# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-23-064597
**Filing Date:** 2023-3
**Character Count:** 305018
**Document Hash:** 0812219ea9bd00fb802c07cbc1b46d08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-064597.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001193125-23-064597

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001081400
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 23716635

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4225

**MAIL ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO FUNDS TRUST
- **DATE OF NAME CHANGE:** 19990308

## Series and Classes Contracts Data

### Allspring Managed Account CoreBuilder Shares Series M (Series ID: S000021193)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000060325 | CoreBuilder Shares Series M | WFCMX           |

### Allspring Managed Account CoreBuilder Shares Series SM (Series ID: S000069242)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000221181 | CoreBuilder Shares Series SM | WFCSX           |

![LOGO](g429993g0302015918914.jpg)

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-09253** 

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## Allspring Funds Trust
**(Exact name of registrant as specified in charter)** 

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**1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203** 

**(Address of principal executive offices) (Zip code)** 

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**Matthew Prasse** 

**Allspring Funds Management, LLC** 

**1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203** 

**(Name and address of agent for service)** 

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

**Date of fiscal year end: December 31** 

Registrant is making a filing for 2 of its series:

Allspring Managed Account CoreBuilder***<sup>®</sup>*** Shares - Series M and Allspring Managed Account***<sup>®</sup>***

CoreBuilder Shares - Series SM

**Date of reporting period: December 31, 2022** 

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<u>ITEM 1. REPORT TO STOCKHOLDERS</u> 

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![](g429993img2d931be81.jpg)

Annual Report

December 31, 2022

Allspring Managed Account

**■** **Allspring Managed Account *CoreBuilder®* Shares – Series M** 

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Contents

---

| | |
|:---|:---|
| **[Performance highlights](#xx_a5dc888f-ae12-4fba-95f9-1de40acbfce8_1)<br>**  | 2 |
| **[Fund expenses](#xx_199ad15f-fece-4bfb-b58f-6da07e76dca5_1)<br>**  | 6 |
| **[Portfolio of investments](#xx_fe115900-bbf3-4105-ad86-4242348ab80b_1)<br>**  | 7 |
| **[Financial statements](#xx_6ad08219-c735-47eb-b860-ba8b79ac5416_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_6ad08219-c735-47eb-b860-ba8b79ac5416_1)<br>| 29 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_6ad08219-c735-47eb-b860-ba8b79ac5416_2)<br>| 30 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_6ad08219-c735-47eb-b860-ba8b79ac5416_3)<br>| 31 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_df875fb8-ab5a-4470-8837-00dd4d5e18f8_1)<br>| 32 |
| **[Notes to financial statements](#xx_574b7260-0d5f-4f49-953b-9062dbc2b3b0_1)<br>**  | 33 |
| **[Report of independent registered public accounting firm](#xx_d2caeea3-8941-48d1-8bc7-23d5204ef586_1)<br>**  | 37 |
| **[Other information](#xx_31aa3b63-b3b5-49e5-919e-692aa0b29ac9_1)<br>**  | 38 |

---

The views expressed and any forward-looking statements are as of December 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.

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Allspring Managed Account \| 1

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Performance highlights (unaudited)

---

| | |
|:---|:---|
| **Investment objective** | The Fund seeks total return, consisting of current income and capital appreciation. |
| **Manager** | Allspring Funds Management, LLC |
| **Subadviser** | Allspring Global Investments, LLC |
| **Portfolio managers** | Terry J. Goode, Robert J. Miller, Adrian Van Poppel, Nicholos Venditti |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average annual total returns (%) as of December 31, 2022** | **Average annual total returns (%) as of December 31, 2022** | **Average annual total returns (%) as of December 31, 2022** | **Average annual total returns (%) as of December 31, 2022** | **Average annual total returns (%) as of December 31, 2022** | **Average annual total returns (%) as of December 31, 2022** | **Average annual total returns (%) as of December 31, 2022** |
|  |  |  |  |  | &nbsp;&nbsp;Expense ratios<sup>1</sup> (%) | &nbsp;&nbsp;Expense ratios<sup>1</sup> (%) |
|  | Inception date | &nbsp;&nbsp;1 year | &nbsp;&nbsp;5 year | &nbsp;&nbsp;10 year | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Net <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring Managed Account CoreBuilder Shares - Series M (WFCMX) | 4-14-2008 | &nbsp;&nbsp;-8.37 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;3.06 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Municipal Bond Index<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-8.53 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

***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. 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 by calling 1-888-877-9275.***

*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.*

*Shares are sold without a front-end sales charge or contingent deferred sales charge.*

<sup>1</sup> Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

<sup>2</sup> Generally, no ordinary fees or expenses are charged to the Fund. Allspring Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term.

<sup>3</sup> 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.

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to high-yield securities risk and municipal securities risk. Consult the Fund's prospectus for additional information on these and other risks. A portion of the Fund's income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

CoreBuilder Shares are a series of investment options within the separately managed accounts advised or subadvised by Allspring Funds Management, LLC. The shares are fee-waived mutual funds that enable certain separately managed account investors to achieve greater diversification than smaller managed accounts might otherwise achieve.

Please remember that shares of the Fund may be purchased only by or on behalf of separately managed account clients where Allspring Funds Management, LLC has an agreement to serve as investment adviser or subadviser to the account with the separately managed account sponsor (typically a registered investment adviser or broker/dealer) or directly with the client.

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2 \| Allspring Managed Account

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Performance highlights (unaudited)

Growth of $10,000 investment as of December 31, 2022<sup>1</sup>

![](g429993imgc0af1bb52.gif)

<sup>1</sup> The chart compares the performance of the Fund for the most recent ten years with the Bloomberg Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 investment and reflects all operating expenses of the Fund.

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Allspring Managed Account \| 3

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Performance highlights (unaudited)

MANAGER'S DISCUSSION

Fund highlights

■ The Fund outperformed its
benchmark, the Bloomberg Municipal Bond Index, for the 12-month period that ended December 31, 2022.

■ Duration and yield curve
positioning contributed to performance, but they were largely offset by credit positioning and security selection—both of which were detractors.

■ The sector
allocation was basically neutral while a modest overweight to 4% coupon bonds was a slight detractor.

Market review

The period began with U.S. equity and fixed income markets turning negative as investors grappled with record-high inflation, rising interest rates, and geopolitical unrest. Annualized real gross domestic product growth remained positive earlier in the period. However, economic headwinds and the inversion of the U.S. Treasury yield curve sparked recessionary concerns among investors, which continued throughout the period.

U.S. inflation climbed above 7.5% in March, the highest level in 40 years, as rising energy prices, strong consumer demand, and ongoing supply constraints continued to drive consumer prices higher. The U.S. Consumer Price Index<sup>\*</sup> rose 7.1% year over year in November, the lowest reading in the past year and well below the 9.1% peak reached in June. Record increases in food, energy, and health care over the past 12 months contributed to the gain, according to the U.S. Bureau of Labor Statistics.

The Federal Open Market Committee concluded its asset purchase program and raised the overnight lending rate 25 basis points (bps; 100 bps equal 1.00%) in March—the first of seven increases for the period, which ended 2022 with a target level of 4.25% to 4.50%.

The municipal bond market suffered its worst quarter in four decades, losing over 6% in the first three months of 2022 as inflation concerns and rising U.S. Treasury yields prompted an investor sell-off. The Bloomberg Municipal Bond Index was down 8.53% for the entire period. Demand turned negative and investors withdrew a record $122 billion of assets from municipal mutual funds and exchange-traded funds. Municipal-to-Treasury ratios fell from their historically high levels during the period, but recovered with a year-end rally.

Municipal supply was lower than expected in 2022. Full-year new issuance was roughly $370 billion, nearly 25% less than in 2021. This lack of supply has forced market participants into the secondary market for bonds and contributed to recent municipal strong performance as the period ended.

&nbsp;&nbsp;Credit quality as of December 31, 2022<sup>1</sup>

![](g429993img774e80ad3.jpg)

<sup>1</sup> The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor's, Moody's Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor's rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor's rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody's rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody's rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

Municipal fundamentals remained strong, supported by fiscal stimulus that continues to wind its way through to the real economy. Municipal credit spreads widened in 2022, but they have still not hit their trailing averages. Even as fundamentals remain strong, additional widening may be seen before credit spreads stabilize.

------

<sup>\*</sup> 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.

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4 \| Allspring Managed Account

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Performance highlights (unaudited)

The Russian invasion of Ukraine roiled capital markets, most notably in the energy and commodities sectors. However, the direct impact of the conflict in the municipal market was modest.

The U.S. labor market remained relatively strong, with a low 3.7% unemployment rate, signaling that parts of the economy were still expanding. Internationally, a eurozone recession began to take hold at period-end as countries headed into the winter months facing an energy supply crisis perpetuated by the ongoing Russia/Ukraine war.

Duration and yield curve positioning added to performance.

We maintained duration short relative to the benchmark throughout the period, which was a key contributor as rates sold off. While our underweights to the short end of the yield curve detracted, our underweight to the long end of the curve (22+ years) was positive and more than offset the aforementioned underweights as the long end of the curve underperformed the market by a wide margin.

Overweights to mid- and lower-investment-grade bonds detracted as credit spreads widened.

We were underweight AAA-rated and AA-rated bonds in favor of A-rated and BBB-rated bonds, which resulted in a purposeful overweight in these lower-investment-grade rating categories. Lower-rated bonds underperformed during the period so our positioning detracted from overall performance. Despite our overweight to these underperforming rating categories, selection within the categories was positive as we outperformed the index in both. Overall selection, however, detracted, primarily driven by a modest overweight to 4% coupon bonds, which underperformed.

&nbsp;&nbsp;Effective maturity distribution as of December 31, 2022<sup>1</sup>

![](g429993img8b525c194.jpg)

<sup>1</sup> Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified.

A strong technical backdrop and higher demand may benefit municipal bond returns.

Absent a significant increase in Treasury rates, municipal bonds should benefit in the first couple of months of the year from the strong technical backdrop with limited tax-exempt supply and increased demand. We expect demand for municipals to return with the rise in yields and the favorable credit and higher recovery rates compared with other fixed income asset classes. We also expect the extraordinary fiscal support provided to municipals to provide credit support, but we realize spreads could widen if the U.S. enters a recession.

We expect the Federal Reserve to continue to raise rates in the first half of 2023, with the number of rate increases largely driven by inflation data. A pause in federal fund rate increases could occur in the latter half of the year. Municipals tend to outperform other fixed-income asset classes in a rising-rate environment, and we expect that to continue. Municipal market returns tend to bounce back after negative-return years. However, actual returns will largely be dependent on investor demand and the economic outlook, with a recession being a real risk. Security selection and sector rotation will continue to be keys in driving returns for 2023 as we navigate municipal-to-Treasury ratios, wider credit spreads, and a potentially volatile rates market.

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Allspring Managed Account \| 5

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Fund expenses (unaudited)

As a shareholder of the Fund, you incur 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 July 1, 2022 to December 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. 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.

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;Beginning <br> account value<br> 7-1-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending <br> account value<br> 12-31-2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1006.34 &nbsp;&nbsp;&nbsp;&nbsp;$0.00 <sup>\*</sup> &nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1025.21 &nbsp;&nbsp;&nbsp;&nbsp;$0.00 <sup>\*</sup> &nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>\*</sup> |

---

<sup>1</sup> Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half-year period).

\* Generally, no ordinary fees or expenses are charged to the Fund. Allspring Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term.

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6 \| Allspring Managed Account

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Municipal obligations: 91.19%** |  |  |  |  |
| &nbsp;&nbsp;**Alabama: 0.83%** |  |  |  |  |
| &nbsp;&nbsp;**Utilities revenue: 0.55%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Alabama Energy Authority Commodity Supply Project #2 Series B | 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$964493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District Project #2 Series B (1 Month LIBOR +0.85%) ± | 3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2049 | &nbsp;&nbsp; 2925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2877764 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3842257** |
| &nbsp;&nbsp;**Water & sewer revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County AL CAB Series B (AGM Insured) ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2026 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County AL Sewer Revenue Senior Lien (AGM Insured) | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2053 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 782084 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1938431** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5780688** |
| &nbsp;&nbsp;**Alaska: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;**Health revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Industrial Development & Export Authority Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2032 | &nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp;&nbsp; **1874039** |
| &nbsp;&nbsp;**Arizona: 2.85%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 1.89%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona IDA Education Revenue Candeo Schools Incorporated Project Series 2020A (State School District Credit Program Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2047 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 579513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona IDA Education Revenue Series 2021A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2041 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 866958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florence AZ IDA Legacy Traditional School Project Queen Creek & Casa Grande Campuses 144A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2023 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 146260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 4.90 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2028 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 770725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2038 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 946145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County AZ IDA Horizon Community Learning Center Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2035 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2879290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County AZ IDA Educational Facility Desert Heights Charter School | 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County AZ IDA Facility Revenue Refunding Bond Series 2022 144A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2031 | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 971639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County AZ IDA Noah Webster Schools Project Series A | 6.75 | &nbsp;&nbsp;12-15-2033 | &nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County AZ IDA Paideia Academies Project 144A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2025 | &nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County AZ IDA Paideia Academies Project 144A | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2035 | &nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County AZ IDA Paideia Academies Project 144A | 6.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2045 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998773 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13118402** |
| &nbsp;&nbsp;**Health revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe AZ IDA Series 2021A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2030 | &nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe AZ IDA Series 2021A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2031 | &nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409679 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**850809** |
| &nbsp;&nbsp;**Industrial development revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County AZ PCR Refunding Bonds Series A | 2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2035 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**379547** |

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The accompanying notes are an integral part of these financial statements.

