Portfolio of investments—May 31, 2025 (unaudited)
Portfolio of investments
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities:  81.49%
 
FHLMC Multifamily Structured Pass-Through Certificates
Series KF144 Class AS (30 Day Average U.S. SOFR+0.75%)±
5.10
%
9-25-2032
$
3,602,851
$3,611,569
FHLMC Multifamily Structured Pass-Through Certificates Series KF85
Class AL (30 Day Average U.S. SOFR+0.41%)±
4.77
8-25-2030
 
126,530
126,153
FHLMC Multifamily Structured Pass-Through Certificates Series KI08
Class A (30 Day Average U.S. SOFR+0.20%)±
4.55
10-25-2026
 
1,937,859
1,930,131
FHLMC Multifamily Structured Pass-Through Certificates Series Q016
Class APT2±±
1.47
5-25-2051
 
3,424,979
3,177,739
FHLMC Multifamily Structured Pass-Through Certificates Series Q030
Class A (30 Day Average U.S. SOFR+0.94%)±
5.29
1-25-2044
 
1,991,561
1,987,870
FHLMC STRIPS Series 20 Class F±±
5.72
7-1-2029
 
163
163
FHLMC STRIPS Series 264 Class F1 (30 Day Average
U.S. SOFR+0.66%)±
5.00
7-15-2042
 
470,638
463,313
FHLMC STRIPS Series 319 Class F1 (30 Day Average
U.S. SOFR+0.56%)±
4.90
11-15-2043
 
687,597
673,288
FHLMC Structured Pass-Through Certificates Series T-16 Class A (30
Day Average U.S. SOFR+0.46%)±
4.79
6-25-2029
 
662,690
636,235
FHLMC Structured Pass-Through Certificates Series T-20 Class A7
(30 Day Average U.S. SOFR+0.41%)±
4.74
12-25-2029
 
1,459,220
1,407,336
FHLMC Structured Pass-Through Certificates Series T-27 Class A (30
Day Average U.S. SOFR+0.41%)±
4.74
10-25-2030
 
320,310
319,639
FHLMC Structured Pass-Through Certificates Series T-30 Class A7
(30 Day Average U.S. SOFR+0.35%)±
4.68
12-25-2030
 
424,087
402,432
FHLMC Structured Pass-Through Certificates Series T-35 Class A (30
Day Average U.S. SOFR+0.39%)±
4.72
9-25-2031
 
535,031
532,637
FHLMC Structured Pass-Through Certificates Series T-48 Class 2A±±
4.35
7-25-2033
 
694,776
653,598
FHLMC Structured Pass-Through Certificates Series T-54 Class 4A±±
4.29
2-25-2043
 
413,934
393,789
FHLMC Structured Pass-Through Certificates Series T-55 Class 1A1
6.50
3-25-2043
 
21,823
22,181
FHLMC Structured Pass-Through Certificates Series T-56 Class 3AF
(30 Day Average U.S. SOFR+1.11%)±
5.44
5-25-2043
 
662,883
667,152
FHLMC Structured Pass-Through Certificates Series T-62 Class 1A1
(12 Month Treasury Average+1.20%)±
5.70
10-25-2044
 
1,085,946
991,862
FHLMC Structured Pass-Through Certificates Series T-63 Class 1A1
(12 Month Treasury Average+1.20%)±
5.70
2-25-2045
 
977,236
941,110
FHLMC Structured Pass-Through Certificates Series T-66
Class 2A1±±
4.89
1-25-2036
 
648,403
625,721
FHLMC Structured Pass-Through Certificates Series T-67
Class 1A1C±±
4.08
3-25-2036
 
1,639,740
1,566,756
FHLMC Structured Pass-Through Certificates Series T-67
Class 2A1C±±
4.09
3-25-2036
 
1,584,857
1,485,768
FHLMC (1 Year Treasury Constant Maturity+1.95%)±
6.78
5-1-2035
 
129,131
130,800
FHLMC (1 Year Treasury Constant Maturity+1.97%)±
6.70
8-1-2033
 
134,035
133,767
FHLMC (1 Year Treasury Constant Maturity+1.99%)±
6.49
11-1-2034
 
23,716
24,013
FHLMC (1 Year Treasury Constant Maturity+2.05%)±
6.74
12-1-2035
 
100,633
102,445
FHLMC (1 Year Treasury Constant Maturity+2.10%)±
6.44
10-1-2037
 
114,155
115,947
FHLMC (1 Year Treasury Constant Maturity+2.16%)±
6.52
6-1-2033
 
210,742
214,379
FHLMC (1 Year Treasury Constant Maturity+2.17%)±
7.17
5-1-2037
 
8,598
8,780
FHLMC (1 Year Treasury Constant Maturity+2.18%)±
6.49
6-1-2036
 
180,333
185,868
See accompanying notes to portfolio of investments
Allspring Adjustable Rate Government Fund | 1
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities(continued)
 
FHLMC (1 Year Treasury Constant Maturity+2.19%)±
6.57
%
1-1-2037
$
178,259
$182,301
FHLMC (1 Year Treasury Constant Maturity+2.22%)±
6.34
12-1-2033
 
