF (1 Month LIBOR +0.30%) ±   2.69 10-15-2042 2,165,804 2,141,892
FHLMC Series 4136 Class DF (1 Month LIBOR +0.30%) ±   2.69 11-15-2042 487,433 482,134
FHLMC Series 4143 Class KF (1 Month LIBOR +0.35%) ±   2.06 9-15-2037 1,480,422 1,468,437
FHLMC Series 4246 Class FE (1 Month LIBOR +0.45%) ±   2.84 2-15-2036 1,844,602 1,844,335
FHLMC Series 4248 Class FL (1 Month LIBOR +0.45%) ±   2.84 5-15-2041 202,539 202,489
FHLMC Series 4316 Class JF (1 Month LIBOR +0.40%) ±   2.79 1-15-2044 705,448 702,056
FHLMC Series 4474 Class WF (1 Month LIBOR +0.35%) ±   2.06 12-15-2036 1,196,826 1,176,929
FHLMC Series 4477 Class FG (1 Month LIBOR +0.30%) ±   2.01 10-15-2040 1,046,181 1,033,814
FHLMC Series 4503 Class FA (1 Month LIBOR +0.35%) ±   2.06 2-15-2042 1,364,284 1,352,785
FHLMC Series 4515 Class FA (1 Month LIBOR +0.37%) ±   2.08 8-15-2038 208,630 206,538
FHLMC Series 4604 Class PA    3.00 1-15-2044 215,426 212,761
FHLMC Series 4624 Class FA (1 Month LIBOR +0.45%) ±   2.16 12-15-2038 2,371,308 2,367,330
FHLMC Series 4628 Class KF (1 Month LIBOR +0.50%) ±   2.89 1-15-2055 1,266,729 1,264,789
FHLMC Series 4678 Class AF (1 Month LIBOR +0.40%) ±   2.11 12-15-2042 998,489 991,537
FHLMC Series 4691 Class FA (1 Month LIBOR +0.35%) ±   2.74 6-15-2047 478,837 478,512
FHLMC Series 4707 Class FD (1 Month LIBOR +0.35%) ±   2.06 9-15-2044 3,069,339 3,063,337
FHLMC Series 4708 Class F (1 Month LIBOR +0.30%) ±   2.69 8-15-2047 2,732,548 2,701,359
FHLMC Series 4754 Class FM (1 Month LIBOR +0.30%) ±   2.69 2-15-2048 1,220,586 1,206,026
FHLMC Series 4779 Class WF (1 Month LIBOR +0.35%) ±   2.06 7-15-2044 1,450,904 1,442,195
FHLMC Series 4821 Class FA (1 Month LIBOR +0.30%) ±   2.69 7-15-2048 359,275 355,493
FHLMC Series 4831 Class FD (1 Month LIBOR +0.30%) ±   2.69 10-15-2048 1,195,901 1,184,565
FHLMC Series 4842 Class FA (1 Month LIBOR +0.35%) ±   2.74 11-15-2048 914,046 907,934
FHLMC Series 4851 Class PF (1 Month LIBOR +0.40%) ±   2.79 8-15-2057 3,521,830 3,487,283
FHLMC Series 4906 Class WF (1 Month LIBOR +0.40%) ±   2.11 12-15-2038 1,717,506 1,707,734
The accompanying notes are an integral part of these financial statements.