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Allspring Managed Account \| 7

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Tax revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Luis AZ Pledged Excise Tax Series A (BAM Insured) | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2038 | &nbsp;&nbsp;$1200000 | &nbsp;&nbsp;**$1227941** |
| &nbsp;&nbsp;**Utilities revenue: 0.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt River Agricultural Improvement & Power Project Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2045 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2090669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Verde Financial Corporation Gas Revenue Bond Series 2007-1 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2032 | &nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp;&nbsp; 2147372 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4238041** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **19814740** |
| &nbsp;&nbsp;**California: 3.65%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 2.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles CA International Airports Revenue Bonds 2022 Series G | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2047 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco CA City & County Airport Commission San Francisco International Airport Series B | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2046 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10106098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Jose CA Airport Revenue Refunding Bond AMT Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2033 | &nbsp;&nbsp; 1695000 | &nbsp;&nbsp;&nbsp;&nbsp; 1835699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Jose CA Airport Revenue Refunding Bond AMT Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038442 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14028980** |
| &nbsp;&nbsp;**Education revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2043 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; **1023538** |
| &nbsp;&nbsp;**GO revenue: 0.49%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compton CA Community College District Election of 2002 CAB Series C ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 397995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawthorne CA School District CAB Series C (NPFGC Insured) ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2025 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District Series R | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2044 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2893977 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3383211** |
| &nbsp;&nbsp;**Health revenue: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California HFFA Revenue Bond Sutter Health Series A | 5.00 | &nbsp;&nbsp;11-15-2048 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1225763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California HFFA Stanford Health Care Series A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2050 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 948503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California Regents Medical Center Unrefunded Bond Series J | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2038 | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220873 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2395139** |
| &nbsp;&nbsp;**Housing revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency Essential Housing Revenue Serenity at Larkspur Series C 144A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2050 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-20-2033 | &nbsp;&nbsp;476193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459726 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**909170** |

---

The accompanying notes are an integral part of these financial statements.

------

8 \| Allspring Managed Account

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaheim CA PFA Convention Center Expansion Project Series A | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2046 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1029786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego CA PFA Capital Improvement Project Series B | 5.00 | &nbsp;&nbsp;10-15-2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 532354 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1562140** |
| &nbsp;&nbsp;**Transportation revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside County CA Transportation Commission Toll Revenue 2021 Series B-1 | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2046 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; **2082063** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **25384241** |
| &nbsp;&nbsp;**Colorado: 3.02%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver CO City & County Airport Revenue Bonds Series 2022B | 5.25 | &nbsp;&nbsp;11-15-2053 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; **1359860** |
| &nbsp;&nbsp;**Education revenue: 0.40%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series A | 6.00 | &nbsp;&nbsp;12-15-2037 | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1382802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado ECFA Charter School Community Leadership Academy Second Campus Project | 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2033 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 390516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A | 8.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2048 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031929 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2805247** |
| &nbsp;&nbsp;**GO revenue: 0.69%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadway Station Metropolitan District #3 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2039 | &nbsp;&nbsp; 749000 | &nbsp;&nbsp;&nbsp;&nbsp; 638137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Aviation Station North Metropolitan District #2 Limited Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2039 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 690857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Aviation Station North Metropolitan District #2 Refunding & Improvement Bonds Limited Tax Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2048 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 734421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas County CO Rampart Range Metropolitan District #5 Series 2021 | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 817386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southlands CO Metropolitan District #1 Series A-2 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2047 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 591433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Crossing Metropolitan District #4 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2039 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1299188 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4771422** |
| &nbsp;&nbsp;**Health revenue: 0.85%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority CommonSpirit Health Series 2022A | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2047 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority CommonSpirit Health Series A2 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2044 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue Bonds Hospital Advent Health Obligated Group Series A | 4.00 | &nbsp;&nbsp;11-15-2043 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863455 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5922690** |
| &nbsp;&nbsp;**Industrial development revenue: 0.37%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver CO Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2033 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2541905** |

---

The accompanying notes are an integral part of these financial statements.

------

Allspring Managed Account \| 9

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.51%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Certificate of Participation Rural Colorado Series A | 4.00% | &nbsp;&nbsp;12-15-2038 | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1980240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westminster CO Public Schools Certificate of Participation Series 2019 (AGM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2048 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1590959 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3571199** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **20972323** |
| &nbsp;&nbsp;**Connecticut: 1.35%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State HEFAR Trinity College Series R | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2035 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 931159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State HEFAR Trinity College Series R | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2036 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 958311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Connecticut Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2041 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2382851 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4272321** |
| &nbsp;&nbsp;**GO revenue: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgeport CT Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamden CT (BAM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2025 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 283560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamden CT Series A (BAM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2039 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 494768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamden CT Series A (BAM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 536698 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2411873** |
| &nbsp;&nbsp;**Health revenue: 0.39%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut HEFA Revenue Nuvance Health Series A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2041 | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 763116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut HEFA Revenue Stamford Hospital Series M | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2040 | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1958521 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2721637** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9405831** |
| &nbsp;&nbsp;**Delaware: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware EDA Odyssey Charter School Incorporated Project Series A 144A | 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2045 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1545976** |
| &nbsp;&nbsp;**Transportation revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware River & Bay Authority Revenue Bonds Refunding Series 2022 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2037 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**446552** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1992528** |
| &nbsp;&nbsp;**District of Columbia: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Series 2021A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2046 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1537277** |
| &nbsp;&nbsp;**Florida: 6.17%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 3.54%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broward County FL Airport System Revenue Bond AMT Series 2015A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2036 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4599738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broward County FL Port Facilities Revenue Bond Series 2019B | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2037 | &nbsp;&nbsp;7490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7377996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacksonville FL Port Authority Series B | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2040 | &nbsp;&nbsp;2625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacksonville FL Port Authority Series B | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2044 | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824773 |

---

The accompanying notes are an integral part of these financial statements.

------

10 \| Allspring Managed Account

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Airport revenue (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County FL Aviation Refunding Bond AMT Series A | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2049 | &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$3015676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County FL Seaport AMT Series B | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020785 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **24630485** |
| &nbsp;&nbsp;**Education revenue: 0.60%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A | 8.50 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2044 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corporation Educational Facilities Revenue Bonds Series 2022 144A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2042 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 457690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Higher Educational Facilities Financing Authority Jacksonville University 144A | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2033 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1173025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County FL IDA Youth Co-Op Charter School Project Series 2015A 144A | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2035 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500965 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4154229** |
| &nbsp;&nbsp;**Health revenue: 0.96%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Beach FL HCFR Fleet Landing Project Series B | 5.63 | &nbsp;&nbsp;11-15-2043 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1506469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holmes County FL Hospital Corporation Doctors Memorial Hospital Project | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2038 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 225888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacksonville FL HCFR Brooks Rehabilitation | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2045 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1340666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarasota County FL Public Hospital District Revenue Bonds Series 2022 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2052 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1297429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2030 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 246194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2031 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 491692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 272495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2033 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 271711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2035 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 509200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2036 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 504681 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6666425** |
| &nbsp;&nbsp;**Transportation revenue: 0.58%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida State Department of Transportation Sunshine Bridge (AGM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2037 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; **4039004** |
| &nbsp;&nbsp;**Utilities revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeland FL Energy System Revenue Bond Series 2021 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2048 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**580555** |
| &nbsp;&nbsp;**Water & sewer revenue: 0.40%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County FL Water and Wastewater Revenue Utility | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2040 | &nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wildwood FL Utility Dependent District Series 2021 (BAM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2038 | &nbsp;&nbsp;1455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599769 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2804763** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42875461** |

---

The accompanying notes are an integral part of these financial statements.

------

Allspring Managed Account \| 11

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Georgia: 1.93%** |  |  |  |  |
| &nbsp;&nbsp;**Energy revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project M | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2036 | &nbsp;&nbsp;$800000 | &nbsp;&nbsp;$833555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia Project One Subordinated Bond Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2044 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005785 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1839340** |
| &nbsp;&nbsp;**Health revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fulton County GA Development Authority Hospital WellStar Health System Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2042 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; **1013613** |
| &nbsp;&nbsp;**Industrial development revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta GA Development Authority Tuff Yamacraw LLC Project Series A (Ambac Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2054 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 794993 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **847184** |
| &nbsp;&nbsp;**Utilities revenue: 1.40%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burke County GA Development Authority Georgia Power Company Plant Vogtle Project Series 2 | 2.93 | &nbsp;&nbsp;11-1-2048 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4943390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2022C 144Aøø | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2052 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3290637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas Incorporated Georgia Gas Project Series C | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2052 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1464895 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9698922** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13399059** |
| &nbsp;&nbsp;**Guam: 0.18%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam International Airport Authority General Revenue Bonds 2023 Series A %% | 5.25 | &nbsp;&nbsp;10-1-2036 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; **359864** |
| &nbsp;&nbsp;**Tax revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government Business Privilege Tax Revenue Refunding Bonds Series F | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2042 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; **871510** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1231374** |
| &nbsp;&nbsp;**Hawaii: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaii Airports System Revenue Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2048 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024654** |
| &nbsp;&nbsp;**Idaho: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Idaho Arts Charter School Series A 144A | 5.00 | &nbsp;&nbsp;12-1-2036 | &nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A | 5.85 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2033 | &nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390845 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1305731** |

---

The accompanying notes are an integral part of these financial statements.

------

12 \| Allspring Managed Account

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Illinois: 15.87%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 1.53%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Midway Airport Second Lien Refunding Bonds Series A | 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2031 | &nbsp;&nbsp;$4500000 | &nbsp;&nbsp;$4504824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL O'Hare International Airport AMT Senior Lien Series C | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2044 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL O'Hare International Airport AMT Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2048 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL O'Hare International Airport Customer Facility Charge Senior Lien Series D | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2043 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1506733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL O'Hare International Airport Senior Lien Series D | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL O'Hare International Airport Transportation Infrastructure Properties Obligated Group | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2038 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502403 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10640560** |
| &nbsp;&nbsp;**Education revenue: 0.41%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Wesley University | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2036 | &nbsp;&nbsp; 2345000 | &nbsp;&nbsp;&nbsp;&nbsp; 2403247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Illinois University Housing and Auxiliary Facilities System Refunding Revenue Series A (BAM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2031 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 452436 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2855683** |
| &nbsp;&nbsp;**GO revenue: 6.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Board of Education Series 2021A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2035 | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4279119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2027 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5139500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL City Colleges Capital Improvement Project CAB (NPFGC Insured) ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2031 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 573018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Emergency Telephone System Project (NPFGC Insured) | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2023 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2032 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1270452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Park District Unlimited Tax Refunding Bonds Series 2016A | 5.00 | &nbsp;&nbsp;11-15-2028 | &nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp;&nbsp; 1736870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Park District Unlimited Tax Refunding Bonds Series 2016E | 5.00 | &nbsp;&nbsp;11-15-2029 | &nbsp;&nbsp; 1735000 | &nbsp;&nbsp;&nbsp;&nbsp; 1820355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Series 2021A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2034 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2027 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Series A | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2038 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (AGM Insured) ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2025 | &nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cook County IL School District #159 CAB Prerefunded Bond (AGM Insured) ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2023 | &nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cook County IL School District #159 CAB Unrefunded Bond (AGM Insured) ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2023 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Series 2014 (AGM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2026 | &nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Series 2016 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2025 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Series B | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2031 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kane, Cook & DuPage Counties IL Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2034 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kane, Cook & DuPage Counties IL Series D | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2034 | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village Bolingbrook IL (AGM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2031 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519163 |

---

The accompanying notes are an integral part of these financial statements.

------

Allspring Managed Account \| 13

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**GO revenue (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Will County IL Community High School CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2033 | &nbsp;&nbsp;$1625000 | &nbsp;&nbsp;$1102849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Will County IL Community High School Refunding Bond Series B (BAM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2032 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 748500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2033 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 776452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2035 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 489591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Will County IL Lincoln-Way Community High School District #210 CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2027 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 898685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Will County IL Lincoln-Way Community High School District #210 CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2028 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 398824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winnebago County IL Series A (AGM Insured) | 4.00 | &nbsp;&nbsp;12-30-2025 | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069842 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **42702639** |
| &nbsp;&nbsp;**Health revenue: 0.82%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Health Services Facility Lease Revenue Provident Group UIC Surgery Center | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2050 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 841876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue Bonds Series 2015A | 5.00 | &nbsp;&nbsp;11-15-2045 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1752698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority University of Chicago Series 2022A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2047 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3117270 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5711844** |
| &nbsp;&nbsp;**Miscellaneous revenue: 1.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A | 4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2028 | &nbsp;&nbsp; 1809000 | &nbsp;&nbsp;&nbsp;&nbsp; 1809977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Rogers Park Montessori School | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2024 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois GO Series June 2013 | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2028 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 401995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Refunding Bonds | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2026 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Series 2013 | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2025 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Series 2013 | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Series 2014 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2025 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 881183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Sports Facilities Authority | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015574 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7494758** |
| &nbsp;&nbsp;**Tax revenue: 3.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cook County IL Sales Tax Bond Series 2021A | 5.00 | &nbsp;&nbsp;11-15-2037 | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Series A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2029 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Sports Facilities Authority State Tax Supported (AGM Insured) | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2031 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2028 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | &nbsp;&nbsp;12-15-2030 | &nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (NPFGC Insured) ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2029 | &nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B1 (AGM Insured) ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2027 | &nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371569 |

---

The accompanying notes are an integral part of these financial statements.