101,111
103,125
FHLMC (1 Year Treasury Constant Maturity+2.23%)±
6.48
2-1-2034
 
141,069
144,067
FHLMC (1 Year Treasury Constant Maturity+2.23%)±
6.48
4-1-2034
 
54,074
55,026
FHLMC (1 Year Treasury Constant Maturity+2.23%)±
6.48
4-1-2034
 
33,418
34,081
FHLMC (1 Year Treasury Constant Maturity+2.23%)±
7.23
6-1-2035
 
47,147
48,149
FHLMC (1 Year Treasury Constant Maturity+2.23%)±
7.35
11-1-2026
 
11,857
11,829
FHLMC (1 Year Treasury Constant Maturity+2.24%)±
6.49
3-1-2027
 
6,624
6,607
FHLMC (1 Year Treasury Constant Maturity+2.24%)±
6.71
4-1-2036
 
68,748
70,555
FHLMC (1 Year Treasury Constant Maturity+2.25%)±
6.50
8-1-2027
 
529
528
FHLMC (1 Year Treasury Constant Maturity+2.25%)±
6.50
4-1-2034
 
16,386
16,622
FHLMC (1 Year Treasury Constant Maturity+2.25%)±
6.50
5-1-2034
 
84,816
86,500
FHLMC (1 Year Treasury Constant Maturity+2.25%)±
6.59
4-1-2038
 
216,350
222,382
FHLMC (1 Year Treasury Constant Maturity+2.25%)±
6.61
1-1-2037
 
17,944
18,585
FHLMC (1 Year Treasury Constant Maturity+2.25%)±
6.70
12-1-2034
 
66,035
67,613
FHLMC (1 Year Treasury Constant Maturity+2.25%)±
6.90
6-1-2035
 
18,564
19,163
FHLMC (1 Year Treasury Constant Maturity+2.25%)±
6.95
5-1-2034
 
21,061
21,620
FHLMC (1 Year Treasury Constant Maturity+2.25%)±
6.96
5-1-2038
 
134,401
137,693
FHLMC (1 Year Treasury Constant Maturity+2.25%)±
7.35
9-1-2033
 
32,802
33,626
FHLMC (1 Year Treasury Constant Maturity+2.26%)±
6.97
4-1-2037
 
656,670
677,630
FHLMC (1 Year Treasury Constant Maturity+2.27%)±
6.77
11-1-2029
 
18,770
18,873
FHLMC (1 Year Treasury Constant Maturity+2.28%)±
6.65
1-1-2035
 
100,221
102,821
FHLMC (1 Year Treasury Constant Maturity+2.28%)±
7.34
7-1-2034
 
50,302
50,368
FHLMC (1 Year Treasury Constant Maturity+2.29%)±
6.85
9-1-2033
 
111,015
113,251
FHLMC (1 Year Treasury Constant Maturity+2.29%)±
7.33
11-1-2027
 
31,376
31,339
FHLMC (1 Year Treasury Constant Maturity+2.30%)±
7.39
7-1-2027
 
43,044
43,120
FHLMC (1 Year Treasury Constant Maturity+2.35%)±
5.48
7-1-2031
 
7,504
7,462
FHLMC (1 Year Treasury Constant Maturity+2.35%)±
7.01
10-1-2033
 
162,774
163,380
FHLMC (1 Year Treasury Constant Maturity+2.35%)±
7.48
7-1-2038
 
124,231
127,778
FHLMC (1 Year Treasury Constant Maturity+2.36%)±
6.61
4-1-2038
 
313,882
323,900
FHLMC (1 Year Treasury Constant Maturity+2.36%)±
6.74
2-1-2035
 
157,633
161,891
FHLMC (1 Year Treasury Constant Maturity+2.36%)±
7.01
4-1-2032
 
226,740
228,227
FHLMC (1 Year Treasury Constant Maturity+2.36%)±
7.15
1-1-2028
 
332
332
FHLMC (1 Year Treasury Constant Maturity+2.36%)±
7.48
1-1-2028
 
826
827
FHLMC (1 Year Treasury Constant Maturity+2.38%)±
6.84
2-1-2034
 
664,831
680,058
FHLMC (1 Year Treasury Constant Maturity+2.40%)±
6.83
1-1-2037
 
332,356
343,855
FHLMC (1 Year Treasury Constant Maturity+2.40%)±
7.03
6-1-2035
 
93,392
94,974
FHLMC (1 Year Treasury Constant Maturity+2.40%)±
7.34
7-1-2029
 
7,794
7,828
FHLMC (1 Year Treasury Constant Maturity+2.40%)±
7.40
11-1-2029
 
716
710
FHLMC (1 Year Treasury Constant Maturity+2.40%)±
7.53
7-1-2031
 
10,697
10,761
FHLMC (1 Year Treasury Constant Maturity+2.40%)±
7.53
9-1-2031
 
21,024
21,337
FHLMC (1 Year Treasury Constant Maturity+2.47%)±
7.60
7-1-2034
 
79,837
82,227
FHLMC (1 Year Treasury Constant Maturity+2.48%)±
6.64
6-1-2030
 
9,084
9,101
FHLMC (1 Year Treasury Constant Maturity+2.48%)±
6.73
2-1-2030
 
14,361
14,489
FHLMC (1 Year Treasury Constant Maturity+2.48%)±
6.73
6-1-2030
 
8,618
8,660
FHLMC (1 Year Treasury Constant Maturity+2.48%)±
7.57
6-1-2030
 
70,999
71,394
FHLMC (1 Year Treasury Constant Maturity+2.49%)±
7.00
12-1-2032
 
44,123
45,116
FHLMC (1 Year Treasury Constant Maturity+2.52%)±
5.77
11-1-2029
 
21,537
21,492
See accompanying notes to portfolio of investments
2 | Allspring Adjustable Rate Government Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities(continued)
 
FHLMC (1 Year Treasury Constant Maturity+2.55%)±
6.67
%
9-1-2029
$
10,094
$10,110
FHLMC (1 Year Treasury Constant Maturity+2.60%)±
6.85
6-1-2032
 
106,777
108,186
FHLMC (1 Year Treasury Constant Maturity+2.61%)±
5.99
9-1-2030
 
17,079
17,086
FHLMC (1 Year Treasury Constant Maturity+2.76%)±
7.51
5-1-2028
 
24,163
24,294
FHLMC (1 Year Treasury Constant Maturity+2.91%)±
7.88
9-1-2030
 
5,984
6,007
FHLMC (11th District COFI+1.25%)±
4.24
1-1-2030
 
1,281
1,256
FHLMC (11th District COFI+1.25%)±
4.24
7-1-2030
 
30,168
29,520
FHLMC (11th District COFI+1.25%)±
4.72
11-1-2030
 
4,450
4,363
FHLMC (12 Month Treasury Average+2.01%)±
7.01
5-1-2028
 
3,019
3,011
FHLMC (12 Month Treasury Average+2.45%)±
7.02
10-1-2029
 
27,955
28,019
FHLMC (3 Year Treasury Constant Maturity+2.40%)±
4.90
5-1-2031
 
17,935
17,908
FHLMC (3 Year Treasury Constant Maturity+2.44%)±
5.10
5-1-2032
 
33,945
33,932
FHLMC (3 Year Treasury Constant Maturity+2.88%)±
5.34
6-1-2035
 
104,621
104,789
FHLMC (5 Year Treasury Constant Maturity+2.13%)±
6.00
8-1-2029
 
2,256
2,271
FHLMC (5 Year Treasury Constant Maturity+2.44%)±
3.57
8-1-2027
 
7,817
7,692
FHLMC (RFUCCT1Y+1.51%)±
6.51
2-1-2037
 
37,242
37,712
FHLMC (RFUCCT1Y+1.61%)±
7.13
7-1-2044
 
62,829
64,632
FHLMC (RFUCCT1Y+1.62%)±
3.11
2-1-2050
 
349,684
348,238
FHLMC (RFUCCT1Y+1.62%)±
6.83
7-1-2045
 
236,234
242,819
FHLMC (RFUCCT1Y+1.64%)±
2.62
6-1-2050
 
2,086,536
1,937,816
FHLMC (RFUCCT1Y+1.67%)±
6.54
8-1-2035
 
96,504
98,147
FHLMC (RFUCCT1Y+1.72%)±
6.57
5-1-2037
 
345,946
356,032
FHLMC (RFUCCT1Y+1.73%)±
6.92
1-1-2035
 
125,613
127,985
FHLMC (RFUCCT1Y+1.74%)±
6.69
12-1-2036
 
98,711
102,126
FHLMC (RFUCCT1Y+1.75%)±
6.75
4-1-2035
 
60,162
61,424
FHLMC (RFUCCT1Y+1.75%)±
7.06
5-1-2033
 
38,103
38,632
FHLMC (RFUCCT1Y+1.75%)±
7.57
6-1-2033
 
93,338
94,782
FHLMC (RFUCCT1Y+1.76%)±
6.85
9-1-2037
 
94,789
98,176
FHLMC (RFUCCT1Y+1.77%)±
6.98
9-1-2039
 
447,323
459,070
FHLMC (RFUCCT1Y+1.77%)±
7.28
10-1-2036
 
103,256
106,212
FHLMC (RFUCCT1Y+1.77%)±
7.46
10-1-2035
 
327,932
333,847
FHLMC (RFUCCT1Y+1.77%)±
7.50
8-1-2042
 
65,666
68,081
FHLMC (RFUCCT1Y+1.77%)±
7.65
6-1-2035
 
106,469
107,681
FHLMC (RFUCCT1Y+1.78%)±
7.07
11-1-2035
 
51,300
52,284
FHLMC (RFUCCT1Y+1.80%)±
6.83
5-1-2039
 
142,588
145,422
FHLMC (RFUCCT1Y+1.80%)±
7.06
8-1-2037
 
404,391
416,013
FHLMC (RFUCCT1Y+1.80%)±
7.13
1-1-2040
 
682,409
705,678
FHLMC (RFUCCT1Y+1.81%)±
6.75
4-1-2035
 
316,040
323,693
FHLMC (RFUCCT1Y+1.81%)±
7.02
9-1-2037
 
95,743
98,655
FHLMC (RFUCCT1Y+1.85%)±
7.04
7-1-2038
 
330,476
341,776
FHLMC (RFUCCT1Y+1.87%)±
6.87
5-1-2035
 
7,279
7,406
FHLMC (RFUCCT1Y+1.87%)±
7.02
9-1-2036
 
154,839
158,279
FHLMC (RFUCCT1Y+1.88%)±
6.88
4-1-2037
 
66,783
68,401
FHLMC (RFUCCT1Y+1.91%)±
6.78
3-1-2032
 
59,120
60,084
FHLMC (RFUCCT1Y+1.93%)±
6.93
4-1-2037
 
30,981
31,674
FHLMC (RFUCCT1Y+1.93%)±
7.05
4-1-2035
 
398,063
406,154
FHLMC (RFUCCT1Y+1.99%)±
7.19
7-1-2036
 
93,747
95,453
FHLMC (RFUCCT1Y+2.07%)±
7.01
3-1-2038
 
299,686
310,451
See accompanying notes to portfolio of investments
Allspring Adjustable Rate Government Fund | 3
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities(continued)
 