14  |  Allspring Adjustable Rate Government Fund


Portfolio of investments—August 31, 2022

    Interest
rate
Maturity
date
Principal Value
Agency securities (continued)          
FHLMC Series 4908 Class FA (1 Month LIBOR +0.44%) ±   2.15% 12-15-2042 $1,606,169 $  1,610,949
FHLMC Series 4915 Class FE (1 Month LIBOR +0.40%) ±   2.11 2-15-2038 4,136,965   4,150,411
FHLMC Series 4921 Class FN (1 Month LIBOR +0.45%) ±   2.89 10-25-2049   947,511     947,874
FHLMC Series 4925 Class FY (1 Month LIBOR +0.45%) ±   2.89 10-25-2049   357,866     356,482
FHLMC Series 4925 Class WF (1 Month LIBOR +0.40%) ±   2.11 8-15-2038 3,612,605   3,585,362
FHLMC Series 4927 Class FG (1 Month LIBOR +0.50%) ±   2.94 11-25-2049 1,370,022   1,367,998
FHLMC Series 4933 Class FA (1 Month LIBOR +0.50%) ±   2.94 12-25-2049   974,642     972,666
FHLMC Series 5062 Class FC (30 Day Average U.S. SOFR +0.20%) ±   2.38 1-25-2051 1,327,904   1,302,585
FHLMC Series T-15 Class A6 (1 Month LIBOR +0.40%) ±   2.84 11-25-2028   281,705     281,151
FHLMC Series T-16 Class A (1 Month LIBOR +0.35%) ±   2.79 6-25-2029   816,981     805,994
FHLMC Series T-20 Class A7 (1 Month LIBOR +0.30%) ±   2.74 12-25-2029 1,998,923   1,987,204
FHLMC Series T-21 Class A (1 Month LIBOR +0.36%) ±   2.80 10-25-2029   693,911     693,053
FHLMC Series T-24 Class A (1 Month LIBOR +0.30%) ±   2.74 6-25-2030   283,550     280,975
FHLMC Series T-27 Class A (1 Month LIBOR +0.30%) ±   2.74 10-25-2030   794,892     792,669
FHLMC Series T-30 Class A7 (1 Month LIBOR +0.24%) ±   2.68 12-25-2030   640,196     623,539
FHLMC Series T-35 Class A (1 Month LIBOR +0.28%) ±   2.72 9-25-2031 1,290,128   1,282,276
FHLMC Series T-48 Class 2A ±±   3.67 7-25-2033 1,071,418   1,036,012
FHLMC Series T-54 Class 4A ±±   3.65 2-25-2043   657,676     631,572
FHLMC Series T-55 Class 1A1    6.50 3-25-2043    34,903      37,441
FHLMC Series T-56 Class 3AF (1 Month LIBOR +1.00%) ±   3.44 5-25-2043   820,174     820,095
FHLMC Series T-62 Class 1A1 (12 Month Treasury Average +1.20%) ±   2.06 10-25-2044 1,575,668   1,641,930
FHLMC Series T-63 Class 1A1 (12 Month Treasury Average +1.20%) ±   1.84 2-25-2045 1,374,910   1,421,566
FHLMC Series T-66 Class 2A1 ±±   3.52 1-25-2036   904,081     921,155
FHLMC Series T-67 Class 1A1C ±±   3.22 3-25-2036 2,014,867 2,053,892
FHLMC Series T-67 Class 2A1C ±±   3.32 3-25-2036 2,068,177 2,154,813
FNMA (Enterprise 11th District COFI Institutional Replacement +1.40%) ±   1.62 4-1-2024 193,214 191,544
FNMA (11th District COFI +1.27%) ±   1.65 3-1-2033 41,881 40,318
FNMA (6 Month LIBOR +1.18%) ±   1.68 8-1-2033 41,245 41,262
FNMA (11th District COFI +1.25%) ±   1.74 11-1-2023 3,209 3,183
FNMA (11th District COFI +1.25%) ±   1.75 11-1-2024 50 50
FNMA (11th District COFI +1.26%) ±   1.78 1-1-2035 166,499 161,619
FNMA (1 Year Treasury Constant Maturity +1.70%) ±   1.82 2-1-2033 176,672 175,148
FNMA (12 Month LIBOR +1.57%) ±   1.82 11-1-2044 93,005 93,791
FNMA (11th District COFI +1.26%) ±   1.85 1-1-2038 9,981 9,811
FNMA (1 Year Treasury Constant Maturity +1.58%) ±   1.87 3-1-2034 180,341 177,280
FNMA (11th District COFI +1.29%) ±   1.91 9-1-2037 779,486 752,039
FNMA (12 Month LIBOR +1.56%) ±   1.98 2-1-2044 38,147 38,283
FNMA (12 Month LIBOR +1.75%) ±   2.00 1-1-2035 164,751 167,495
FNMA (12 Month Treasury Average +1.18%) ±   2.03 10-1-2044 190,499 190,230
FNMA (12 Month Treasury Average +1.21%) ±   2.06 4-1-2042 651,723 664,145
FNMA (12 Month LIBOR +1.82%) ±   2.07 12-1-2046 59,822 59,420
FNMA (1 Year Treasury Constant Maturity +1.83%) ±   2.08 4-1-2030 2,376 2,369
FNMA (12 Month LIBOR +1.83%) ±   2.08 1-1-2033 53,426 52,845
FNMA (12 Month LIBOR +1.60%) ±   2.13 3-1-2046 702,150 703,636
FNMA (6 Month LIBOR +1.03%) ±   2.15 2-1-2033 94,812 93,838
FNMA (11th District COFI +1.82%) ±   2.17 5-1-2028 22,965 22,600
FNMA (11th District COFI +1.92%) ±   2.17 9-1-2030 126,320 124,164
FNMA (6 Month LIBOR +1.42%) ±   2.17 12-1-2031 107,468 107,523
FNMA (12 Month LIBOR +1.59%) ±   2.18 2-1-2043 540,273 552,058
FNMA (6 Month LIBOR +1.31%) ±   2.19 10-1-2037 286,653 288,034
FNMA (12 Month LIBOR +1.60%) ±   2.22 8-1-2050 2,504,188 2,331,518
The accompanying notes are an integral part of these financial statements.

