# EDGAR Filing Document

**Accession Number:** 0001087961
**File Stem:** 0001193125-23-022899
**Filing Date:** 2023-2
**Character Count:** 2040996
**Document Hash:** ca0f82ff137d74667bfd6f95e1aa87ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-022899.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001193125-23-022899

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING MASTER TRUST
- **CENTRAL INDEX KEY:** 0001087961
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09689
- **FILM NUMBER:** 23582450

**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 MASTER TRUST
- **DATE OF NAME CHANGE:** 20021209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO CORE TRUST
- **DATE OF NAME CHANGE:** 19990604

## Series and Classes Contracts Data

### Allspring Managed Fixed Income Portfolio (Series ID: S000007541)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000020599 | Managed Fixed Income Portfolio |  |

### Allspring Disciplined International Developed Markets Portfolio (Series ID: S000007547)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000020605 | Disciplined International Developed Markets Portfolio |  |

### Allspring C&B Large Cap Value Portfolio (Series ID: S000007548)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000020606 | C&B Large Cap Value Portfolio |  |

### Allspring Real Return Portfolio (Series ID: S000007549)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000020607 | Real Return Portfolio |  |

### Allspring Small Company Growth Portfolio (Series ID: S000007552)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000020610 | Small Company Growth Portfolio |  |

### Allspring Small Company Value Portfolio (Series ID: S000007553)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000020611 | Small Company Value Portfolio |  |

### Allspring Large Company Value Portfolio (Series ID: S000007555)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000020613 | Large Company Value Portfolio |  |

### Allspring Core Bond Portfolio (Series ID: S000007564)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020629 | Core Bond Portfolio |  |

### Allspring Emerging Growth Portfolio (Series ID: S000017048)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000047319 | Emerging Growth Portfolio |  |

### Allspring Diversified Large Cap Growth Portfolio (Series ID: S000031666)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000098532 | Diversified Large Cap Growth Portfolio |  |

### Allspring Disciplined Large Cap Portfolio (Series ID: S000061896)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000200587 | Disciplined Large Cap Portfolio |  |

![LOGO](g417339g28e91.jpg)

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSRS** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-09689** 

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

------

**1415 Vantage Park Drive, 3<sup>rd</sup> 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)** 

------

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

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

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Registrant is making a filing for 11 of its series:

Allspring C&B Large Cap Value Portfolio, Allspring Emerging Growth Portfolio, Allspring Small Company Growth Portfolio, Allspring Small Company Value Portfolio, Allspring Core Bond Portfolio, Allspring Real Return Portfolio, Allspring Disciplined Large Cap Portfolio, Allspring Diversified Large Cap Growth Portfolio, Allspring Disciplined International Developed Markets Portfolio, Allspring Large Company Value Portfolio and Allspring Managed Fixed Income Portfolio

**Date of reporting period: November 30, 2022** 

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

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![](g431520imgc48d96a31.jpg)

Semi-Annual Report

November 30, 2022

Allspring Core Bond Fund

------

Contents

---

| | |
|:---|:---|
| **[Letter to shareholders](#xx_65978795-5bff-4127-b853-75eaefbe52ef_1)<br>**  | 2 |
| **[Performance highlights](#xx_0ccbed39-1d00-42a0-a15e-e8b5651e2026_2)<br>**  | 6 |
| **[Fund expenses](#xx_8d3755ff-d0f7-4da3-8203-2696bc20616e_1)<br>**  | 9 |
| **[Allspring Core Bond Fund](#xx_419b6d56-0e41-44ad-8fce-3ad7fbb20047_1)** |  |
| **[Portfolio of investments](#xx_419b6d56-0e41-44ad-8fce-3ad7fbb20047_1)<br>**  | 11 |
| **[Financial statements](#xx_463fee04-5b05-44d2-9b19-be3f3e1ad792_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_463fee04-5b05-44d2-9b19-be3f3e1ad792_1)<br>| 12 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_463fee04-5b05-44d2-9b19-be3f3e1ad792_2)<br>| 13 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_463fee04-5b05-44d2-9b19-be3f3e1ad792_3)<br>| 14 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_f438466f-1f37-476b-ab60-2b83dd5cdb02_1)<br>| 15 |
| **[Notes to financial statements](#xx_3f4b8506-4643-43d8-b052-54ec9f51a27b_1)<br>**  | 22 |
| **[Allspring Core Bond Portfolio](#xx_412aa26e-b25d-493c-abd7-0356577841c5_1)** |  |
| **[Portfolio of investments](#xx_412aa26e-b25d-493c-abd7-0356577841c5_1)<br>**  | 26 |
| **[Financial statements](#xx_76493cc7-230e-4631-93ee-b65648726dd8_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_76493cc7-230e-4631-93ee-b65648726dd8_1)<br>| 52 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_76493cc7-230e-4631-93ee-b65648726dd8_2)<br>| 53 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_76493cc7-230e-4631-93ee-b65648726dd8_3)<br>| 54 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_60f2c247-9fbb-4f98-b001-c5b19a80ff89_1)<br>| 55 |
| **[Notes to financial statements](#xx_caf84ce2-d0d2-4a33-8f06-eac87b31b831_1)<br>**  | 56 |
| **[Other information](#xx_2b9fc908-52bf-4da0-a2e3-4ebc5d477fa5_1)<br>**  | 61 |

---

The views expressed and any forward-looking statements are as of November 30, 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 Core Bond Fund \| 1

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Letter to shareholders (unaudited)

![](g431520img793ade872.gif)

#### Andrew Owen
President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Core Bond Fund for the six-month period that ended November 30, 2022. Globally, stocks and bonds experienced heightened volatility and generally negative returns through the challenging period. Non-U.S. securities fared the worst as the global economy faced multiple challenges and the strength of the U.S. dollar eroded already-poor returns of non-U.S.-dollar-denominated assets.

Earlier tailwinds provided by global stimulus programs, vaccination rollouts, and recovering consumer and corporate sentiment were wiped away by the highest rate of inflation in four decades, the impact of ongoing aggressive central bank rate hikes and the prospect of more, plus the global reverberations of the Russia-Ukraine war. The already-significant global supply-chain disruptions were compounded by China's COVID-19 lockdowns.

For the six-month period, both stocks and bonds registered major losses, with even U.S. bonds suffering deep losses and other assets faring worse. For the period, U.S. stocks, based on the S&P 500 Index,<sup>1</sup> lost 0.40%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),<sup>2</sup> returned -5.18%, while the MSCI EM Index (Net) (USD)<sup>3</sup> declined 8.15%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index<sup>4</sup> returned -4.06%, the Bloomberg Global Aggregate ex-USD Index (unhedged)<sup>5</sup> returned -8.22%, the Bloomberg Municipal Bond Index<sup>6</sup> declined 1.43%, and the ICE BofA U.S. High Yield Index<sup>7</sup> fell 2.97%.

Rising inflation and economic fallout from the Russia-Ukraine war drove markets.

In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation. The Federal Reserve (Fed) raised its short-term rate by another 0.75% in June. Meanwhile, the U.S. unemployment rate held firm at 3.6% and the housing market remained only marginally affected by sharply higher mortgage rates.

<sub>"</sub>In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation.<sub>"</sub>

------

<sup>1</sup> The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

<sup>2</sup> The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

<sup>3</sup> The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

<sup>4</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

<sup>5</sup> The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

<sup>6</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.

<sup>7</sup> The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.

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2 \| Allspring Core Bond Fund

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Letter to shareholders (unaudited)

Markets rebounded in July, led by U.S. stocks. While evidence began to point to an economic slowdown after two consecutive quarters of declining gross domestic product (economic contraction), the U.S. labor market remained surprisingly strong: July nonfarm payrolls grew by more than 500,000 and U.S. unemployment dipped to 3.5%. Meanwhile, crude oil and retail gasoline prices, major contributors to recent overall inflation, fell substantially from earlier highs. And while U.S. home prices rose, sales fell as houses became less affordable with mortgage rates at a 13-year high. The Fed raised the federal funds rate another 0.75% in July—to a range of 2.25% to 2.50%—and forecasts pointed to further rate hikes.

August was yet another broadly challenging month for financial markets, with more red ink flowing. High inflation persisted, cresting 9% in the eurozone on an annual basis and remaining above 8% in the U.S. despite the Fed's aggressive monetary policy and a major drop in global crude oil and gasoline prices from their June peak. One positive note was the resilience of the U.S. job market. However, the Fed's job was clearly not complete. One longer-term bright spot was the U.S. Congress's passage of the Inflation Reduction Act. Its primary stated goals include: to reduce inflation (though not immediately) by curbing the deficit, capping health care spending by seniors, and investing in domestic sources of clean energy.

The market misery continued in September. There was nowhere to hide as all asset classes suffered major losses at the hands of persistent inflation. Central banks kept up their battle against rapidly rising prices with more rate hikes. The strength of the U.S. dollar made things even more difficult for investors holding assets in other currencies. U.S. mortgage rates jumped to near 7% on 30-year fixed-rate mortgages; the decreased housing affordability began to cool demand somewhat. The U.K. experienced a sharp sell-off of government bonds and the British pound in September as investors panicked in response to a new government budget that was seen as financially unsound. The market meltdown forced the Bank of England to step in and buy long-dated government bonds.

Equities had a reprieve in October after two months of sharp declines. Value stocks and small caps fared best. Globally, developed markets outpaced emerging market equities, which were hurt by weakness among Chinese stocks. Central banks continued to try to curtail high inflation with aggressive interest rate hikes. Geopolitical risks persisted, including the ongoing Russia-Ukraine war and economic, financial market, and political turmoil in the U.K., which led to a second prime ministerial change in six weeks, as Rishi Sunak replaced Liz Truss in late October. Concerns over Europe's energy crisis eased, for now, thanks to unseasonably warm weather and plentiful gas on hand. The U.S. labor market continued its resilience against rising prices, as unemployment stood at 3.7%, near a record low.

Stocks and bonds rallied in November, with emerging market equities gaining nearly 15% and developed market equities returning 7%. The S&P 500 Index rose 5.6% in November. Bonds also had positive monthly returns. Economic news was encouraging, driven by U.S. labor market strength. Although central banks kept raising rates, expectations grew regarding an impending easing in the pace of rate hikes and a possible end to central bank monetary tightening in 2023. Although inflation remained at record highs in the eurozone, with a 10.6% annual increase in October, Germany's producer prices decreased 4.2% annually, signaling a possible decline in inflationary pressures. Meanwhile, U.S. inflation continued to moderate, with a 7.1% annual price rise in November and a monthly price increase of just 0.1%. China's economic data remained weak, reflecting its zero-COVID-19 policy.

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Allspring Core Bond Fund \| 3

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Letter to shareholders (unaudited)

Don't let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

![](g431520img5c62ce9a3.jpg)

Andrew Owen<br> President<br> Allspring Funds

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For further information about your fund, contact your investment professional, visit our website at **allspringglobal.com,** or call us directly at **1-800-222-8222**.

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4 \| Allspring Core Bond Fund

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

This page is intentionally left blank.

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Performance highlights (unaudited)

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| | |
|:---|:---|
| **Investment objective** | The Fund seeks total return, consisting of income and capital appreciation. |
| **Manager** | Allspring Funds Management, LLC |

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#### Subadviser for the affiliated master portfolio\*
Allspring Global Investments, LLC

---

| | |
|:---|:---|
| **Portfolio managers** | Maulik Bhansali, CFA®<sup>‡</sup>, Jarad Vasquez |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** |
|  |  | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &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;1 year | &nbsp;&nbsp;5 year | &nbsp;&nbsp;10 year | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Net <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A (MBFAX) | 10-31-2001 | &nbsp;&nbsp;-17.36 | &nbsp;&nbsp;-1.06 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;-13.50 | &nbsp;&nbsp;-0.14 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C (MBFCX) | 10-31-2001 | &nbsp;&nbsp;-15.15 | &nbsp;&nbsp;-0.89 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;-14.15 | &nbsp;&nbsp;-0.89 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R (WTRRX) | &nbsp;&nbsp;&nbsp;&nbsp;7-9-2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-13.60 | &nbsp;&nbsp;-0.31 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R4 (MBFRX) | 11-30-2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-13.28 | &nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 (WTRIX) | 11-30-2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-13.16 | &nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class (MNTRX) | &nbsp;&nbsp;&nbsp;6-30-1997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-13.43 | &nbsp;&nbsp;-0.06 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (MBFIX) | 10-31-2001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-13.20 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-12.84 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;1.09 | &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. Performance shown without sales charges would be lower if sales charges were reflected. 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 on the Fund's website, allspringglobal.com.***

*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.*

*For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class and Institutional Class 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 prospectuses. 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> The manager has contractually committed through September 30, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 1.03% for Class R, 0.52% for Class R4, 0.37% for Class R6, 0.70% for Administrator Class, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

<sup>3</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

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| | |
|:---|:---|
| *<sup>\*</sup>* | *The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.* |
| *<sup>‡</sup>* | *CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.* |

---

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6 \| Allspring Core Bond Fund

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Performance highlights (unaudited)

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). Securities issued by U.S. government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. This fund is exposed to foreign investment risk and mortgage- and asset-backed securities risk. Consult the Fund's prospectus for additional information on these and other risks.

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Allspring Core Bond Fund \| 7

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Performance highlights (unaudited)

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| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond, 1.38%, 11-15-2040 | &nbsp;&nbsp;2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond, 1.75%, 8-15-2041 | &nbsp;&nbsp;2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.88%, 11-30-2027 | &nbsp;&nbsp;2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 1.50%, 8-15-2026 | &nbsp;&nbsp;2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 4.13%, 10-31-2027 | &nbsp;&nbsp;1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond, 1.13%, 5-15-2040 | &nbsp;&nbsp;1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond, 1.13%, 8-15-2040 | &nbsp;&nbsp;1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 2.75%, 5-31-2029 | &nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS2648 Class FN , 3.00%, 10-1-2049 | &nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 0.38%, 1-31-2026 | &nbsp;&nbsp;0.91 |

---

<sup>1</sup> Each holding represents the Fund's allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Portfolio composition as of November 30, 2022<sup>1</sup>

![](g431520img044fd79f4.jpg)

<sup>1</sup> Figures represent the portfolio allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. Allocations are subject to change and may have changed since the date specified.

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8 \| Allspring Core Bond Fund

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, 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 June 1, 2022 to November 30, 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 and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. 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. In addition, if these transactional costs were included, your costs would have been higher.

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Allspring Core Bond Fund \| 9

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Fund expenses (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Beginning <br> account value<br> 6-1-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending <br> account value<br> 11-30-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses <br> paid during<br> the period<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Annualized net<br> expense ratio<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$956.64 | &nbsp;&nbsp;&nbsp;&nbsp;$3.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1021.16 | &nbsp;&nbsp;&nbsp;&nbsp;$3.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$953.29 | &nbsp;&nbsp;&nbsp;&nbsp;$7.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1017.40 | &nbsp;&nbsp;&nbsp;&nbsp;$7.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$956.28 | &nbsp;&nbsp;&nbsp;&nbsp;$4.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1020.51 | &nbsp;&nbsp;&nbsp;&nbsp;$4.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$958.17 | &nbsp;&nbsp;&nbsp;&nbsp;$2.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1022.46 | &nbsp;&nbsp;&nbsp;&nbsp;$2.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$958.85 | &nbsp;&nbsp;&nbsp;&nbsp;$1.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1023.21 | &nbsp;&nbsp;&nbsp;&nbsp;$1.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Administrator Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$957.31 | &nbsp;&nbsp;&nbsp;&nbsp;$3.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1021.56 | &nbsp;&nbsp;&nbsp;&nbsp;$3.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$958.61 | &nbsp;&nbsp;&nbsp;&nbsp;$2.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1022.96 | &nbsp;&nbsp;&nbsp;&nbsp;$2.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.42% |

---

<sup>1</sup> Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period).