FHLMC (RFUCCT6M+1.42%)±
6.17
%
2-1-2037
$
515
$522
FHLMC (RFUCCT6M+1.68%)±
6.33
1-1-2037
 
297,742
305,403
FHLMC (RFUCCT6M+1.83%)±
6.66
6-1-2037
 
113,058
113,198
FHLMC (RFUCCT6M+2.12%)±
6.88
5-1-2037
 
16,940
16,940
FHLMC (RFUCCT6M+2.36%)±
7.23
6-1-2026
 
2,118
2,125
FHLMC Series 2315 Class FW (30 Day Average U.S. SOFR+0.66%)±
5.00
4-15-2027
 
2,929
2,930
FHLMC Series 2391 Class EF (30 Day Average U.S. SOFR+0.61%)±
4.95
6-15-2031
 
14,195
14,144
FHLMC Series 2454 Class SL (30 Day Average U.S. SOFR+7.89%)ı
3.55
3-15-2032
 
31,981
2,981
FHLMC Series 2461 Class FI (30 Day Average U.S. SOFR+0.61%)±
4.95
4-15-2028
 
8,171
8,161
FHLMC Series 2464 Class FE (30 Day Average U.S. SOFR+1.11%)±
5.45
3-15-2032
 
20,844
21,004
FHLMC Series 2466 Class FV (30 Day Average U.S. SOFR+0.66%)±
5.00
3-15-2032
 
40,263
40,222
FHLMC Series 2538 Class F (30 Day Average U.S. SOFR+0.71%)±
5.05
12-15-2032
 
93,535
93,651
FHLMC Series 3067 Class FA (30 Day Average U.S. SOFR+0.46%)±
4.80
11-15-2035
 
347,513
343,436
FHLMC Series 3114 Class FT (30 Day Average U.S. SOFR+0.46%)±
4.80
9-15-2030
 
73,648
73,345
FHLMC Series 3140 Class GF (30 Day Average U.S. SOFR+0.46%)±
4.80
3-15-2036
 
309,560
305,589
FHLMC Series 3146 Class FP (30 Day Average U.S. SOFR+0.46%)±
4.80
4-15-2036
 
266,729
263,648
FHLMC Series 3149 Class FB (30 Day Average U.S. SOFR+0.46%)±
4.80
5-15-2036
 
460,836
456,365
FHLMC Series 3240 Class FM (30 Day Average U.S. SOFR+0.46%)±
4.80
11-15-2036
 
486,157
479,733
FHLMC Series 3284 Class CF (30 Day Average U.S. SOFR+0.48%)±
4.82
3-15-2037
 
317,960
313,123
FHLMC Series 3286 Class FA (30 Day Average U.S. SOFR+0.51%)±
4.85
3-15-2037
 
32,792
32,280
FHLMC Series 3311 Class KF (30 Day Average U.S. SOFR+0.45%)±
4.79
5-15-2037
 
567,399
558,787
FHLMC Series 3312 Class FN (30 Day Average U.S. SOFR+0.33%)±
4.67
7-15-2036
 
501,798
493,243
FHLMC Series 3436 Class A±±
7.22
11-15-2036
 
149,885
152,750
FHLMC Series 3684 Class FM (30 Day Average U.S. SOFR+0.46%)±
4.80
11-15-2036
 
726,407
716,431
FHLMC Series 3753 Class FA (30 Day Average U.S. SOFR+0.61%)±
4.95
11-15-2040
 
791,301
779,192
FHLMC Series 3757 Class PF (30 Day Average U.S. SOFR+0.61%)±
4.95
8-15-2040
 
154,492
153,899
FHLMC Series 3822 Class FY (30 Day Average U.S. SOFR+0.51%)±
4.85
2-15-2033
 
280,219
279,406
FHLMC Series 3827 Class DF (30 Day Average U.S. SOFR+0.56%)±
4.90
3-15-2041
 
102,751
101,201
FHLMC Series 3925 Class FL (30 Day Average U.S. SOFR+0.56%)±
4.90
1-15-2041
 
20,788
20,749
FHLMC Series 3997 Class FQ (30 Day Average U.S. SOFR+0.61%)±
4.95
2-15-2042
 
346,980
339,782
FHLMC Series 4013 Class QF (30 Day Average U.S. SOFR+0.66%)±
5.00
3-15-2041
 
139,304
138,918
FHLMC Series 4039 Class FA (30 Day Average U.S. SOFR+0.61%)±
4.95
5-15-2042
 
585,738
577,881
FHLMC Series 4136 Class DF (30 Day Average U.S. SOFR+0.41%)±
4.75
11-15-2042
 
367,398
357,356
FHLMC Series 4143 Class KF (30 Day Average U.S. SOFR+0.46%)±
4.80
9-15-2037
 
815,812
794,222
FHLMC Series 4248 Class FL (30 Day Average U.S. SOFR+0.56%)±
4.90
5-15-2041
 
128,606
128,028
FHLMC Series 4316 Class JF (30 Day Average U.S. SOFR+0.51%)±
4.85
1-15-2044
 
496,147
488,045
FHLMC Series 4474 Class WF (30 Day Average U.S. SOFR+0.46%)±
4.80
12-15-2036
 
650,542
640,998
FHLMC Series 4477 Class FG (30 Day Average U.S. SOFR+0.41%)±
4.75
10-15-2040
 
722,624
709,906
FHLMC Series 4503 Class FA (30 Day Average U.S. SOFR+0.46%)±
4.80
2-15-2042
 
860,085
837,363
FHLMC Series 4515 Class FA (30 Day Average U.S. SOFR+0.48%)±
4.82
8-15-2038
 
102,570
101,186
FHLMC Series 4678 Class AF (30 Day Average U.S. SOFR+0.51%)±
4.85
12-15-2042
 
609,358
601,331
FHLMC Series 4691 Class FA (30 Day Average U.S. SOFR+0.46%)±
4.80
6-15-2047
 
368,361
358,301
FHLMC Series 4754 Class FM (30 Day Average U.S. SOFR+0.41%)±
4.75
2-15-2048
 
913,793
880,814
FHLMC Series 4779 Class WF (30 Day Average U.S. SOFR+0.46%)±
4.80
7-15-2044
 
760,692
745,204
FHLMC Series 4821 Class FA (30 Day Average U.S. SOFR+0.41%)±
4.75
7-15-2048
 
247,458
238,186
FHLMC Series 4831 Class FD (30 Day Average U.S. SOFR+0.41%)±
4.75
10-15-2048
 
842,920
813,164
FHLMC Series 4842 Class FA (30 Day Average U.S. SOFR+0.46%)±
4.80
11-15-2048
 
642,356
620,531
FHLMC Series 4908 Class FA (30 Day Average U.S. SOFR+0.55%)±
4.89
12-15-2042
 
968,499
957,701
See accompanying notes to portfolio of investments
4 | Allspring Adjustable Rate Government Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities(continued)
 
FHLMC Series 4921 Class FN (30 Day Average U.S. SOFR+0.56%)±
4.89
%
10-25-2049
$
766,483
$739,569
FHLMC Series 4925 Class FY (30 Day Average U.S. SOFR+0.56%)±
4.89
10-25-2049
 