Allspring Adjustable Rate Government Fund  |  15


Portfolio of investments—August 31, 2022

    Interest
rate
Maturity
date
Principal Value
Agency securities (continued)          
FNMA (1 Year Treasury Constant Maturity +2.13%) ±   2.25% 10-1-2025 $   15,075 $      14,964
FNMA (12 Month Treasury Average +1.40%) ±   2.26 12-1-2030    19,765      19,903
FNMA (1 Year Treasury Constant Maturity +1.89%) ±   2.27 6-1-2032    44,771      44,088
FNMA (1 Year Treasury Constant Maturity +2.17%) ±   2.29 12-1-2039    91,246      90,562
FNMA (1 Year Treasury Constant Maturity +2.18%) ±   2.30 12-1-2024     9,578       9,489
FNMA (1 Year Treasury Constant Maturity +0.00%) ±   2.33 9-1-2022       593         592
FNMA (11th District COFI +1.83%) ±   2.33 3-1-2033   149,030     145,996
FNMA (11th District COFI +1.66%) ±   2.33 1-1-2036   111,960     109,083
FNMA (11th District COFI +1.86%) ±   2.34 10-1-2027    96,207      95,302
FNMA (1 Year Treasury Constant Maturity +2.22%) ±   2.35 8-1-2031    78,343      77,224
FNMA (1 Year Treasury Constant Maturity +2.22%) ±   2.35 10-1-2034    92,640      91,664
FNMA (6 Month LIBOR +1.51%) ±   2.36 11-1-2034   276,501     273,977
FNMA (1 Year Treasury Constant Maturity +1.50%) ±   2.39 8-1-2030   362,180     360,584
FNMA (12 Month LIBOR +1.62%) ±   2.39 8-1-2050 2,895,700   2,699,855
FNMA (1 Year Treasury Constant Maturity +2.28%) ±   2.40 7-1-2024     2,600       2,576
FNMA (3 Year Treasury Constant Maturity +2.15%) ±   2.40 10-1-2024     8,535       8,503
FNMA (12 Month LIBOR +1.68%) ±   2.42 6-1-2041   872,877     891,686
FNMA (1 Year Treasury Constant Maturity +2.32%) ±   2.44 5-1-2025    10,964      10,888
FNMA (1 Year Treasury Constant Maturity +2.19%) ±   2.44 3-1-2035   183,285     180,256
FNMA (1 Year Treasury Constant Maturity +2.29%) ±   2.45 1-1-2031   110,251     109,201
FNMA (11th District COFI +1.09%) ±   2.45 10-1-2034    12,328      12,268
FNMA (1 Year Treasury Constant Maturity +2.31%) ±   2.46 12-1-2034   239,920     240,159
FNMA (6 Month LIBOR +1.74%) ±   2.49 10-1-2024    14,498      14,354
FNMA (1 Year Treasury Constant Maturity +2.37%) ±   2.50 7-1-2027 10,954 10,837
FNMA (6 Month LIBOR +1.16%) ±   2.50 8-1-2033 2,684 2,661
FNMA (11th District COFI +1.85%) ±   2.51 1-1-2036 9,293 9,069
FNMA (1 Year Treasury Constant Maturity +2.40%) ±   2.53 6-1-2024 10,538 10,443
FNMA (12 Month LIBOR +1.75%) ±   2.53 4-1-2033 269,631 267,930
FNMA (1 Year Treasury Constant Maturity +2.40%) ±   2.53 9-1-2033 278,032 276,462
FNMA (12 Month LIBOR +1.62%) ±   2.53 4-1-2050 1,333,696 1,282,109
FNMA (12 Month Treasury Average +1.73%) ±   2.56 6-1-2035 207,284 214,019
FNMA (1 Year Treasury Constant Maturity +2.37%) ±   2.57 9-1-2030 291,732 284,972
FNMA (12 Month Treasury Average +1.74%) ±   2.57 10-1-2035 273,436 275,333
FNMA (12 Month LIBOR +1.72%) ±   2.59 4-1-2034 274,076 279,160
FNMA (1 Year Treasury Constant Maturity +2.49%) ±   2.61 5-1-2035 308,387 318,692
FNMA (12 Month Treasury Average +1.80%) ±   2.62 11-1-2035 36,262 36,895
FNMA (1 Year Treasury Constant Maturity +2.50%) ±   2.63 6-1-2032 66,948 65,883
FNMA (1 Year Treasury Constant Maturity +2.52%) ±   2.64 11-1-2024 8,697 8,632
FNMA (1 Year Treasury Constant Maturity +2.32%) ±   2.64 4-1-2028 54,923 54,022
FNMA (1 Year Treasury Constant Maturity +2.21%) ±   2.64 9-1-2033 156,518 155,280
FNMA (1 Year Treasury Constant Maturity +2.35%) ±   2.69 5-1-2033 52,069 51,387
FNMA (12 Month Treasury Average +1.85%) ±   2.69 11-1-2035 266,754 267,228
FNMA (1 Year Treasury Constant Maturity +2.28%) ±   2.70 4-1-2024 1,086 1,082
FNMA (11th District COFI +1.70%) ±   2.70 4-1-2030 464 456
FNMA (12 Month Treasury Average +1.85%) ±   2.70 7-1-2035 293,900 304,754
FNMA (12 Month Treasury Average +2.48%) ±   2.71 6-1-2040 426,020 425,003
FNMA (1 Year Treasury Constant Maturity +2.60%) ±   2.72 10-1-2025 3,468 3,447
FNMA (1 Year Treasury Constant Maturity +2.03%) ±   2.72 12-1-2032 172,867 170,903
FNMA (1 Year Treasury Constant Maturity +2.49%) ±   2.74 4-1-2038 157,860 155,230
FNMA (Federal COFI +2.00%) ±   2.75 8-1-2029 20,183 20,173
FNMA (12 Month LIBOR +1.57%) ±   2.75 1-1-2040 66,278 66,096
FNMA (1 Year Treasury Constant Maturity +2.22%) ±   2.77 5-1-2036 890,162 901,361
FNMA (12 Month Treasury Average +1.94%) ±   2.78 11-1-2035 12,159 12,656
FNMA (1 Year Treasury Constant Maturity +2.54%) ±   2.80 8-1-2035 177,016 174,375
FNMA (12 Month Treasury Average +1.96%) ±   2.80 11-1-2035 271,135 272,402
The accompanying notes are an integral part of these financial statements.