<sup>2</sup> Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

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10 \| Allspring Core Bond Fund

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  |  | **Value** |
| &nbsp;&nbsp;**Investment companies: 100.13%** |  |  |
| &nbsp;&nbsp;**Affiliated master portfolio: 100.13%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Core Bond Portfolio |  | **$4273624467** |
| &nbsp;&nbsp;**Total Investment companies (Cost $4,625,276,908)** |  | &nbsp;&nbsp;&nbsp;**4273624467** |
| &nbsp;&nbsp;**Total investments in securities (Cost $4,625,276,908)** | 100.13% | &nbsp;&nbsp;&nbsp;4273624467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (5460978) |
| &nbsp;&nbsp;**Total net assets** | **100.00%** | **$4268163489** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of<br> ownership,<br> beginning<br> of period** | **% of<br> ownership,<br> end of<br> period** | **Net realized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Net <br> change in<br> unrealized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Interest <br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Affiliated <br> income<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Value, <br> end of<br> period** |
| &nbsp;&nbsp;&nbsp;Allspring Core Bond Portfolio | 94.49% | 95.37% | $(225061915) | $(25677296) | $66013441 | $1827050 | $4273624467 |

---

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

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Allspring Core Bond Fund \| 11

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in affiliated Master Portfolio, at value (cost $4,625,276,908)<br>| $4273624467 |
| &nbsp;&nbsp; Receivable for Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966996 |
| &nbsp;&nbsp; Receivable from manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108232 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200663 |
| **Total assets<br>**  | &nbsp;&nbsp;**4277900358** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8398817 |
| &nbsp;&nbsp; Dividends payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924108 |
| &nbsp;&nbsp; Administration fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234683 |
| &nbsp;&nbsp; Distribution fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154 |
| &nbsp;&nbsp; Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174315 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9736869** |
| **Total net assets<br>**  | **$4268163489** |
| **Net assets consist of** |  |
| &nbsp;&nbsp; Paid-in capital<br>| $5036750053 |
| &nbsp;&nbsp; Total distributable loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;(768586564) |
| **Total net assets<br>**  | **$4268163489** |
| **Computation of net asset value and offering price per share** |  |
| &nbsp;&nbsp; Net assets – Class A<br>| &nbsp;&nbsp;&nbsp;$298367471 |
| &nbsp;&nbsp; Shares outstanding – Class A<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26238915 |
| &nbsp;&nbsp; Net asset value per share – Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.37 |
| &nbsp;&nbsp; Maximum offering price per share – Class A<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.91 |
| &nbsp;&nbsp; Net assets – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6528956 |
| &nbsp;&nbsp; Shares outstanding – Class C<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580302 |
| &nbsp;&nbsp; Net asset value per share – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.25 |
| &nbsp;&nbsp; Net assets – Class R<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1363978 |
| &nbsp;&nbsp; Shares outstanding – Class R<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123064 |
| &nbsp;&nbsp; Net asset value per share – Class R<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.08 |
| &nbsp;&nbsp; Net assets – Class R4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1964548 |
| &nbsp;&nbsp; Shares outstanding – Class R4<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177288 |
| &nbsp;&nbsp; Net asset value per share – Class R4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.08 |
| &nbsp;&nbsp; Net assets – Class R6<br>| $1497086371 |
| &nbsp;&nbsp; Shares outstanding – Class R6<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;135207179 |
| &nbsp;&nbsp; Net asset value per share – Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.07 |
| &nbsp;&nbsp; Net assets – Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;$77593131 |
| &nbsp;&nbsp; Shares outstanding – Administrator Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7001062 |
| &nbsp;&nbsp; Net asset value per share – Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.08 |
| &nbsp;&nbsp; Net assets – Institutional Class<br>| $2385259034 |
| &nbsp;&nbsp; Shares outstanding – Institutional Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;215501662 |
| &nbsp;&nbsp;Net asset value per share – Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.07 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

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12 \| Allspring Core Bond Fund

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Interest allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;$66013441 |
| &nbsp;&nbsp; Affiliated income allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827050 |
| &nbsp;&nbsp; Expenses allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8035412) |
| &nbsp;&nbsp; Waivers allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83468 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**59888547** |
| **Expenses** |  |
| &nbsp;&nbsp; Management fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103282 |
| &nbsp;&nbsp;Administration fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967955 |
| &nbsp;&nbsp;Shareholder servicing fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151714 |
| &nbsp;&nbsp;Distribution fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73002 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22227 |
| &nbsp;&nbsp; Registration fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55966 |
| &nbsp;&nbsp; Shareholder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51117 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13282 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3419848** |
| &nbsp;&nbsp;Less: Fee waivers and/or expense reimbursements |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund-level<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108333) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371789) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1696941** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**58191606** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized losses on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;(225061915) |
| Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;(25677296) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;**(250739211)** |
| **Net decrease in net assets resulting from operations<br>**  | **$(192547605)** |

---

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

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Allspring Core Bond Fund \| 13

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp; Net investment income<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;$58191606 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62869235 |
| &nbsp;&nbsp; Net realized losses on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225061915) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160127410) |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25677296) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336112120) |
| **Net decrease in net assets resulting from operations<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(192547605)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(433370295)** |
| **Distributions to shareholders from** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3163704) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6433689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46145) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13395) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19969) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36787) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19155361) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39431641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1307829) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4031398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29354395) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58058159) |
| **Total distributions to shareholders<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(53060798)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(108128705)** |
| **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;Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;1405890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16109690 | &nbsp;&nbsp;&nbsp;&nbsp;3702453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48486367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| 19735385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221026463 | &nbsp;&nbsp;&nbsp;35298112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443259488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11179369 | &nbsp;&nbsp;&nbsp;&nbsp;2796248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36167197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| 50153044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561674227 | &nbsp;&nbsp;&nbsp;81429382 | &nbsp;&nbsp;&nbsp;&nbsp;1025963187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811681270 |  | &nbsp;&nbsp;&nbsp;&nbsp;1556082407 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;1363898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15230832 | &nbsp;&nbsp;&nbsp;&nbsp;2565625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32770856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3811913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;2509805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28005895 | &nbsp;&nbsp;&nbsp;&nbsp;4290277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54802544 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47435873 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97579768 |
| &nbsp;&nbsp;&nbsp;Payment for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;(2444359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28183477) | &nbsp;&nbsp;&nbsp;&nbsp;(4763948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62340443) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;(152505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1732397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(467425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6084370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| (26439664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295205432) | &nbsp;&nbsp;(48563677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(619916699) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;(9225977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104628969) | &nbsp;&nbsp;&nbsp;&nbsp;(4352230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55087181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| (46455427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517341135) | &nbsp;&nbsp;(86745436) | &nbsp;&nbsp;&nbsp;&nbsp;(1095982497) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(947515926) |  | &nbsp;&nbsp;&nbsp;&nbsp;(1840375638) |
| **Net decrease in net assets resulting from capital share transactions<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(88398783)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(186713463)** |
| **Total decrease in net assets<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(334007186)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(728212463)** |
| **Net assets** |  |  |  |  |
| **Beginning of period<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4602170675** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5330383138** |
| **End of period<br>**  |  | &nbsp;&nbsp;**$4268163489** |  | &nbsp;&nbsp;**$4602170675** |

---

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

------

14 \| Allspring Core Bond Fund

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class A** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$12.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.43** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.17** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.86** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.22** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$11.37** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.43** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.17** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.86** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.34)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.95)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.87%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.96)%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $298367 | &nbsp;&nbsp;$324431 | &nbsp;&nbsp;$370882 | &nbsp;&nbsp;$299642 | &nbsp;&nbsp;$302246 | &nbsp;&nbsp;$320208 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |
| Year ended May 31, 2019 | 0.35% |
| Year ended May 31, 2018 | 0.35% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring Core Bond Fund \| 15

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| **Class C** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Net asset value, beginning of period<br>**  | **$11.88** | &nbsp;&nbsp;**$13.29** | &nbsp;&nbsp;&nbsp;&nbsp;**$14.03** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.15** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.74** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.09** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | **$11.25** | &nbsp;&nbsp;**$11.88** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.29** | &nbsp;&nbsp;&nbsp;&nbsp;**$14.03** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.15** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.74** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;**(4.67)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(9.65)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.45)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.22%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.04%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.65)%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;213% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $6529 | &nbsp;&nbsp;$7806 | &nbsp;&nbsp;$13399 | &nbsp;&nbsp;$27971 | &nbsp;&nbsp;$34494 | &nbsp;&nbsp;$47843 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |
| Year ended May 31, 2019 | 0.35% |
| Year ended May 31, 2018 | 0.35% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

16 \| Allspring Core Bond Fund

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| **Class R** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Net asset value, beginning of period<br>**  | **$11.70** | &nbsp;&nbsp;**$13.09** | &nbsp;&nbsp;**$13.83** | &nbsp;&nbsp;**$12.96** | &nbsp;&nbsp;**$12.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.90** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | **$11.08** | &nbsp;&nbsp;**$11.70** | &nbsp;&nbsp;**$13.09** | &nbsp;&nbsp;**$13.83** | &nbsp;&nbsp;**$12.96** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.55** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;**(4.37)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(9.09)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.22%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.80%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.61%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.19)%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;213% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $1364 | &nbsp;&nbsp;$1449 | &nbsp;&nbsp;$1716 | &nbsp;&nbsp;$3241 | &nbsp;&nbsp;$8565 | &nbsp;&nbsp;$12230 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |
| Year ended May 31, 2019 | 0.35% |
| Year ended May 31, 2018 | 0.35% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring Core Bond Fund \| 17

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| **Class R4** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Net asset value, beginning of period<br>**  | **$11.70** | &nbsp;&nbsp;**$13.09** | &nbsp;&nbsp;**$13.83** | &nbsp;&nbsp;**$12.95** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.89** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | **$11.08** | &nbsp;&nbsp;**$11.70** | &nbsp;&nbsp;**$13.09** | &nbsp;&nbsp;**$13.83** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.95** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.55** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;**(4.18)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.74)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.55%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.34%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.07%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.61)%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;213% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $1965 | &nbsp;&nbsp;$1567 | &nbsp;&nbsp;$1780 | &nbsp;&nbsp;$4549 | &nbsp;&nbsp;$10805 | &nbsp;&nbsp;$11680 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |
| Year ended May 31, 2019 | 0.35% |
| Year ended May 31, 2018 | 0.35% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

18 \| Allspring Core Bond Fund

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class R6** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.69** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.08** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.95** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.89** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.07** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.69** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.08** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.95** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.54** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.11)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.61)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.54)%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $1497086 | &nbsp;&nbsp;$1643353 | &nbsp;&nbsp;$1978164 | &nbsp;&nbsp;$2545332 | &nbsp;&nbsp;$2513644 | &nbsp;&nbsp;$1360847 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |
| Year ended May 31, 2019 | 0.35% |
| Year ended May 31, 2018 | 0.35% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring Core Bond Fund \| 19

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Administrator Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$11.70** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.09** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.96** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.56** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.90** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;**$11.08** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.70** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.09** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.96** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.56** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(4.27)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.90)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.37%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.87%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.79)%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $77593 | &nbsp;&nbsp;$177305 | &nbsp;&nbsp;$214796 | &nbsp;&nbsp;$218522 | &nbsp;&nbsp;$205825 | &nbsp;&nbsp;$269057 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |
| Year ended May 31, 2019 | 0.35% |
| Year ended May 31, 2018 | 0.35% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

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20 \| Allspring Core Bond Fund

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Institutional Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.69** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.07** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.88** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.07** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.69** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.07** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.54** |
| &nbsp;&nbsp; **Total return<sup>1</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.14)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.59)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.58%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.45%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.18%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.51)%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $2385259 | &nbsp;&nbsp;$2446260 | &nbsp;&nbsp;$2749647 | &nbsp;&nbsp;$2365421 | &nbsp;&nbsp;$2343238 | &nbsp;&nbsp;$3318290 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |
| Year ended May 31, 2019 | 0.35% |
| Year ended May 31, 2018 | 0.35% |

---

<sup>1</sup> Returns for periods of less than one year are not annualized.

<sup>2</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

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Allspring Core Bond Fund \| 21

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Notes to financial statements (unaudited)

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 Core Bond Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Core Bond Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2022, the Fund owned 95.37% of Allspring Core Bond Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2022 are included in this report and should be read in conjunction with the Fund's financial statements.

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.

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily. Securities held in the affiliated Master Portfolio are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolio, which are included elsewhere in this report.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC, 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.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade date basis. The Fund records daily its proportionate share of the affiliated Master Portfolio's income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

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 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 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.

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22 \| Allspring Core Bond Fund

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Notes to financial statements (unaudited)

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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $4,651,047,267 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(377422800) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized losses | &nbsp;&nbsp;$(377422800) |

---

As of May 31, 2022, the Fund had current year deferred post-October capital losses consisting of $141,946,847 in short-term capital losses and $29,094,231 in long-term capital losses which was recognized in the first day of the current fiscal year.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2022, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Master Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment objective | &nbsp;&nbsp;Fair value of affiliated<br> Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;**Allspring Core Bond Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seeks total return, consisting of income and capital appreciation | &nbsp;&nbsp;$4273624467 |

---

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Management fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $5 billion | &nbsp;&nbsp;0.050% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $5 billion | &nbsp;&nbsp;0.040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $10 billion | &nbsp;&nbsp;0.030 |

---

For the six months ended November 30, 2022, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

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Allspring Core Bond Fund \| 23

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Notes to financial statements (unaudited)

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Class-level <br> administration fee |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of November 30, 2022, the contractual expense caps are as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Expense ratio caps |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.42 |

---

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares and up to 0.25% of the average daily net assets of Class R shares.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2022, Allspring Funds Distributor received $201 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2022.

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24 \| Allspring Core Bond Fund

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Notes to financial statements (unaudited)

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Class R, and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate up to 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. <br> government |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5346708468 | &nbsp;&nbsp;&nbsp;&nbsp;$4299415163 | &nbsp;&nbsp;&nbsp;&nbsp;$5589995382 | &nbsp;&nbsp;&nbsp;&nbsp;$4157124076 |

---

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 six months ended November 30, 2022, there were no borrowings by the Fund under the agreement.

7. 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.

8. 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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Allspring Core Bond Fund \| 25

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Agency securities: 32.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC ¤ | 0.00% | &nbsp;&nbsp;12-14-2029 | $&nbsp;&nbsp;&nbsp; 6390000 | &nbsp;&nbsp;$4804667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2043 | &nbsp;&nbsp;&nbsp; 1755108 | &nbsp;&nbsp;&nbsp;&nbsp; 1499443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2041 | &nbsp;&nbsp;&nbsp; 2938440 | &nbsp;&nbsp;&nbsp;&nbsp; 2532614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2041 | &nbsp;&nbsp;&nbsp; 2189909 | &nbsp;&nbsp;&nbsp;&nbsp; 1860323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2041 | &nbsp;&nbsp;&nbsp; 2924675 | &nbsp;&nbsp;&nbsp;&nbsp; 2484507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2041 | &nbsp;&nbsp;&nbsp; 12994291 | &nbsp;&nbsp;&nbsp;&nbsp; 11038623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2042 | &nbsp;&nbsp;&nbsp; 3396142 | &nbsp;&nbsp;&nbsp;&nbsp; 2884991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2042 | &nbsp;&nbsp;&nbsp; 18825038 | &nbsp;&nbsp;&nbsp;&nbsp; 15991552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2042 | &nbsp;&nbsp;&nbsp; 391683 | &nbsp;&nbsp;&nbsp;&nbsp; 332728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2042 | &nbsp;&nbsp;&nbsp; 3019769 | &nbsp;&nbsp;&nbsp;&nbsp; 2565236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2042 | &nbsp;&nbsp;&nbsp; 4597502 | &nbsp;&nbsp;&nbsp;&nbsp; 3899792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2042 | &nbsp;&nbsp;&nbsp; 2044836 | &nbsp;&nbsp;&nbsp;&nbsp; 1734509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2047 | &nbsp;&nbsp;&nbsp; 2173537 | &nbsp;&nbsp;&nbsp;&nbsp; 1801684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | &nbsp;&nbsp;&nbsp; 1541849 | &nbsp;&nbsp;&nbsp;&nbsp; 1278062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.64%) ± | 2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2043 | &nbsp;&nbsp;&nbsp; 501828 | &nbsp;&nbsp;&nbsp;&nbsp; 504390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.65%) ± | 2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2043 | &nbsp;&nbsp;&nbsp; 823864 | &nbsp;&nbsp;&nbsp;&nbsp; 838290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.64%) ± | 2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2043 | &nbsp;&nbsp;&nbsp; 325992 | &nbsp;&nbsp;&nbsp;&nbsp; 326920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.64%) ± | 2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2045 | &nbsp;&nbsp;&nbsp; 6373485 | &nbsp;&nbsp;&nbsp;&nbsp; 6415149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.45 | &nbsp;&nbsp;&nbsp;&nbsp;4-25-2032 | &nbsp;&nbsp;&nbsp; 4278000 | &nbsp;&nbsp;&nbsp;&nbsp; 3645590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2042 | &nbsp;&nbsp;&nbsp; 1369381 | &nbsp;&nbsp;&nbsp;&nbsp; 1206536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2042 | &nbsp;&nbsp;&nbsp; 6412612 | &nbsp;&nbsp;&nbsp;&nbsp; 5642090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2042 | &nbsp;&nbsp;&nbsp; 2308107 | &nbsp;&nbsp;&nbsp;&nbsp; 2033634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;11-25-2048 | &nbsp;&nbsp;&nbsp; 1913542 | &nbsp;&nbsp;&nbsp;&nbsp; 1686913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;4-25-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4763494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4293454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2051 | &nbsp;&nbsp;&nbsp;&nbsp;11179628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9713593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;11330413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9749497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3991135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.63%) ± | 2.51 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.65%) ± | 2.53 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.61%) ± | 2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.61%) ± | 2.70 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.64%) ± | 2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.72%) ± | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.92 | &nbsp;&nbsp;&nbsp;&nbsp;6-25-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7298739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.00 | &nbsp;&nbsp;10-15-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3840611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.12 | &nbsp;&nbsp;&nbsp;&nbsp;8-25-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.69%) ± | 3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5927612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.64%) ± | 3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.64%) ± | 3.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6752674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.69%) ± | 3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (30 Day Average U.S. SOFR +2.13%) ± | 3.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (30 Day Average U.S. SOFR +2.14%) ± | 3.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8008721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7837916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (30 Day Average U.S. SOFR +2.38%) ± | 4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (30 Day Average U.S. SOFR +2.13%) ± | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC (12 Month LIBOR +1.77%) ± | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437727 |

---

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

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26 \| Allspring Core Bond Portfolio

