Allspring Municipal Bond Fund
ALLSPRING FUNDS TRUST · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Allspring Municipal Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q4
The Fund seeks current income exempt from federal income tax.
The fund invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax, with up to 20% in below-investment-grade issues and up to 10% in inverse floaters—leveraged derivative instruments that pay rates inversely tied to short-term interest rates. Security selection combines macroeconomic analysis with credit research into individual issuers, targeting improving financial trends and favorable sector dynamics. The fund's use of inverse floaters introduces leverage that magnifies losses when short-term rates fall.
| Share class | Gross | Net |
|---|---|---|
| WMFAX | 0.74% | 0.74% |
| WMFCX | 1.49% | 1.49% |
| WMFDX | 0.69% | 0.60% |
| WMBIX | 0.42% | 0.42% |
| WMBRX | 0.37% | 0.37% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 16.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 100.28% |
| Cash & short-term | 0.31% |
Latest quarter
What changed since the fund's previous filing
Largest new: Harris County Cultural Education Facilities Finance Corp, Washington Health Care Facilities Authority, Tarrant County Cultural Education Facilities Finance Corp ×2, City of Rochester MN, County of Clark Department of Aviation, New York State Dormitory Authority, Indiana Finance Authority
Largest exited: San Francisco City & County Airport Comm-San Francisco International Airport, RBC Municipal Products Inc Trust, City of New York NY, California Statewide Communities Development Authority, San Antonio Water System, Public Finance Authority ×2, Tender Option Bond Trust Receipts/Certificates
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +7.63% | +11.76% | +18.06% | 2.43% | -4.83% | |
| +6.60% | +9.15% | +14.65% | 2.40% | -5.12% | |
| +7.66% | +12.26% | +18.69% | 2.43% | -4.81% | |
| +8.08% | +12.93% | +19.51% | 2.45% | -4.86% | |
| +8.00% | +12.99% | +19.61% | 2.42% | -4.75% |
These classes hold the same portfolio, so the 4.96pp spread over 5 years is the cost difference between them — roughly 0.99pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 78.6% |
| Floating rate | 18.5% |
| Zero-coupon or unclassified | 2.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 1.7% |
| 3-5y | 3.6% |
| 5-10y | 14.4% |
| 10y+ | 79.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 53% |
| Interest rates | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.66 yr |
| High yield | +0.34 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.35 yr | 7% |
| 5 yr | 1.41 yr | 27% |
| 10 yr | 2.72 yr | 51% |
| 30 yr | 0.79 yr | 15% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.40 yr | 7% |
| 5 yr | 1.61 yr | 27% |
| 10 yr | 3.09 yr | 52% |
| 30 yr | 0.87 yr | 15% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.02 | +0.00 | $21.0k | $1.4k |
| 1 yr | +0.35 | +0.37 | +0.03 | $363.9k | $27.5k |
| 5 yr | +1.41 | +1.50 | +0.11 | $1.46m | $108.4k |
| 10 yr | +2.72 | +2.92 | +0.17 | $2.86m | $164.4k |
| 30 yr | +0.79 | +0.85 | +0.03 | $828.3k | $26.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Regional Transportation District Sales Tax Revenue5.00% · due 2041-11-01 | 0.52% | $51.20M | — |
| — | County of Clark NV5.00% · due 2048-05-01 | 0.52% | $51.23M | — |
| — | Port of Portland OR Airport Revenue5.25% · due 2049-07-01 | 0.52% | $50.49M | — |
| — | Northwest Independent School District4.00% · due 2043-02-15 | 0.50% | $48.64M | — |
| — | Southeast Energy Authority A Cooperative District5.25% floating · due 2055-11-01 | 0.50% | $48.69M | — |
| — | Texas Transportation Finance Corp5.25% · due 2050-10-01 | 0.45% | $44.13M | — |
| — | Texas Water Development Board5.00% · due 2049-04-15 | 0.44% | $42.92M | — |
| — | Metropolitan Pier & Exposition Authority0.00% · due 2030-12-15 | 0.44% | $42.79M | — |
| — | Fairfax County Industrial Development Authority5.00% · due 2051-05-15 | 0.43% | $41.96M | — |
| — | Black Belt Energy Gas District5.00% · due 2035-10-01 | 0.41% | $40.34M | — |
Top 10 positions are 4.73% of net assets, top 25 9.87%, across 677 issuers.
See more of this fund's book
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