------

14 \| Allspring Managed Account

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Tax revenue (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority Revenue Refunding Bonds McCormick Place Expansion Project Series A | 4.00% | &nbsp;&nbsp;12-15-2042 | &nbsp;&nbsp;$750000 | &nbsp;&nbsp;$652601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales Tax Securitization Corporation Second Lien Sales Tax | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2038 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 963986 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **22293276** |
| &nbsp;&nbsp;**Transportation revenue: 0.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Toll Highway Authority Senior Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2043 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2117564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Toll Highway Authority Senior Series B | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2039 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040652 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3158216** |
| &nbsp;&nbsp;**Water & sewer revenue: 2.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Wastewater Second Lien Transmission Revenue Project Bonds Series 2014 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2025 | &nbsp;&nbsp; 1985000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Wastewater Transmission Second Lien Series 2012 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Water Revenue Refunding Bond Second Lien | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2025 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2714446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Water Revenue Second Lien Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2026 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2817522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Waterworks Second Lien Series 2004 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2027 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2363031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Waterworks Second Lien Series 2012 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Waterworks Second Lien Series 2014 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2044 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2511185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Waterworks Second Lien Series 2017-2 (AGM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034053 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15466633** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**110323609** |
| &nbsp;&nbsp;**Indiana: 1.00%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Educational Facilities Multipurpose DePauw University Project Series 2022A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2047 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; **1507408** |
| &nbsp;&nbsp;**Health revenue: 0.78%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Health System Franciscan Alliance Incorporated Obligated Group Series C | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2034 | &nbsp;&nbsp; 5360000 | &nbsp;&nbsp;&nbsp;&nbsp; **5421177** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6928585** |
| &nbsp;&nbsp;**Kansas: 0.75%** |  |  |  |  |
| &nbsp;&nbsp;**Tax revenue: 0.75%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB 144A¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2034 | &nbsp;&nbsp;15015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5236370** |
| &nbsp;&nbsp;**Kentucky: 2.03%** |  |  |  |  |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky State Property and Buildings Commission Revenue Bonds Series A (AGM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2039 | &nbsp;&nbsp;2325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2534206** |
| &nbsp;&nbsp;**Transportation revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2029 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1039427** |

---

The accompanying notes are an integral part of these financial statements.

------

Allspring Managed Account \| 15

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Utilities revenue: 1.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority Gas Supply Series A-1 | 4.00% | &nbsp;&nbsp;12-1-2049 | &nbsp;&nbsp;$9020000 | &nbsp;&nbsp;$8936749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paducah KY Electric Plant (AGM Insured) | 5.00 | &nbsp;&nbsp;10-1-2035 | &nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1626913 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10563662** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14137295** |
| &nbsp;&nbsp;**Louisiana: 0.79%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Orleans LA Aviation Board General Airport Revenue Bonds Series 2015A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2040 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1228622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port New Orleans LA Board Commuters Port Facility Revenue AMT Series E | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2038 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 657594 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1886216** |
| &nbsp;&nbsp;**Industrial development revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. John the Baptist Parish LA Revenue Refunding Bonds Marathon Oil Corporation Project Series 2017A-3 | 2.20 | &nbsp;&nbsp;&nbsp;&nbsp;6-1-2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; **920351** |
| &nbsp;&nbsp;**Water & sewer revenue: 0.39%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Ouachita Water Company (BAM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2033 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 629584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Ouachita Water Company (BAM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2034 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 521596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Ouachita Water Company (BAM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 518607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Ouachita Water Company (BAM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2036 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 580617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Ouachita Water Company (BAM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2037 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 419119 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2669523** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5476090** |
| &nbsp;&nbsp;**Maine: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland ME General Airport | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2023 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; **176376** |
| &nbsp;&nbsp;**Maryland: 1.91%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.48%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland State Economic Development Corporation | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2039 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland State Economic Development Corporation | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2044 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland State Economic Development Corporation | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2024 | &nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland State Economic Development Corporation | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2027 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland State Economic Development Corporation | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2029 | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229784 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3343392** |
| &nbsp;&nbsp;**Education revenue: 0.78%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2033 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2046 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2018-A2 | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2048 | &nbsp;&nbsp;2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822197 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5382393** |

---

The accompanying notes are an integral part of these financial statements.

------

16 \| Allspring Managed Account

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Health revenue: 0.65%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland HEFAR Adventist Healthcare Series 2021B | 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2051 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$4009296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland HEFAR Frederick Health System | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2040 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 512167 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4521463** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13247248** |
| &nbsp;&nbsp;**Massachusetts: 0.89%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts State Port Authority Revenue Bonds Series 2022-A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2041 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; **2093604** |
| &nbsp;&nbsp;**Health revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts State Development Finance Authority Revenue Bonds Series F | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2045 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; **2020407** |
| &nbsp;&nbsp;**Tax revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Series D | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2037 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; **2078232** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6192243** |
| &nbsp;&nbsp;**Michigan: 3.50%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Michigan University | 5.25 | &nbsp;&nbsp;11-15-2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; **408094** |
| &nbsp;&nbsp;**Health revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Hospital Revenue & Refunding Bonds Series 2015 | 5.00 | &nbsp;&nbsp;11-15-2045 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; **1011055** |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Charter Company Wayne Criminal Justice Center Project | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2048 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; **1831478** |
| &nbsp;&nbsp;**Tax revenue: 0.58%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bonds Series B | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2039 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; **4007600** |
| &nbsp;&nbsp;**Water & sewer revenue: 2.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Michigan Water Authority Sewage Disposal System Series 2016-C | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2036 | &nbsp;&nbsp; 3560000 | &nbsp;&nbsp;&nbsp;&nbsp; 3723880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Michigan Water Authority Water Supply System Series 2016-D | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2032 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Michigan Water Authority Water Supply System Series 2016-D (AGM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2033 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Local Government Loan Program Series D | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2030 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Local Government Loan Program Series D4 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2029 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024898 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17057521** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24315748** |

---

The accompanying notes are an integral part of these financial statements.

------

Allspring Managed Account \| 17

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Minnesota: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis & St Paul MN Metropolitan Airports Commission Revenue Bonds Series 2022B | 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2047 | &nbsp;&nbsp;$650000 | &nbsp;&nbsp;**$674803** |
| &nbsp;&nbsp;**Education revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence MN Charter School Lease Series A | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2026 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; **290169** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **964972** |
| &nbsp;&nbsp;**Mississippi: 0.58%** |  |  |  |  |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.58%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi City of Jackson Convention Center Series A (Municipal Government Guaranty Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-1-2026 | &nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp;&nbsp; 3204067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Development Bank Special Obligation Bonds Series 2012A Jackson Water & Sewer System Project (AGM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2030 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 840167 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4044234** |
| &nbsp;&nbsp;**Missouri: 0.73%** |  |  |  |  |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.73%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City MO IDA Series B (AGM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-1-2049 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; **5077304** |
| &nbsp;&nbsp;**Nebraska: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;**Utilities revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Nebraska Gas Project #1 (Royal Bank of Canada LIQ) | 4.00 | &nbsp;&nbsp;12-1-2049 | &nbsp;&nbsp; 2080000 | &nbsp;&nbsp;&nbsp;&nbsp; **2074575** |
| &nbsp;&nbsp;**Nevada: 0.91%** |  |  |  |  |
| &nbsp;&nbsp;**GO revenue: 0.85%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County NV School District Limited Tax Building Series A (AGM Insured) | 4.00 | &nbsp;&nbsp;6-15-2040 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 739345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County NV School District Series A (AGM Insured) | 4.00 | &nbsp;&nbsp;6-15-2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County NV Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2048 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3153092 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5922372** |
| &nbsp;&nbsp;**Industrial development revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County NV Southern California Edison Company Project | 2.10 | &nbsp;&nbsp;&nbsp;&nbsp;6-1-2031 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**402769** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6325141** |
| &nbsp;&nbsp;**New Hampshire: 0.87%** |  |  |  |  |
| &nbsp;&nbsp;**Housing revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire National Finance Authority Municipal Certificates Series A | 4.13 | &nbsp;&nbsp;1-20-2034 | &nbsp;&nbsp;1915775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1857575** |
| &nbsp;&nbsp;**Water & sewer revenue: 0.60%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2026 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2027 | &nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895742 |

---

The accompanying notes are an integral part of these financial statements.

------

18 \| Allspring Managed Account

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Water & sewer revenue (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2028 | &nbsp;&nbsp;$480000 | &nbsp;&nbsp;$508824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2028 | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1757765 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4202428** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6060003** |
| &nbsp;&nbsp;**New Jersey: 3.78%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic County NJ Improvement Authority Stockton University Series A (AGM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2041 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 499162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey EDA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2027 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey EDA Hatikvah International Academy Charter School Project Series A 144A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2027 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 491139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey EDA Hatikvah International Academy Charter School Project Series A 144A | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2037 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1353066 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2503805** |
| &nbsp;&nbsp;**Housing revenue: 1.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Housing and Mortgage Finance Agency Series B | 3.30 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2025 | &nbsp;&nbsp; 3375000 | &nbsp;&nbsp;&nbsp;&nbsp; 3342738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Housing and Mortgage Finance Agency Series B | 3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2026 | &nbsp;&nbsp; 3405000 | &nbsp;&nbsp;&nbsp;&nbsp; 3325387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Housing and Mortgage Finance Agency Series B | 3.45 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2026 | &nbsp;&nbsp; 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1447284 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8115409** |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey EDA Transportation Project Bonds Portal North Bridge Project Series 2022A | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2041 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; **2129100** |
| &nbsp;&nbsp;**Tax revenue: 0.77%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey EDA Motor Vehicle Surcharge Unrefunded Bonds Series A (NPFGC Insured) | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2026 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 217365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey TTFA Series AA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2039 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2080865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey TTFA Series AA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2045 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1746511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2040 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294245 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5338986** |
| &nbsp;&nbsp;**Transportation revenue: 1.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey TTFA CAB Series A ¤ | 0.00 | &nbsp;&nbsp;12-15-2031 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey TTFA Series A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2042 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey TTFA Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2029 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2045 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Jersey Transportation Authority Transportation System Revenue Bonds 2022 Series A | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2052 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014939 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7033946** |

---

The accompanying notes are an integral part of these financial statements.

------

Allspring Managed Account \| 19

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Water & sewer revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey EDA Water Facilities Revenue Refunding Bonds AMT American Water Company Incorporated Project Series A | 2.20% | &nbsp;&nbsp;10-1-2039 | &nbsp;&nbsp; $1350000 | &nbsp;&nbsp;**$1160313** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **26281559** |
| &nbsp;&nbsp;**New York: 6.26%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.59%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corporation Special Facility Revenue Terminal 4 JFK International Airport | 5.00 | &nbsp;&nbsp;12-1-2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corporation Special Facility Revenue Terminal 4 JFK International Airport | 5.00 | &nbsp;&nbsp;12-1-2034 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2123501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York and New Jersey Consolidated Series 221 | 4.00 | &nbsp;&nbsp;7-15-2040 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 937999 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4131063** |
| &nbsp;&nbsp;**Education revenue: 1.82%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Troy NY Capital Resource Corporation Revenue Refunding Bonds | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2032 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 356129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hempstead NY Local Development Corporation Education Revenue Refunding Bond Academy Charter School Project | 5.66 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2044 | &nbsp;&nbsp; 4585000 | &nbsp;&nbsp;&nbsp;&nbsp; 4420907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hempstead NY Local Development Corporation Evergreen Charter School Project Series 2022A | 5.25 | &nbsp;&nbsp;6-15-2042 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1474839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.45 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2041 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 905308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.60 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2051 | &nbsp;&nbsp; 1915000 | &nbsp;&nbsp;&nbsp;&nbsp; 1410954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 6.24 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2047 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3574041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County NY IDA Refunding Bond Monroe Community College Association (AGM Insured) | 5.00 | &nbsp;&nbsp;1-15-2038 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509205 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12651383** |
| &nbsp;&nbsp;**Health revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broome County NY Local Development Corporation Revenue United Health Services Hospitals Incorporated Project (AGM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2038 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1205741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County NY Local Development Corporation Purchase Senior Learning Community Incorporated 144A | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2026 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 480801 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1686542** |
| &nbsp;&nbsp;**Industrial development revenue: 0.80%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corporation Refunding Bonds 4 World Trade Center Project | 2.80 | &nbsp;&nbsp;9-15-2069 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 894848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corporation Special Delta Air Lines Incorporated LaGuardia | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2031 | &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corporation Special Facility AMT Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment | 5.00 | &nbsp;&nbsp;10-1-2035 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480954 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5530513** |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Western Regional Off Track Betting Corporation 144A | 4.13 | &nbsp;&nbsp;12-1-2041 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**721895** |

---

The accompanying notes are an integral part of these financial statements.

------

20 \| Allspring Managed Account

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Tax revenue: 1.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Dormitory Authority Personal Income Tax Revenue Bonds Series 2019A | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2043 | &nbsp;&nbsp;$2350000 | &nbsp;&nbsp;$2474037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Dormitory Authority Series A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2042 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1437562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Urban Development Corporation Series 2020C | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2042 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2856288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Urban Development Corporation Series 2020E | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2043 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418640 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8186527** |
| &nbsp;&nbsp;**Transportation revenue: 1.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Metropolitan Transportation Authority Refunding Bond Subordinated Series C1 | 5.25 | &nbsp;&nbsp;11-15-2031 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3080269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Metropolitan Transportation Authority Series C | 5.00 | &nbsp;&nbsp;11-15-2034 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3061715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Metropolitan Transportation Authority Series C | 5.25 | &nbsp;&nbsp;11-15-2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2054056 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8196040** |
| &nbsp;&nbsp;**Water & sewer revenue: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York NY Municipal Water Finance Authority 2nd General Resolution Series FF | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2041 | &nbsp;&nbsp; 2545000 | &nbsp;&nbsp;&nbsp;&nbsp; **2447874** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **43551837** |
| &nbsp;&nbsp;**Ohio: 2.68%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Greater Cincinnati Development Authority | 4.38 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2056 | &nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp;&nbsp; **2152284** |
| &nbsp;&nbsp;**Health revenue: 1.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland Cuyahoga County OH Port Authority Economic Development Center for Dialysis Care Project Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2037 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2734861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucas County OH Hospital Revenue Promedica Healthcare Obligation | 5.25 | &nbsp;&nbsp;11-15-2048 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 653308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleburg Heights OH Hospital Revenue Refunding Bonds Facilities Southwest General Health Center | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2041 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1855090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County OH Hospital Revenue Refunding Bonds | 4.00 | &nbsp;&nbsp;11-15-2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1838976 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7082235** |
| &nbsp;&nbsp;**Industrial development revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series A | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2026 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1907004** |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.60%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | &nbsp;&nbsp;12-31-2035 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Private Activity Bond Series A (AGM Insured) | 5.00 | &nbsp;&nbsp;12-31-2029 | &nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129618 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4168160** |
| &nbsp;&nbsp;**Utilities revenue: 0.48%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster OH Port Authority Gas Supply Series A (Royal Bank of Canada LIQ) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2049 | &nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority Ohio Valley Electric Corporation Project Series 2019A | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2029 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375105 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3327679** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18637362** |

---

The accompanying notes are an integral part of these financial statements.