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Agency securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.58% | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2032 | $&nbsp;&nbsp;&nbsp; 4278000 | &nbsp;&nbsp;$3683993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-25-2032 | &nbsp;&nbsp;&nbsp; 8221000 | &nbsp;&nbsp;&nbsp;&nbsp; 7347160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series 8B6021 Class FH (30 Day Average U.S. SOFR +2.24%) ± | 3.89 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2052 | &nbsp;&nbsp;&nbsp; 2993161 | &nbsp;&nbsp;&nbsp;&nbsp; 2877176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series G08721 Class FG | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2046 | &nbsp;&nbsp;&nbsp; 5468808 | &nbsp;&nbsp;&nbsp;&nbsp; 4946987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series G08727 Class FG | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2046 | &nbsp;&nbsp;&nbsp; 1987470 | &nbsp;&nbsp;&nbsp;&nbsp; 1864052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series RB5085 Class FR | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2040 | &nbsp;&nbsp;&nbsp; 1084488 | &nbsp;&nbsp;&nbsp;&nbsp; 934722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series RB5095 Class FR | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2041 | &nbsp;&nbsp;&nbsp; 2609743 | &nbsp;&nbsp;&nbsp;&nbsp; 2242871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series RB5118 Class FR | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2041 | &nbsp;&nbsp;&nbsp; 4475722 | &nbsp;&nbsp;&nbsp;&nbsp; 3824303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series RB5134 Class FR | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2041 | &nbsp;&nbsp;&nbsp; 4794206 | &nbsp;&nbsp;&nbsp;&nbsp; 3918871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series SC0319 Class FR | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2042 | &nbsp;&nbsp;&nbsp; 5373196 | &nbsp;&nbsp;&nbsp;&nbsp; 4591108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series SD1149 Class FR | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2048 | &nbsp;&nbsp;&nbsp; 1881720 | &nbsp;&nbsp;&nbsp;&nbsp; 1696256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series ZT2255 Class FR | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2046 | &nbsp;&nbsp;&nbsp; 2410815 | &nbsp;&nbsp;&nbsp;&nbsp; 2247649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series 1897 Class K | 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2026 | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series 264 Class 30 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2042 | &nbsp;&nbsp;&nbsp; 5662227 | &nbsp;&nbsp;&nbsp;&nbsp; 5189726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series 5091 Class AB | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;3-25-2051 | &nbsp;&nbsp;&nbsp; 6554059 | &nbsp;&nbsp;&nbsp;&nbsp; 5443018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series 5119 Class AB | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-25-2049 | &nbsp;&nbsp;&nbsp; 3365427 | &nbsp;&nbsp;&nbsp;&nbsp; 2756351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series 5201 Class CA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2048 | &nbsp;&nbsp;&nbsp; 4289960 | &nbsp;&nbsp;&nbsp;&nbsp; 3859615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series 5217 Class CD | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2049 | &nbsp;&nbsp;&nbsp; 3735390 | &nbsp;&nbsp;&nbsp;&nbsp; 3428591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series 841499 Class FH (30 Day Average U.S. SOFR +2.18%) ± | 3.57 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2052 | &nbsp;&nbsp;&nbsp; 18501674 | &nbsp;&nbsp;&nbsp;&nbsp; 17793379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA ¤ | 0.00 | &nbsp;&nbsp;11-15-2030 | &nbsp;&nbsp;&nbsp; 18777000 | &nbsp;&nbsp;&nbsp;&nbsp; 13554840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2041 | &nbsp;&nbsp;&nbsp; 14594749 | &nbsp;&nbsp;&nbsp;&nbsp; 12075619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2041 | &nbsp;&nbsp;&nbsp; 42723285 | &nbsp;&nbsp;&nbsp;&nbsp; 34926147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1-25-2043 | &nbsp;&nbsp;&nbsp; 2125743 | &nbsp;&nbsp;&nbsp;&nbsp; 1781151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1-25-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7011094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6249997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (30 Day Average U.S. SOFR +2.21%) ± | 1.61 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;8-25-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7292216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;6-25-2046 | &nbsp;&nbsp;&nbsp;&nbsp;15722107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13230561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-25-2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7954067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7209931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;16355261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13965153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5069310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;39504360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33558224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;21216227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18022726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2050 | &nbsp;&nbsp;&nbsp;&nbsp;17219848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14256844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (12 Month LIBOR +1.56%) ± | 2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (12 Month LIBOR +1.57%) ± | 2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;13083326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12126357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7442300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6898067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8215490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6789193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6292744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8134323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7539112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;10097941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8897098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5330923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;10099306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9023936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6569841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5209181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4491733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9604859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288196 |

---

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

------

Allspring Core Bond Portfolio \| 27

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Agency securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50% | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | $&nbsp;&nbsp;&nbsp; 4591343 | &nbsp;&nbsp;$3961956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | &nbsp;&nbsp;&nbsp; 14033882 | &nbsp;&nbsp;&nbsp;&nbsp; 12110101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2052 | &nbsp;&nbsp;&nbsp; 1855841 | &nbsp;&nbsp;&nbsp;&nbsp; 1599610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2052 | &nbsp;&nbsp;&nbsp; 2985592 | &nbsp;&nbsp;&nbsp;&nbsp; 2565288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA %% | 2.50 | &nbsp;&nbsp;12-13-2052 | &nbsp;&nbsp;&nbsp; 30800000 | &nbsp;&nbsp;&nbsp;&nbsp; 26346031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (12 Month LIBOR +1.58%) ± | 2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2046 | &nbsp;&nbsp;&nbsp; 4202019 | &nbsp;&nbsp;&nbsp;&nbsp; 4242962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (12 Month LIBOR +1.58%) ± | 2.99 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2043 | &nbsp;&nbsp;&nbsp; 1471628 | &nbsp;&nbsp;&nbsp;&nbsp; 1480627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2043 | &nbsp;&nbsp;&nbsp; 4718503 | &nbsp;&nbsp;&nbsp;&nbsp; 4288663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2048 | &nbsp;&nbsp;&nbsp; 5853820 | &nbsp;&nbsp;&nbsp;&nbsp; 5366678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA %% | 3.00 | &nbsp;&nbsp;12-13-2052 | &nbsp;&nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp;&nbsp; 14690168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2055 | &nbsp;&nbsp;&nbsp; 2144216 | &nbsp;&nbsp;&nbsp;&nbsp; 1925811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2060 | &nbsp;&nbsp;&nbsp; 26891030 | &nbsp;&nbsp;&nbsp;&nbsp; 23733712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (12 Month LIBOR +1.58%) ± | 3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2045 | &nbsp;&nbsp;&nbsp; 1600106 | &nbsp;&nbsp;&nbsp;&nbsp; 1602476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2050 | &nbsp;&nbsp;&nbsp; 5558470 | &nbsp;&nbsp;&nbsp;&nbsp; 5248710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (30 Day Average U.S. SOFR +2.37%) ± | 3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2052 | &nbsp;&nbsp;&nbsp; 3495302 | &nbsp;&nbsp;&nbsp;&nbsp; 3330459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (30 Day Average U.S. SOFR +2.12%) ± | 3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2052 | &nbsp;&nbsp;&nbsp; 2269403 | &nbsp;&nbsp;&nbsp;&nbsp; 2167160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2033 | &nbsp;&nbsp;&nbsp; 1515075 | &nbsp;&nbsp;&nbsp;&nbsp; 1489143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2037 | &nbsp;&nbsp;&nbsp; 1084651 | &nbsp;&nbsp;&nbsp;&nbsp; 1074628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2038 | &nbsp;&nbsp;&nbsp; 2032620 | &nbsp;&nbsp;&nbsp;&nbsp; 2013843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2045 | &nbsp;&nbsp;&nbsp; 641631 | &nbsp;&nbsp;&nbsp;&nbsp; 633292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2046 | &nbsp;&nbsp;&nbsp; 4486798 | &nbsp;&nbsp;&nbsp;&nbsp; 4428493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2047 | &nbsp;&nbsp;&nbsp; 2189360 | &nbsp;&nbsp;&nbsp;&nbsp; 2132454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2047 | &nbsp;&nbsp;&nbsp; 614717 | &nbsp;&nbsp;&nbsp;&nbsp; 596073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2048 | &nbsp;&nbsp;&nbsp;&nbsp;14127539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13646949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (30 Day Average U.S. SOFR +2.12%) ± | 4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5784135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (30 Day Average U.S. SOFR +2.37%) ± | 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (30 Day Average U.S. SOFR +2.13%) ± | 4.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6526671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (30 Day Average U.S. SOFR +2.12%) ± | 4.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3594820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (12 Month LIBOR +1.64%) ± | 4.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (30 Day Average U.S. SOFR +2.13%) ± | 4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7001887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6904275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (30 Day Average U.S. SOFR +2.12%) ± | 4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5401022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5297480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA (30 Day Average U.S. SOFR +2.13%) ± | 4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5424746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA %% | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-12-2053 | &nbsp;&nbsp;&nbsp;&nbsp;26400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26962910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA %% | 6.50 | &nbsp;&nbsp;&nbsp;&nbsp;2-13-2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7078120 |

---

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

------

28 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Agency securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS1204 Class FN | 3.00% | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2048 | $&nbsp;&nbsp;&nbsp; 2764170 | &nbsp;&nbsp;$2497825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS2252 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2050 | &nbsp;&nbsp;&nbsp; 23011732 | &nbsp;&nbsp;&nbsp;&nbsp; 20703335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS3009 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2042 | &nbsp;&nbsp;&nbsp; 2374324 | &nbsp;&nbsp;&nbsp;&nbsp; 2028763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA4387 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2041 | &nbsp;&nbsp;&nbsp; 20771076 | &nbsp;&nbsp;&nbsp;&nbsp; 17748156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series BQ7047 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2042 | &nbsp;&nbsp;&nbsp; 3101373 | &nbsp;&nbsp;&nbsp;&nbsp; 2634561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series CB5158 Class FN | 6.50 | &nbsp;&nbsp;11-1-2052 | &nbsp;&nbsp;&nbsp; 1933994 | &nbsp;&nbsp;&nbsp;&nbsp; 2065534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series BF0555 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2050 | &nbsp;&nbsp;&nbsp; 11888725 | &nbsp;&nbsp;&nbsp;&nbsp; 10777314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series BM6942 Class FN | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2048 | &nbsp;&nbsp;&nbsp; 1738362 | &nbsp;&nbsp;&nbsp;&nbsp; 1620900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series BM7041 Class FN | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2046 | &nbsp;&nbsp;&nbsp; 5340699 | &nbsp;&nbsp;&nbsp;&nbsp; 5020102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series BM7102 Class FN (30 Day Average U.S. SOFR +2.13%) ± | 4.16 | &nbsp;&nbsp;10-1-2052 | &nbsp;&nbsp;&nbsp; 12296143 | &nbsp;&nbsp;&nbsp;&nbsp; 12042854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FM8576 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2050 | &nbsp;&nbsp;&nbsp; 7120545 | &nbsp;&nbsp;&nbsp;&nbsp; 6426701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS1456 Class FN | 3.00 | &nbsp;&nbsp;12-1-2048 | &nbsp;&nbsp;&nbsp; 8688163 | &nbsp;&nbsp;&nbsp;&nbsp; 7823518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS1681 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-1-2047 | &nbsp;&nbsp;&nbsp; 12699472 | &nbsp;&nbsp;&nbsp;&nbsp; 10534784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS2021 Class FN | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2049 | &nbsp;&nbsp;&nbsp; 15356655 | &nbsp;&nbsp;&nbsp;&nbsp; 14304469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS2244 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2045 | &nbsp;&nbsp;&nbsp; 4051660 | &nbsp;&nbsp;&nbsp;&nbsp; 3712204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS2401 Class FN | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-1-2035 | &nbsp;&nbsp;&nbsp; 26045734 | &nbsp;&nbsp;&nbsp;&nbsp; 26106448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS2648 Class FN | 3.00 | &nbsp;&nbsp;10-1-2049 | &nbsp;&nbsp;&nbsp; 47540735 | &nbsp;&nbsp;&nbsp;&nbsp; 43629046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS2709 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2047 | &nbsp;&nbsp;&nbsp; 10522952 | &nbsp;&nbsp;&nbsp;&nbsp; 9645698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS2880 Class FN | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2050 | &nbsp;&nbsp;&nbsp; 8482584 | &nbsp;&nbsp;&nbsp;&nbsp; 7888254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS2975 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2042 | &nbsp;&nbsp;&nbsp; 4376590 | &nbsp;&nbsp;&nbsp;&nbsp; 3717911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS3006 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2041 | &nbsp;&nbsp;&nbsp; 1894791 | &nbsp;&nbsp;&nbsp;&nbsp; 1633135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS3098 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2044 | &nbsp;&nbsp;&nbsp; 3914039 | &nbsp;&nbsp;&nbsp;&nbsp; 3592000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS3324 Class FN | 2.50 | &nbsp;&nbsp;12-1-2040 | &nbsp;&nbsp;&nbsp; 6972000 | &nbsp;&nbsp;&nbsp;&nbsp; 6195021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA2771 Class FN | 3.00 | &nbsp;&nbsp;10-1-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA2806 Class FN | 3.00 | &nbsp;&nbsp;11-1-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6694371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6036308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA2833 Class FN | 3.00 | &nbsp;&nbsp;12-1-2046 | &nbsp;&nbsp;&nbsp;&nbsp;15644384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14111412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA2863 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA4268 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA4333 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4269769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA4364 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA4407 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS2740 Class FN | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;6-1-2049 | &nbsp;&nbsp;&nbsp;&nbsp;28140147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26229592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS2836 Class FN | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;14069704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14103212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS3338 Class FN | 3.00 | &nbsp;&nbsp;12-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA2895 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA4176 Class FN | 2.00 | &nbsp;&nbsp;11-1-2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series BE2310 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series BV2186 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9270817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7875359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series BW1302 Class FN (30 Day Average U.S. SOFR +2.13%) ± | 4.26 | &nbsp;&nbsp;11-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4189444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series BW1383 Class FN (30 Day Average U.S. SOFR +2.12%) ± | 4.66 | &nbsp;&nbsp;12-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4617750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series CA8305 Class FN | 2.00 | &nbsp;&nbsp;12-1-2040 | &nbsp;&nbsp;&nbsp;&nbsp;23140350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19944668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series CB0470 Class FN | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7317512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS1513 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5084939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS1972 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA4606 Class FN | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3893504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 310206 Class FN | 3.50 | &nbsp;&nbsp;12-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9854227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9225837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series AS0039 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series AU3735 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series CB4696 Class FN | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4763116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FM9263 Class FN | 2.00 | &nbsp;&nbsp;10-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7709911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6587794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS1789 Class FN | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;25038610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23618801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series FS1918 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2050 | &nbsp;&nbsp;&nbsp;&nbsp;30401397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27427956 |

---

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

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Allspring Core Bond Portfolio \| 29

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Agency securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series MA4204 Class FN | 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2040 | $&nbsp;&nbsp;&nbsp; 6048666 | &nbsp;&nbsp;$5213411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2017-13 Class PA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-25-2046 | &nbsp;&nbsp;&nbsp; 2238643 | &nbsp;&nbsp;&nbsp;&nbsp; 2054280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2017-M7 Class A2 ±± | 2.96 | &nbsp;&nbsp;&nbsp;&nbsp;2-25-2027 | &nbsp;&nbsp;&nbsp; 1605685 | &nbsp;&nbsp;&nbsp;&nbsp; 1517827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2018-14 Class KC | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-25-2048 | &nbsp;&nbsp;&nbsp; 2758214 | &nbsp;&nbsp;&nbsp;&nbsp; 2562744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2018-8 Class KL | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;3-25-2047 | &nbsp;&nbsp;&nbsp; 2718742 | &nbsp;&nbsp;&nbsp;&nbsp; 2404904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2020-45 Class JL | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2040 | &nbsp;&nbsp;&nbsp; 4381186 | &nbsp;&nbsp;&nbsp;&nbsp; 3999325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2020-48 Class AB | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2050 | &nbsp;&nbsp;&nbsp; 3651526 | &nbsp;&nbsp;&nbsp;&nbsp; 3114025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2020-48 Class DA | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2050 | &nbsp;&nbsp;&nbsp; 8181933 | &nbsp;&nbsp;&nbsp;&nbsp; 7091696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2021-27 Class EC | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2051 | &nbsp;&nbsp;&nbsp; 10491572 | &nbsp;&nbsp;&nbsp;&nbsp; 8684746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2021-78 Class ND | 1.50 | &nbsp;&nbsp;11-25-2051 | &nbsp;&nbsp;&nbsp; 5994804 | &nbsp;&nbsp;&nbsp;&nbsp; 4968040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2021-78 Class PA | 2.50 | &nbsp;&nbsp;11-25-2051 | &nbsp;&nbsp;&nbsp; 3779091 | &nbsp;&nbsp;&nbsp;&nbsp; 3323161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2022-11 Class A | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2047 | &nbsp;&nbsp;&nbsp; 9689431 | &nbsp;&nbsp;&nbsp;&nbsp; 8762274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2022-28 Class CA | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-25-2048 | &nbsp;&nbsp;&nbsp; 3523100 | &nbsp;&nbsp;&nbsp;&nbsp; 3119292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2022-M13 Class A2 | 2.68 | &nbsp;&nbsp;&nbsp;&nbsp;6-25-2032 | &nbsp;&nbsp;&nbsp; 3393000 | &nbsp;&nbsp;&nbsp;&nbsp; 2912690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 414 Class A35 | 3.50 | &nbsp;&nbsp;10-25-2042 | &nbsp;&nbsp;&nbsp; 5165644 | &nbsp;&nbsp;&nbsp;&nbsp; 4875144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series AB6912 Class FN | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2042 | &nbsp;&nbsp;&nbsp; 2056393 | &nbsp;&nbsp;&nbsp;&nbsp; 1939736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series AQ0225 Class FN | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2042 | &nbsp;&nbsp;&nbsp; 3751931 | &nbsp;&nbsp;&nbsp;&nbsp; 3442931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 2.50 | &nbsp;&nbsp;12-20-2051 | &nbsp;&nbsp;&nbsp; 15369519 | &nbsp;&nbsp;&nbsp;&nbsp; 13532078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;10-20-2046 | &nbsp;&nbsp;&nbsp; 660221 | &nbsp;&nbsp;&nbsp;&nbsp; 602385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;12-20-2046 | &nbsp;&nbsp;&nbsp; 923769 | &nbsp;&nbsp;&nbsp;&nbsp; 842100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-20-2047 | &nbsp;&nbsp;&nbsp; 700702 | &nbsp;&nbsp;&nbsp;&nbsp; 638750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-20-2047 | &nbsp;&nbsp;&nbsp; 2176821 | &nbsp;&nbsp;&nbsp;&nbsp; 1984373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-20-2047 | &nbsp;&nbsp;&nbsp; 284982 | &nbsp;&nbsp;&nbsp;&nbsp; 259786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-20-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-20-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-20-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-20-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;11-20-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.00 | &nbsp;&nbsp;10-20-2050 | &nbsp;&nbsp;&nbsp;&nbsp;10083237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9138420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;1-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3-20-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-20-2047 | &nbsp;&nbsp;&nbsp;&nbsp;17455874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16911519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA %% | 4.00 | &nbsp;&nbsp;12-20-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4963359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;6-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 5.00 | &nbsp;&nbsp;12-20-2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4708405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4793786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8173986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 5.00 | &nbsp;&nbsp;12-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-20-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-20-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-20-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CL3644 Class G2 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CM1041 Class G2 | 3.00 | &nbsp;&nbsp;12-20-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CN5874 Class G2 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-20-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914307 |