258,684
249,633
FNMA
6.50
5-1-2031
 
16,730
17,175
FNMA
7.50
1-1-2031
 
7,380
7,386
FNMA
7.50
1-1-2033
 
19,265
19,244
FNMA
7.50
5-1-2033
 
33,750
33,738
FNMA
7.50
8-1-2033
 
25,954
25,943
FNMA
8.00
12-1-2026
 
4,721
4,721
FNMA
8.00
5-1-2033
 
22,990
22,946
FNMA (1 Year Treasury Constant Maturity+1.50%)±
6.24
8-1-2030
 
91,301
91,286
FNMA (1 Year Treasury Constant Maturity+1.52%)±
6.65
8-1-2033
 
192,584
193,791
FNMA (1 Year Treasury Constant Maturity+1.58%)±
5.83
3-1-2034
 
144,244
145,229
FNMA (1 Year Treasury Constant Maturity+1.63%)±
5.92
11-1-2029
 
2,112
2,105
FNMA (1 Year Treasury Constant Maturity+1.66%)±
6.56
7-1-2048
 
285,144
289,934
FNMA (1 Year Treasury Constant Maturity+1.70%)±
5.93
2-1-2033
 
93,875
94,671
FNMA (1 Year Treasury Constant Maturity+1.85%)±
6.98
7-1-2038
 
68,175
68,987
FNMA (1 Year Treasury Constant Maturity+1.88%)±
7.01
8-1-2031
 
18,633
18,752
FNMA (1 Year Treasury Constant Maturity+1.96%)±
6.96
3-1-2032
 
9,576
9,608
FNMA (1 Year Treasury Constant Maturity+2.03%)±
6.44
12-1-2032
 
107,241
108,877
FNMA (1 Year Treasury Constant Maturity+2.07%)±
6.82
12-1-2033
 
72,081
72,393
FNMA (1 Year Treasury Constant Maturity+2.08%)±
6.72
4-1-2040
 
30,122
30,853
FNMA (1 Year Treasury Constant Maturity+2.10%)±
6.35
7-1-2035
 
30,697
31,308
FNMA (1 Year Treasury Constant Maturity+2.10%)±
6.74
9-1-2036
 
90,263
92,128
FNMA (1 Year Treasury Constant Maturity+2.11%)±
7.02
7-1-2035
 
60,819
61,985
FNMA (1 Year Treasury Constant Maturity+2.12%)±
6.37
3-1-2031
 
5,660
5,686
FNMA (1 Year Treasury Constant Maturity+2.15%)±
6.51
5-1-2036
 
302,726
308,905
FNMA (1 Year Treasury Constant Maturity+2.15%)±
7.28
2-1-2033
 
22,905
23,172
FNMA (1 Year Treasury Constant Maturity+2.17%)±
6.45
12-1-2039
 
55,203
55,514
FNMA (1 Year Treasury Constant Maturity+2.17%)±
7.29
9-1-2030
 
5,469
5,468
FNMA (1 Year Treasury Constant Maturity+2.18%)±
6.69
1-1-2036
 
180,211
180,684
FNMA (1 Year Treasury Constant Maturity+2.18%)±
6.70
6-1-2027
 
11,768
11,769
FNMA (1 Year Treasury Constant Maturity+2.18%)±
6.71
9-1-2033
 
56,909
57,239
FNMA (1 Year Treasury Constant Maturity+2.18%)±
7.07
1-1-2036
 
49,997
51,025
FNMA (1 Year Treasury Constant Maturity+2.18%)±
7.19
9-1-2035
 
166,424
170,315
FNMA (1 Year Treasury Constant Maturity+2.18%)±
7.30
6-1-2035
 
21,738
22,227
FNMA (1 Year Treasury Constant Maturity+2.19%)±
6.44
3-1-2035
 
85,233
87,419
FNMA (1 Year Treasury Constant Maturity+2.19%)±
6.83
12-1-2040
 
856,194
882,907
FNMA (1 Year Treasury Constant Maturity+2.19%)±
7.32
8-1-2033
 
171,150
175,096
FNMA (1 Year Treasury Constant Maturity+2.21%)±
6.46
5-1-2037
 
173,299
177,924
FNMA (1 Year Treasury Constant Maturity+2.21%)±
6.72
5-1-2034
 
153,909
157,149
FNMA (1 Year Treasury Constant Maturity+2.21%)±
6.91
10-1-2034
 
372,662
383,058
FNMA (1 Year Treasury Constant Maturity+2.21%)±
7.30
8-1-2035
 
162,932
167,327
FNMA (1 Year Treasury Constant Maturity+2.22%)±
6.47
8-1-2031
 
56,368
57,065
FNMA (1 Year Treasury Constant Maturity+2.22%)±
6.87
12-1-2040
 
681,788
694,313
FNMA (1 Year Treasury Constant Maturity+2.22%)±
6.92
9-1-2035
 
437,385
449,690
FNMA (1 Year Treasury Constant Maturity+2.22%)±
7.22
10-1-2034
 
76,641
78,219
FNMA (1 Year Treasury Constant Maturity+2.22%)±
7.22
6-1-2035
 
111,534
114,535
FNMA (1 Year Treasury Constant Maturity+2.22%)±
7.35
7-1-2035
 
160,900
166,449
See accompanying notes to portfolio of investments
Allspring Adjustable Rate Government Fund | 5
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities(continued)
 
FNMA (1 Year Treasury Constant Maturity+2.23%)±
5.74
%
7-1-2029
$
48,903
$48,829
FNMA (1 Year Treasury Constant Maturity+2.23%)±
6.94
7-1-2038
 
885,055
915,880
FNMA (1 Year Treasury Constant Maturity+2.23%)±
7.09
7-1-2037
 
77,607
80,254
FNMA (1 Year Treasury Constant Maturity+2.24%)±
6.75
11-1-2038
 
1,023,800
1,061,473
FNMA (1 Year Treasury Constant Maturity+2.24%)±
6.89
4-1-2038
 