------

Allspring Managed Account \| 21

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Oklahoma: 2.00%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.86%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma City OK Airport Trust AMT Junior Lien Thirty Third Series | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2037 | &nbsp;&nbsp;$3805000 | &nbsp;&nbsp;$3922522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa OK Airports Improvement Trust Series A (AGM Insured) | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;6-1-2048 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2057455 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5979977** |
| &nbsp;&nbsp;**Miscellaneous revenue: 1.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custer County OK EDA Series E | 4.00 | &nbsp;&nbsp;12-1-2031 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3382666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garfield County OK Educational Facilities Authority Enid Public Schools Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2027 | &nbsp;&nbsp; 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2035244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2057390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pontotoc County OK Education Facilities Authority Ada Public Schools Project | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2040 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 460317 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7935617** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13915594** |
| &nbsp;&nbsp;**Oregon: 0.41%** |  |  |  |  |
| &nbsp;&nbsp;**Health revenue: 0.41%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medford OR Hospital Facilities Authority Revenue Refunding Asante Projects Series A | 5.00 | &nbsp;&nbsp;8-15-2045 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; **2864799** |
| &nbsp;&nbsp;**Pennsylvania: 6.48%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 1.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegheny County PA Airport Authority Series 2021A (AGM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2046 | &nbsp;&nbsp; 3715000 | &nbsp;&nbsp;&nbsp;&nbsp; 3303981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA Airport Revenue Bond Series 2020C | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2036 | &nbsp;&nbsp; 1630000 | &nbsp;&nbsp;&nbsp;&nbsp; 1552131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA Airport Revenue Bond Series 2020C | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2040 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 604737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA Airport Revenue Bond Series B | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2042 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2533994 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7994843** |
| &nbsp;&nbsp;**Education revenue: 0.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegheny County PA IDA Propel Charter School Sunrise Project | 5.25 | &nbsp;&nbsp;7-15-2023 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East Hempfield Township PA IDA Student Services Incorporated Student Housing Project Millersville University | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2023 | &nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A | 7.00 | &nbsp;&nbsp;6-15-2033 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA IDA Southwest Leadership Academy Series A | 6.47 | &nbsp;&nbsp;11-1-2037 | &nbsp;&nbsp;2490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329980 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4229076** |
| &nbsp;&nbsp;**GO revenue: 1.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong PA School District Series A (BAM Insured) | 4.00 | &nbsp;&nbsp;3-15-2037 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA Refunding Bond Series A | 5.25 | &nbsp;&nbsp;7-15-2033 | &nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA School District Series F | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2036 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA School District Series F | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2037 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA School District Unrefunded Bond Series F | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2030 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060071 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7249057** |

---

The accompanying notes are an integral part of these financial statements.

------

22 \| Allspring Managed Account

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Health revenue: 0.64%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bucks County PA IDA Hospital Revenue | 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2035 | &nbsp;&nbsp;$450000 | &nbsp;&nbsp;$451856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bucks County PA IDA Hospital Revenue | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2036 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 894857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bucks County PA IDA Hospital Revenue | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2037 | &nbsp;&nbsp; 2285000 | &nbsp;&nbsp;&nbsp;&nbsp; 2249767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania EDFA University of Pittsburgh Medical Center Series A-1 | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2045 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 887682 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4484162** |
| &nbsp;&nbsp;**Industrial development revenue: 0.73%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania EDFA Bridges FinCo LP | 5.00 | &nbsp;&nbsp;12-31-2034 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; **5057689** |
| &nbsp;&nbsp;**Miscellaneous revenue: 1.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA IDA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2037 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1567955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA Municipal Authority Revenue Refunding Bond City Agreement Juvenile Justice Services Center | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2033 | &nbsp;&nbsp; 2355000 | &nbsp;&nbsp;&nbsp;&nbsp; 2549913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia PA Public School Building Authority Prerefunded Bond Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2036 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 206134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Public School Building Authority Project Series 2016-A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2036 | &nbsp;&nbsp; 4525000 | &nbsp;&nbsp;&nbsp;&nbsp; 4706073 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9030075** |
| &nbsp;&nbsp;**Tax revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Series B | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2043 | &nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeastern Pennsylvania Transportation Authority Series 2022 | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2047 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096831 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2262308** |
| &nbsp;&nbsp;**Transportation revenue: 0.68%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster PA Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2041 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1486810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Series A-1 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2047 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Subordinate Bond Series A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2045 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 926632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Subordinate Bond Series E | 6.38 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2038 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1299037 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4746063** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45053273** |
| &nbsp;&nbsp;**South Carolina: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;**Resource recovery revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A† | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2035 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs EDA Solid Waste Disposal RePower South Berkeley LLC Green Bond † | 8.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-6-2029 | &nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93793 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**693793** |
| &nbsp;&nbsp;**Tennessee: 0.72%** |  |  |  |  |
| &nbsp;&nbsp;**Utilities revenue: 0.72%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennergy Corporation Tennessee Gas Supply Series A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | &nbsp;&nbsp;4050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3958041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennergy Corporation Tennessee Gas Supply Series A | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2053 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057890 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5015931** |

---

The accompanying notes are an integral part of these financial statements.

------

Allspring Managed Account \| 23

------

[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Texas: 6.48%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austin TX Airport System AMT | 5.00% | &nbsp;&nbsp;11-15-2044 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2499963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Houston TX Series 2021 | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2039 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2456105 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4956068** |
| &nbsp;&nbsp;**Education revenue: 1.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington TX Higher Education Finance Corporation Revenue Bonds Series 2022A 144A | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2042 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 239572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington TX Higher Education Finance Corporation Universal Academy Project Series A | 7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2044 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1271246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton TX Higher Education Finance Corporation International Leadership Series A | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2038 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2038 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2545073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.13 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2048 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2283097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton TX Higher Educational Finance Corporation International Leadership Series A | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012424 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9360983** |
| &nbsp;&nbsp;**GO revenue: 0.82%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso County TX Hospital District | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2029 | &nbsp;&nbsp; 1555000 | &nbsp;&nbsp;&nbsp;&nbsp; 1569072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palestine TX Certificates of Obligation (AGM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2051 | &nbsp;&nbsp; 3625000 | &nbsp;&nbsp;&nbsp;&nbsp; 3272007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Isabel TX Series 2019 144A | 5.10 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2049 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 489874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temple TX College District Series 2021 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2027 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 403421 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5734374** |
| &nbsp;&nbsp;**Resource recovery revenue: 1.44%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Corpus Christi Solid Waste Disposal Revenue Bonds Series 2002A 144Aø | 3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2029 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; **10000000** |
| &nbsp;&nbsp;**Tax revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Spanish Trail Alameda Corridors RDA (BAM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2035 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; **1113342** |
| &nbsp;&nbsp;**Transportation revenue: 0.75%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority Revenue Refunding Senior Lien Series B | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2038 | &nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority Senior Lien Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2049 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 4.00 | &nbsp;&nbsp;12-31-2037 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 7.00 | &nbsp;&nbsp;12-31-2038 | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324015 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5183797** |
| &nbsp;&nbsp;**Utilities revenue: 1.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado TX River Authority Series A (AGM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2040 | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7353707** |

---

The accompanying notes are an integral part of these financial statements.

------

24 \| Allspring Managed Account

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Water & sewer revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upper Trinity TX Regional Water District (BAM Insured) | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2028 | &nbsp;&nbsp;$750000 | &nbsp;&nbsp;$799085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upper Trinity TX Regional Water District (BAM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 531871 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1330956** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **45033227** |
| &nbsp;&nbsp;**Utah: 1.34%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Lake City UT AMT Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2043 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Lake City UT AMT Series A | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2048 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023320 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2051423** |
| &nbsp;&nbsp;**Education revenue: 1.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority Christian School Early Light Academy Project 144A | 4.50 | &nbsp;&nbsp;7-15-2027 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 493350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority Freedom Academy Foundation Project 144A | 5.25 | &nbsp;&nbsp;6-15-2037 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2871052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority Refunding Bond Freedom Academy Foundation Project 144A | 5.38 | &nbsp;&nbsp;6-15-2048 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1369311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority Refunding Bond Summit Academy Incorporated Series A (Charter School Credit Enhancement Insured) | 5.00 | &nbsp;&nbsp;4-15-2039 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1610269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority Wallace Stegner Academy Project 144A | 3.63 | &nbsp;&nbsp;6-15-2029 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 336328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority Wallace Stegner Academy Project 144A | 5.00 | &nbsp;&nbsp;6-15-2039 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 616892 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7297202** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9348625** |
| &nbsp;&nbsp;**Virginia: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;**Health revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roanoke VA EDA Residential Care Facility Revenue Richfield Living | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2050 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; **322672** |
| &nbsp;&nbsp;**Transportation revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority Series 2022 | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2040 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; **446609** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**769281** |
| &nbsp;&nbsp;**Washington: 2.73%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 1.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Seattle WA AMT Intermediate Lien | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2044 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Seattle WA AMT Intermediate Lien | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2044 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Seattle WA AMT Intermediate Lien | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2046 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Seattle WA AMT Intermediate Lien Revenue and Refunding Bonds Series 2022B | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2047 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028777 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8236048** |

---

The accompanying notes are an integral part of these financial statements.

------

Allspring Managed Account \| 25

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**GO revenue: 0.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County WA Public Hospital District #1 Series 2016 | 5.00% | &nbsp;&nbsp;12-1-2036 | &nbsp;&nbsp;$475000 | &nbsp;&nbsp;$495935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | &nbsp;&nbsp;12-1-2035 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5760733 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6256668** |
| &nbsp;&nbsp;**Health revenue: 0.64%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington HCFR Authority Catholic Health Initiatives Series 2013B-2 (SIFMA Municipal Swap +1.40%) ± | 5.06 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington HCFR Authority Catholic Health Initiatives Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2029 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1373948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington HCFR Authority Seattle Cancer Care Alliance Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2036 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 386436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington HCFR Authority Seattle Cancer Care Alliance Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2037 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 705591 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4474686** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **18967402** |
| &nbsp;&nbsp;**Wisconsin: 6.56%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Airport Facilities Series C | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2042 | &nbsp;&nbsp; 2585000 | &nbsp;&nbsp;&nbsp;&nbsp; **2494230** |
| &nbsp;&nbsp;**Education revenue: 2.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Carolina International School Series A 144A | 7.20 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2048 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Educational Revenue Series 2021A 144A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2041 | &nbsp;&nbsp; 3895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2896869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Hotel/Conference Center Series 2021A 144A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2041 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1654333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Lease Development University of Kansas Campus Development Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-1-2046 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4687491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Pine Lake Preparatory 144A | 4.95 | &nbsp;&nbsp;&nbsp;&nbsp;3-1-2030 | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1384578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Research Triangle High School Project Series 2015-A 144A | 5.63 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2045 | &nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1796371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Research Triangle High School Project Series A 144A | 4.38 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2025 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 233114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Research Triangle High School Project Series A 144A | 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2035 | &nbsp;&nbsp; 1730000 | &nbsp;&nbsp;&nbsp;&nbsp; 1734980 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15397055** |
| &nbsp;&nbsp;**Health revenue: 2.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin HEFA Revenue Bellin Memorial Hospital Series 2022 | 5.00 | &nbsp;&nbsp;12-1-2037 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin HEFA Revenue Bellin Memorial Hospital Series 2022 | 5.00 | &nbsp;&nbsp;12-1-2038 | &nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin HEFA Revenue Bellin Memorial Hospital Series 2022 | 5.25 | &nbsp;&nbsp;12-1-2048 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | &nbsp;&nbsp;2-15-2034 | &nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | &nbsp;&nbsp;2-15-2035 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | &nbsp;&nbsp;2-15-2036 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | &nbsp;&nbsp;2-15-2037 | &nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin HEFA Revenue Rogers Memorial Hospital Incorporated Series B | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2038 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767363 |

---

The accompanying notes are an integral part of these financial statements.

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26 \| Allspring Managed Account

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Health revenue (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin HEFA Rogers Memorial Hospital Incorporated Series A | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2044 | &nbsp;&nbsp;$1050000 | &nbsp;&nbsp;$1063490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin HEFA Series 2021B | 4.00 | &nbsp;&nbsp;9-15-2036 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 461903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin HEFA Series 2021B | 4.00 | &nbsp;&nbsp;9-15-2041 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 429766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Series A | 4.00 | &nbsp;&nbsp;10-1-2049 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8781853 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16173739** |
| &nbsp;&nbsp;**Industrial development revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Series 2022A 144A | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2042 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; **1383271** |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin PFA Capital Improvements Series 2018 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2041 | &nbsp;&nbsp; 2280000 | &nbsp;&nbsp;&nbsp;&nbsp; **2394660** |
| &nbsp;&nbsp;**Tax revenue: 1.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Pleasant WI Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2043 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5263504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Pleasant WI Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2048 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 341620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Pleasant WI Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2048 | &nbsp;&nbsp; 2090000 | &nbsp;&nbsp;&nbsp;&nbsp; 2153685 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7758809** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **45601764** |
| &nbsp;&nbsp;**Total Municipal obligations (Cost $672,376,304)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**633912186** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** | &nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;**Short-term investments: 7.35%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 7.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞## |  | 3.56 | &nbsp;&nbsp;&nbsp;&nbsp;51083419 | &nbsp;&nbsp;&nbsp;&nbsp; 51093636 |
| &nbsp;&nbsp;**Total Short-term investments (Cost $51,095,155)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **51093636** |
| &nbsp;&nbsp;**Total investments in securities (Cost $723,471,459)** | &nbsp;&nbsp;98.54% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;685005822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10146663 |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$695152485** |

---

---

| | |
|:---|:---|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| 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. |
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| † | Non-income-earning security |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| ## | All or a portion of this security is segregated for when-issued securities. |
| ♠ | 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. |
| %% | The security is purchased on a when-issued basis. |

---

The accompanying notes are an integral part of these financial statements.