---

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

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30 \| Allspring Core Bond Portfolio

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Agency securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CP3380 Class G2 | 3.00% | &nbsp;&nbsp;11-20-2047 | $&nbsp;&nbsp;&nbsp; 638653 | &nbsp;&nbsp;$576472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CP9544 Class G2 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-20-2047 | &nbsp;&nbsp;&nbsp; 1199440 | &nbsp;&nbsp;&nbsp;&nbsp; 1093390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 6713 Class G2 | 3.00 | &nbsp;&nbsp;12-20-2047 | &nbsp;&nbsp;&nbsp; 239764 | &nbsp;&nbsp;&nbsp;&nbsp; 216420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 786309 Class GN | 3.00 | &nbsp;&nbsp;11-15-2047 | &nbsp;&nbsp;&nbsp; 11503199 | &nbsp;&nbsp;&nbsp;&nbsp; 10646587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CN6482 Class G2 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-20-2048 | &nbsp;&nbsp;&nbsp; 410695 | &nbsp;&nbsp;&nbsp;&nbsp; 370710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2021-27 Class BD | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2051 | &nbsp;&nbsp;&nbsp; 2444447 | &nbsp;&nbsp;&nbsp;&nbsp; 2484323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2021-27 Class CW | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2051 | &nbsp;&nbsp;&nbsp; 1458549 | &nbsp;&nbsp;&nbsp;&nbsp; 1462104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2021-27 Class NT | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2051 | &nbsp;&nbsp;&nbsp; 3009759 | &nbsp;&nbsp;&nbsp;&nbsp; 2966497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2021-8 Class CY | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-20-2051 | &nbsp;&nbsp;&nbsp; 978020 | &nbsp;&nbsp;&nbsp;&nbsp; 980306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CM2623 Class G2 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-20-2043 | &nbsp;&nbsp;&nbsp; 4406519 | &nbsp;&nbsp;&nbsp;&nbsp; 4017187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CN9873 Class G2 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-20-2043 | &nbsp;&nbsp;&nbsp; 1410867 | &nbsp;&nbsp;&nbsp;&nbsp; 1286209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CO7019 Class G2 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-20-2047 | &nbsp;&nbsp;&nbsp; 359494 | &nbsp;&nbsp;&nbsp;&nbsp; 327711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CO7322 Class G2 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-20-2047 | &nbsp;&nbsp;&nbsp; 1637479 | &nbsp;&nbsp;&nbsp;&nbsp; 1492707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CO7380 Class G2 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-20-2047 | &nbsp;&nbsp;&nbsp; 613900 | &nbsp;&nbsp;&nbsp;&nbsp; 559625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CO9408 Class G2 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2048 | &nbsp;&nbsp;&nbsp; 215513 | &nbsp;&nbsp;&nbsp;&nbsp; 194528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CO9450 Class G2 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-20-2047 | &nbsp;&nbsp;&nbsp; 1421263 | &nbsp;&nbsp;&nbsp;&nbsp; 1295601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CO9673 Class G2 | 3.00 | &nbsp;&nbsp;12-20-2046 | &nbsp;&nbsp;&nbsp; 847611 | &nbsp;&nbsp;&nbsp;&nbsp; 765088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2012-141 Class WA | 4.53 | &nbsp;&nbsp;11-16-2041 | &nbsp;&nbsp;&nbsp; 841841 | &nbsp;&nbsp;&nbsp;&nbsp; 834616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2017-167 Class BQ | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-20-2044 | &nbsp;&nbsp;&nbsp; 2704520 | &nbsp;&nbsp;&nbsp;&nbsp; 2469363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2019-132 Class NA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-20-2049 | &nbsp;&nbsp;&nbsp; 2151087 | &nbsp;&nbsp;&nbsp;&nbsp; 2062421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2021-23 Class MG | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2051 | &nbsp;&nbsp;&nbsp; 7919870 | &nbsp;&nbsp;&nbsp;&nbsp; 6577789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2021-27 Class Q | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2051 | &nbsp;&nbsp;&nbsp; 2578968 | &nbsp;&nbsp;&nbsp;&nbsp; 2549011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2022-107 Class C | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;6-20-2051 | &nbsp;&nbsp;&nbsp; 12205488 | &nbsp;&nbsp;&nbsp;&nbsp; 10411677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2022-31 Class GH | 2.50 | &nbsp;&nbsp;12-20-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8351052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7456253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2022-50 Class DC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-20-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2022-84 Class A | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;1-20-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3693081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series CN0172 Class G2 | 3.00 | &nbsp;&nbsp;12-20-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220401 |
| &nbsp;&nbsp;**Total Agency securities (Cost $1,513,146,880)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1449795707** |
| &nbsp;&nbsp;**Asset-backed securities: 11.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Auto Receivables Trust Series 2022-1 Class A3 | 3.31 | &nbsp;&nbsp;11-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Auto Receivables Trust Series 2022-2 Class A4 | 4.87 | &nbsp;&nbsp;&nbsp;&nbsp;4-17-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust Series 2022-3 Class A | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9271000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9021033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust Series 2022-4 Class A | 4.95 | &nbsp;&nbsp;10-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6007000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6036635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Series 2022-1 Class A3 | 2.45 | &nbsp;&nbsp;11-18-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Series 2022-2 Class A3 | 4.38 | &nbsp;&nbsp;&nbsp;&nbsp;4-18-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding LLC Series 2019-3A Class A1 | 2.36 | &nbsp;&nbsp;&nbsp;&nbsp;3-20-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding LLC Series 2021-2A Class A 144A | 1.66 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6594435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding LLC Series 2022 Class 4A 144A | 4.77 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding LLC Series 2022-3A Class A 144A | 4.62 | &nbsp;&nbsp;&nbsp;&nbsp;2-20-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6739000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6515117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Credit Card Trust Series 2022-A1 Class A1 | 3.53 | &nbsp;&nbsp;11-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7084000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6863795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Credit Card Trust Series 2022-A2 Class A2 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-17-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5081059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Multi-Asset Execution Trust Series 2021-A2 Class A2 | 1.39 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490018 |

---

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

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Allspring Core Bond Portfolio \| 31

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Asset-backed securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Multi-Asset Execution Trust Series 2022-A3 Class A | 4.95% | &nbsp;&nbsp;10-15-2027 | $&nbsp;&nbsp;&nbsp; 4294000 | &nbsp;&nbsp;$4312411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Series 2022-A2 Class A | 3.49 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2027 | &nbsp;&nbsp;&nbsp; 5110000 | &nbsp;&nbsp;&nbsp;&nbsp; 4939966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Auto Owner Trust Series 2022-AA Class A4 144A | 3.99 | &nbsp;&nbsp;&nbsp;&nbsp;3-27-2028 | &nbsp;&nbsp;&nbsp; 2419000 | &nbsp;&nbsp;&nbsp;&nbsp; 2352799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Issuance Trust Series 2022-A1 Class A | 3.97 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2027 | &nbsp;&nbsp;&nbsp; 1552000 | &nbsp;&nbsp;&nbsp;&nbsp; 1519187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) 144A± | 5.67 | &nbsp;&nbsp;11-26-2046 | &nbsp;&nbsp;&nbsp; 1604330 | &nbsp;&nbsp;&nbsp;&nbsp; 1560772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College Avenue Student Loan Trust Series 2018-A Class A2 144A | 4.13 | &nbsp;&nbsp;12-26-2047 | &nbsp;&nbsp;&nbsp; 1314029 | &nbsp;&nbsp;&nbsp;&nbsp; 1224402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College Avenue Student Loan Trust Series 2019-A Class A2 144A | 3.28 | &nbsp;&nbsp;12-28-2048 | &nbsp;&nbsp;&nbsp; 2214389 | &nbsp;&nbsp;&nbsp;&nbsp; 1986376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College Avenue Student Loan Trust Series 2021-A Class A2 144A | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2051 | &nbsp;&nbsp;&nbsp; 2835795 | &nbsp;&nbsp;&nbsp;&nbsp; 2418874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Card Series 2022-A3 Class A3 | 3.56 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2027 | &nbsp;&nbsp;&nbsp; 16027000 | &nbsp;&nbsp;&nbsp;&nbsp; 15381392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2022-C Class A4 | 4.59 | &nbsp;&nbsp;12-15-2027 | &nbsp;&nbsp;&nbsp; 6031000 | &nbsp;&nbsp;&nbsp;&nbsp; 5949662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2020-2 Class A 144A | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2033 | &nbsp;&nbsp;&nbsp; 2467000 | &nbsp;&nbsp;&nbsp;&nbsp; 2190503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2022 -1 Class A 144A | 3.88 | &nbsp;&nbsp;11-15-2034 | &nbsp;&nbsp;&nbsp; 11752000 | &nbsp;&nbsp;&nbsp;&nbsp; 11236356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2022-A Class A3 | 1.29 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2026 | &nbsp;&nbsp;&nbsp; 2308000 | &nbsp;&nbsp;&nbsp;&nbsp; 2198022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2022-A Class A3 | 3.23 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2025 | &nbsp;&nbsp;&nbsp; 7684000 | &nbsp;&nbsp;&nbsp;&nbsp; 7503251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2022-A Class A4 | 3.37 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2025 | &nbsp;&nbsp;&nbsp; 3364000 | &nbsp;&nbsp;&nbsp;&nbsp; 3263727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2022-D Class A4 | 5.30 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2028 | &nbsp;&nbsp;&nbsp; 1673000 | &nbsp;&nbsp;&nbsp;&nbsp; 1682334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust Series 2022-2 Class A3 | 3.42 | &nbsp;&nbsp;&nbsp;&nbsp;6-20-2025 | &nbsp;&nbsp;&nbsp; 1969000 | &nbsp;&nbsp;&nbsp;&nbsp; 1919768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust Series 2022-2 Class A4 | 3.54 | &nbsp;&nbsp;&nbsp;&nbsp;5-20-2026 | &nbsp;&nbsp;&nbsp; 3844000 | &nbsp;&nbsp;&nbsp;&nbsp; 3731063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust Series 2022-3 Class A4 | 4.11 | &nbsp;&nbsp;&nbsp;&nbsp;8-20-2026 | &nbsp;&nbsp;&nbsp; 5054000 | &nbsp;&nbsp;&nbsp;&nbsp; 4948925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Revolving Receivable Trust Series 2022 -1 Class A 144A | 5.91 | &nbsp;&nbsp;10-11-2035 | &nbsp;&nbsp;&nbsp; 4422000 | &nbsp;&nbsp;&nbsp;&nbsp; 4498422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Securitized Term Series 2022-2 Class A3 | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;2-16-2027 | &nbsp;&nbsp;&nbsp; 9921000 | &nbsp;&nbsp;&nbsp;&nbsp; 9584637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Securitized Term Series 2022-2 Class A4 | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;4-17-2028 | &nbsp;&nbsp;&nbsp; 5291000 | &nbsp;&nbsp;&nbsp;&nbsp; 5064100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Securitized Term Series 2022-3 Class A4 | 3.71 | &nbsp;&nbsp;12-16-2027 | &nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2981006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Securitized Term Series 2022-4 Class A3 | 4.82 | &nbsp;&nbsp;&nbsp;&nbsp;8-16-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Securitized Term Series 2022-4 Class A4 | 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;8-16-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hertz Vehicle Financing LLC Series 2021-2A Class A 144A | 1.68 | &nbsp;&nbsp;12-27-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hertz Vehicle Financing LLC Series 2022-1A Class A 144A | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp;6-25-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8327675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hertz Vehicle Financing LLC Series 2022-2A Class A 144A | 2.33 | &nbsp;&nbsp;&nbsp;&nbsp;6-26-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8078000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7032671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hertz Vehicle Financing LLC Series 2022-4A Class A 144A | 3.73 | &nbsp;&nbsp;&nbsp;&nbsp;9-25-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hertz Vehicle Financing LLC Series 2022-5A Class A 144A | 3.89 | &nbsp;&nbsp;&nbsp;&nbsp;9-25-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7646253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honda Automobile Receivables Owners Trust Series 2022-2 Class A4 | 3.76 | &nbsp;&nbsp;12-18-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Series 2022-C Class A4 144A | 4.48 | &nbsp;&nbsp;&nbsp;&nbsp;8-17-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Series 2021-C Class A4 | 1.03 | &nbsp;&nbsp;12-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Series 2022-A Class A3 | 2.22 | &nbsp;&nbsp;10-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5273270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Series 2022-A Class A4 | 2.35 | &nbsp;&nbsp;&nbsp;&nbsp;4-17-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Series 2022-C Class A4 | 5.52 | &nbsp;&nbsp;10-16-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Series 2022-C Class A3 | 5.39 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9572000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9641833 |

---

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

------

32 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Asset-backed securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercedes Benz Auto Receivables Series 2022-1 Class A4 | 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2029 | $&nbsp;&nbsp;&nbsp; 3874000 | &nbsp;&nbsp;$3885596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2014-AA Class A3 (1 Month LIBOR +1.60%) 144A± | 5.47 | &nbsp;&nbsp;10-15-2031 | &nbsp;&nbsp;&nbsp; 2622000 | &nbsp;&nbsp;&nbsp;&nbsp; 2580396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) 144A± | 6.02 | &nbsp;&nbsp;12-15-2045 | &nbsp;&nbsp;&nbsp; 1111162 | &nbsp;&nbsp;&nbsp;&nbsp; 1119460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2018-CA Class A2 144A | 3.52 | &nbsp;&nbsp;&nbsp;&nbsp;6-16-2042 | &nbsp;&nbsp;&nbsp; 249944 | &nbsp;&nbsp;&nbsp;&nbsp; 244679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2018-DA Class A2A 144A | 4.00 | &nbsp;&nbsp;12-15-2059 | &nbsp;&nbsp;&nbsp; 3293222 | &nbsp;&nbsp;&nbsp;&nbsp; 3147908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2019-A Class A2A | 3.42 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2043 | &nbsp;&nbsp;&nbsp; 3325790 | &nbsp;&nbsp;&nbsp;&nbsp; 3162677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2019-BA Class A2A 144A | 3.39 | &nbsp;&nbsp;12-15-2059 | &nbsp;&nbsp;&nbsp; 5142881 | &nbsp;&nbsp;&nbsp;&nbsp; 4824263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2019-CA Class A2 144A | 3.13 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2068 | &nbsp;&nbsp;&nbsp; 2816698 | &nbsp;&nbsp;&nbsp;&nbsp; 2669321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2019-D Class A2A 144A | 3.01 | &nbsp;&nbsp;12-15-2059 | &nbsp;&nbsp;&nbsp; 6615358 | &nbsp;&nbsp;&nbsp;&nbsp; 6039848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2019-FA Class A2 144A | 2.60 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2068 | &nbsp;&nbsp;&nbsp; 3566386 | &nbsp;&nbsp;&nbsp;&nbsp; 3296741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2020-BA ClassA2 144A | 2.12 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2069 | &nbsp;&nbsp;&nbsp; 2337602 | &nbsp;&nbsp;&nbsp;&nbsp; 2119175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2020-GA Class A 144A | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;9-16-2069 | &nbsp;&nbsp;&nbsp; 2911759 | &nbsp;&nbsp;&nbsp;&nbsp; 2562447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2020-HA Class A 144A | 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2069 | &nbsp;&nbsp;&nbsp; 2031802 | &nbsp;&nbsp;&nbsp;&nbsp; 1822994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2020-IA Class A1A 144A | 1.33 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2069 | &nbsp;&nbsp;&nbsp; 1686127 | &nbsp;&nbsp;&nbsp;&nbsp; 1434750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2021-3A Class A1A 144A | 1.77 | &nbsp;&nbsp;&nbsp;&nbsp;8-25-2070 | &nbsp;&nbsp;&nbsp; 5716146 | &nbsp;&nbsp;&nbsp;&nbsp; 4944277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2021-A Class A 144A | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2069 | &nbsp;&nbsp;&nbsp; 950689 | &nbsp;&nbsp;&nbsp;&nbsp; 811720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2021-BA Class A 144A | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2069 | &nbsp;&nbsp;&nbsp; 1440690 | &nbsp;&nbsp;&nbsp;&nbsp; 1215978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2021-CA Class A | 1.06 | &nbsp;&nbsp;10-15-2069 | &nbsp;&nbsp;&nbsp; 5913666 | &nbsp;&nbsp;&nbsp;&nbsp; 5107043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2021-EA Class A 144A | 0.97 | &nbsp;&nbsp;12-16-2069 | &nbsp;&nbsp;&nbsp; 10159642 | &nbsp;&nbsp;&nbsp;&nbsp; 8393143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2021-FA Class A 144A | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;2-18-2070 | &nbsp;&nbsp;&nbsp; 5133435 | &nbsp;&nbsp;&nbsp;&nbsp; 4205246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust Series 2022-A Class A 144A | 2.23 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2070 | &nbsp;&nbsp;&nbsp; 3653175 | &nbsp;&nbsp;&nbsp;&nbsp; 3177487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ± | 4.52 | &nbsp;&nbsp;&nbsp;&nbsp;1-25-2037 | &nbsp;&nbsp;&nbsp; 2811283 | &nbsp;&nbsp;&nbsp;&nbsp; 2742881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ± | 4.54 | &nbsp;&nbsp;10-27-2036 | &nbsp;&nbsp;&nbsp; 1457021 | &nbsp;&nbsp;&nbsp;&nbsp; 1409008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ± | 4.47 | &nbsp;&nbsp;10-25-2033 | &nbsp;&nbsp;&nbsp;&nbsp;11702372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11239059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ± | 3.70 | &nbsp;&nbsp;&nbsp;&nbsp;3-23-2037 | &nbsp;&nbsp;&nbsp;&nbsp;11904617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11477810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ± | 3.72 | &nbsp;&nbsp;12-24-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9013653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8707760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ± | 3.78 | &nbsp;&nbsp;&nbsp;&nbsp;3-22-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Auto Lease Trust Series 2022-A Class A3 | 3.81 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6746000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6625255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Auto Receivables Owner Trust Series 2022-B Class A4 | 4.45 | &nbsp;&nbsp;11-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penfed Auto Receivables Owner Trust Series 2022-A Class A3 144A | 3.96 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3482517 |