180,069
185,411
FNMA (1 Year Treasury Constant Maturity+2.24%)±
6.91
10-1-2036
 
121,350
125,443
FNMA (1 Year Treasury Constant Maturity+2.24%)±
7.04
7-1-2028
 
21
21
FNMA (1 Year Treasury Constant Maturity+2.24%)±
7.12
1-1-2033
 
4,067
4,081
FNMA (1 Year Treasury Constant Maturity+2.24%)±
7.19
1-1-2037
 
109,859
112,377
FNMA (1 Year Treasury Constant Maturity+2.28%)±
7.40
9-1-2026
 
3,709
3,715
FNMA (1 Year Treasury Constant Maturity+2.29%)±
6.79
1-1-2031
 
16,210
16,314
FNMA (1 Year Treasury Constant Maturity+2.29%)±
7.07
7-1-2030
 
24,500
24,563
FNMA (1 Year Treasury Constant Maturity+2.29%)±
7.16
6-1-2037
 
450,206
465,387
FNMA (1 Year Treasury Constant Maturity+2.29%)±
7.42
12-1-2030
 
10,661
10,816
FNMA (1 Year Treasury Constant Maturity+2.31%)±
6.94
12-1-2030
 
75,861
76,129
FNMA (1 Year Treasury Constant Maturity+2.31%)±
6.99
12-1-2034
 
52,850
54,053
FNMA (1 Year Treasury Constant Maturity+2.32%)±
6.57
4-1-2028
 
13,176
13,243
FNMA (1 Year Treasury Constant Maturity+2.33%)±
7.22
5-1-2033
 
18,266
18,398
FNMA (1 Year Treasury Constant Maturity+2.35%)±
6.60
6-1-2027
 
8,611
8,631
FNMA (1 Year Treasury Constant Maturity+2.35%)±
7.29
9-1-2037
 
22,683
23,330
FNMA (1 Year Treasury Constant Maturity+2.36%)±
7.04
11-1-2034
 
77,466
80,525
FNMA (1 Year Treasury Constant Maturity+2.36%)±
7.36
5-1-2034
 
42,782
43,878
FNMA (1 Year Treasury Constant Maturity+2.37%)±
5.50
9-1-2030
 
98,079
98,251
FNMA (1 Year Treasury Constant Maturity+2.38%)±
7.50
7-1-2027
 
17,456
17,509
FNMA (1 Year Treasury Constant Maturity+2.40%)±
7.40
9-1-2033
 
193,664
198,595
FNMA (1 Year Treasury Constant Maturity+2.41%)±
6.92
5-1-2027
 
10,714
10,736
FNMA (1 Year Treasury Constant Maturity+2.44%)±
7.07
7-1-2037
 
605,953
624,987
FNMA (1 Year Treasury Constant Maturity+2.46%)±
7.34
7-1-2028
 
18,851
18,900
FNMA (1 Year Treasury Constant Maturity+2.47%)±
6.68
5-1-2033
 
18,114
18,270
FNMA (1 Year Treasury Constant Maturity+2.47%)±
7.59
9-1-2028
 
14,746
14,846
FNMA (1 Year Treasury Constant Maturity+2.49%)±
6.76
5-1-2035
 
251,103
258,566
FNMA (1 Year Treasury Constant Maturity+2.49%)±
7.49
7-1-2037
 
65,937
67,385
FNMA (1 Year Treasury Constant Maturity+2.50%)±
5.78
9-1-2030
 
69,791
70,206
FNMA (1 Year Treasury Constant Maturity+2.50%)±
6.75
3-1-2027
 
3,005
3,006
FNMA (1 Year Treasury Constant Maturity+2.50%)±
6.75
6-1-2032
 
50,930
52,079
FNMA (1 Year Treasury Constant Maturity+2.50%)±
6.75
4-1-2038
 
112,297
115,796
FNMA (1 Year Treasury Constant Maturity+2.50%)±
7.50
10-1-2029
 
48,196
48,513
FNMA (1 Year Treasury Constant Maturity+2.60%)±
7.10
10-1-2025
 
131
131
FNMA (1 Year Treasury Constant Maturity+2.64%)±
6.77
10-1-2028
 
7,482
7,525
FNMA (1 Year Treasury Constant Maturity+2.64%)±
6.89
3-1-2030
 
1,883
1,898
FNMA (1 Year Treasury Constant Maturity+2.64%)±
7.31
7-1-2028
 
14,994
15,100
FNMA (1 Year Treasury Constant Maturity+2.72%)±
6.97
5-1-2035
 
379,337
391,163
FNMA (1 Year Treasury Constant Maturity+2.72%)±
6.97
8-1-2035
 
80,927
83,171
FNMA (1 Year Treasury Constant Maturity+2.89%)±
7.39
9-1-2030
 
6,501
6,560
FNMA (1 Year Treasury Constant Maturity+3.03%)±
8.03
1-1-2029
 
9,884
10,041
FNMA (11th District COFI+1.25%)±
4.24
4-1-2034
 
54,058
52,959
FNMA (11th District COFI+1.26%)±
4.19
1-1-2035
 
58,175
56,657
FNMA (11th District COFI+1.26%)±
4.91
1-1-2038
 
1,454
1,438
See accompanying notes to portfolio of investments
6 | Allspring Adjustable Rate Government Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities(continued)
 
FNMA (11th District COFI+1.27%)±
4.26
%
3-1-2033
$
24,889
$24,606
FNMA (11th District COFI+1.28%)±
4.31
9-1-2037
 
462,511
457,232
FNMA (11th District COFI+1.68%)±
4.62
1-1-2036
 
61,211
60,086
FNMA (11th District COFI+1.70%)±
4.63
4-1-2030
 
195
192
FNMA (11th District COFI+1.80%)±
4.74
6-1-2034
 
20,169
19,807
FNMA (11th District COFI+1.81%)±
4.78
10-1-2027
 
4,804
4,777
FNMA (11th District COFI+1.82%)±
5.08
5-1-2028
 
6,261
6,216
FNMA (11th District COFI+1.90%)±
6.45
5-1-2034
 
10,179
10,334
FNMA (11th District COFI+1.92%)±
4.99
9-1-2030
 
66,425
65,882
FNMA (11th District COFI+1.93%)±
4.88
3-1-2033
 
81,760
80,974
FNMA (11th District COFI+1.93%)±
4.90
12-1-2036
 
5,067
5,024
FNMA (12 Month Treasury Average+1.25%)±
5.82
4-1-2042
 
336,470
338,096
FNMA (12 Month Treasury Average+1.75%)±
6.34
10-1-2035
 
239,398
244,496
FNMA (12 Month Treasury Average+1.75%)±
6.35
7-1-2035
 
110,547
112,860
FNMA (12 Month Treasury Average+1.77%)±
6.34
6-1-2035
 
145,248
148,017
FNMA (12 Month Treasury Average+1.84%)±
6.42
11-1-2035
 
184,653
188,531
FNMA (12 Month Treasury Average+1.86%)±
6.41
11-1-2035
 
21,859
22,378
FNMA (12 Month Treasury Average+1.86%)±
6.46
11-1-2035
 
7,411
7,567
FNMA (12 Month Treasury Average+1.92%)±
6.54
11-1-2035
 
168,249
171,491
FNMA (12 Month Treasury Average+2.02%)±
6.61
7-1-2035
 
84,120
86,173
FNMA (12 Month Treasury Average+2.07%)±
6.63
10-1-2035
 
73,241
75,002
FNMA (12 Month Treasury Average+2.08%)±
6.71
1-1-2035
 
180,788
185,257
FNMA (12 Month Treasury Average+2.11%)±
6.66
8-1-2035
 
37,321
38,260
FNMA (12 Month Treasury Average+2.36%)±
6.93
8-1-2040
 
206,871
210,700
FNMA (12 Month Treasury Average+2.48%)±
7.35
6-1-2040
 
259,991
265,381
FNMA (3 Year Treasury Constant Maturity+2.15%)±
4.90
8-1-2031
 
15,511
15,492
FNMA (5 Year Treasury Constant Maturity+1.90%)±
5.45
9-1-2031
 
63,426
62,781
FNMA (5 Year Treasury Constant Maturity+2.49%)±
5.91
6-1-2028
 
3,589
3,607
FNMA (Federal COFI+2.00%)±
5.88
8-1-2029
 
10,554
10,566
FNMA (Federal COFI+2.51%)±
6.46
2-1-2029
 
66,371
66,350
FNMA (RFUCCT1M+1.17%)±
5.55
5-1-2029
 
19,023
19,109
FNMA (RFUCCT1Y+1.52%)±
7.25
9-1-2036
 
129,861
132,108
FNMA (RFUCCT1Y+1.53%)±
7.21
9-1-2035
 
154,478
158,520
FNMA (RFUCCT1Y+1.55%)±
6.84
1-1-2040
 
32,687
32,910
FNMA (RFUCCT1Y+1.56%)±
6.51
2-1-2044
 
26,975
27,854
FNMA (RFUCCT1Y+1.57%)±
6.20
11-1-2044
 
53,221
54,651
FNMA (RFUCCT1Y+1.58%)±
7.13
9-1-2044
 
375,318
386,889
FNMA (RFUCCT1Y+1.59%)±
6.45
2-1-2043
 
118,034
121,747
FNMA (RFUCCT1Y+1.59%)±
7.08
8-1-2045
 
166,188
171,194
FNMA (RFUCCT1Y+1.59%)±
7.34
6-1-2044
 
223,692
230,148
FNMA (RFUCCT1Y+1.60%)±
2.23
8-1-2050
 
1,841,080
1,691,353
FNMA (RFUCCT1Y+1.60%)±
6.60
3-1-2046
 
519,048
536,520
FNMA (RFUCCT1Y+1.60%)±
7.31
6-1-2036
 
17,752
18,013
FNMA (RFUCCT1Y+1.60%)±
7.35
9-1-2037
 
307,002
312,915
FNMA (RFUCCT1Y+1.62%)±
2.38
8-1-2050
 
2,240,400
2,065,991
FNMA (RFUCCT1Y+1.62%)±
2.51
4-1-2050
 
895,337
864,896
FNMA (RFUCCT1Y+1.63%)±
6.84
11-1-2038
 
69,730
71,127
FNMA (RFUCCT1Y+1.64%)±
7.29
9-1-2042
 
63,634
65,496
See accompanying notes to portfolio of investments
Allspring Adjustable Rate Government Fund | 7
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities(continued)
 