16  |  Allspring Adjustable Rate Government Fund


Portfolio of investments—August 31, 2022

    Interest
rate
Maturity
date
Principal Value
Agency securities (continued)          
FNMA (6 Month LIBOR +2.01%) ±   2.81% 10-1-2024 $    3,948 $       3,919
FNMA (1 Year Treasury Constant Maturity +2.33%) ±   2.82 7-1-2030   121,140     120,163
FNMA (1 Year Treasury Constant Maturity +2.29%) ±   2.82 5-1-2034   101,746     100,806
FNMA (12 Month LIBOR +1.75%) ±   2.82 5-1-2035   333,612     340,714
FNMA (1 Year Treasury Constant Maturity +2.64%) ±   2.83 10-1-2028    32,405      31,908
FNMA (1 Year Treasury Constant Maturity +2.19%) ±   2.83 1-1-2033   325,042     325,435
FNMA (12 Month Treasury Average +1.98%) ±   2.83 7-1-2035   198,036     203,049
FNMA (6 Month LIBOR +1.74%) ±   2.87 12-1-2024    16,310      16,173
FNMA (1 Year Treasury Constant Maturity +2.50%) ±   2.87 9-1-2030   268,277     261,850
FNMA (12 Month LIBOR +1.75%) ±   2.87 4-1-2034   155,478     153,936
FNMA (12 Month Treasury Average +2.05%) ±   2.88 10-1-2035   123,849     129,351
FNMA (12 Month LIBOR +1.65%) ±   2.88 11-1-2038    88,711      90,592
FNMA (3 Year Treasury Constant Maturity +2.15%) ±   2.90 8-1-2031    22,521      22,327
FNMA (1 Year Treasury Constant Maturity +2.23%) ±   2.90 11-1-2038 1,674,486   1,721,661
FNMA (12 Month Treasury Average +2.11%) ±   2.91 8-1-2035   103,223     104,317
FNMA (1 Month LIBOR +1.17%) ±   2.92 5-1-2029    29,396      29,673
FNMA (12 Month LIBOR +1.75%) ±   2.93 9-1-2042   160,041     163,400
FNMA (6 Month LIBOR +1.55%) ±   2.95 3-1-2034    91,488      91,620
FNMA (12 Month Treasury Average +2.07%) ±   2.95 1-1-2035   223,162     225,523
FNMA (1 Year Treasury Constant Maturity +2.24%) ±   2.96 7-1-2029   146,768     143,420
FNMA (1 Year Treasury Constant Maturity +2.15%) ±   2.96 5-1-2034   282,652     278,082
FNMA (1 Year Treasury Constant Maturity +2.25%) ±   2.98 8-1-2026    21,849      21,704
FNMA (U.S. Treasury H15 Treasury Bill 6 Month Auction High Discount +2.23%) ±   3.01 7-1-2025       107         105
FNMA (1 Year Treasury Constant Maturity +2.21%) ±   3.01 5-1-2037 289,713 286,716
FNMA (1 Year Treasury Constant Maturity +2.22%) ±   3.01 12-1-2040 1,305,111 1,338,758