---

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

------

Allspring Core Bond Portfolio \| 33

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Asset-backed securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penfed Auto Receivables Owner Trust Series 2022-A Class A4 144A | 4.18% | &nbsp;&nbsp;12-15-2028 | $&nbsp;&nbsp;&nbsp; 1743000 | &nbsp;&nbsp;$1707397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivable Series 2022-2 Class A3 | 2.98 | &nbsp;&nbsp;10-15-2026 | &nbsp;&nbsp;&nbsp; 10521000 | &nbsp;&nbsp;&nbsp;&nbsp; 10271112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivable Series 2022-4 Class A3 | 4.14 | &nbsp;&nbsp;&nbsp;&nbsp;2-16-2027 | &nbsp;&nbsp;&nbsp; 5140000 | &nbsp;&nbsp;&nbsp;&nbsp; 5004372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivable Series 2022-5 Class A3 | 4.11 | &nbsp;&nbsp;&nbsp;&nbsp;8-17-2026 | &nbsp;&nbsp;&nbsp; 4588000 | &nbsp;&nbsp;&nbsp;&nbsp; 4485792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Series 2022-3 Class A3 | 3.40 | &nbsp;&nbsp;12-15-2026 | &nbsp;&nbsp;&nbsp; 3524000 | &nbsp;&nbsp;&nbsp;&nbsp; 3448729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Series 2022-6 Class A3 | 4.49 | &nbsp;&nbsp;11-16-2026 | &nbsp;&nbsp;&nbsp; 8785000 | &nbsp;&nbsp;&nbsp;&nbsp; 8648441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Series 2022-7 Class A3 | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2027 | &nbsp;&nbsp;&nbsp; 2810000 | &nbsp;&nbsp;&nbsp;&nbsp; 2811020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2016-B Class A2A 144A | 2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2-17-2032 | &nbsp;&nbsp;&nbsp; 1313325 | &nbsp;&nbsp;&nbsp;&nbsp; 1239887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A± | 5.32 | &nbsp;&nbsp;&nbsp;&nbsp;2-17-2032 | &nbsp;&nbsp;&nbsp; 1023789 | &nbsp;&nbsp;&nbsp;&nbsp; 1012479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2016-C Class A2B | 4.97 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2034 | &nbsp;&nbsp;&nbsp; 1160544 | &nbsp;&nbsp;&nbsp;&nbsp; 1154284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2018-C Class A2A 144A | 3.63 | &nbsp;&nbsp;11-15-2035 | &nbsp;&nbsp;&nbsp; 2045153 | &nbsp;&nbsp;&nbsp;&nbsp; 1919146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2019-A Class A2A 144A | 3.44 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2036 | &nbsp;&nbsp;&nbsp; 7602639 | &nbsp;&nbsp;&nbsp;&nbsp; 7226363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2020-BA Class A1A 144A | 1.29 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2053 | &nbsp;&nbsp;&nbsp; 2914682 | &nbsp;&nbsp;&nbsp;&nbsp; 2566623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2020-PTA Class A2A 144A | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2054 | &nbsp;&nbsp;&nbsp; 4550047 | &nbsp;&nbsp;&nbsp;&nbsp; 4008050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2020-PTB Class A2A 144A | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2054 | &nbsp;&nbsp;&nbsp; 13112427 | &nbsp;&nbsp;&nbsp;&nbsp; 11590759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2021-A Class APT1 144A | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2053 | &nbsp;&nbsp;&nbsp; 10453979 | &nbsp;&nbsp;&nbsp;&nbsp; 8777059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2021-B Class A 144A | 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;7-17-2051 | &nbsp;&nbsp;&nbsp; 2918515 | &nbsp;&nbsp;&nbsp;&nbsp; 2605540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2021-C Class A2 (1 Month LIBOR +0.80%) 144A± | 4.68 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2053 | &nbsp;&nbsp;&nbsp; 6986000 | &nbsp;&nbsp;&nbsp;&nbsp; 6620731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2021-D Class A1A 144A | 1.34 | &nbsp;&nbsp;&nbsp;&nbsp;3-17-2053 | &nbsp;&nbsp;&nbsp; 7984321 | &nbsp;&nbsp;&nbsp;&nbsp; 7066996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2021-E Class A1A 144A | 1.68 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2051 | &nbsp;&nbsp;&nbsp; 6351170 | &nbsp;&nbsp;&nbsp;&nbsp; 5673004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2022-C Class A1A 144A | 4.48 | &nbsp;&nbsp;&nbsp;&nbsp;5-16-2050 | &nbsp;&nbsp;&nbsp; 3191960 | &nbsp;&nbsp;&nbsp;&nbsp; 3062072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Series 2022-D Class A1B (30 Day Average U.S. SOFR +1.80%) ± | 5.02 | &nbsp;&nbsp;10-15-2058 | &nbsp;&nbsp;&nbsp; 4299717 | &nbsp;&nbsp;&nbsp;&nbsp; 4235441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Series 2017-D Class A2 144A | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;9-25-2040 | &nbsp;&nbsp;&nbsp; 122190 | &nbsp;&nbsp;&nbsp;&nbsp; 116891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A | 2.72 | &nbsp;&nbsp;11-26-2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Series 2020-C Class AFX | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Series 2021-A Class AFX 144A | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;8-17-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Series 2021-B Class AFX 144A | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Card Issuance Trust Series 2022-A1 Class A | 3.37 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6013000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Card Issuance Trust Series 2022-A2 Class A | 3.86 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5946046 |

---

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

------

34 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Asset-backed securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Series 2022-1A Class A 144A | 3.82% | &nbsp;&nbsp;&nbsp;&nbsp;4-25-2035 | $&nbsp;&nbsp;&nbsp; 4199000 | &nbsp;&nbsp;$3966265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2022-B Class A4 | 3.11 | &nbsp;&nbsp;&nbsp;&nbsp;8-16-2027 | &nbsp;&nbsp;&nbsp; 3985000 | &nbsp;&nbsp;&nbsp;&nbsp; 3786957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2022-C Class A4 | 3.77 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2028 | &nbsp;&nbsp;&nbsp; 3857000 | &nbsp;&nbsp;&nbsp;&nbsp; 3739553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2022-D Class A4 | 5.43 | &nbsp;&nbsp;&nbsp;&nbsp;4-17-2028 | &nbsp;&nbsp;&nbsp; 2132000 | &nbsp;&nbsp;&nbsp;&nbsp; 2162883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triton Container Finance LLC Series 2020-1A Class A 144A | 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;9-20-2045 | &nbsp;&nbsp;&nbsp; 2051821 | &nbsp;&nbsp;&nbsp;&nbsp; 1743601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Omni Automobile Lease Series 2022-A Class A3 | 3.21 | &nbsp;&nbsp;&nbsp;&nbsp;2-18-2025 | &nbsp;&nbsp;&nbsp; 3723000 | &nbsp;&nbsp;&nbsp;&nbsp; 3637985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Omni Automobile Lease Series 2022-A Class A4 | 3.34 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2027 | &nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp;&nbsp; 2133265 |
| &nbsp;&nbsp;**Total Asset-backed securities (Cost $528,238,543)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **497719778** |
| &nbsp;&nbsp;**Corporate bonds and notes: 20.95%** |  |  |  |  |
| &nbsp;&nbsp;**Communication services: 1.57%** |  |  |  |  |
| &nbsp;&nbsp;**Diversified telecommunication services: 0.75%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Incorporated | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;3-25-2026 | &nbsp;&nbsp;&nbsp; 7747000 | &nbsp;&nbsp;&nbsp;&nbsp; 6982906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Incorporated | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2041 | &nbsp;&nbsp;&nbsp; 1664000 | &nbsp;&nbsp;&nbsp;&nbsp; 1271431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Incorporated | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2059 | &nbsp;&nbsp;&nbsp; 1629000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Incorporated | 3.80 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2057 | &nbsp;&nbsp;&nbsp; 4685000 | &nbsp;&nbsp;&nbsp;&nbsp; 3401160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA Incorporated | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2026 | &nbsp;&nbsp;&nbsp; 7045000 | &nbsp;&nbsp;&nbsp;&nbsp; 6450561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA Incorporated | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2031 | &nbsp;&nbsp;&nbsp; 707000 | &nbsp;&nbsp;&nbsp;&nbsp; 590698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA Incorporated | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2029 | &nbsp;&nbsp;&nbsp; 8243000 | &nbsp;&nbsp;&nbsp;&nbsp; 7283275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA Incorporated | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2031 | &nbsp;&nbsp;&nbsp; 473000 | &nbsp;&nbsp;&nbsp;&nbsp; 411879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Incorporated | 2.36 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2032 | &nbsp;&nbsp;&nbsp; 1755000 | &nbsp;&nbsp;&nbsp;&nbsp; 1408791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Incorporated | 2.55 | &nbsp;&nbsp;&nbsp;&nbsp;3-21-2031 | &nbsp;&nbsp;&nbsp; 2445000 | &nbsp;&nbsp;&nbsp;&nbsp; 2038373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Incorporated | 2.65 | &nbsp;&nbsp;11-20-2040 | &nbsp;&nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1509090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Incorporated | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3-22-2051 | &nbsp;&nbsp;&nbsp; 1558000 | &nbsp;&nbsp;&nbsp;&nbsp; 1152871 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33632526** |
| &nbsp;&nbsp;**Entertainment: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix Incorporated 144A | 5.38 | &nbsp;&nbsp;11-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix Incorporated | 5.88 | &nbsp;&nbsp;11-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999313 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4792530** |
| &nbsp;&nbsp;**Media: 0.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation | 2.99 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation | 4.05 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation | 5.35 | &nbsp;&nbsp;11-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation | 5.50 | &nbsp;&nbsp;11-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6842000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7172126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery Communications LLC | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magallanes Incorporated 144A | 5.05 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magallanes Incorporated 144A | 5.14 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7851000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6083434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magallanes Incorporated 144A | 5.39 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003852 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31862460** |

---

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

------

Allspring Core Bond Portfolio \| 35

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Consumer discretionary: 0.96%** |  |  |  |  |
| &nbsp;&nbsp;**Automobiles: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Company | 4.75% | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2043 | $&nbsp;&nbsp;&nbsp; 336000 | &nbsp;&nbsp;$248653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Company | 5.40 | &nbsp;&nbsp;10-15-2029 | &nbsp;&nbsp;&nbsp; 4078000 | &nbsp;&nbsp;&nbsp;&nbsp; 3935205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Company | 5.60 | &nbsp;&nbsp;10-15-2032 | &nbsp;&nbsp;&nbsp; 842000 | &nbsp;&nbsp;&nbsp;&nbsp; 809257 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4993115** |
| &nbsp;&nbsp;**Diversified consumer services: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corporation | 4.85 | &nbsp;&nbsp;10-11-2029 | &nbsp;&nbsp;&nbsp; 2853000 | &nbsp;&nbsp;&nbsp;&nbsp; **2895801** |
| &nbsp;&nbsp;**Hotels, restaurants & leisure: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLP Capital LP | 5.30 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2029 | &nbsp;&nbsp;&nbsp; 1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1414926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International Incorporated | 4.63 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2030 | &nbsp;&nbsp;&nbsp; 2546000 | &nbsp;&nbsp;&nbsp;&nbsp; 2390882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2049 | &nbsp;&nbsp;&nbsp; 2534000 | &nbsp;&nbsp;&nbsp;&nbsp; 1964611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 4.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2050 | &nbsp;&nbsp;&nbsp; 3740000 | &nbsp;&nbsp;&nbsp;&nbsp; 3195918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 5.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-9-2052 | &nbsp;&nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1613555 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10579892** |
| &nbsp;&nbsp;**Internet & direct marketing retail: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Incorporated | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;5-12-2041 | &nbsp;&nbsp;&nbsp; 1087000 | &nbsp;&nbsp;&nbsp;&nbsp; 830402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Incorporated %% | 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2032 | &nbsp;&nbsp;&nbsp; 4277000 | &nbsp;&nbsp;&nbsp;&nbsp; 4313193 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5143595** |
| &nbsp;&nbsp;**Specialty retail: 0.44%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot Incorporated | 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2051 | &nbsp;&nbsp;&nbsp; 2485000 | &nbsp;&nbsp;&nbsp;&nbsp; 1548157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot Incorporated | 3.13 | &nbsp;&nbsp;12-15-2049 | &nbsp;&nbsp;&nbsp; 3014000 | &nbsp;&nbsp;&nbsp;&nbsp; 2206318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot Incorporated | 3.30 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2040 | &nbsp;&nbsp;&nbsp; 642000 | &nbsp;&nbsp;&nbsp;&nbsp; 519812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot Incorporated | 3.63 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2052 | &nbsp;&nbsp;&nbsp; 1547000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot Incorporated | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot Incorporated | 4.95 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies Incorporated | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies Incorporated | 5.63 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4906194 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19680662** |
| &nbsp;&nbsp;**Consumer staples: 1.01%** |  |  |  |  |
| &nbsp;&nbsp;**Beverages: 0.39%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Incorporated | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Incorporated | 4.38 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Incorporated | 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Incorporated | 4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8583000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8029253 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17647083** |
| &nbsp;&nbsp;**Food & staples retailing: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle Holdings Incorporated Company 144A | 4.13 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle Holdings Incorporated Company 144A | 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Incorporated | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-9-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Incorporated | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-9-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4902000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4844948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Incorporated | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-9-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384502 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15543778** |
| &nbsp;&nbsp;**Tobacco: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Incorporated | 5.00 | &nbsp;&nbsp;11-17-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669339 |

---

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

------

36 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Tobacco (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Incorporated | 5.13% | &nbsp;&nbsp;11-17-2027 | $&nbsp;&nbsp;&nbsp; 5509000 | &nbsp;&nbsp;$5520648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Incorporated | 5.75 | &nbsp;&nbsp;11-17-2032 | &nbsp;&nbsp;&nbsp; 2747000 | &nbsp;&nbsp;&nbsp;&nbsp; 2828795 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12018782** |
| &nbsp;&nbsp;**Energy: 0.63%** |  |  |  |  |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 0.63%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boardwalk Pipelines LP | 3.40 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2031 | &nbsp;&nbsp;&nbsp; 678000 | &nbsp;&nbsp;&nbsp;&nbsp; 573145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enable Midstream Partners | 4.40 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2027 | &nbsp;&nbsp;&nbsp; 767000 | &nbsp;&nbsp;&nbsp;&nbsp; 733501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enable Midstream Partners | 4.95 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2028 | &nbsp;&nbsp;&nbsp; 5731000 | &nbsp;&nbsp;&nbsp;&nbsp; 5519917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer Operating Partners LP | 5.30 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2047 | &nbsp;&nbsp;&nbsp; 4482000 | &nbsp;&nbsp;&nbsp;&nbsp; 3809096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer Operating Partners LP | 6.13 | &nbsp;&nbsp;12-15-2045 | &nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 3.45 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2051 | &nbsp;&nbsp;&nbsp; 4354000 | &nbsp;&nbsp;&nbsp;&nbsp; 3373097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 4.33 | &nbsp;&nbsp;&nbsp;&nbsp;3-19-2050 | &nbsp;&nbsp;&nbsp; 5731000 | &nbsp;&nbsp;&nbsp;&nbsp; 5165149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan Incorporated | 5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2052 | &nbsp;&nbsp;&nbsp; 5060000 | &nbsp;&nbsp;&nbsp;&nbsp; 4627727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer Natural Resource | 2.15 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2031 | &nbsp;&nbsp;&nbsp; 2318000 | &nbsp;&nbsp;&nbsp;&nbsp; 1871611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunoco Logistics Partner LP | 5.40 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2047 | &nbsp;&nbsp;&nbsp; 1329000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146100 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **28131079** |
| &nbsp;&nbsp;**Financials: 7.09%** |  |  |  |  |
| &nbsp;&nbsp;**Banks: 3.98%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (U.S. SOFR +0.65%) ± | 1.53 | &nbsp;&nbsp;&nbsp;&nbsp;12-6-2025 | &nbsp;&nbsp;&nbsp; 14423000 | &nbsp;&nbsp;&nbsp;&nbsp; 13247153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (U.S. SOFR +0.91%) ± | 1.66 | &nbsp;&nbsp;&nbsp;&nbsp;3-11-2027 | &nbsp;&nbsp;&nbsp; 12345000 | &nbsp;&nbsp;&nbsp;&nbsp; 10938875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (U.S. SOFR +0.96%) ± | 1.73 | &nbsp;&nbsp;&nbsp;&nbsp;7-22-2027 | &nbsp;&nbsp;&nbsp; 11189000 | &nbsp;&nbsp;&nbsp;&nbsp; 9804082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (U.S. SOFR +1.32%) ± | 2.69 | &nbsp;&nbsp;&nbsp;&nbsp;4-22-2032 | &nbsp;&nbsp;&nbsp; 11907000 | &nbsp;&nbsp;&nbsp;&nbsp; 9646330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (U.S. SOFR +1.33%) ± | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-2-2026 | &nbsp;&nbsp;&nbsp; 6380000 | &nbsp;&nbsp;&nbsp;&nbsp; 6075192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (3 Month LIBOR +1.04%) ± | 3.42 | &nbsp;&nbsp;12-20-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8622000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7861998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (U.S. SOFR +2.16%) ± | 5.02 | &nbsp;&nbsp;&nbsp;&nbsp;7-22-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (U.S. SOFR +1.99%) ± | 6.20 | &nbsp;&nbsp;11-10-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8429000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8718241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated (U.S. SOFR +1.89%) ± | 4.66 | &nbsp;&nbsp;&nbsp;&nbsp;5-24-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated (U.S. SOFR +2.09%) ± | 4.91 | &nbsp;&nbsp;&nbsp;&nbsp;5-24-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated (U.S. SOFR +2.34%) ± | 6.27 | &nbsp;&nbsp;11-17-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR 3 Month +0.70%) ± | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-4-2027 | &nbsp;&nbsp;&nbsp;&nbsp;15571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13569804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +0.80%) ± | 1.05 | &nbsp;&nbsp;11-19-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4256304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +0.77%) ± | 1.47 | &nbsp;&nbsp;&nbsp;&nbsp;9-22-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +0.61%) ± | 1.56 | &nbsp;&nbsp;12-10-2025 | &nbsp;&nbsp;&nbsp;&nbsp;22778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21039672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +0.89%) ± | 1.58 | &nbsp;&nbsp;&nbsp;&nbsp;4-22-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3851000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +1.89%) ± | 2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4767000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +1.56%) ± | 4.32 | &nbsp;&nbsp;&nbsp;&nbsp;4-26-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +1.75%) ± | 4.57 | &nbsp;&nbsp;&nbsp;&nbsp;6-14-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +1.99%) ± | 4.85 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4007000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +2.08%) ± | 4.91 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank (U.S. SOFR +2.14%) ± | 6.04 | &nbsp;&nbsp;10-28-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation (U.S. SOFR +1.37%) ± | 4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-6-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4548759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation (U.S. SOFR +2.30%) ± | 6.12 | &nbsp;&nbsp;10-28-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company (U.S. SOFR +1.51%) ± | 3.53 | &nbsp;&nbsp;&nbsp;&nbsp;3-24-2028 | &nbsp;&nbsp;&nbsp;&nbsp;16251000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15095490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company (U.S. SOFR +1.98%) ± | 4.81 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company (U.S. SOFR +2.10%) ± | 4.90 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347241 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**178635788** |
| &nbsp;&nbsp;**Capital markets: 2.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antares Holdings LP 144A | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251322 |