FNMA (RFUCCT1Y+1.67%)±
7.36
%
7-1-2035
$
153,934
$156,973
FNMA (RFUCCT1Y+1.68%)±
6.80
6-1-2041
 
480,543
495,179
FNMA (RFUCCT1Y+1.70%)±
6.85
4-1-2034
 
123,748
127,699
FNMA (RFUCCT1Y+1.72%)±
7.12
7-1-2043
 
596,340
616,867
FNMA (RFUCCT1Y+1.72%)±
7.57
6-1-2035
 
27,027
27,711
FNMA (RFUCCT1Y+1.73%)±
6.77
2-1-2045
 
509,376
528,878
FNMA (RFUCCT1Y+1.74%)±
6.91
9-1-2042
 
65,748
68,058
FNMA (RFUCCT1Y+1.75%)±
6.63
1-1-2035
 
87,539
89,794
FNMA (RFUCCT1Y+1.75%)±
6.75
4-1-2034
 
61,090
62,056
FNMA (RFUCCT1Y+1.75%)±
6.75
5-1-2035
 
145,380
148,397
FNMA (RFUCCT1Y+1.75%)±
7.35
7-1-2035
 
133,030
136,155
FNMA (RFUCCT1Y+1.77%)±
6.72
4-1-2033
 
152,867
155,366
FNMA (RFUCCT1Y+1.77%)±
7.14
7-1-2044
 
918,825
944,490
FNMA (RFUCCT1Y+1.79%)±
7.17
1-1-2042
 
697,795
718,120
FNMA (RFUCCT1Y+1.83%)±
6.95
1-1-2033
 
24,818
25,121
FNMA (RFUCCT1Y+1.90%)±
7.53
10-1-2034
 
189,543
194,207
FNMA (RFUCCT1Y+1.92%)±
7.69
5-1-2038
 
187,439
193,640
FNMA (RFUCCT1Y+1.93%)±
7.62
9-1-2035
 
105,080
108,315
FNMA (RFUCCT1Y+1.95%)±
7.70
5-1-2037
 
88,620
90,089
FNMA (RFUCCT6M+1.16%)±
6.25
8-1-2033
 
2,161
2,168
FNMA (RFUCCT6M+1.18%)±
5.80
8-1-2033
 
21,375
21,361
FNMA (RFUCCT6M+1.31%)±
6.05
10-1-2037
 
249,624
255,063
FNMA (RFUCCT6M+1.38%)±
6.13
8-1-2031
 
70,642
71,268
FNMA (RFUCCT6M+1.38%)±
6.25
12-1-2031
 
10,288
10,352
FNMA (RFUCCT6M+1.39%)±
6.14
1-1-2032
 
28,257
28,416
FNMA (RFUCCT6M+1.42%)±
6.17
12-1-2031
 
81,691
82,056
FNMA (RFUCCT6M+1.51%)±
6.13
11-1-2034
 
226,776
228,105
FNMA (RFUCCT6M+1.55%)±
6.19
3-1-2034
 
39,322
39,628
FNMA (RFUCCT6M+1.55%)±
6.35
1-1-2035
 
246,442
252,611
FNMA (RFUCCT6M+1.61%)±
6.42
6-1-2037
 
195,622
199,353
FNMA (RFUCCT6M+1.93%)±
6.55
6-1-2032
 
40,976
41,442
FNMA (RFUCCT6M+1.96%)±
6.90
1-1-2033
 
38,341
39,078
FNMA (RFUCCT6M+1.98%)±
6.73
9-1-2033
 
35,169
35,893
FNMA (RFUCCT6M+2.25%)±
6.96
3-1-2034
 
306,977
310,964
FNMA (RFUCCT6M+2.31%)±
7.06
4-1-2033
 
121,632
124,992
FNMA (RFUCCT6M+2.35%)±
7.14
5-1-2033
 
355,763
362,353
FNMA (RFUCCT6M+2.48%)±
7.36
7-1-2033
 
20,468
21,317
FNMA (RFUCCT6M+2.52%)±
6.94
4-1-2033
 
108,147
109,740
FNMA (RFUCCT6M+3.36%)±
8.09
12-1-2032
 
65,355
68,074
FNMA Series 2001-50 Class BA
7.00
10-25-2041
 
29,808
30,124
FNMA Series 2001-63 Class FD (30 Day Average U.S. SOFR+0.71%)±
5.04
12-18-2031
 
19,200
19,211
FNMA Series 2001-81 Class F (30 Day Average U.S. SOFR+0.66%)±
4.99
1-25-2032
 
12,661
12,625
FNMA Series 2001-T10 Class A2
7.50
12-25-2041
 
653,176
665,957
FNMA Series 2001-T12 Class A4±±
5.19
8-25-2041
 
1,142,106
1,145,187
FNMA Series 2001-T12 Class A2
7.50
8-25-2041
 
50,387
50,944
FNMA Series 2001-T8 Class A1
7.50
7-25-2041
 
40,139
40,587
FNMA Series 2001-W1 Class AV1 (30 Day Average
U.S. SOFR+0.23%)±
4.71
8-25-2031
 
12,953
12,434
See accompanying notes to portfolio of investments
8 | Allspring Adjustable Rate Government Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities(continued)
 
FNMA Series 2001-W3 Class A±±
4.51
%
9-25-2041
$
148,260
$148,070
FNMA Series 2002-5 Class FD (30 Day Average U.S. SOFR+1.01%)±
5.34
2-25-2032
 
11,100
11,130
FNMA Series 2002-59 Class F (30 Day Average U.S. SOFR+0.51%)±
4.84
9-25-2032
 
8,556
8,539
FNMA Series 2002-66 Class A3±±
4.53
4-25-2042
 
2,687,415
2,709,179
FNMA Series 2002-T12 Class A5±±
5.32
10-25-2041
 
667,853
674,135
FNMA Series 2002-T12 Class A3
7.50
5-25-2042
 
610,794
637,681
FNMA Series 2002-T18 Class A5±±
4.99
5-25-2042
 
1,305,415
1,312,281
FNMA Series 2002-T19 Class A4±±
5.18
3-25-2042
 
80,131
79,258
FNMA Series 2002-W1 Class 3A±±
3.69
4-25-2042
 
310,555
297,128
FNMA Series 2002-W4 Class A6±±
5.12
5-25-2042
 
541,341
535,673
FNMA Series 2003-63 Class A8±±
4.32
1-25-2043
 
427,147
422,672
FNMA Series 2003-7 Class A2±±
4.66
5-25-2042
 
244,043
243,194
FNMA Series 2003-T2 Class A1 (30 Day Average U.S. SOFR+0.39%)±
4.72
3-25-2033
 
443,203
439,098
FNMA Series 2003-W10 Class 2A±±
3.98
6-25-2043
 
831,089
816,485
FNMA Series 2003-W18 Class 2A±±
4.99
6-25-2043
 
891,038
885,966
FNMA Series 2003-W2 Class 1A3
7.50
7-25-2042
 
143,307
149,451
FNMA Series 2003-W4 Class 5A±±
4.29
10-25-2042
 
293,475
289,217
FNMA Series 2003-W6 Class 6A±±
4.76
8-25-2042
 
299,137
293,344
FNMA Series 2003-W8 Class 4A±±
4.89
11-25-2042
 
415,084
404,495
FNMA Series 2003-W9 Class A (30 Day Average U.S. SOFR+0.23%)±
4.71
6-25-2033
 
630,722
603,476
FNMA Series 2004-17 Class FT (30 Day Average U.S. SOFR+0.51%)±
4.84
4-25-2034
 
268,158
266,963
FNMA Series 2004-T1 Class 2A±±
4.31
8-25-2043
 
566,160
537,967
FNMA Series 2004-T3 Class 2A±±
5.12
8-25-2043
 
382,380
383,374
FNMA Series 2004-T3 Class 1A3
7.00
2-25-2044
 
190,947
196,556
FNMA Series 2004-W1 Class 3A±±
5.16
1-25-2043
 
23,091
21,688
FNMA Series 2004-W1 Class 2A2
7.00
12-25-2033
 
84,371
87,756
FNMA Series 2004-W12 Class 2A±±
4.92
6-25-2044
 
1,089,112
1,059,169
FNMA Series 2004-W15 Class 3A±±
5.02
6-25-2044
 
1,668,438
1,654,387
FNMA Series 2004-W2 Class 5A
7.50
3-25-2044
 
20,026
20,708
FNMA Series 2005-25 Class PF (30 Day Average U.S. SOFR+0.46%)±
4.79
4-25-2035
 
362,212
358,119
FNMA Series 2005-W3 Class 3A±±
4.89
4-25-2045
 
343,916
337,066
FNMA Series 2006-112 Class LF (30 Day Average
U.S. SOFR+0.66%)±
4.99
11-25-2036
 
762,271
754,945
FNMA Series 2006-16 Class FA (30 Day Average U.S. SOFR+0.41%)±
4.74
3-25-2036
 
227,931
225,564
FNMA Series 2006-44 Class FY (30 Day Average U.S. SOFR+0.68%)±
5.01
6-25-2036
 
493,410
491,828
FNMA Series 2006-W1 Class 3A±±
5.32
10-25-2045
 
910,230
908,693
FNMA Series 2007-109 Class PF (30 Day Average
U.S. SOFR+0.76%)±
5.09
12-25-2037
 
212,661
210,981
FNMA Series 2007-4 Class DF (30 Day Average U.S. SOFR+0.56%)±
4.88
2-25-2037
 