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Allspring Managed Account \| 27

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Portfolio of investments—December 31, 2022

------

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AGM | &nbsp;&nbsp;&nbsp;Assured Guaranty Municipal |
| Ambac | &nbsp;&nbsp;&nbsp;Ambac Financial Group Incorporated |
| AMT | &nbsp;&nbsp;&nbsp;Alternative minimum tax |
| BAM | &nbsp;&nbsp;&nbsp;Build America Mutual Assurance Company |
| CAB | &nbsp;&nbsp;&nbsp;Capital appreciation bond |
| ECFA | &nbsp;&nbsp;&nbsp;Educational & Cultural Facilities Authority |
| EDA | &nbsp;&nbsp;&nbsp;Economic Development Authority |
| EDFA | &nbsp;&nbsp;&nbsp;Economic Development Finance Authority |
| GO | &nbsp;&nbsp;&nbsp;General obligation |
| HCFR | &nbsp;&nbsp;&nbsp;Healthcare facilities revenue |
| HEFA | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority |
| HEFAR | &nbsp;&nbsp;&nbsp;Higher Education Facilities Authority Revenue |
| HFA | &nbsp;&nbsp;&nbsp;Housing Finance Authority |
| HFFA | &nbsp;&nbsp;&nbsp;Health Facilities Financing Authority |
| IDA | &nbsp;&nbsp;&nbsp;Industrial Development Authority |
| LIBOR | &nbsp;&nbsp;&nbsp;London Interbank Offered Rate |
| LIQ | &nbsp;&nbsp;&nbsp;Liquidity agreement |
| NPFGC | &nbsp;&nbsp;&nbsp;National Public Finance Guarantee Corporation |
| PCR | &nbsp;&nbsp;&nbsp;Pollution control revenue |
| PFA | &nbsp;&nbsp;&nbsp;Public Finance Authority |
| RDA | &nbsp;&nbsp;&nbsp;Redevelopment Authority |
| SIFMA | &nbsp;&nbsp;&nbsp;Securities Industry and Financial Markets Association |
| TTFA | &nbsp;&nbsp;&nbsp;Transportation Trust Fund Authority |

---

#### 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, <br> beginning of<br> period** | **Purchases** | **Sales <br> proceeds** | **Net <br> realized<br> gains<br> (losses)** | **Net <br> change in<br> unrealized<br> gains<br> (losses)** | **Value, <br> end of<br> period** | **Shares, <br> end<br> of period** | **Income <br> from<br> affiliated<br> securities** |
| &nbsp;&nbsp;**Short-term investments** | &nbsp;&nbsp;**Short-term investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Municipal Cash Management Money Market Fund Institutional Class | $11666359 | $314892632 | $(275458185) | $(3300) | $(3870) | $51093636 | 51083419 | $217654 |

---

The accompanying notes are an integral part of these financial statements.

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28 \| Allspring Managed Account

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Statement of assets and liabilities—December 31, 2022

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities, at value (cost $672,376,304)<br>| $633912186 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $51,095,155)<br>| &nbsp;&nbsp;&nbsp;&nbsp;51093636 |
| &nbsp;&nbsp; Receivable for interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8529427 |
| &nbsp;&nbsp; Receivable for Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829929 |
| &nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 |
| &nbsp;&nbsp; Receivable from manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187860 |
| **Total assets<br>**  | &nbsp;&nbsp;**698648253** |
| **Liabilities** |  |
| &nbsp;&nbsp; Dividends payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219903 |
| &nbsp;&nbsp; Payable for Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908853 |
| &nbsp;&nbsp; Payable for when-issued transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365456 |
| &nbsp;&nbsp; Overdraft due to custodian bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3495768** |
| **Total net assets<br>**  | **$695152485** |
| **Net assets consist of** |  |
| &nbsp;&nbsp; Paid-in capital<br>| $755642756 |
| &nbsp;&nbsp; Total distributable loss<br>| &nbsp;&nbsp;&nbsp;(60490271) |
| **Total net assets<br>**  | **$695152485** |
| **Computation of net asset value per share** |  |
| &nbsp;&nbsp; Net assets<br>| $695152485 |
| &nbsp;&nbsp; Share outstanding <sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;63254128 |
| &nbsp;&nbsp;Net asset value per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.99 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

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Allspring Managed Account \| 29

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Statement of operations—year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$25580252 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217654 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**25797906** |
| **Expenses** |  |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34238 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73743 |
| &nbsp;&nbsp; Registration fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48072 |
| &nbsp;&nbsp; Shareholder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20384 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21605 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21425 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**219467** |
| &nbsp;&nbsp; Less: Fee waivers and/or expense reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219467) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**25797906** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized losses on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6792900) |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3300) |
| Net realized losses on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6796200) |
| Net change in unrealized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;(93647418) |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3870) |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(93651288) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;**(100447488)** |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;**$(74649582)** |

---

The accompanying notes are an integral part of these financial statements.

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Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> December 31, 2022** | **Year ended<br> December 31, 2022** | &nbsp;&nbsp;**Year ended<br> December 31, 2021** | &nbsp;&nbsp;**Year ended<br> December 31, 2021** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp; Net investment income<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;$25797906 |  | &nbsp;&nbsp;&nbsp;$27397595 |
| &nbsp;&nbsp; Net realized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6796200) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845801 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93651288) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3959276) |
| **Net increase (decrease) in net assets resulting from operations<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(74649582)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24284120** |
| **Distributions to shareholders from** |  |  |  |  |
| &nbsp;&nbsp; Net investment income and net realized gains<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(25799892)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(27407495)** |
| **Capital share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold<br>| 27070768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302420197 | &nbsp;&nbsp;&nbsp;16917397 | &nbsp;&nbsp;&nbsp;&nbsp;211011034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed<br>| (35345356) | &nbsp;&nbsp;&nbsp;&nbsp;(395546547) | &nbsp;&nbsp;(15061995) | &nbsp;&nbsp;&nbsp;&nbsp;(187730732) |
| **Net increase (decrease) in net assets resulting from capital share transactions<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(93126350)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23280302** |
| **Total increase (decrease) in net assets<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(193575824)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20156927** |
| **Net assets** |  |  |  |  |
| **Beginning of period<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**888728309** |  | &nbsp;&nbsp;&nbsp;&nbsp;**868571382** |
| **End of period<br>**  |  | &nbsp;&nbsp;**$695152485** |  | &nbsp;&nbsp;**$888728309** |

---

The accompanying notes are an integral part of these financial statements.

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Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$12.42** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.36** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.79** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.91** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$10.99** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.42** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.36** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.79** |
| &nbsp;&nbsp; **Total return<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.37)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.19%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.63%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $695152 | &nbsp;&nbsp;$888728 | &nbsp;&nbsp;$868571 | &nbsp;&nbsp;$858102 | &nbsp;&nbsp;$656446 |

---

<sup>1</sup> The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses, and others expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term.

The accompanying notes are an integral part of these financial statements.

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Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies.* These financial statements report on the Allspring Managed Account CoreBuilder Shares - Series M (the "Fund") which is a diversified series of the Trust.

The Fund is a special purpose municipal bond fund that is used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund is intended to help enable certain separately managed account investors to achieve greater diversification than small managed accounts might otherwise achieve.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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.

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.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated

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Notes to financial statements

at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of December 31, 2022, the aggregate cost of all investments for federal income tax purposes was $723,659,799 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;&nbsp;$3110373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(41764350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized losses | &nbsp;&nbsp;$(38653977) |

---

As of December 31, 2022, the Fund had capital loss carryforwards which consisted of $12,231,286 in short-term capital losses and $9,786,674 in long-term capital losses.

3. 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)

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Quoted prices<br> (Level 1) | &nbsp;&nbsp;&nbsp;&nbsp;Other significant<br> observable inputs<br> (Level 2) | &nbsp;&nbsp;&nbsp;&nbsp;Significant <br> unobservable inputs<br> (Level 3) | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Assets</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investments in:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Municipal obligations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$633912186 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$633912186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Short-term investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investment companies* | &nbsp;&nbsp;&nbsp;&nbsp;51093636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51093636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$51093636** | &nbsp;&nbsp;&nbsp;&nbsp;**$633912186** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$685005822** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.

For the year ended December 31, 2022, the Fund did not have any transfers into/out of Level 3.

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Notes to financial statements

4. TRANSACTIONS WITH AFFILIATES

The Trust has entered into an investment management contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The manager is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund. For providing these services, Allspring Funds Management does not receive a fee from the Fund but is entitled to receive fees from separately managed account sponsors of the wrap-fee programs. Out of these fees, Allspring Funds Management pays Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, for its services as the subadviser to the Fund.

Generally, no ordinary operating fees or expenses are charged to the Fund. Allspring Funds Management has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $17,500,000, $27,562,300 and $18,969 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended December 31, 2022.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended December 31, 2022 were $99,104,696 and $252,688,063, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee equal based on the unused balance is allocated to each participating fund.

For the year ended December 31, 2022, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $25,799,892 and $27,407,495 of tax-exempt income for the years ended December 31, 2022 and December 31, 2021, respectively.

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed <br> tax-exempt<br> income | &nbsp;&nbsp;Unrealized <br> losses | &nbsp;&nbsp;&nbsp;&nbsp;Capital loss<br> carryforward |
| &nbsp;&nbsp;&nbsp;&nbsp;$2401569 | &nbsp;&nbsp;$(38653977) | &nbsp;&nbsp;&nbsp;&nbsp;$(22017960) |

---

8. CONCENTRATION RISK

Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of December 31, 2022, two unaffiliated shareholders owned in aggregate 52% of the Fund.

9. MARKET RISKS

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 ("COVID-19") is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of

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Notes to financial statements

business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.

10. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees<br> Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Managed Account CoreBuilder Shares - Series M (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g429993img882e46055.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

February 27, 2023

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Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended December 31, 2022.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling **1-800-877-9275**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

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[**Table of Contents**](#job_coreb_897f33df-5f60-4ce0-b1bf-bbd7ddf4b087_toc)

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the "Fund Complex"). This table should be read in conjunction with the Prospectus and the Statement of Additional Information<sup>1</sup>. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Name and<br> year of birth | Position held and<br> length of service\* | Principal occupations during past five years or longer | Current other<br> public company or<br> investment<br> company<br> directorships |
| &nbsp;&nbsp;William R. Ebsworth<br> (Born 1957) | Trustee, <br> since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
| &nbsp;&nbsp;Jane A. Freeman<br> (Born 1953) | Trustee, <br> since 2015;<br> Chair Liaison,<br> since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
| &nbsp;&nbsp;Isaiah Harris, Jr.<br> (Born 1952) | Trustee, <br> since 2009; Audit<br> Committee<br> Chair,<br> since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
| &nbsp;&nbsp;David F. Larcker<br> (Born 1950) | Trustee, <br> since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |

---

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Other information (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Name and<br> year of birth | Position held and<br> length of service\* | Principal occupations during past five years or longer | Current other<br> public company or<br> investment<br> company<br> directorships |
| &nbsp;&nbsp;Olivia S. Mitchell<br> (Born 1953) | Trustee, <br> since 2006;<br> Nominating and<br> Governance<br> Committee Chair,<br> since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton's Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
| &nbsp;&nbsp;Timothy J. Penny<br> (Born 1951) | Trustee, <br> since 1996;<br> Chair,<br> since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
| &nbsp;&nbsp;James G. Polisson<br> (Born 1959) | Trustee, <br> since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics' Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
| &nbsp;&nbsp;Pamela Wheelock<br> (Born 1959) | Trustee, <br> since January<br> 2020; previously<br> Trustee from<br> January 2018 to<br> July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |

---

\* Length of service dates reflect the Trustee's commencement of service with the Trust's predecessor entities, where applicable.

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Other information (unaudited)

Officers<sup>2</sup>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name and<br> year of birth | &nbsp;&nbsp;Position held and<br> length of service | Principal occupations during past five years or longer |
| &nbsp;&nbsp;&nbsp;Andrew Owen<br> (Born 1960) | &nbsp;&nbsp;President, <br> since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
| &nbsp;&nbsp;&nbsp;Jeremy DePalma<br> (Born 1974) | &nbsp;&nbsp;Treasurer, <br> since 2012<br> (for certain funds in<br> the Fund Complex);<br> since 2021 (for<br> the remaining funds in the<br> Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
| &nbsp;&nbsp;&nbsp;Christopher Baker<br> (Born 1976) | &nbsp;&nbsp;Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
| &nbsp;&nbsp;&nbsp;Matthew Prasse<br> (Born 1983) | &nbsp;&nbsp;Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |

---

<sup>1</sup> The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at **allspringglobal.com**.

<sup>2</sup> For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.

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![](g429993img2d931be81.jpg)

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds<br> Attn: Managed Account Services<br> P.O. Box 1450<br> Milwaukee, WI 53201

Website: **allspringglobal.com**

Telephone: **1-888-877-9275**

![](g429993img677998556.jpg)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call<br> **1-888-877-9275** or visit the Fund's website at **allspringglobal.com**. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

####© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.

