$NEA

The Allspring Municipal Bond Fund's Q4 2025 commentary indicates a cautious but optimistic outlook for municipal bonds as interest rates stabilize and demand for tax-exempt income increases. The fund's management notes a rise in issuance levels and a strong investor appetite, suggesting a favorable environment for municipal securities. However, challenges such as potential economic slowdowns and changes in federal tax policy remain concerns for bond investors. The commentary highlights specific investment strategies, focusing on high-quality credits that offer better risk-adjusted returns. Overall, the fund appears positioned to benefit from current market dynamics while maintaining a careful approach.