---

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

------

Allspring Core Bond Portfolio \| 37

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Capital markets (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding 144A | 2.50% | &nbsp;&nbsp;&nbsp;&nbsp;3-24-2028 | $&nbsp;&nbsp;&nbsp; 5440000 | &nbsp;&nbsp;$4603240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding 144A | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;10-4-2031 | &nbsp;&nbsp;&nbsp; 5133000 | &nbsp;&nbsp;&nbsp;&nbsp; 3949590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Equity Funds 144A | 6.20 | &nbsp;&nbsp;&nbsp;&nbsp;4-22-2033 | &nbsp;&nbsp;&nbsp; 5131000 | &nbsp;&nbsp;&nbsp;&nbsp; 5304118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Incorporated (U.S. SOFR +0.51%) ± | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;9-10-2024 | &nbsp;&nbsp;&nbsp; 7791000 | &nbsp;&nbsp;&nbsp;&nbsp; 7467140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Incorporated (U.S. SOFR +0.49%) ± | 0.93 | &nbsp;&nbsp;10-21-2024 | &nbsp;&nbsp;&nbsp; 11567000 | &nbsp;&nbsp;&nbsp;&nbsp; 11032173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Incorporated (U.S. SOFR +0.73%) ± | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1-24-2025 | &nbsp;&nbsp;&nbsp; 6529000 | &nbsp;&nbsp;&nbsp;&nbsp; 6223529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Incorporated (U.S. SOFR +0.91%) ± | 1.95 | &nbsp;&nbsp;10-21-2027 | &nbsp;&nbsp;&nbsp; 3854000 | &nbsp;&nbsp;&nbsp;&nbsp; 3373959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (U.S. SOFR +0.51%) ± | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1-22-2025 | &nbsp;&nbsp;&nbsp; 9927000 | &nbsp;&nbsp;&nbsp;&nbsp; 9336517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (U.S. SOFR +0.53%) ± | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;5-30-2025 | &nbsp;&nbsp;&nbsp; 10029000 | &nbsp;&nbsp;&nbsp;&nbsp; 9292713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (U.S. SOFR +0.75%) ± | 0.86 | &nbsp;&nbsp;10-21-2025 | &nbsp;&nbsp;&nbsp; 3094000 | &nbsp;&nbsp;&nbsp;&nbsp; 2823552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (U.S. SOFR +0.72%) ± | 0.99 | &nbsp;&nbsp;12-10-2026 | &nbsp;&nbsp;&nbsp; 7916000 | &nbsp;&nbsp;&nbsp;&nbsp; 6942472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (U.S. SOFR +1.00%) ± | 2.48 | &nbsp;&nbsp;&nbsp;&nbsp;1-21-2028 | &nbsp;&nbsp;&nbsp; 1547000 | &nbsp;&nbsp;&nbsp;&nbsp; 1374460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (U.S. SOFR +2.56%) ± | 6.34 | &nbsp;&nbsp;10-18-2033 | &nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 9038870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (U.S. SOFR +0.86%) ± | 1.51 | &nbsp;&nbsp;&nbsp;&nbsp;7-20-2027 | &nbsp;&nbsp;&nbsp; 6054000 | &nbsp;&nbsp;&nbsp;&nbsp; 5267692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Rock Capital Corporation | 3.13 | &nbsp;&nbsp;&nbsp;&nbsp;4-13-2027 | &nbsp;&nbsp;&nbsp; 2113000 | &nbsp;&nbsp;&nbsp;&nbsp; 1754576 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **91035923** |
| &nbsp;&nbsp;**Consumer finance: 0.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance Corporation | 1.63 | &nbsp;&nbsp;&nbsp;&nbsp;8-17-2025 | &nbsp;&nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp;&nbsp; 1625067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Company LLC | 2.70 | &nbsp;&nbsp;&nbsp;&nbsp;8-10-2026 | &nbsp;&nbsp;&nbsp; 5703000 | &nbsp;&nbsp;&nbsp;&nbsp; 4976364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Company LLC | 2.90 | &nbsp;&nbsp;&nbsp;&nbsp;2-10-2029 | &nbsp;&nbsp;&nbsp; 2851000 | &nbsp;&nbsp;&nbsp;&nbsp; 2350821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Company Incorporated | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;1-12-2032 | &nbsp;&nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1343720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America Company 144A | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-8-2024 | &nbsp;&nbsp;&nbsp; 1369000 | &nbsp;&nbsp;&nbsp;&nbsp; 1298010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America Company 144A | 1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-8-2026 | &nbsp;&nbsp;&nbsp; 3282000 | &nbsp;&nbsp;&nbsp;&nbsp; 2853568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America Company 144A | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corporation | 2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-8-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corporation | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8017062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corporation | 5.45 | &nbsp;&nbsp;11-10-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4723533 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31995001** |
| &nbsp;&nbsp;**Diversified financial services: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial Incorporated « | 5.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-8-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1193267** |
| &nbsp;&nbsp;**Insurance: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brighthouse Financial Incorporated | 3.85 | &nbsp;&nbsp;12-22-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export Finance and Insurance Corporation 144A | 4.63 | &nbsp;&nbsp;10-26-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5931000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Mutual Group Incorporated 144A | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh and McLennan Companies Incorporated | 6.25 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBL Holdings Incorporated 144A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-18-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services Corporation | 3.60 | &nbsp;&nbsp;11-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624359 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15125593** |
| &nbsp;&nbsp;**Health care: 2.12%** |  |  |  |  |
| &nbsp;&nbsp;**Biotechnology: 0.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie Incorporated | 4.05 | &nbsp;&nbsp;11-21-2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie Incorporated | 4.25 | &nbsp;&nbsp;11-21-2049 | &nbsp;&nbsp;&nbsp;&nbsp;10571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9089787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie Incorporated | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;5-14-2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie Incorporated | 4.45 | &nbsp;&nbsp;&nbsp;&nbsp;5-14-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen Incorporated | 4.05 | &nbsp;&nbsp;&nbsp;&nbsp;8-18-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences Incorporated | 2.60 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924727 |

---

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

------

38 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Biotechnology (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences Incorporated | 2.80% | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2050 | $&nbsp;&nbsp;&nbsp; 2513000 | &nbsp;&nbsp;$1661941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences Incorporated | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2036 | &nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1233947 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **20010497** |
| &nbsp;&nbsp;**Health care providers & services: 1.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corporation | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2031 | &nbsp;&nbsp;&nbsp; 1451000 | &nbsp;&nbsp;&nbsp;&nbsp; 1147045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corporation | 3.00 | &nbsp;&nbsp;10-15-2030 | &nbsp;&nbsp;&nbsp; 3489000 | &nbsp;&nbsp;&nbsp;&nbsp; 2878774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Corporation | 3.40 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2050 | &nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 566494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2026 | &nbsp;&nbsp;&nbsp; 1676000 | &nbsp;&nbsp;&nbsp;&nbsp; 1575481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;3-25-2028 | &nbsp;&nbsp;&nbsp; 3542000 | &nbsp;&nbsp;&nbsp;&nbsp; 3443235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | 5.05 | &nbsp;&nbsp;&nbsp;&nbsp;3-25-2048 | &nbsp;&nbsp;&nbsp; 1171000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Healthcare Holding Company 144A | 5.65 | &nbsp;&nbsp;11-15-2027 | &nbsp;&nbsp;&nbsp; 4253000 | &nbsp;&nbsp;&nbsp;&nbsp; 4337411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Company | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;3-24-2027 | &nbsp;&nbsp;&nbsp; 3658000 | &nbsp;&nbsp;&nbsp;&nbsp; 3415148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Company | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;3-24-2029 | &nbsp;&nbsp;&nbsp; 1568000 | &nbsp;&nbsp;&nbsp;&nbsp; 1420544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Company | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-24-2052 | &nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2072748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Incorporated 144A | 4.63 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2052 | &nbsp;&nbsp;&nbsp; 6143000 | &nbsp;&nbsp;&nbsp;&nbsp; 4953014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | 2.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2040 | &nbsp;&nbsp;&nbsp; 1187000 | &nbsp;&nbsp;&nbsp;&nbsp; 881129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | 3.05 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2041 | &nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 623317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2051 | &nbsp;&nbsp;&nbsp; 3478000 | &nbsp;&nbsp;&nbsp;&nbsp; 2552184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2029 | &nbsp;&nbsp;&nbsp; 2387000 | &nbsp;&nbsp;&nbsp;&nbsp; 2292199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | 4.63 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2035 | &nbsp;&nbsp;&nbsp; 2445000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2028 | &nbsp;&nbsp;&nbsp; 2604000 | &nbsp;&nbsp;&nbsp;&nbsp; 2678600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | 5.30 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2030 | &nbsp;&nbsp;&nbsp; 4338000 | &nbsp;&nbsp;&nbsp;&nbsp; 4479849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | 5.35 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2033 | &nbsp;&nbsp;&nbsp; 4338000 | &nbsp;&nbsp;&nbsp;&nbsp; 4516928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | 5.88 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4159000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4602527 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51924218** |
| &nbsp;&nbsp;**Life sciences tools & services: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | 2.60 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | 2.80 | &nbsp;&nbsp;12-10-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Incorporated | 1.75 | &nbsp;&nbsp;10-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Incorporated | 2.80 | &nbsp;&nbsp;10-15-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876209 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5285084** |
| &nbsp;&nbsp;**Pharmaceuticals: 0.39%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astrazeneca plc | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-28-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Incorporated | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;8-18-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Incorporated | 2.55 | &nbsp;&nbsp;&nbsp;&nbsp;5-28-2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holdings Incorporated 144A | 2.08 | &nbsp;&nbsp;12-13-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holdings Incorporated 144A | 2.61 | &nbsp;&nbsp;12-13-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442056 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17614941** |
| &nbsp;&nbsp;**Industrials: 1.44%** |  |  |  |  |
| &nbsp;&nbsp;**Aerospace & defense: 0.64%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | 5.10 | &nbsp;&nbsp;11-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | 5.70 | &nbsp;&nbsp;11-15-2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | 5.90 | &nbsp;&nbsp;11-15-2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grunman | 4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5432757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boeing Company | 2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-4-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5349556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boeing Company | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boeing Company | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boeing Company | 5.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4098676 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28833273** |

---

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

------

Allspring Core Bond Portfolio \| 39

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Airlines: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines Incorporated 144A | 4.75% | &nbsp;&nbsp;10-20-2028 | $&nbsp;&nbsp;&nbsp; 9156000 | &nbsp;&nbsp;**$8678983** |
| &nbsp;&nbsp;**Construction & engineering: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services Incorporated | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2024 | &nbsp;&nbsp;&nbsp; 3093000 | &nbsp;&nbsp;&nbsp;&nbsp; **2832472** |
| &nbsp;&nbsp;**Industrial conglomerates: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International Incorporated | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2033 | &nbsp;&nbsp;&nbsp; 5218000 | &nbsp;&nbsp;&nbsp;&nbsp; **5370506** |
| &nbsp;&nbsp;**Machinery: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker Hannifin Corporation | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2027 | &nbsp;&nbsp;&nbsp; 4720000 | &nbsp;&nbsp;&nbsp;&nbsp; 4577580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker Hannifin Corporation | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2029 | &nbsp;&nbsp;&nbsp; 3147000 | &nbsp;&nbsp;&nbsp;&nbsp; 3054865 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7632445** |
| &nbsp;&nbsp;**Road & rail: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | 4.10 | &nbsp;&nbsp;11-15-2032 | &nbsp;&nbsp;&nbsp; 4069000 | &nbsp;&nbsp;&nbsp;&nbsp; 3865718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;5-20-2031 | &nbsp;&nbsp;&nbsp; 1649000 | &nbsp;&nbsp;&nbsp;&nbsp; 1396020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | 2.80 | &nbsp;&nbsp;&nbsp;&nbsp;2-14-2032 | &nbsp;&nbsp;&nbsp; 2238000 | &nbsp;&nbsp;&nbsp;&nbsp; 1947422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;2-14-2042 | &nbsp;&nbsp;&nbsp; 1862000 | &nbsp;&nbsp;&nbsp;&nbsp; 1507714 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8716874** |
| &nbsp;&nbsp;**Transportation infrastructure: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowley Conro LLC | 4.18 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2043 | &nbsp;&nbsp;&nbsp; 2435118 | &nbsp;&nbsp;&nbsp;&nbsp; **2308233** |
| &nbsp;&nbsp;**Information technology: 2.13%** |  |  |  |  |
| &nbsp;&nbsp;**Electronic equipment, instruments & components: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell International LLC 144A | 3.38 | &nbsp;&nbsp;12-15-2041 | &nbsp;&nbsp;&nbsp; 3853000 | &nbsp;&nbsp;&nbsp;&nbsp; 2655219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell International LLC 144A | 3.45 | &nbsp;&nbsp;12-15-2051 | &nbsp;&nbsp;&nbsp; 4622000 | &nbsp;&nbsp;&nbsp;&nbsp; 2979445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell International LLC | 6.10 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2027 | &nbsp;&nbsp;&nbsp; 1576000 | &nbsp;&nbsp;&nbsp;&nbsp; 1619259 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7253923** |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment: 0.96%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices | 3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Incorporated 144A | 2.45 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Incorporated | 3.15 | &nbsp;&nbsp;11-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Incorporated 144A | 3.42 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7383000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5998910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Incorporated 144A | 3.47 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Incorporated | 4.15 | &nbsp;&nbsp;11-15-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Incorporated 144A | 4.93 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Incorporated 144A | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation | 2.80 | &nbsp;&nbsp;&nbsp;&nbsp;8-12-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation | 4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-5-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation | 5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-5-2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation | 3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation | 4.95 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualcomm Incorporated | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;5-20-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualcomm Incorporated | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-20-2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xilinx Incorporated | 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128789 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43056562** |
| &nbsp;&nbsp;**Software: 0.67%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;3-25-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 4.38 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 6.90 | &nbsp;&nbsp;&nbsp;&nbsp;11-9-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839960 |

---

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

------

40 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Software (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMware Incorporated | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2023 | $&nbsp;&nbsp;&nbsp; 7593000 | &nbsp;&nbsp;$7352820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMware Incorporated | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2024 | &nbsp;&nbsp;&nbsp; 5391000 | &nbsp;&nbsp;&nbsp;&nbsp; 5019711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMware Incorporated | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2026 | &nbsp;&nbsp;&nbsp; 5424000 | &nbsp;&nbsp;&nbsp;&nbsp; 4770240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMware Incorporated | 1.80 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2028 | &nbsp;&nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 775985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMware Incorporated | 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2030 | &nbsp;&nbsp;&nbsp; 3116000 | &nbsp;&nbsp;&nbsp;&nbsp; 2925910 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **30104346** |
| &nbsp;&nbsp;**Technology hardware, storage & peripherals: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-8-2041 | &nbsp;&nbsp;&nbsp; 1262000 | &nbsp;&nbsp;&nbsp;&nbsp; 923946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | 2.40 | &nbsp;&nbsp;&nbsp;&nbsp;8-20-2050 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 132655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;5-11-2050 | &nbsp;&nbsp;&nbsp; 2389000 | &nbsp;&nbsp;&nbsp;&nbsp; 1651588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-8-2051 | &nbsp;&nbsp;&nbsp; 1062000 | &nbsp;&nbsp;&nbsp;&nbsp; 726289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | 2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-8-2061 | &nbsp;&nbsp;&nbsp; 1102000 | &nbsp;&nbsp;&nbsp;&nbsp; 732683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-8-2029 | &nbsp;&nbsp;&nbsp; 6518000 | &nbsp;&nbsp;&nbsp;&nbsp; 6108827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-8-2052 | &nbsp;&nbsp;&nbsp; 3265000 | &nbsp;&nbsp;&nbsp;&nbsp; 2855249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | 4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-8-2062 | &nbsp;&nbsp;&nbsp; 2444000 | &nbsp;&nbsp;&nbsp;&nbsp; 2116792 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15248029** |
| &nbsp;&nbsp;**Materials: 0.32%** |  |  |  |  |
| &nbsp;&nbsp;**Chemicals: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical Corporation | 6.90 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2053 | &nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1766890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical Corporation | 7.38 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2029 | &nbsp;&nbsp;&nbsp; 3996000 | &nbsp;&nbsp;&nbsp;&nbsp; 4435118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohm & Haas Company | 7.85 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2029 | &nbsp;&nbsp;&nbsp; 1946000 | &nbsp;&nbsp;&nbsp;&nbsp; 2180829 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8382837** |
| &nbsp;&nbsp;**Metals & mining: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan Incorporated | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glencore Funding Company 144A | 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;3-12-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329517 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5947679** |
| &nbsp;&nbsp;**Real estate: 1.68%** |  |  |  |  |
| &nbsp;&nbsp;**Equity REITs: 1.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree LP Company | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree LP Company | 2.60 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree LP Company | 4.80 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | 2.70 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | 3.13 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Operating Partnership | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-16-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle International Corporation | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle International Corporation | 2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle International Corporation | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle International Corporation | 2.90 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5084000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle International Corporation | 2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle International Corporation | 3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle International Corporation | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corporation | 4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 4.00 | &nbsp;&nbsp;11-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 4.30 | &nbsp;&nbsp;10-15-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | 2.20 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372196 |