#### ALL-01052023-0vrhngrl 02-23<br> AR4901 12-22

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![](g430041img6d9f84161.jpg)

Annual Report

December 31, 2022

Allspring Managed Account

**■** **Allspring Managed Account *CoreBuilder®* Shares – Series SM** 

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Contents

---

| | |
|:---|:---|
| **[Performance highlights](#xx_da8ef0ab-e391-4aed-9c3c-26b430083110_1)<br>**  | 2 |
| **[Fund expenses](#xx_0ba85ca0-2959-4e83-842b-ef0088356aa0_1)<br>**  | 7 |
| **[Portfolio of investments](#xx_6ddfdb18-dfad-44e2-a924-5b0f3bb8f0b3_1)<br>**  | 8 |
| **[Financial statements](#xx_c829b1f2-7da8-4962-b13c-8d3f4b5561c1_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_c829b1f2-7da8-4962-b13c-8d3f4b5561c1_1)<br>| 15 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_c829b1f2-7da8-4962-b13c-8d3f4b5561c1_2)<br>| 16 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_c829b1f2-7da8-4962-b13c-8d3f4b5561c1_3)<br>| 17 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_baa4f05b-3186-4d99-9d7d-83637b91d0a1_1)<br>| 18 |
| **[Notes to financial statements](#xx_0213ce7f-541f-4a1e-a7ef-604e40895442_1)<br>**  | 19 |
| **[Report of independent registered public accounting firm](#xx_f78c518a-fca0-42de-8c9c-717c27b22d8c_1)<br>**  | 23 |
| **[Other information](#xx_ded47e23-eea4-40ca-a3df-73968acd31db_1)<br>**  | 24 |

---

The views expressed and any forward-looking statements are as of December 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.

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[**Table of Contents**](#job_coreb_79ff3f47-1bed-4d43-9cfc-e795bc848e5e_toc)

Performance highlights (unaudited)

---

| | |
|:---|:---|
| **Investment objective** | The Fund seeks total return, consisting of current income and capital appreciation. |
| **Manager** | Allspring Funds Management, LLC |
| **Subadviser** | Allspring Global Investments, LLC |
| **Portfolio managers** | Terry J. Goode, Robert J. Miller, Adrian Van Poppel, Nicholos Venditti |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns (%) as of December 31, 2022** | **Average annual total returns (%) as of December 31, 2022** | **Average annual total returns (%) as of December 31, 2022** | **Average annual total returns (%) as of December 31, 2022** | **Average annual total returns (%) as of December 31, 2022** | **Average annual total returns (%) as of December 31, 2022** |
|  |  |  |  | &nbsp;&nbsp;Expense ratios<sup>1</sup> (%) | &nbsp;&nbsp;Expense ratios<sup>1</sup> (%) |
|  | Inception date | &nbsp;&nbsp;1 year | &nbsp;&nbsp;Since inception | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Net <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring Managed Account CoreBuilder Shares - Series SM (WFCSX) | 5-26-2021 | &nbsp;&nbsp;-9.00 | &nbsp;&nbsp;-5.77 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Municipal Bond Index<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-8.53 | &nbsp;&nbsp;-4.98 <sup>¤</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

***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. 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 by calling 1-888-877-9275.***

*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.*

*Shares are sold without a front-end sales charge or contingent deferred sales charge.*

---

| | |
|:---|:---|
| <sup>¤</sup> | Based on the Fund's inception date. |
| <sup>1</sup> | Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| <sup>2</sup> | Generally, no ordinary fees or expenses are charged to the Fund. Allspring Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term. |
| <sup>3</sup> | 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. |

---

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to high-yield securities risk and municipal securities risk. Consult the Fund's prospectus for additional information on these and other risks. A portion of the Fund's income may be subject to federal, state, and/or local income taxes or the alternative minimum tax. Any capital gains distributions may be taxable.

CoreBuilder Shares are a series of investment options within the separately managed accounts advised or subadvised by Allspring Funds Management, LLC. The shares are fee-waived mutual funds that enable certain separately managed account investors to achieve greater diversification than smaller managed accounts might otherwise achieve.

Investing in environmental, social, and governance (ESG) carries the risk that, under certain market conditions, the investments may underperform products that invest in a broader array of investments. In addition, some ESG investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies. The ESG sector also may have challenges such as a limited number of issuers and liquidity in the market, including a robust secondary market. Investing primarily in responsible investments carries the risk that, under certain market conditions, an investment may underperform funds that do not use a responsible investment strategy.

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Performance highlights (unaudited)

Growth of $10,000 investment as of December 31, 2022<sup>1</sup>

![](g430041img0a026b212.gif)

<sup>1</sup> The chart compares the performance of the Fund since inception with the Bloomberg Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 investment and reflects all operating expenses of the Fund.

Please remember that shares of the Fund may be purchased only by or on behalf of separately managed account clients where Allspring Funds Management, LLC has an agreement to serve as investment adviser or subadviser to the account with the separately managed account sponsor (typically a registered investment adviser or broker/dealer) or directly with the client.

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Performance highlights (unaudited)

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Performance highlights (unaudited)

MANAGER'S DISCUSSION

Fund highlights

■ The Fund underperformed the
Bloomberg Municipal Bond Index for the 12-month period that ended December 31, 2022.

■ The Fund's
credit-quality profile detracted from performance. The Fund was overweight A and BBB category bonds, which were among the weakest performers with higher-grade bonds (AAA-rated and AA-rated) outperforming. An overweight to the weakest long bond
maturity segment also detracted.

■ Contributors
 to performance included a defensive duration position with rates increasing over the period; a small out-of-benchmark exposure to nonrated bonds, which outperformed the market; and an underweight to housing, the weakest-performing sector. An
overweight to premium-coupon bonds also helped as lower-coupon bonds underperformed for the period.

Market review

The period began with U.S. equity and fixed income markets turning negative as investors grappled with record-high inflation, rising interest rates, and geopolitical unrest. Annualized real gross domestic product growth remained positive earlier in the period. However, economic headwinds and the inversion of the U.S. Treasury yield curve sparked recessionary concerns among investors, which continued throughout the period.

U.S. inflation climbed above 7.5% in March, the highest level in 40 years, as rising energy prices, strong consumer demand, and ongoing supply constraints continued to drive consumer prices higher. The U.S. Consumer Price Index<sup>\*</sup> rose 7.1% year over year in November—the lowest reading in the past year and well below the 9.1% peak reached in June. Record increases in food, energy, and health care over the past 12 months contributed to the gain, according to the U.S. Bureau of Labor Statistics.

The Federal Open Market Committee concluded its asset purchase program and raised the overnight lending rate 25 basis points (bps; 100 bps equal 1.00%) in March—the first of seven increases for the period, which ultimately ended with a target level of 4.25% to 4.50%.

The municipal bond market suffered its worst quarter in four decades, losing over 6% in the first three months of 2022 as inflation concerns and rising U.S. Treasury yields prompted an investor sell-off. The Bloomberg Municipal Bond Index was down 8.53% for the entire period. Demand turned negative and investors withdrew a record $122 billion of assets from municipal mutual funds and exchange-traded funds. Municipal-to-Treasury ratios fell from their historically expensive levels during the period but ended the period with a year-end rally.

Municipal supply was lower than expected in 2022. Full-year new issuance was roughly $370 billion, nearly 25% less than in 2021. This lack of supply forced market participants into

the secondary market for bonds and contributed to recent municipal strong performance as the period ended.

&nbsp;&nbsp;Credit quality as of December 31, 2022<sup>1</sup>

![](g430041imgb4e2fe843.jpg)

<sup>1</sup> The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor's, Moody's Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor's rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor's rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody's rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody's rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

Municipal fundamentals remained strong, supported by fiscal stimulus that continues to wind its way through to the real economy. Municipal credit spreads widened in 2022, but they

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<sup>\*</sup> 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

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Performance highlights (unaudited)

have still not hit their trailing averages. Even as fundamentals remain strong, additional widening may be seen before credit spreads stabilize.

The Russian invasion of Ukraine roiled capital markets, most notably in the energy and commodities sectors. However, the direct impact of the conflict in the municipal market was modest.

The U.S. labor market remained relatively strong, with a low 3.7% unemployment rate, signaling that parts of the economy are still expanding. Internationally, a eurozone recession began to take hold at period-end as countries headed into the winter months facing an energy supply crisis perpetuated by the ongoing Russia/Ukraine war.

We used our environmental, social, and governance impact framework to source bonds that provide positive impact. Certain revenue sectors are more in alignment with green and social bond principals, which resulted in overweights to the hospital and education sectors. Conversely, there is less alignment in the airport and state general obligation (GO) sectors, which resulted in an underweight or no exposure. Overall, the Fund ended the period with a material overweight to revenue bonds and an underweight to GO bonds. Washington, Pennsylvania, New Jersey, and Maryland were overweight state positions. We positioned the Fund with a slightly short to neutral duration profile and targeted purchases in the steeper parts of the yield curve. The Fund ended the period overweight the 3- to 7-year maturity segment and the long bond (20-plus-year) segment and underweight the 10- to 20-year maturity segment.

&nbsp;&nbsp;Effective maturity distribution as of December 31, 2022<sup>1</sup>

![](g430041img906970b84.jpg)

<sup>1</sup> Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified.

Overweights to A-rated and BBB-rated bonds detracted from performance.

An overweight to the weakest-performing BBB-rated segment and second-weakest A-rated segment detracted from performance. Lack of exposure to the highest-rated segment and an underweight to AA-rated bonds hurt performance as investors embarked upon a flight-to-quality trade amid interest rate volatility. The overweight to the 3- to 7-year maturity segment contributed to performance while the overweight to the long-bond segment detracted. The Fund's overweight to revenue bonds detracted, with the health care and education subsector overweights underperforming the benchmark.

A strong technical backdrop and a return to municipal demand may benefit municipal bond returns.

Absent a significant increase in Treasury rates, municipal bonds should benefit in the first couple of months of the year from the strong technical backdrop with limited tax-exempt supply and increased demand. We expect demand for municipals to return with the increase in yields and the favorable credit and higher recovery rates compared with other fixed income asset classes. We also expect the extraordinary fiscal support provided to municipals to provide credit support, but we realize spreads could widen if the U.S. enters a recession.

We expect the Federal Reserve to continue to raise rates in the first half of 2023, with the number of rate hikes largely driven by inflation data. A pause in federal fund rate increases could occur in the latter half of the year. Municipals tend to outperform other fixed income asset classes in a rising-rate environment, and we expect that to continue. Municipal market returns tend to bounce back after negative-return years. However, actual returns will largely be dependent on investor demand and the economic outlook, with a recession being a real risk. Security selection and sector rotation will continue to be keys in driving returns for 2023 as we navigate municipal-to-Treasury ratios, wider credit spreads, and a potentially volatile rates market. We expect to continue to source value in lower-rated bonds when appropriate, but the mid-investment-grade segment offers value as yields have adjusted higher.

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Fund expenses (unaudited)

As a shareholder of the Fund, you incur 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 July 1, 2022 to December 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. 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.

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;Beginning <br> account value<br> 7-1-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending <br> account value<br> 12-31-2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1004.93 &nbsp;&nbsp;&nbsp;&nbsp;$0.00 <sup>\*</sup> &nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1025.21 &nbsp;&nbsp;&nbsp;&nbsp;$0.00 <sup>\*</sup> &nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>\*</sup> |

---

<sup>1</sup> Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half-year period).

\* Generally, no ordinary fees or expenses are charged to the Fund. Allspring Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term.

------

Allspring Managed Account \| 7

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[**Table of Contents**](#job_coreb_79ff3f47-1bed-4d43-9cfc-e795bc848e5e_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Municipal obligations: 98.63%** |  |  |  |  |
| &nbsp;&nbsp;**Arizona: 6.73%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 3.47%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2027 | &nbsp;&nbsp;$60000 | &nbsp;&nbsp;$62747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2028 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 63131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2029 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2030 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2031 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 74381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona IDA Education Revenue Kipp NYC Public Charter Schools | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2032 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 343695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona IDA Education Revenue Refunding Bond Doral Academy Northern Nevada Series A 144A | 4.00 | &nbsp;&nbsp;7-15-2027 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 120772 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **802213** |
| &nbsp;&nbsp;**Health revenue: 3.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona IDA Hospital Revenue Phoenix Children's Hospital Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2024 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 306213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County AZ IDA HonorHealth Project Series A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2051 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 445361 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **751574** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1553787** |
| &nbsp;&nbsp;**California: 2.73%** |  |  |  |  |
| &nbsp;&nbsp;**Utilities revenue: 2.73%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority Clean Energy Project Revenue Series B 2 Green Buildings (SIFMA Municipal Swap +0.45%) ± | 4.11 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2052 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; **631839** |
| &nbsp;&nbsp;**Colorado: 1.89%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 1.89%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Board of Trustees School of Mines Institutional Enterprise Revenue Bonds Series 2022B (AGM Insured) | 5.25 | &nbsp;&nbsp;12-1-2052 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 321179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado ECFA Charter School New Summit Charter Academy 144A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2031 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 114404 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **435583** |
| &nbsp;&nbsp;**Connecticut: 4.62%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.58%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut HEFA Trinity College Series S | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-1-2029 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**133015** |
| &nbsp;&nbsp;**Health revenue: 4.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut HEFA Hartford Healthcare Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2025 | &nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut HEFA Stamford Hospital Series M | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2024 | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178435 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**933274** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1066289** |

---

------

8 \| Allspring Managed Account

------

[**Table of Contents**](#job_coreb_79ff3f47-1bed-4d43-9cfc-e795bc848e5e_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Florida: 3.80%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corporation Global Outreach Charter Project 144A | 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;6-30-2056 | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;**$82936** |
| &nbsp;&nbsp;**Health revenue: 3.44%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corporation HCFR Lakeland Regional Health System | 5.00 | &nbsp;&nbsp;11-15-2026 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; **796001** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **878937** |
| &nbsp;&nbsp;**Georgia: 1.39%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.95%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Private College & University Authority Mercer University Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; **218900** |
| &nbsp;&nbsp;**Utilities revenue: 0.44%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority Georgia Plant Vogtle Units 3 & 4 Project Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2024 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; **101705** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **320605** |
| &nbsp;&nbsp;**Illinois: 4.05%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 1.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue Acero Charter Schools Incorporated 144A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2035 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 107049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue LEARN Charter School Project | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2027 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150638 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **257687** |
| &nbsp;&nbsp;**Miscellaneous revenue: 2.94%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago IL Transit Authority Federal Transit Administration Capital Grant Receipts | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2029 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; **679159** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **936846** |
| &nbsp;&nbsp;**Indiana: 5.04%** |  |  |  |  |
| &nbsp;&nbsp;**Health revenue: 3.37%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Hospital Revenue Reid Health Series 2022 (AGM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2041 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; **777509** |
| &nbsp;&nbsp;**Water & sewer revenue: 1.67%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Wastewater Utility Revenue First Lien Communications Workers of America Authority Project Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2023 | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**385755** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1163264** |
| &nbsp;&nbsp;**Kentucky: 0.93%** |  |  |  |  |
| &nbsp;&nbsp;**Health revenue: 0.93%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hazard KY Appalachian Regional Healthcare Revenue | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2051 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**215040** |
| &nbsp;&nbsp;**Louisiana: 2.05%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 2.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority Refunding Bonds Loyola University Project | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2051 | &nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**472801** |