FNMA (12 Month LIBOR +1.90%) ±   3.02 10-1-2034 272,585 270,448
FNMA (1 Year Treasury Constant Maturity +2.18%) ±   3.02 1-1-2036 211,376 211,275
FNMA (1 Year Treasury Constant Maturity +2.35%) ±   3.02 9-1-2037 168,125 165,965
FNMA (6 Month LIBOR +1.93%) ±   3.05 6-1-2032 52,798 52,511
FNMA (12 Month LIBOR +1.55%) ±   3.05 6-1-2043 3,253,589 3,289,587
FNMA (6 Month LIBOR +2.31%) ±   3.06 4-1-2033 150,227 148,374
FNMA (1 Year Treasury Constant Maturity +2.26%) ±   3.06 10-1-2036 226,813 233,162
FNMA (1 Year Treasury Constant Maturity +2.20%) ±   3.06 12-1-2040 1,529,950 1,569,472
FNMA (1 Year Treasury Constant Maturity +2.20%) ±   3.06 12-1-2040 3,389,949 3,471,893
FNMA (12 Month LIBOR +1.78%) ±   3.07 1-1-2042 1,214,420 1,250,409
FNMA (1 Year Treasury Constant Maturity +1.96%) ±   3.08 3-1-2032 13,740 13,639
FNMA (1 Year Treasury Constant Maturity +1.93%) ±   3.08 7-1-2038 402,539 398,543
FNMA (1 Year Treasury Constant Maturity +2.10%) ±   3.08 4-1-2040 63,503 64,901
FNMA (1 Year Treasury Constant Maturity +2.10%) ±   3.10 7-1-2035 38,368 38,028
FNMA (1 Year Treasury Constant Maturity +2.12%) ±   3.12 3-1-2031 18,148 17,984
FNMA (6 Month LIBOR +2.50%) ±   3.14 4-1-2033 137,021 135,069
FNMA (1 Year Treasury Constant Maturity +2.41%) ±   3.16 5-1-2027 28,433 28,081
FNMA (12 Month LIBOR +1.72%) ±   3.16 7-1-2043 1,141,251 1,168,300
FNMA (1 Year Treasury Constant Maturity +2.10%) ±   3.19 9-1-2036 162,935 161,577
FNMA (11th District COFI +1.25%) ±   3.20 4-1-2034 244,105 242,944
FNMA (1 Year Treasury Constant Maturity +2.24%) ±   3.20 7-1-2038 1,539,205 1,583,993
FNMA (1 Year Treasury Constant Maturity +2.20%) ±   3.21 10-1-2034 511,624 525,038
FNMA (12 Month Treasury Average +2.35%) ±   3.21 8-1-2040 285,400 287,518
FNMA (12 Month LIBOR +1.77%) ±   3.21 7-1-2044 1,566,324 1,617,015
FNMA (Federal COFI +2.45%) ±   3.22 2-1-2029 287,611 287,818
FNMA (1 Year Treasury Constant Maturity +2.23%) ±   3.22 4-1-2038 271,186 269,463
FNMA (6 Month LIBOR +1.98%) ±   3.23 9-1-2033 43,749 43,323
FNMA (1 Year Treasury Constant Maturity +2.50%) ±   3.24 10-1-2029 190,292 188,435
FNMA (1 Year Treasury Constant Maturity +1.66%) ±   3.27 7-1-2048 393,172 399,398
The accompanying notes are an integral part of these financial statements.