---

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

------

Allspring Core Bond Portfolio \| 41

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Equity REITs (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | 2.85% | &nbsp;&nbsp;12-15-2032 | $&nbsp;&nbsp;&nbsp; 2162000 | &nbsp;&nbsp;$1773957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2028 | &nbsp;&nbsp;&nbsp; 1678000 | &nbsp;&nbsp;&nbsp;&nbsp; 1572409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | 5.63 | &nbsp;&nbsp;10-13-2032 | &nbsp;&nbsp;&nbsp; 4742000 | &nbsp;&nbsp;&nbsp;&nbsp; 4899559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers LP | 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2029 | &nbsp;&nbsp;&nbsp; 4078000 | &nbsp;&nbsp;&nbsp;&nbsp; 3430361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty Trust Company | 2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2031 | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 617663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Store Capital Corporation | 2.70 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2031 | &nbsp;&nbsp;&nbsp; 1038000 | &nbsp;&nbsp;&nbsp;&nbsp; 780932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Store Capital Corporation | 2.75 | &nbsp;&nbsp;11-18-2030 | &nbsp;&nbsp;&nbsp; 2642000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Store Capital Corporation | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2028 | &nbsp;&nbsp;&nbsp; 3993000 | &nbsp;&nbsp;&nbsp;&nbsp; 3636095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Store Capital Corporation | 4.63 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2029 | &nbsp;&nbsp;&nbsp; 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1744551 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **58071427** |
| &nbsp;&nbsp;**Real estate management & development: 0.38%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership LP | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2031 | &nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 381243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent | 3.63 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2032 | &nbsp;&nbsp;&nbsp; 2987000 | &nbsp;&nbsp;&nbsp;&nbsp; 2530875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2052 | &nbsp;&nbsp;&nbsp; 1338000 | &nbsp;&nbsp;&nbsp;&nbsp; 992600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Portfolio LP | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2028 | &nbsp;&nbsp;&nbsp; 3909000 | &nbsp;&nbsp;&nbsp;&nbsp; 3247546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Portfolio LP | 2.55 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2031 | &nbsp;&nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp;&nbsp; 1231836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage LP | 2.35 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2032 | &nbsp;&nbsp;&nbsp; 1336000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage LP | 3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2029 | &nbsp;&nbsp;&nbsp; 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1346826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inviation Homes Operation | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2032 | &nbsp;&nbsp;&nbsp; 2985000 | &nbsp;&nbsp;&nbsp;&nbsp; 2616858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Communities Operating LP | 2.30 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2028 | &nbsp;&nbsp;&nbsp; 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1229900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Communities Operating LP | 4.20 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2032 | &nbsp;&nbsp;&nbsp; 2987000 | &nbsp;&nbsp;&nbsp;&nbsp; 2577080 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17170955** |
| &nbsp;&nbsp;**Utilities: 2.00%** |  |  |  |  |
| &nbsp;&nbsp;**Electric utilities: 1.59%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Transmission System Incorporated 144A | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 2.55 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 2.85 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation 144A | 6.30 | &nbsp;&nbsp;10-11-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 2.40 | &nbsp;&nbsp;12-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 2.55 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Arkansas LLC | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | 1.65 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corporation 144A | 2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Power & Light Company | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Edison Company 144A | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-American Energy Company | 2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Power Company | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;7-30-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Power Company | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;3-30-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Power Company | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern States Power Company | 3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas & Electric Company | 2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas & Electric Company | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas & Electric Company | 4.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas & Electric Company | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas & Electric Company | 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608481 |

---

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

------

42 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Electric utilities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas & Electric Company | 4.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2050 | $&nbsp;&nbsp;&nbsp; 4840000 | &nbsp;&nbsp;$3874676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PacifiCorp Electric Service Company %% | 5.35 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2053 | &nbsp;&nbsp;&nbsp; 2563000 | &nbsp;&nbsp;&nbsp;&nbsp; 2578220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Electric Company 144A | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2028 | &nbsp;&nbsp;&nbsp; 2254000 | &nbsp;&nbsp;&nbsp;&nbsp; 2041825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Company of Oklahoma | 3.15 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2051 | &nbsp;&nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Electric and Gas Company | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2031 | &nbsp;&nbsp;&nbsp; 3104000 | &nbsp;&nbsp;&nbsp;&nbsp; 2500807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Electric and Gas Company | 2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2050 | &nbsp;&nbsp;&nbsp; 642000 | &nbsp;&nbsp;&nbsp;&nbsp; 362525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Electric and Gas Company | 2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2050 | &nbsp;&nbsp;&nbsp; 1264000 | &nbsp;&nbsp;&nbsp;&nbsp; 830758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern California Edison Company | 4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2048 | &nbsp;&nbsp;&nbsp; 1744000 | &nbsp;&nbsp;&nbsp;&nbsp; 1393433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Electric Company | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2051 | &nbsp;&nbsp;&nbsp; 1427000 | &nbsp;&nbsp;&nbsp;&nbsp; 995402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Electric Company | 4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2052 | &nbsp;&nbsp;&nbsp; 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1718783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Electric Company | 4.95 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2052 | &nbsp;&nbsp;&nbsp; 816000 | &nbsp;&nbsp;&nbsp;&nbsp; 794143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners Company | 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2031 | &nbsp;&nbsp;&nbsp; 3651000 | &nbsp;&nbsp;&nbsp;&nbsp; 3325404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners Company | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2030 | &nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 874832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Company 144A | 3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2025 | &nbsp;&nbsp;&nbsp; 1093000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Electric & Power Company | 2.95 | &nbsp;&nbsp;11-15-2051 | &nbsp;&nbsp;&nbsp; 2314000 | &nbsp;&nbsp;&nbsp;&nbsp; 1547742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Electric & Power Company | 4.63 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2052 | &nbsp;&nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp;&nbsp; 1547705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Electric Power | 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;9-30-2032 | &nbsp;&nbsp;&nbsp; 2322000 | &nbsp;&nbsp;&nbsp;&nbsp; 2300261 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **71261068** |
| &nbsp;&nbsp;**Gas utilities: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baltimore Gas & Electric Gas Company | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2031 | &nbsp;&nbsp;&nbsp; 2314000 | &nbsp;&nbsp;&nbsp;&nbsp; **1892948** |
| &nbsp;&nbsp;**Independent power & renewable electricity<br> producers: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corporation | 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2026 | &nbsp;&nbsp;&nbsp; 1753000 | &nbsp;&nbsp;&nbsp;&nbsp; **1557256** |
| &nbsp;&nbsp;**Multi-utilities: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy Incorporated | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumers Energy Company | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumers Energy Company | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy Incorporated | 5.38 | &nbsp;&nbsp;11-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5102299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 2.45 | &nbsp;&nbsp;11-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614894 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14960025** |
| &nbsp;&nbsp;**Total Corporate bonds and notes (Cost $1,036,434,696)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**939021456** |
| &nbsp;&nbsp;**Municipal obligations: 0.36%** |  |  |  |  |
| &nbsp;&nbsp;**Nevada: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County NV Airport Authority Build America Bonds Series C | 6.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4045445** |
| &nbsp;&nbsp;**New York: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;**Airport revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Consolidated Bonds Series 174 | 4.46 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4950533** |

---

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

------

Allspring Core Bond Portfolio \| 43

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Ohio: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio State University General Receipts Taxable Bonds Series A | 4.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2111 | $&nbsp;&nbsp;&nbsp; 1957000 | &nbsp;&nbsp;**$1666618** |
| &nbsp;&nbsp;**Texas: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Texas Financing System Bond Series B | 2.44 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2049 | &nbsp;&nbsp;&nbsp; 1695000 | &nbsp;&nbsp;&nbsp;&nbsp; **1102522** |
| &nbsp;&nbsp;**Transportation revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority | 6.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2049 | &nbsp;&nbsp;&nbsp; 3609000 | &nbsp;&nbsp;&nbsp;&nbsp; **4320587** |
| &nbsp;&nbsp;**Total Municipal obligations (Cost $17,147,003)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16085705** |
| &nbsp;&nbsp;**Non-agency mortgage-backed securities: 4.86%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650R Commercial Mortgage Trust Series 2021-PF1 Class A5 | 2.52 | &nbsp;&nbsp;11-15-2054 | &nbsp;&nbsp;&nbsp; 2521000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust Series 2020-2 Class A1 144A±± | 2.53 | &nbsp;&nbsp;&nbsp;&nbsp;1-26-2065 | &nbsp;&nbsp;&nbsp; 5401000 | &nbsp;&nbsp;&nbsp;&nbsp; 1207741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust Series 2020-5 Class A1 144A±± | 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2065 | &nbsp;&nbsp;&nbsp; 2508000 | &nbsp;&nbsp;&nbsp;&nbsp; 512141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust Series 2021-6 Class A1 144A±± | 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;9-25-2066 | &nbsp;&nbsp;&nbsp; 3665000 | &nbsp;&nbsp;&nbsp;&nbsp; 2176697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank 2022-BNK44 Class A5 ±± | 5.75 | &nbsp;&nbsp;10-15-2032 | &nbsp;&nbsp;&nbsp; 3828000 | &nbsp;&nbsp;&nbsp;&nbsp; 4034331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Commercial Mortgage Series 2018-C2 Class ASB | 4.24 | &nbsp;&nbsp;12-15-2051 | &nbsp;&nbsp;&nbsp; 1159000 | &nbsp;&nbsp;&nbsp;&nbsp; 1117758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Commercial Mortgage Series 2019-C3 Class A3 | 3.32 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2052 | &nbsp;&nbsp;&nbsp; 4090000 | &nbsp;&nbsp;&nbsp;&nbsp; 3683659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Commercial Mortgage Series 2022-C18 Class A5 ±±%% | 5.71 | &nbsp;&nbsp;12-15-2055 | &nbsp;&nbsp;&nbsp; 2752000 | &nbsp;&nbsp;&nbsp;&nbsp; 2882263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Series 2022-B35 Class A5 | 4.45 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2055 | &nbsp;&nbsp;&nbsp; 2238000 | &nbsp;&nbsp;&nbsp;&nbsp; 2144556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust Series 2019-2 Class A1 144A | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2049 | &nbsp;&nbsp;&nbsp; 1974841 | &nbsp;&nbsp;&nbsp;&nbsp; 1817754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust Series 2019-3 Class A1 144A | 2.72 | &nbsp;&nbsp;11-25-2059 | &nbsp;&nbsp;&nbsp; 1327495 | &nbsp;&nbsp;&nbsp;&nbsp; 1276642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust Series 2021-VOLT Class A | 4.58 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2036 | &nbsp;&nbsp;&nbsp; 10912000 | &nbsp;&nbsp;&nbsp;&nbsp; 10443582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust Series 2021-XL2 Class A | 4.56 | &nbsp;&nbsp;10-15-2038 | &nbsp;&nbsp;&nbsp; 5041330 | &nbsp;&nbsp;&nbsp;&nbsp; 4807928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB | 3.37 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2050 | &nbsp;&nbsp;&nbsp; 1442100 | &nbsp;&nbsp;&nbsp;&nbsp; 1378235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Series 2022-GC48 Class A5 ±± | 4.58 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colt Funding LLC Series 2021-2 Class A1 144A±± | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;8-25-2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3698410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colt Funding LLC Series 2021-4 Class A1 144A±± | 1.40 | &nbsp;&nbsp;10-25-2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3922412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±± | 4.19 | &nbsp;&nbsp;11-10-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Trust Pass-Through Certificate Series 2012-CR3 Class A3 | 2.82 | &nbsp;&nbsp;10-15-2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Trust Series 2013-CR10 Class A4 | 4.21 | &nbsp;&nbsp;&nbsp;&nbsp;8-10-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Trust Series 2013-CR11 Class A4 | 4.26 | &nbsp;&nbsp;&nbsp;&nbsp;8-10-2050 | &nbsp;&nbsp;&nbsp;&nbsp;12738000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12579041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Trust Series 2013-CR6 Class A4 | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;3-10-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4856787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Trust Series 2014-UBS4 Class A4 | 3.42 | &nbsp;&nbsp;&nbsp;&nbsp;8-10-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Trust Series 2015-LC19 Class A3 | 2.92 | &nbsp;&nbsp;&nbsp;&nbsp;2-10-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8129307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7773959 |

---

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

------

44 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Non-agency mortgage-backed securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Trust Series 2015-LC23 Class A3 | 3.52% | &nbsp;&nbsp;10-10-2048 | $&nbsp;&nbsp;&nbsp; 1982000 | &nbsp;&nbsp;$1874513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust Series 2019-C16 Class A2 | 3.07 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2052 | &nbsp;&nbsp;&nbsp; 1924000 | &nbsp;&nbsp;&nbsp;&nbsp; 1685562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust Series 2021-C20 Class A3 | 2.80 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2054 | &nbsp;&nbsp;&nbsp; 1257000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQUS Mortgage Trust Series 2021-EQAZ (1 Month LIBOR +0.75%) 144A± | 4.63 | &nbsp;&nbsp;10-15-2038 | &nbsp;&nbsp;&nbsp; 4122917 | &nbsp;&nbsp;&nbsp;&nbsp; 3939447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Mortgage Securities Trust Series 2013-GC14 Class A5 | 4.24 | &nbsp;&nbsp;&nbsp;&nbsp;8-10-2046 | &nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2245172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Mortgage Securities Trust Series 2014-GC18 Class A4 | 4.07 | &nbsp;&nbsp;&nbsp;&nbsp;1-10-2047 | &nbsp;&nbsp;&nbsp; 5471323 | &nbsp;&nbsp;&nbsp;&nbsp; 5338380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Mortgage Securities Trust Series 2015-GC32 Class A3 | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;7-10-2048 | &nbsp;&nbsp;&nbsp; 1895326 | &nbsp;&nbsp;&nbsp;&nbsp; 1808819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Mortgage Securities Trust Series 2020-GC47 Class A5 | 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;5-12-2053 | &nbsp;&nbsp;&nbsp; 1792000 | &nbsp;&nbsp;&nbsp;&nbsp; 1479097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Mortgage Securities Trust Series 2020-GSA2 Class A4 | 1.72 | &nbsp;&nbsp;12-12-2053 | &nbsp;&nbsp;&nbsp; 5595000 | &nbsp;&nbsp;&nbsp;&nbsp; 4359481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Funding LLC Series 2010-1 Class A1 144A | 5.31 | &nbsp;&nbsp;&nbsp;&nbsp;1-25-2051 | &nbsp;&nbsp;&nbsp; 3942583 | &nbsp;&nbsp;&nbsp;&nbsp; 3821518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPM DB Commercial Mortgage Securities Series 2013-C12 Class A5 | 3.66 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2045 | &nbsp;&nbsp;&nbsp; 3316000 | &nbsp;&nbsp;&nbsp;&nbsp; 3276949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPM DB Commercial Mortgage Securities Series 2013-C17 Class A4 | 4.20 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2047 | &nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPM DB Commercial Mortgage Securities Series 2014-C23 Class A4 | 3.67 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2047 | &nbsp;&nbsp;&nbsp; 1659938 | &nbsp;&nbsp;&nbsp;&nbsp; 1598944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C16 Class A4 | 4.17 | &nbsp;&nbsp;12-15-2046 | &nbsp;&nbsp;&nbsp; 4973000 | &nbsp;&nbsp;&nbsp;&nbsp; 4890945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3 | 2.91 | &nbsp;&nbsp;10-15-2048 | &nbsp;&nbsp;&nbsp; 7575913 | &nbsp;&nbsp;&nbsp;&nbsp; 7177816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C30 Class A5 | 3.82 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2048 | &nbsp;&nbsp;&nbsp; 3008000 | &nbsp;&nbsp;&nbsp;&nbsp; 2866247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3 Class A3 | 3.39 | &nbsp;&nbsp;12-15-2049 | &nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 998651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Trust Series 2021-MDLN (1 Month LIBOR +0.95%) 144A± | 4.83 | &nbsp;&nbsp;11-15-2038 | &nbsp;&nbsp;&nbsp; 6662000 | &nbsp;&nbsp;&nbsp;&nbsp; 6361469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFRA Trust Series 2021-NQM2 Class A1 | 1.03 | &nbsp;&nbsp;11-25-2064 | &nbsp;&nbsp;&nbsp; 1600239 | &nbsp;&nbsp;&nbsp;&nbsp; 1281988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital 1 Trust Series 2019- L2 Class A3 | 3.81 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2052 | &nbsp;&nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp;&nbsp; 2411147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital International Trust Series 2020-HR8 Class A3 | 1.79 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2053 | &nbsp;&nbsp;&nbsp; 3030000 | &nbsp;&nbsp;&nbsp;&nbsp; 2408124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust Series 2019-NQM4 Class A1 144A±± | 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;9-25-2059 | &nbsp;&nbsp;&nbsp; 846787 | &nbsp;&nbsp;&nbsp;&nbsp; 766291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewRez WareHouse Securitization Series 2021-1 Class A (1 Month LIBOR +0.75%) 144A± | 4.79 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2055 | &nbsp;&nbsp;&nbsp; 10288000 | &nbsp;&nbsp;&nbsp;&nbsp; 10067016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peco Energy Company 1st Mortgage | 2.85 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust Series 2020-1 Class A1 144A | 2.28 | &nbsp;&nbsp;&nbsp;&nbsp;2-25-2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust Series 2020-INV1 Class A1 144A | 1.03 | &nbsp;&nbsp;11-25-2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust Series 2020-INV3 Class A1 144A | 1.49 | &nbsp;&nbsp;&nbsp;&nbsp;4-25-2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust Series 2021-1 Class A1 144A | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust Series 2021-4 Class A1 144A | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;8-25-2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T- Mobile US Trust Series 2022-1A Class A 144A | 4.91 | &nbsp;&nbsp;&nbsp;&nbsp;5-22-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450851 |