---

------

Allspring Managed Account \| 9

------

[**Table of Contents**](#job_coreb_79ff3f47-1bed-4d43-9cfc-e795bc848e5e_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Maryland: 3.66%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 1.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince Georges County MD Chesapeake Lighthouse Foundation 144A | 6.50% | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2035 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;**$256434** |
| &nbsp;&nbsp;**Housing revenue: 0.84%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland CDA Department of Housing & Community Multifamily Development Woodside Gardens Series A 144A | 1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2024 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; **193430** |
| &nbsp;&nbsp;**Transportation revenue: 1.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Economic Development Corporation Private Activity Revenue Bonds Series B | 5.25 | &nbsp;&nbsp;6-30-2055 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; **395431** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **845295** |
| &nbsp;&nbsp;**Massachusetts: 1.67%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.58%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Simmons Collateral Series H (AGC Insured) | 5.25 | &nbsp;&nbsp;10-1-2033 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; **134115** |
| &nbsp;&nbsp;**Health revenue: 1.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds Boston Medical Center Issue Series D | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2044 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; **251234** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **385349** |
| &nbsp;&nbsp;**Michigan: 6.30%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 2.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Michigan University General Revenue | 5.00 | &nbsp;&nbsp;10-1-2026 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 186943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Academy Michigan Public School Revenue Refunding Bond | 2.00 | &nbsp;&nbsp;12-1-2026 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 321040 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **507983** |
| &nbsp;&nbsp;**GO revenue: 4.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redford MI Union School District # 1 Series 1 (Qualified School Board Loan Fund Insured) | 5.00 | &nbsp;&nbsp;11-1-2029 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; **947318** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1455301** |
| &nbsp;&nbsp;**Mississippi: 1.25%** |  |  |  |  |
| &nbsp;&nbsp;**Miscellaneous revenue: 1.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Development Bank Special Obligation Gulfport Mississippi Public Improvement Project | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2023 | &nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**288724** |
| &nbsp;&nbsp;**Missouri: 0.67%** |  |  |  |  |
| &nbsp;&nbsp;**Health revenue: 0.67%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri HEFA Lake Regional Health System | 5.00 | &nbsp;&nbsp;2-15-2025 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**153913** |
| &nbsp;&nbsp;**New Hampshire: 2.34%** |  |  |  |  |
| &nbsp;&nbsp;**Health revenue: 2.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire HEFA Concord Hospital Project Series A | 5.00 | &nbsp;&nbsp;10-1-2028 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**540976** |
| &nbsp;&nbsp;**New Jersey: 6.06%** |  |  |  |  |
| &nbsp;&nbsp;**Miscellaneous revenue: 3.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey EDA School Facilities Construction Series Q | 4.00 | &nbsp;&nbsp;6-15-2034 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**752300** |

---

------

10 \| Allspring Managed Account

------

[**Table of Contents**](#job_coreb_79ff3f47-1bed-4d43-9cfc-e795bc848e5e_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Transportation revenue: 2.81%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund CAB Transportation System Series A ¤ | 0.00% | &nbsp;&nbsp;12-15-2032 | &nbsp;&nbsp;$215000 | &nbsp;&nbsp;$141425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Jersey Transportation Authority Transportation System Revenue Bonds 2022 Series A | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2052 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 507469 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **648894** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1401194** |
| &nbsp;&nbsp;**New York: 8.57%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 4.98%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build New York City Resource Corporation Academic Leadership Charter Project | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2036 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 369213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build New York City Resource Corporation New World Preparatory Charter School Project | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2031 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 280708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Dormitory Authority Revenues Non Fordham University Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2041 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 293436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saint Lawrence County NY IDA Civic Development Corporation Clarkson University Project Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2040 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saint Lawrence County NY IDA Civic Development Corporation Clarkson University Project Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2041 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103462 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1150398** |
| &nbsp;&nbsp;**Transportation revenue: 1.80%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Revenue Transportation Climate Bond Certified | 4.00 | &nbsp;&nbsp;11-15-2047 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; **415145** |
| &nbsp;&nbsp;**Water & sewer revenue: 1.79%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buffalo NY Sewer Authority Green Bonds (BAM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2031 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 196509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Nassau County NY Water Authority Series A Green Bonds | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2041 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 217118 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **413627** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1979170** |
| &nbsp;&nbsp;**North Carolina: 3.60%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 1.60%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Refunding Bond Campbell University Series A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2027 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; **369744** |
| &nbsp;&nbsp;**Miscellaneous revenue: 2.00%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fayetteville State University Revenue Refunding Bond Limited Obligation Student Housing Project (AGM Insured) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2025 | &nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**462812** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**832556** |
| &nbsp;&nbsp;**North Dakota: 2.31%** |  |  |  |  |
| &nbsp;&nbsp;**Health revenue: 1.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Forks ND Health Care System Revenue Altru Health System | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2024 | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**277321** |

---

------

Allspring Managed Account \| 11

------

[**Table of Contents**](#job_coreb_79ff3f47-1bed-4d43-9cfc-e795bc848e5e_toc)

Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Miscellaneous revenue: 1.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of North Dakota Certificates of Participation Housing Infrastructure Project Series A (AGM Insured) | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;6-1-2024 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp;**$256943** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **534264** |
| &nbsp;&nbsp;**Ohio: 1.73%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.89%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast Ohio Medical University General Receipts Refunding Bond Series B (BAM Insured) | 5.00 | &nbsp;&nbsp;12-1-2023 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast Ohio Medical University General Receipts Refunding Bond Series B (BAM Insured) | 5.00 | &nbsp;&nbsp;12-1-2024 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103724 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **205373** |
| &nbsp;&nbsp;**Housing revenue: 0.84%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbus OH Metropolitan Housing Authority General Revenue Bonds | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2024 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; **193197** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **398570** |
| &nbsp;&nbsp;**Oklahoma: 3.18%** |  |  |  |  |
| &nbsp;&nbsp;**Transportation revenue: 3.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority Second Senior Revenue Bonds Series C | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2047 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; **735152** |
| &nbsp;&nbsp;**Pennsylvania: 10.66%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 3.82%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County PA IDA Germantown Academy Project | 4.00 | &nbsp;&nbsp;10-1-2046 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 324627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania HEFAR Drexel University | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2026 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 472191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania HEFAR Widener University Series A | 4.00 | &nbsp;&nbsp;7-15-2046 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 84662 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **881480** |
| &nbsp;&nbsp;**Health revenue: 3.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehigh County PA General Purpose Authority Revenues Good Shepherd Group Series A | 4.00 | &nbsp;&nbsp;11-1-2027 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; **716591** |
| &nbsp;&nbsp;**Transportation revenue: 3.74%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Subordinated Revenue Refunding Bonds | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-1-2028 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 289856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Subordinated Revenue Refunding Bonds Series B-1 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-1-2030 | &nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574830 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**864686** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2462757** |
| &nbsp;&nbsp;**Rhode Island: 2.60%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 2.60%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island HEFA Providence College Project Series A | 4.00 | &nbsp;&nbsp;11-1-2050 | &nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**601747** |
| &nbsp;&nbsp;**Texas: 2.79%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 1.96%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odessa College District Revenue Consolidated Fund (AGM Insured) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2025 | &nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**452421** |

---

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Portfolio of investments—December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Water & sewer revenue: 0.83%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upper Trinity Regional Water District Regional Treated Water Supply Project (BAM Insured) | 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2038 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp;**$192581** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **645002** |
| &nbsp;&nbsp;**Washington: 6.12%** |  |  |  |  |
| &nbsp;&nbsp;**Health revenue: 4.41%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority Revenue Bonds Series 2020 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2050 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; **1020276** |
| &nbsp;&nbsp;**Housing revenue: 0.65%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County WA Housing Authority Workforce Housing Preservation Pooled Revenue Refunding Bond | 3.00 | &nbsp;&nbsp;10-1-2025 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; **149533** |
| &nbsp;&nbsp;**Utilities revenue: 1.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seattle WA Municipal Light & Power Refunding Bond Series B (SIFMA Municipal Swap +0.25%) ± | 3.91 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2045 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; **245133** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1414942** |
| &nbsp;&nbsp;**Wisconsin: 1.89%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.86%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coral Academy of Science Wisconsin PFA Education Revenue | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2024 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coral Academy of Science Wisconsin PFA Education Revenue | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2025 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98818 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **198110** |
| &nbsp;&nbsp;**Health revenue: 1.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carson Valley Medical Center Wisconsin PFA Hospital Revenue Series A | 3.00 | &nbsp;&nbsp;12-1-2026 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; **238530** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **436640** |
| &nbsp;&nbsp;**Total Municipal obligations (Cost $25,488,420)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**22786543** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** | &nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;**Short-term investments: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞ |  | 3.56 | &nbsp;&nbsp;&nbsp;&nbsp; 33242 | &nbsp;&nbsp;&nbsp;&nbsp; 33248 |
| &nbsp;&nbsp;**Total Short-term investments (Cost $33,261)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33248** |
| &nbsp;&nbsp;**Total investments in securities (Cost $25,521,681)** | &nbsp;&nbsp;98.77% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22819791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 283532 |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$23103323** |

---

---

| | |
|:---|:---|
| 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. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ♠ | 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. |

---

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Portfolio of investments—December 31, 2022

------

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AGC | &nbsp;&nbsp;&nbsp;Assured Guaranty Corporation |
| AGM | &nbsp;&nbsp;&nbsp;Assured Guaranty Municipal |
| BAM | &nbsp;&nbsp;&nbsp;Build America Mutual Assurance Company |
| CAB | &nbsp;&nbsp;&nbsp;Capital appreciation bond |
| CDA | &nbsp;&nbsp;&nbsp;Community Development Authority |
| ECFA | &nbsp;&nbsp;&nbsp;Educational & Cultural Facilities Authority |
| EDA | &nbsp;&nbsp;&nbsp;Economic Development Authority |
| GO | &nbsp;&nbsp;&nbsp;General obligation |
| HCFR | &nbsp;&nbsp;&nbsp;Healthcare facilities revenue |
| HEFA | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority |
| HEFAR | &nbsp;&nbsp;&nbsp;Higher Education Facilities Authority Revenue |
| IDA | &nbsp;&nbsp;&nbsp;Industrial Development Authority |
| PFA | &nbsp;&nbsp;&nbsp;Public Finance Authority |
| SIFMA | &nbsp;&nbsp;&nbsp;Securities Industry and Financial Markets Association |

---

#### 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, <br> beginning of<br> period** | **Purchases** | **Sales <br> proceeds** | **Net <br> realized<br> gains<br> (losses)** | **Net <br> change in<br> unrealized<br> gains<br> (losses)** | **Value, <br> end of<br> period** | **Shares, <br> end<br> of period** | **Income <br> from<br> affiliated<br> securities** |
| &nbsp;&nbsp;**Short-term investments** | &nbsp;&nbsp;**Short-term investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Municipal Cash Management Money Market Fund Institutional Class | $144685 | $1833324 | $(1944641) | $(98) | $(22) | $33248 | 33242 | $2262 |

---

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Statement of assets and liabilities—December 31, 2022

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities, at value (cost $25,488,420)<br>| $22786543 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $33,261)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33248 |
| &nbsp;&nbsp; Receivable for interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277842 |
| &nbsp;&nbsp; Receivable from manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8816 |
| **Total assets<br>**  | &nbsp;&nbsp;**23106478** |
| **Liabilities** |  |
| &nbsp;&nbsp; Dividends payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3155** |
| **Total net assets<br>**  | **$23103323** |
| **Net assets consist of** |  |
| &nbsp;&nbsp; Paid-in capital<br>| $25850000 |
| &nbsp;&nbsp; Total distributable loss<br>| &nbsp;&nbsp;&nbsp;(2746677) |
| **Total net assets<br>**  | **$23103323** |
| **Computation of net asset value per share** |  |
| &nbsp;&nbsp; Net assets<br>| $23103323 |
| &nbsp;&nbsp; Share outstanding <sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1296731 |
| &nbsp;&nbsp;Net asset value per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.82 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

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Statement of operations—year ended December 31, 2022

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$331741 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**334003** |
| **Expenses** |  |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60223 |
| &nbsp;&nbsp; Registration fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30583 |
| &nbsp;&nbsp; Shareholder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16194 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21605 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**137174** |
| &nbsp;&nbsp; Less: Fee waivers and/or expense reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;(137174) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**334003** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized losses on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44235) |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) |
| Net realized losses on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44333) |
| Net change in unrealized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;(2541143) |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;(2541165) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;**(2585498)** |
| **Net decrease in net assets resulting from operations<br>**  | **$(2251495)** |

---

The accompanying notes are an integral part of these financial statements.

