Summary

• Allspring Core Plus Bond Fund underperformed the Bloomberg U. S. Aggregate Bond Index benchmark for the quarter.
• The portfolio maintained a neutral duration positioning relative to the benchmark but began extending duration in early March as inflation risk concerns caused investors to reprice monetary policy expectations.
• Allspring Core Plus Bond Fund maintained a curve-steepening bias throughout the first quarter, shifting the overweight in the 5-year toward the 2-year maturity while maintaining an underweight in the 30-year segment.
• Credit-quality allocations detracted from performance during the quarter, as an underweight to AA-rated debt and overweights to BBB- and A-rated debt offset gains from BB rated debt.
• Allspring Core Plus Bond Fund decreased its U. S. securitized and Treasury allocations and increased its allocation to U. S. investment-grade credit during the quarter.

Quarterly review

• The fund underperformed the Bloomberg U. S. Aggregate Bond Index benchmark for the quarter.

• Sector allocation decisions were additive throughout the period, while quality allocation decisions and duration and yield curve positioning

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