Allspring Adjustable Rate Government Fund  |  17


Portfolio of investments—August 31, 2022

    Interest
rate
Maturity
date
Principal Value
Agency securities (continued)          
FNMA (6 Month LIBOR +1.96%) ±   3.28% 1-1-2033 $   47,738 $      47,289
FNMA (1 Year Treasury Constant Maturity +2.27%) ±   3.28 5-1-2033   236,017     233,739
FNMA (12 Month LIBOR +1.53%) ±   3.28 9-1-2035   345,973     354,379
FNMA (1 Year Treasury Constant Maturity +2.30%) ±   3.30 1-1-2026    42,147      41,751
FNMA (6 Month LIBOR +1.51%) ±   3.33 6-1-2037   515,747     534,413
FNMA (1 Year Treasury Constant Maturity +2.55%) ±   3.34 7-1-2028   122,311     121,648
FNMA (11th District COFI +1.83%) ±   3.34 6-1-2034    39,733      39,926
FNMA (12 Month LIBOR +1.59%) ±   3.34 6-1-2044   473,528     480,682
FNMA (1 Year Treasury Constant Maturity +2.22%) ±   3.35 6-1-2035   180,082     183,919
FNMA (1 Year Treasury Constant Maturity +2.09%) ±   3.36 12-1-2033   194,229     192,882
FNMA (1 Year Treasury Constant Maturity +2.22%) ±   3.37 7-1-2037   128,925     133,074
FNMA (1 Year Treasury Constant Maturity +2.31%) ±   3.38 12-1-2030   202,386     201,228
FNMA (6 Month LIBOR +1.38%) ±   3.38 12-1-2031    13,898      13,839
FNMA (1 Year Treasury Constant Maturity +2.35%) ±   3.40 6-1-2027    30,971      30,673
FNMA (1 Year Treasury Constant Maturity +2.36%) ±   3.40 11-1-2034   139,897     144,533
FNMA (1 Year Treasury Constant Maturity +2.20%) ±   3.40 9-1-2035   988,190   1,014,485
FNMA (1 Year Treasury Constant Maturity +2.24%) ±   3.43 7-1-2028        48          47
FNMA (1 Year Treasury Constant Maturity +2.53%) ±   3.46 1-1-2029    43,426      43,132
FNMA (6 Month LIBOR +1.53%) ±   3.46 1-1-2035   439,041     448,554
FNMA (1 Year Treasury Constant Maturity +2.24%) ±   3.46 1-1-2037   360,810     360,235
FNMA (1 Year Treasury Constant Maturity +2.19%) ±   3.48 6-1-2027    30,021      29,823
FNMA (12 Month LIBOR +1.55%) ±   3.48 9-1-2036   184,172     182,609
FNMA (1 Year Treasury Constant Maturity +2.12%) ±   3.49 8-1-2026    10,617      10,509
FNMA (5 Year Treasury Constant Maturity +1.90%) ±   3.49 9-1-2031 96,637 96,055
FNMA (1 Year Treasury Constant Maturity +2.30%) ±   3.49 6-1-2037 708,595 726,672
FNMA (1 Year Treasury Constant Maturity +2.50%) ±   3.50 3-1-2027 11,033 10,956
FNMA (6 Month LIBOR +1.37%) ±   3.50 1-1-2032 115,471 115,122
FNMA (1 Year Treasury Constant Maturity +1.76%) ±   3.51 8-1-2032 28,976 28,756