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16 \| Allspring Managed Account

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Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> December 31, 2022** | **Year ended<br> December 31, 2022** | &nbsp;&nbsp;**Year ended<br> December 31, 2021<sup>1</sup>** | &nbsp;&nbsp;**Year ended<br> December 31, 2021<sup>1</sup>** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp; Net investment income<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;$334003 |  | &nbsp;&nbsp;&nbsp;&nbsp;$140736 |
| &nbsp;&nbsp; Net realized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44333) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;(2541165) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160725) |
| **Net decrease in net assets resulting from operations<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(2251495)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16084)** |
| **Distributions to shareholders from** |  |  |  |  |
| &nbsp;&nbsp; Net investment income and net realized gains<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(334529)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(144569)** |
| **Capital share transactions** | **Shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold<br>| 25895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions<br>| 18347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49450 |
| **Net increase in net assets resulting from capital share transactions<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**800550** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25049450** |
| **Total increase (decrease) in net assets<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(1785474)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24888797** |
| **Net assets** |  |  |  |  |
| **Beginning of period<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**24888797** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0** |
| **End of period<br>**  |  | &nbsp;&nbsp;**$23103323** |  | &nbsp;&nbsp;**$24888797** |

---

<sup>1</sup> For the period from May 26, 2021 (commencement of operations) to December 31, 2021

The accompanying notes are an integral part of these financial statements.

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Financial highlights

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | &nbsp;&nbsp;**2021 <sup>1</sup>** |
| &nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$19.87** | &nbsp;&nbsp;&nbsp;&nbsp;**$20.00** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00) <sup>2</sup> |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;**$17.82** | &nbsp;&nbsp;&nbsp;&nbsp;**$19.87** |
| &nbsp;&nbsp; **Total return<sup>3</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(9.00)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.07)%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;**Supplemental data** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $23103 | &nbsp;&nbsp;$24889 |

---

<sup>1</sup> For the period from May 26, 2021 (commencement of operations) to December 31, 2021

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Returns for periods of less than one year are not annualized.

<sup>4</sup> The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses, and others expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term.

The accompanying notes are an integral part of these financial statements.

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Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies.* These financial statements report on the Allspring Managed Account CoreBuilder Shares - Series SM (the "Fund") which is a diversified series of the Trust.

The Fund is a special purpose fund invested primarily in municipal securities determined to have a positive ESG impact and is intended to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund is intended to help enable certain separately managed account investors to achieve greater diversification than smaller managed accounts might otherwise achieve.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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.

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.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance

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Notes to financial statements

with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the fiscal years since commencement of operations are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of December 31, 2022, the aggregate cost of all investments for federal income tax purposes was $25,521,681 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(2722166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized losses | &nbsp;&nbsp;$(2701890) |

---

As of December 31, 2022, the Fund had capital loss carryforwards which consisted of $29,704 in short-term capital losses and $14,629 in long-term capital losses.

3. 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)

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Quoted prices<br> (Level 1) | &nbsp;&nbsp;&nbsp;&nbsp;Other significant<br> observable inputs<br> (Level 2) | &nbsp;&nbsp;&nbsp;&nbsp;Significant <br> unobservable inputs<br> (Level 3) | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Assets</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investments in:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Municipal obligations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$22786543 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$22786543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Short-term investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investment companies* | &nbsp;&nbsp;&nbsp;&nbsp;33248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$33248** | &nbsp;&nbsp;&nbsp;&nbsp;**$22786543** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$22819791** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.

For the year ended December 31, 2022, the Fund did not have any transfers into/out of Level 3.

------

20 \| Allspring Managed Account

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[**Table of Contents**](#job_coreb_79ff3f47-1bed-4d43-9cfc-e795bc848e5e_toc)

Notes to financial statements

4. TRANSACTIONS WITH AFFILIATES

The Trust has entered into an investment management contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The manager is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund. For providing these services, Allspring Funds Management does not receive a fee from the Fund but is entitled to receive fees from separately managed account sponsors of the wrap-fee programs. Out of these fees, Allspring Funds Management pays Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, for its services as the subadviser to the Fund.

Generally, no ordinary operating fees or expenses are charged to the Fund. Allspring Funds Management has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $186,468, $0 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended December 31, 2022.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended December 31, 2022 were $4,530,961 and $3,256,255, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee equal based on the unused balance is allocated to each participating fund.

For the year ended December 31, 2022, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended December 31 | &nbsp;&nbsp;Year ended December 31 |
| | &nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3905 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tax-exempt income** | &nbsp;&nbsp;&nbsp;&nbsp;334125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140664 |

---

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed <br> tax-exempt<br> income | &nbsp;&nbsp;Unrealized <br> losses | &nbsp;&nbsp;&nbsp;&nbsp;Capital loss<br> carryforward |
| &nbsp;&nbsp;&nbsp;&nbsp;$2673 | &nbsp;&nbsp;$(2701890) | &nbsp;&nbsp;&nbsp;&nbsp;$(44333) |

---

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Allspring Managed Account \| 21

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[**Table of Contents**](#job_coreb_79ff3f47-1bed-4d43-9cfc-e795bc848e5e_toc)

Notes to financial statements

8. CONCENTRATION RISK

Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of December 31, 2022, Allspring Funds Management or one of its affiliates owned 100% of the Fund.

9. MARKET RISKS

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 ("COVID-19") is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.

10. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

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Report of independent registered public accounting firm

To the Shareholder of the Fund and Board of Trustees<br> Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Managed Account CoreBuilder Shares - Series SM (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended and the period from May 26, 2021 (commencement of operations) to December 31, 2021, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended and the period from May 26, 2021 to December 31, 2021. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for the year then ended and the period from May 26, 2021 to December 31, 2021, and the financial highlights for the year then ended and the period from May 26, 2021 to December 31, 2021, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g430041imga9270b2d5.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

February 27, 2023

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Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended December 31, 2022.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling **1-800-222-8222**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

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Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the "Fund Complex"). This table should be read in conjunction with the Prospectus and the Statement of Additional Information<sup>1</sup>. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Name and<br> year of birth | Position held and<br> length of service\* | Principal occupations during past five years or longer | Current other<br> public company or<br> investment<br> company<br> directorships |
| &nbsp;&nbsp;William R. Ebsworth<br> (Born 1957) | Trustee, <br> since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
| &nbsp;&nbsp;Jane A. Freeman<br> (Born 1953) | Trustee, <br> since 2015;<br> Chair Liaison,<br> since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
| &nbsp;&nbsp;Isaiah Harris, Jr.<br> (Born 1952) | Trustee, <br> since 2009; Audit<br> Committee<br> Chair,<br> since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
| &nbsp;&nbsp;David F. Larcker<br> (Born 1950) | Trustee, <br> since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |

---

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Other information (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Name and<br> year of birth | Position held and<br> length of service\* | Principal occupations during past five years or longer | Current other<br> public company or<br> investment<br> company<br> directorships |
| &nbsp;&nbsp;Olivia S. Mitchell<br> (Born 1953) | Trustee, <br> since 2006;<br> Nominating and<br> Governance<br> Committee Chair,<br> since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton's Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
| &nbsp;&nbsp;Timothy J. Penny<br> (Born 1951) | Trustee, <br> since 1996;<br> Chair,<br> since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
| &nbsp;&nbsp;James G. Polisson<br> (Born 1959) | Trustee, <br> since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics' Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
| &nbsp;&nbsp;Pamela Wheelock<br> (Born 1959) | Trustee, <br> since January<br> 2020; previously<br> Trustee from<br> January 2018 to<br> July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |

---

\* Length of service dates reflect the Trustee's commencement of service with the Trust's predecessor entities, where applicable.

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Other information (unaudited)

Officers<sup>2</sup>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name and<br> year of birth | &nbsp;&nbsp;Position held and<br> length of service | Principal occupations during past five years or longer |
| &nbsp;&nbsp;&nbsp;Andrew Owen<br> (Born 1960) | &nbsp;&nbsp;President, <br> since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
| &nbsp;&nbsp;&nbsp;Jeremy DePalma<br> (Born 1974) | &nbsp;&nbsp;Treasurer, <br> since 2012<br> (for certain funds in<br> the Fund Complex);<br> since 2021 (for<br> the remaining funds in the<br> Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
| &nbsp;&nbsp;&nbsp;Christopher Baker<br> (Born 1976) | &nbsp;&nbsp;Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
| &nbsp;&nbsp;&nbsp;Matthew Prasse<br> (Born 1983) | &nbsp;&nbsp;Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |

---

<sup>1</sup> The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at **allspringglobal.com**.

<sup>2</sup> For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.

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![](g430041img6d9f84161.jpg)

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds<br> Attn: Managed Account Services<br> P.O. Box 1450<br> Milwaukee, WI 53201

Website: **allspringglobal.com**

Telephone: **1-888-877-9275**

![](g430041imge8d409416.jpg)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call<br> **1-888-877-9275** or visit the Fund's website at **allspringglobal.com**. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

####© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.

#### ALL-01052023-3qp2zicb 02-23<br> AR4902 12-22

------

<u>ITEM 2. CODE OF ETHICS</u> 

(a) As of the end of the period covered by the report, Allspring Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

<u>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT</u> 

The Board of Trustees of Allspring Funds Trust has determined that Isaiah Harris is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Harris is independent for purposes of Item 3 of Form N-CSR.

<u>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u> 

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant's principal accountant. These fees were billed to the registrant and were approved by the Registrant's audit committee.

---

| | | |
|:---|:---|:---|
|  | **Fiscal**<br>**year ended**<br>December 31,<br>2022 | **Fiscal**<br>**year ended**<br>December 31<br>2021 |
|  Audit fees | $97320 | $93810 |
|  Audit-related fees |  |  |
|  Tax fees <sup>(1)</sup> | 4320 | 4160 |
|  All other fees |  |  |
|  | $101640 | $97970 |

---

<sup>(1)</sup> Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors ("Auditors") if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund's investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.

------

If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(f) Not applicable

(g) Not applicable

(h) Not applicable

<u>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS</u> 

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

A Portfolio of Investments for each series of Allspring Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

<u>ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u> 

Not applicable.

<u>ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that have been implemented since the registrant's last provided disclosure in response to the requirements of this Item.

<u>ITEM 11. CONTROLS AND PROCEDURES</u> 

(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

------

(b) There were no significant changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

<u>ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 13. EXHIBITS</u> 

(a)(1) [Code of Ethics.](d429993dex99codeeth.htm)

(a)(2) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d429993dex99cert.htm)

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d429993dex99906cert.htm)

------

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ Andrew Owen |
|  | Andrew Owen |
|  | President |
| Date: | February 27, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ Andrew Owen |
|  | Andrew Owen |
|  | President |
| Date: | February 27, 2023 |
| By: | /s/Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer |
| Date: | February 27, 2023 |

---

## Ex-99.Code

**Allspring Funds** 

------

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

**<u>Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers</u>**

**I.** **Covered Officers / Purpose of the Code** 

This Code of Ethics ("Code") of Allspring Funds Trust, Allspring Master Trust and Allspring Variable Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities and High Income Fund (collectively, the "Trusts" and each, "a Trust") applies to each Trust's Principal Executive Officer, Principal Financial Officer and any other Trust officer's listed on Exhibit A (the "Covered Officers") for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

------

**II.** **Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and Allspring Funds Management, LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

\* \* \* \*

Each Covered Officer must:

• not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

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• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of a Trust;

• not use material non-public knowledge of portfolio transactions made or
contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports
of potential violations that are made in good faith; and

• not engage in personal, business or professional relationships or dealings that would impair his or her
independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the "Chief Legal Officer") if material. Examples of these include:

• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Allspring) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a
Covered Officer who is employed by another company (e.g., Allspring) may have an ownership interest in his or her employer or the employer's parent company);

• the receipt of any entertainment or gifts from any person or company with which the Trust has current or
prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any consulting or employment relationship with any of the Trust's service providers, other than with the
primary employer of the Covered Officer; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for
effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's primary employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

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Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust's auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust's books or records for any reason. No disbursement of a Trust's assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust's documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

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**IV.** **Reporting and Accountability** 

Each Covered Officer must:

• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form
attached to this Code) to the Board that he or she has received, read, and understands the Code;

• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has
complied with the requirements of the Code; and

• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a "waiver" and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him
or her;

• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review
of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

• the Board will be responsible for granting waivers, as appropriate (a "waiver" is the approval of a
situation that is expressly prohibited by this Code); and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

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**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**IX.** **Disclosure of Code of Ethics to the Public** 

Pursuant to Item 2(f) of Form N-CSR the registrant is required to disclose the Code of Ethics per one of the methods listed below:

(1) File with the Commission, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this
Form N- CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made.

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**X.** **Interpretation of Code** 

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Officer as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Officer from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Officer does not need prior authorization of the Trust or Adviser before taking any such action and is not required to inform the Trust or Adviser if he or she chooses to take such action.

Amended: January 31, 2022

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Exhibit A

**Persons Covered by the Code** 

Andrew Owen, President of each Trust

Jeremy DePalma, Treasurer of each Trust

Exhibit A amended: January 31, 2022

## Ex-99.Cert

![LOGO](g429993g0302015918914.jpg)

**<u>CERTIFICATION</u>**

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Funds Trust on behalf of the following series: Allspring Managed Account CoreBuilder***<sup>®</sup>* **Shares - Series M and Allspring Managed Account CoreBuilder***<sup>®</sup>*** Shares - Series SM;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

------

---

| |
|:---|
| Date: February 27, 2023 |
| /s/ Andrew Owen |
| Andrew Owen |
| President |
| Allspring Funds Trust |

---

Exhibit 99.CERT

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![LOGO](g429993g0302015918914.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Funds Trust on behalf of the following series: Allspring Managed Account CoreBuilder***<sup>®</sup>*** Shares - Series M and Allspring Managed Account CoreBuilder***<sup>®</sup>*** Shares - Series SM;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

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Date: February 27, 2023

---

| |
|:---|
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer |
| Allspring Funds Trust |

---

Exhibit 99.CERT

## Exhibit 99.906

![LOGO](g429993g0302015918914.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended December 31, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: February 27, 2023

---

| | |
|:---|:---|
| By: | /s/ Andrew Owen |
|  | Andrew Owen |
|  | President |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

Exhibit 99.906CERT

------

![LOGO](g429993g0302015918914.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended December 31, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: February 27, 2023

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

Exhibit 99.906CERT