436,202
430,381
FNMA Series 2007-86 Class FA (30 Day Average U.S. SOFR+0.56%)±
4.89
9-25-2037
 
641,344
636,544
FNMA Series 2007-95 Class A2 (30 Day Average U.S. SOFR+0.36%)±
4.65
8-27-2036
 
49,011
49,347
FNMA Series 2008-67 Class FG (30 Day Average U.S. SOFR+1.11%)±
5.44
7-25-2038
 
400,302
403,447
FNMA Series 2009-106 Class FA (30 Day Average
U.S. SOFR+0.86%)±
5.19
1-25-2040
 
518,983
519,540
FNMA Series 2010-54 Class AF (30 Day Average U.S. SOFR+0.67%)±
5.00
4-25-2037
 
146,178
145,201
FNMA Series 2011-121 Class PF (30 Day Average
U.S. SOFR+0.46%)±
4.79
12-25-2041
 
159,776
156,484
See accompanying notes to portfolio of investments
Allspring Adjustable Rate Government Fund | 9
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities(continued)
 
FNMA Series 2012-122 Class FM (30 Day Average
U.S. SOFR+0.51%)±
4.84
%
11-25-2042
$
672,368
$657,806
FNMA Series 2012-47 Class FW (30 Day Average U.S. SOFR+1.81%)±
6.14
5-25-2027
 
14,853
14,879
FNMA Series 2013-130 Class CF (30 Day Average
U.S. SOFR+0.36%)±
4.69
6-25-2043
 
209,503
207,271
FNMA Series 2014-10 Class CF (30 Day Average U.S. SOFR+0.41%)±
4.75
3-25-2044
 
459,016
452,360
FNMA Series 2014-49 Class AF (30 Day Average U.S. SOFR+0.43%)±
4.77
8-25-2044
 
321,349
313,587
FNMA Series 2015-38 Class DF (30 Day Average U.S. SOFR+0.42%)±
4.76
6-25-2055
 
876,760
866,271
FNMA Series 2015-4 Class FA (30 Day Average U.S. SOFR+0.46%)±
4.80
2-25-2045
 
533,703
521,047
FNMA Series 2016-11 Class FB (30 Day Average U.S. SOFR+0.66%)±
5.00
3-25-2046
 
1,298,444
1,289,887
FNMA Series 2016-58 Class FA (30 Day Average U.S. SOFR+0.59%)±
4.93
8-25-2046
 
286,926
284,111
FNMA Series 2016-62 Class AF (30 Day Average U.S. SOFR+0.56%)±
4.90
9-25-2046
 
344,553
341,122
FNMA Series 2016-64 Class KF (30 Day Average U.S. SOFR+0.58%)±
4.92
9-25-2046
 
677,861
663,618
FNMA Series 2016-76 Class CF (30 Day Average U.S. SOFR+0.56%)±
4.90
10-25-2046
 
427,725
419,509
FNMA Series 2016-82 Class FM (30 Day Average U.S. SOFR+0.51%)±
4.85
11-25-2046
 
873,590
854,431
FNMA Series 2016-87 Class AF (30 Day Average U.S. SOFR+0.51%)±
4.85
11-25-2046
 
169,395
167,817
FNMA Series 2017-45 Class FA (30 Day Average U.S. SOFR+0.43%)±
4.77
6-25-2047
 
2,264,079
2,237,409
FNMA Series 2018-39 Class WF (30 Day Average U.S. SOFR+0.41%)±
4.75
6-25-2048
 
1,876,819
1,853,045
FNMA Series 2018-47 Class PC
3.50
9-25-2047
 
98,643
95,551
FNMA Series 2019-25 Class FA (30 Day Average U.S. SOFR+0.56%)±
4.89
6-25-2049
 
195,767
190,201
FNMA Series 2019-5 Class FE (30 Day Average U.S. SOFR+0.56%)±
4.89
3-25-2049
 
297,985
291,761
FNMA Series 2019-53 Class FA (30 Day Average U.S. SOFR+0.51%)±
4.85
9-25-2049
 
911,138
888,178
FNMA Series 2019-M6 Class FA (30 Day Average U.S. SOFR+0.56%)±
4.89
5-25-2031
 
1,347,664
1,347,307
FNMA Series 2020-10 Class Q
3.00
3-25-2050
 
2,457,567
2,073,043
FNMA Series 2020-29 Class FA (30 Day Average U.S. SOFR+0.76%)±
5.10
5-25-2050
 
546,377
542,178
GNMA
6.50
8-20-2034
 
96,143
95,103
GNMA (1 Year Treasury Constant Maturity+1.40%)±
5.60
6-20-2058
 
2,571
2,602
GNMA (1 Year Treasury Constant Maturity+1.50%)±
5.63
1-20-2034
 
530,544
537,501
GNMA (1 Year Treasury Constant Maturity+2.00%)±
5.38
4-20-2041
 
19,708
20,082
GNMA (1 Year Treasury Constant Maturity+2.00%)±
6.25
1-20-2041
 
15,509
15,857
GNMA (RFUCCT1M+0.62%)±
5.05
5-20-2058
 
15,467
15,451
GNMA Series 2004-80 Class FA (U.S. SOFR 1 Month+0.51%)±
4.84
10-20-2034
 
256,156
254,364
GNMA Series 2008-65 Class FG (U.S. SOFR 1 Month+0.86%)±
5.19
8-20-2038
 
476,000
476,219
GNMA Series 2008-68 Class FA (U.S. SOFR 1 Month+1.06%)±
5.39
8-20-2038
 
593,382
595,761
GNMA Series 2009-12 Class FA (U.S. SOFR 1 Month+1.06%)±
5.39
3-20-2039
 
742,507
743,830
GNMA Series 2009-15 Class FL (U.S. SOFR 1 Month+1.06%)±
5.39
3-20-2039
 
742,507
742,810
GNMA Series 2009-29 Class FL (U.S. SOFR 1 Month+0.76%)±
5.09
5-16-2039
 
860,988
860,837
GNMA Series 2009-36 Class FE (U.S. SOFR 1 Month+0.91%)±
5.24
9-20-2038
 
779,124
780,221
GNMA Series 2009-50 Class FW (U.S. SOFR 1 Month+1.11%)±
5.44
7-20-2039
 
562,468
566,177
GNMA Series 2009-52 Class FD (U.S. SOFR 1 Month+1.06%)±
5.39
7-16-2039
 
290,244
291,203
GNMA Series 2010-25 Class FH (U.S. SOFR 1 Month+0.83%)±
5.16
2-16-2040
 
411,784
410,536
GNMA Series 2010-79 Class YF (U.S. SOFR 1 Month+0.46%)±
4.79
5-20-2035
 
1,023,334
1,013,630
GNMA Series 2011-117 Class FJ (U.S. SOFR 1 Month+0.98%)±
5.31
8-20-2041
 
740,424
744,009
GNMA Series 2011-H12 Class FA (U.S. SOFR 1 Month+0.60%)±
4.92
2-20-2061
 
103,201
103,614
GNMA Series 2011-H17 Class FA (U.S. SOFR 1 Month+0.64%)±
4.96
6-20-2061
 
78,594
78,918
GNMA Series 2012-124 Class GF (U.S. SOFR 1 Month+0.36%)±
4.69
10-20-2042
 
931,543
910,206
GNMA Series 2014-44 Class IAƒ
3.50
5-20-2028
 
373,105
4,753
GNMA Series 2014-H16 Class FL (U.S. SOFR 1 Month+0.58%)±
4.91
7-20-2064
 
326,502
327,508
See accompanying notes to portfolio of investments
10 | Allspring Adjustable Rate Government Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities(continued)
 
GNMA Series 2014-H22 Class FC (U.S. SOFR 1 Month+0.59%)±
4.91
%
11-20-2064
$
690,033
$691,948
GNMA Series 2015-H23 Class TA (U.S. SOFR 1 Month+0.58%)±
4.90
9-20-2065
 
667,544
669,474
GNMA Series 2016-H24 Class FD (U.S. SOFR 12 Month+1.02%)±
4.83
11-20-2066
 
179,149
180,447
GNMA Series 2017-H11 Class FE (U.S. SOFR 12 Month+0.90%)±
4.86
5-20-2067
 