FNMA (1 Year Treasury Constant Maturity +2.11%) ±   3.51 7-1-2035 81,170 80,726
FNMA (1 Year Treasury Constant Maturity +1.52%) ±   3.52 8-1-2033 451,073 448,414
FNMA (12 Month LIBOR +1.75%) ±   3.52 7-1-2035 230,643 234,982
FNMA (12 Month LIBOR +1.59%) ±   3.52 9-1-2044 750,052 762,429
FNMA (1 Year Treasury Constant Maturity +2.21%) ±   3.54 1-1-2027 30,833 30,733
FNMA (6 Month LIBOR +2.25%) ±   3.54 3-1-2034 383,641 383,481
FNMA (1 Year Treasury Constant Maturity +2.18%) ±   3.57 9-1-2035 494,066 509,455
FNMA (1 Year Treasury Constant Maturity +2.49%) ±   3.61 7-1-2037 75,482 75,208
FNMA (1 Year Treasury Constant Maturity +2.17%) ±   3.62 9-1-2030 21,784 21,695
FNMA (1 Year Treasury Constant Maturity +1.63%) ±   3.63 11-1-2029 4,864 4,788
FNMA (1 Year Treasury Constant Maturity +2.18%) ±   3.63 1-1-2036 154,318 153,184
FNMA (1 Year Treasury Constant Maturity +2.64%) ±   3.64 3-1-2030 3,371 3,329
FNMA (1 Year Treasury Constant Maturity +2.18%) ±   3.65 6-1-2035 48,289 47,954
FNMA (1 Year Treasury Constant Maturity +2.45%) ±   3.67 7-1-2037 946,524 981,433
FNMA (1 Year Treasury Constant Maturity +1.88%) ±   3.68 8-1-2031 33,057 32,843
FNMA (12 Month LIBOR +1.74%) ±   3.68 6-1-2036 57,517 59,205
FNMA (12 Month LIBOR +1.93%) ±   3.68 5-1-2037 522,070 534,208
FNMA (12 Month LIBOR +1.59%) ±   3.69 8-1-2045 329,067 335,988
FNMA (6 Month LIBOR +2.48%) ±   3.73 7-1-2033 26,074 25,812
FNMA (12 Month LIBOR +1.90%) ±   3.75 5-1-2038 255,756 265,252
FNMA (1 Year Treasury Constant Maturity +2.70%) ±   3.76 5-1-2035 477,442 472,939
FNMA (12 Month LIBOR +1.72%) ±   3.78 6-1-2035 47,119 48,561
FNMA (5 Year Treasury Constant Maturity +2.42%) ±   3.79 6-1-2028 12,431 12,470
FNMA (12 Month LIBOR +1.67%) ±   3.81 7-1-2035 352,593 363,180
FNMA (12 Month LIBOR +1.60%) ±   3.85 9-1-2037 352,005 349,825
FNMA (6 Month LIBOR +2.34%) ±   3.86 5-1-2033 509,119 506,757
FNMA (12 Month LIBOR +2.00%) ±   3.86 9-1-2035 165,750 172,249
The accompanying notes are an integral part of these financial statements.

18  |  Allspring Adjustable Rate Government Fund


Portfolio of investments—August 31, 2022

    Interest
rate
Maturity
date
Principal Value
Agency securities (continued)          
FNMA (1 Year Treasury Constant Maturity +2.15%) ±   3.87% 2-1-2033 $   39,013 $     38,840
FNMA (6 Month LIBOR +2.70%) ±   3.91 4-1-2024    25,799      25,578
FNMA (11th District COFI +1.93%) ±   3.96 12-1-2036    18,263      18,610
FNMA (1 Year Treasury Constant Maturity +2.22%) ±