1,703,385
1,715,272
GNMA Series 2018-120 Class FL (U.S. SOFR 1 Month+0.41%)±
4.74
9-20-2048
 
202,403
195,536
GNMA Series 2018-49 Class FM (U.S. SOFR 1 Month+0.36%)±
4.69
4-20-2048
 
909,028
877,346
GNMA Series 2018-H07 Class FD (U.S. SOFR 1 Month+0.41%)±
4.73
5-20-2068
 
105,966
106,073
GNMA Series 2018-H13 Class FC (U.S. SOFR 1 Month+0.41%)±
4.73
7-20-2068
 
114,676
114,795
GNMA Series 2019-103 Class FG (U.S. SOFR 1 Month+0.56%)±
4.89
4-20-2049
 
783,481
761,983
GNMA Series 2019-129 Class WF (U.S. SOFR 1 Month+0.51%)±
4.84
2-20-2046
 
897,436
879,397
GNMA Series 2019-H06 Class FD (U.S. SOFR 1 Month+0.83%)±
5.15
1-20-2069
 
504,362
504,677
GNMA Series 2019-H09 Class FE (U.S. SOFR 1 Month+0.61%)±
4.93
4-20-2069
 
620,628
620,188
GNMA Series 2019-H15 Class FE (U.S. SOFR 1 Month+0.74%)±
5.06
9-20-2069
 
1,734,945
1,732,350
GNMA Series 2020-H12 Class F (U.S. SOFR 1 Month+0.61%)±
4.93
7-20-2070
 
725,453
719,890
GNMA Series 2020-H19 Class FB (U.S. SOFR 1 Month+0.56%)±
4.88
11-20-2070
 
2,226,532
2,208,997
GNMA Series 2021-H01 Class FC (U.S. SOFR 1 Month+0.51%)±
4.83
11-20-2070
 
1,224,444
1,210,523
GNMA Series 2021-H14 Class FA (30 Day Average
U.S. SOFR+0.30%)±
4.63
4-20-2070
 
3,280,547
3,222,616
Total agency securities (Cost $150,644,325)
 
148,095,091
Asset-backed securities:  1.05%
 
Brazos Education Funding LLC Series 2015-1 Class A (30 Day Average
U.S. SOFR+1.11%)144A±
5.44
10-25-2056
 
371,646
371,548
ECMC Group Student Loan Trust Series 2018-2A Class A (30 Day
Average U.S. SOFR+0.91%)144A±
5.24
9-25-2068
 
100,822
99,702
Navient Private Education Refinance Loan Trust Series 2020-GA
Class A144A
1.17
9-16-2069
 
608,728
561,667
Navient Student Loan Trust Series 2021-1A Class A1B (30 Day
Average U.S. SOFR+0.71%)144A±
5.04
12-26-2069
 
544,999
535,164
Nelnet Student Loan Trust Series 2019-4A Class A (U.S. SOFR 1
Month+0.98%)144A±
5.31
9-26-2067
 
348,607
346,524
Total asset-backed securities (Cost $1,972,260)
 
1,914,605
Corporate bonds and notes:  0.67%
 
Energy:  0.67%
 
Oil & gas services:  0.67%
 
Cal Dive I-Title XI, Inc.
4.93
2-1-2027
 
1,215,467
1,215,639
Total corporate bonds and notes (Cost $1,231,654)
 
1,215,639
Non-agency mortgage-backed securities:  1.11%
 
Angel Oak Mortgage Trust Series 2020-R1 Class A1144A±±
0.99
4-25-2053
 
298,461
283,025
GS Mortgage-Backed Securities Corp. Trust Series 2020-PJ4
Class A2144A±±
3.00
1-25-2051
 
541,306
463,064
MFA Trust Series 2020-NQM3 Class A1144A±±
1.01
1-26-2065
 
152,885
143,921
New Residential Mortgage Loan Trust Series 2018-4A Class A1M
(U.S. SOFR 1 Month+1.01%)144A±
5.34
1-25-2048
 
603,518
590,865
See accompanying notes to portfolio of investments
Allspring Adjustable Rate Government Fund | 11
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Non-agency mortgage-backed securities(continued)
 
New Residential Mortgage Loan Trust Series 2020-RPL1
Class A1144A±±
2.75
%
11-25-2059
$
135,264
$129,137
Starwood Mortgage Residential Trust Series 2021-2 Class A1144A±±
0.94
5-25-2065
 
433,047
403,943
Total non-agency mortgage-backed securities (Cost $2,173,135)
 
2,013,955
U.S. Treasury securities:  5.66%
 
U.S. Treasury Notes
3.50
9-30-2026
 
6,000,000
5,957,813
U.S. Treasury Notes
4.13
10-31-2026
 
4,325,000
4,330,068
Total U.S. Treasury securities (Cost $10,270,640)
 
10,287,881
 
 
 
Yield
 
Shares
 
Short-term investments:  8.48%
 
Investment companies:  5.73%
 
Allspring Government Money Market Fund Select Class♠∞
4.23
 
10,416,765
10,416,765
 
 
 
 

 
Principal
 
U.S. Treasury securities:  2.75%
 
U.S. Treasury Bills☼
2.53
6-5-2025
$
5,000,000
4,998,229
Total short-term investments (Cost $15,415,010)
 
15,414,994
Total investments in securities (Cost $181,707,024)
98.46
%
 
178,942,165
Other assets and liabilities, net
1.54
 
2,806,233
Total net assets
100.00
%
 
$181,748,398
 
±
Variable rate investment. The rate shown is the rate in effect at period end.
ƒ
Investment in an interest-only security that entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the
notional amount of the underlying mortgages. The rate represents the coupon rate.
±±
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.
♠
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.
☼
Zero coupon security. The rate represents the current yield to maturity.
 
Abbreviations:
COFI
Cost of Funds Index
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
RFUCCT1M
Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-month
RFUCCT6M
Refinitiv USD IBOR Consumer Cash Fallbacks Term 6-month
SOFR
Secured Overnight Financing Rate
STRIPS
Separate trading of registered interest and principal securities
See accompanying notes to portfolio of investments
12 | Allspring Adjustable Rate Government Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows: 
 
Value,
beginning of
period
Purchases
Sales
proceeds
Net
realized
gains
(losses)
Net
change in
unrealized
gains
(losses)
Value,
end of
period
Shares,
end
of period
Income
from
affiliated
securities
Short-term investments
Allspring Government Money Market Fund Select
Class
$2,514,250
$86,093,977
$(78,191,462
)
$0
$0
$10,416,765
10,416,765
$201,645
Futures contracts 
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
2-Year U.S. Treasury Notes
50
9-30-2025
$10,362,178
$10,371,875
$9,697
$0
Short
10-Year U.S. Treasury Notes
(61
)
9-19-2025
(6,743,256
)
(6,755,750
)
0
(12,494
)
Ultra 10-Year U.S. Treasury Notes
(65
)
9-19-2025
(7,302,747
)
(7,315,547
)
0
(12,800
)
 
$9,697
$(25,294
)
See accompanying notes to portfolio of investments
Allspring Adjustable Rate Government Fund | 13
Notes to portfolio of investments—May 31, 2025 (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 To Be Announced (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)
14 | Allspring Adjustable Rate Government Fund
Notes to portfolio of investments—May 31, 2025 (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, 2025: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Agency securities
$0
$148,095,091
$0
$148,095,091
Asset-backed securities
0
1,914,605
0
1,914,605
Corporate bonds and notes
0
1,215,639
0
1,215,639
Non-agency mortgage-backed securities
0
2,013,955
0
2,013,955
U.S. Treasury securities
10,287,881
0
0
10,287,881
Short-term investments
Investment companies
10,416,765
0
0
10,416,765
U.S. Treasury securities
4,998,229
0
0
4,998,229
 
25,702,875
153,239,290
0
178,942,165
Futures contracts
9,697
0
0
9,697
Total assets
$25,712,572
$153,239,290
$0
$178,951,862
Liabilities
Futures contracts
$25,294
$0
$0
$25,294
Total liabilities
$25,294
$0
$0
$25,294
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, 2025, $1,366,000 was segregated as cash collateral for these open futures contracts.
At May 31, 2025, the Fund did not have any transfers into/out of Level 3.
Allspring Adjustable Rate Government Fund | 15