---

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

------

Allspring Core Bond Portfolio \| 45

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Non-agency mortgage-backed securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2022-2 Class A | 1.53% | &nbsp;&nbsp;&nbsp;&nbsp;7-20-2028 | $&nbsp;&nbsp;&nbsp; 3146000 | &nbsp;&nbsp;$2928764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2022-4 Class A | 3.40 | &nbsp;&nbsp;11-20-2028 | &nbsp;&nbsp;&nbsp; 6886000 | &nbsp;&nbsp;&nbsp;&nbsp; 6651667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2022-6 Class A 144A±± | 3.67 | &nbsp;&nbsp;&nbsp;&nbsp;1-22-2029 | &nbsp;&nbsp;&nbsp; 6257000 | &nbsp;&nbsp;&nbsp;&nbsp; 6064790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2019-2 Class A1 144A±± | 2.91 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2059 | &nbsp;&nbsp;&nbsp; 752865 | &nbsp;&nbsp;&nbsp;&nbsp; 724868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2019-3 Class A1 144A±± | 2.69 | &nbsp;&nbsp;11-25-2059 | &nbsp;&nbsp;&nbsp; 665592 | &nbsp;&nbsp;&nbsp;&nbsp; 624559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2019-4 Class A1 144A | 2.64 | &nbsp;&nbsp;11-25-2059 | &nbsp;&nbsp;&nbsp; 1406121 | &nbsp;&nbsp;&nbsp;&nbsp; 1332644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2020-1 Class A1 ±± | 2.42 | &nbsp;&nbsp;&nbsp;&nbsp;1-25-2060 | &nbsp;&nbsp;&nbsp; 309955 | &nbsp;&nbsp;&nbsp;&nbsp; 291078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2020-2 Class A1 | 2.23 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2060 | &nbsp;&nbsp;&nbsp; 1000156 | &nbsp;&nbsp;&nbsp;&nbsp; 957718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2020-5 Class A1 144A±± | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2065 | &nbsp;&nbsp;&nbsp; 623777 | &nbsp;&nbsp;&nbsp;&nbsp; 566685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2021-1 Class A1 144A±± | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1-25-2066 | &nbsp;&nbsp;&nbsp; 2071570 | &nbsp;&nbsp;&nbsp;&nbsp; 1678749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2021-2 Class A1 | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;2-25-2066 | &nbsp;&nbsp;&nbsp; 3719622 | &nbsp;&nbsp;&nbsp;&nbsp; 3072006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2021-3 Class A1 144A±± | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;6-25-2066 | &nbsp;&nbsp;&nbsp; 2729506 | &nbsp;&nbsp;&nbsp;&nbsp; 2199811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2021-4 Class A1 144A±± | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2066 | &nbsp;&nbsp;&nbsp; 3307263 | &nbsp;&nbsp;&nbsp;&nbsp; 2537670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2021-5 Class A1 144A±± | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;9-25-2066 | &nbsp;&nbsp;&nbsp; 11082093 | &nbsp;&nbsp;&nbsp;&nbsp; 8842388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2021-7 Class A1 144A±± | 1.83 | &nbsp;&nbsp;10-25-2066 | &nbsp;&nbsp;&nbsp; 4913872 | &nbsp;&nbsp;&nbsp;&nbsp; 4113199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2021-8 Class A1 144A±± | 1.82 | &nbsp;&nbsp;11-25-2066 | &nbsp;&nbsp;&nbsp; 3465440 | &nbsp;&nbsp;&nbsp;&nbsp; 2905058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2021-R1 Class A1 144A±± | 0.82 | &nbsp;&nbsp;10-25-2063 | &nbsp;&nbsp;&nbsp; 1805413 | &nbsp;&nbsp;&nbsp;&nbsp; 1569162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2021-R3 Class A1 | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;4-25-2064 | &nbsp;&nbsp;&nbsp; 1732409 | &nbsp;&nbsp;&nbsp;&nbsp; 1493797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visio Trust Series 2020-1R Class A1 144A | 1.31 | &nbsp;&nbsp;11-25-2055 | &nbsp;&nbsp;&nbsp; 1371374 | &nbsp;&nbsp;&nbsp;&nbsp; 1224688 |
| &nbsp;&nbsp;**Total Non-agency mortgage-backed securities (Cost $237,758,968)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **217857017** |
| &nbsp;&nbsp;**U.S. Treasury securities: 26.41%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 4.13 | &nbsp;&nbsp;11-15-2032 | &nbsp;&nbsp;&nbsp; 17584000 | &nbsp;&nbsp;&nbsp;&nbsp; 18270875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2040 | &nbsp;&nbsp;&nbsp; 87097000 | &nbsp;&nbsp;&nbsp;&nbsp; 55735276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2040 | &nbsp;&nbsp;&nbsp;&nbsp;85421000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54252345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond ## | 1.38 | &nbsp;&nbsp;11-15-2040 | &nbsp;&nbsp;&nbsp;158031000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104800480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2050 | &nbsp;&nbsp;&nbsp;&nbsp;14688000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8470845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 1.63 | &nbsp;&nbsp;11-15-2050 | &nbsp;&nbsp;&nbsp;&nbsp;15145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9354404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond ## | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2041 | &nbsp;&nbsp;&nbsp;146129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101947810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4881543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2051 | &nbsp;&nbsp;&nbsp;&nbsp;31558000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21447113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;11829000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8542294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5762000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;34328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29393350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 5.25 | &nbsp;&nbsp;11-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;10576000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11339042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;8-31-2025 | &nbsp;&nbsp;&nbsp;&nbsp;28317000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25480875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 0.38 | &nbsp;&nbsp;11-30-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1-31-2026 | &nbsp;&nbsp;&nbsp;&nbsp;45675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40727470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-31-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;6-30-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.38 | &nbsp;&nbsp;10-31-2028 | &nbsp;&nbsp;&nbsp;&nbsp;30676000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26740844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2026 | &nbsp;&nbsp;&nbsp;101122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92487130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.50 | &nbsp;&nbsp;11-30-2028 | &nbsp;&nbsp;&nbsp;&nbsp;11372000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973155 |

---

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

------

46 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**U.S. Treasury securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.63% | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2026 | $&nbsp;&nbsp;&nbsp; 41786000 | &nbsp;&nbsp;$38567172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.88 | &nbsp;&nbsp;11-15-2051 | &nbsp;&nbsp;&nbsp; 7074000 | &nbsp;&nbsp;&nbsp;&nbsp; 4651984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.00 | &nbsp;&nbsp;11-15-2026 | &nbsp;&nbsp;&nbsp; 41350000 | &nbsp;&nbsp;&nbsp;&nbsp; 38405428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.25 | &nbsp;&nbsp;11-15-2027 | &nbsp;&nbsp;&nbsp; 9209000 | &nbsp;&nbsp;&nbsp;&nbsp; 8547103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2024 | &nbsp;&nbsp;&nbsp; 18881000 | &nbsp;&nbsp;&nbsp;&nbsp; 18217215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2024 | &nbsp;&nbsp;&nbsp; 16804000 | &nbsp;&nbsp;&nbsp;&nbsp; 16307101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.63 | &nbsp;&nbsp;&nbsp;&nbsp;7-31-2029 | &nbsp;&nbsp;&nbsp; 8779000 | &nbsp;&nbsp;&nbsp;&nbsp; 8190533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.75 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2028 | &nbsp;&nbsp;&nbsp; 37619000 | &nbsp;&nbsp;&nbsp;&nbsp; 35674862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-31-2029 | &nbsp;&nbsp;&nbsp; 51797000 | &nbsp;&nbsp;&nbsp;&nbsp; 48713460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;4-30-2025 | &nbsp;&nbsp;&nbsp; 16500000 | &nbsp;&nbsp;&nbsp;&nbsp; 15987598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-30-2024 | &nbsp;&nbsp;&nbsp; 2271000 | &nbsp;&nbsp;&nbsp;&nbsp; 2217419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.13 | &nbsp;&nbsp;&nbsp;&nbsp;8-31-2029 | &nbsp;&nbsp;&nbsp; 2239000 | &nbsp;&nbsp;&nbsp;&nbsp; 2153726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;6-30-2027 | &nbsp;&nbsp;&nbsp; 18369000 | &nbsp;&nbsp;&nbsp;&nbsp; 17891119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;6-30-2029 | &nbsp;&nbsp;&nbsp; 13449000 | &nbsp;&nbsp;&nbsp;&nbsp; 13029769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2042 | &nbsp;&nbsp;&nbsp; 5064000 | &nbsp;&nbsp;&nbsp;&nbsp; 4632769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.88 | &nbsp;&nbsp;11-30-2027 | &nbsp;&nbsp;&nbsp; 96442000 | &nbsp;&nbsp;&nbsp;&nbsp; 96803658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.88 | &nbsp;&nbsp;&nbsp;&nbsp;9-30-2029 | &nbsp;&nbsp;&nbsp; 554000 | &nbsp;&nbsp;&nbsp;&nbsp; 557809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.88 | &nbsp;&nbsp;11-30-2029 | &nbsp;&nbsp;&nbsp; 1348000 | &nbsp;&nbsp;&nbsp;&nbsp; 1357057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.00 | &nbsp;&nbsp;10-31-2029 | &nbsp;&nbsp;&nbsp; 4256000 | &nbsp;&nbsp;&nbsp;&nbsp; 4320505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.00 | &nbsp;&nbsp;11-15-2052 | &nbsp;&nbsp;&nbsp; 15608000 | &nbsp;&nbsp;&nbsp;&nbsp; 16232320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.13 | &nbsp;&nbsp;&nbsp;&nbsp;9-30-2027 | &nbsp;&nbsp;&nbsp; 38580000 | &nbsp;&nbsp;&nbsp;&nbsp; 39050194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.13 | &nbsp;&nbsp;10-31-2027 | &nbsp;&nbsp;&nbsp; 63363000 | &nbsp;&nbsp;&nbsp;&nbsp; 64169889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;9-30-2024 | &nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.38 | &nbsp;&nbsp;10-31-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.50 | &nbsp;&nbsp;11-30-2024 | &nbsp;&nbsp;&nbsp;&nbsp;17441000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17492778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.50 | &nbsp;&nbsp;11-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;13935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14091769 |
| &nbsp;&nbsp;**Total U.S. Treasury securities (Cost $1,319,517,564)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1183404465** |
| &nbsp;&nbsp;**Yankee corporate bonds and notes: 4.40%** |  |  |  |  |
| &nbsp;&nbsp;**Communication services: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;**Wireless telecommunication services: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications Incorporated 144A | 4.55 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group plc | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;9-17-2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group plc | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-30-2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720456 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2775081** |
| &nbsp;&nbsp;**Consumer staples: 0.32%** |  |  |  |  |
| &nbsp;&nbsp;**Beverages: 0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo Capital plc | 5.30 | &nbsp;&nbsp;10-24-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo Capital plc | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;1-24-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4747376 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9211199** |
| &nbsp;&nbsp;**Food products: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viterra Finance BV 144A | 3.20 | &nbsp;&nbsp;&nbsp;&nbsp;4-21-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viterra Finance BV 144A | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;4-21-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4457695 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5038963** |
| &nbsp;&nbsp;**Energy: 0.32%** |  |  |  |  |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 0.32%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aker BP ASA 144A | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aker BP ASA 144A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759404 |

---

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

------

Allspring Core Bond Portfolio \| 47

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Oil, gas & consumable fuels (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Company 144A | 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;9-30-2027 | $&nbsp;&nbsp;&nbsp; 3046584 | &nbsp;&nbsp;$2814619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Company 144A | 2.16 | &nbsp;&nbsp;&nbsp;&nbsp;3-31-2034 | &nbsp;&nbsp;&nbsp; 3350043 | &nbsp;&nbsp;&nbsp;&nbsp; 2828925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Company 144A | 2.63 | &nbsp;&nbsp;&nbsp;&nbsp;3-31-2036 | &nbsp;&nbsp;&nbsp; 2354000 | &nbsp;&nbsp;&nbsp;&nbsp; 1874405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Company 144A | 2.94 | &nbsp;&nbsp;&nbsp;&nbsp;9-30-2040 | &nbsp;&nbsp;&nbsp; 1493289 | &nbsp;&nbsp;&nbsp;&nbsp; 1191159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos Company | 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2025 | &nbsp;&nbsp;&nbsp; 907250 | &nbsp;&nbsp;&nbsp;&nbsp; 876489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos Company | 2.46 | &nbsp;&nbsp;12-15-2025 | &nbsp;&nbsp;&nbsp; 2822750 | &nbsp;&nbsp;&nbsp;&nbsp; 2714016 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14519860** |
| &nbsp;&nbsp;**Financials: 2.84%** |  |  |  |  |
| &nbsp;&nbsp;**Banks: 1.56%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA (1 Year Treasury Constant Maturity +0.90%) ± | 1.72 | &nbsp;&nbsp;&nbsp;&nbsp;9-14-2027 | &nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3169875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA (1 Year Treasury Constant Maturity +1.60%) ± | 3.23 | &nbsp;&nbsp;11-22-2032 | &nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1937180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 5.29 | &nbsp;&nbsp;&nbsp;&nbsp;8-18-2027 | &nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1552588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc (1 Year Treasury Constant Maturity +3.30%) ± | 7.39 | &nbsp;&nbsp;&nbsp;&nbsp;11-2-2028 | &nbsp;&nbsp;&nbsp; 8642000 | &nbsp;&nbsp;&nbsp;&nbsp; 8940432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc (1 Year Treasury Constant Maturity +3.50%) ± | 7.44 | &nbsp;&nbsp;&nbsp;&nbsp;11-2-2033 | &nbsp;&nbsp;&nbsp; 5184000 | &nbsp;&nbsp;&nbsp;&nbsp; 5491372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperative Rabobank UA (1 Year Treasury Constant Maturity +1.22%) 144A± | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-6-2028 | &nbsp;&nbsp;&nbsp; 9070000 | &nbsp;&nbsp;&nbsp;&nbsp; 8360845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperative Rabobank UA (1 Year Treasury Constant Maturity +1.42%) 144A± | 3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-6-2033 | &nbsp;&nbsp;&nbsp; 5694000 | &nbsp;&nbsp;&nbsp;&nbsp; 4876989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank Korea | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2032 | &nbsp;&nbsp;&nbsp; 2398000 | &nbsp;&nbsp;&nbsp;&nbsp; 2363765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc (U.S. SOFR +3.35%) ± | 7.39 | &nbsp;&nbsp;&nbsp;&nbsp;11-3-2028 | &nbsp;&nbsp;&nbsp; 5087000 | &nbsp;&nbsp;&nbsp;&nbsp; 5334950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC (1 Year Treasury Constant Maturity +1.75%) ± | 4.72 | &nbsp;&nbsp;&nbsp;&nbsp;8-11-2026 | &nbsp;&nbsp;&nbsp; 6608000 | &nbsp;&nbsp;&nbsp;&nbsp; 6411167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC (1 Year Treasury Constant Maturity +2.30%) ± | 4.98 | &nbsp;&nbsp;&nbsp;&nbsp;8-11-2033 | &nbsp;&nbsp;&nbsp; 3844000 | &nbsp;&nbsp;&nbsp;&nbsp; 3537785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.95%) ± | 2.31 | &nbsp;&nbsp;&nbsp;&nbsp;7-20-2032 | &nbsp;&nbsp;&nbsp; 3931000 | &nbsp;&nbsp;&nbsp;&nbsp; 3064780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +2.13%) ± | 5.13 | &nbsp;&nbsp;&nbsp;&nbsp;7-20-2033 | &nbsp;&nbsp;&nbsp; 3284000 | &nbsp;&nbsp;&nbsp;&nbsp; 3192886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +1.90%) ± | 5.35 | &nbsp;&nbsp;&nbsp;&nbsp;9-13-2028 | &nbsp;&nbsp;&nbsp; 4231000 | &nbsp;&nbsp;&nbsp;&nbsp; 4210070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +2.13%) ± | 5.47 | &nbsp;&nbsp;&nbsp;&nbsp;9-13-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander UK Group Holdings (U.S. SOFR +2.75%) ± | 6.83 | &nbsp;&nbsp;11-21-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6791000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860698 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69961012** |
| &nbsp;&nbsp;**Capital markets: 0.69%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG (U.S. SOFR +5.02%) 144A± | 9.02 | &nbsp;&nbsp;11-15-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4399154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG (U.S. SOFR +2.26%) ± | 3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-7-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7567000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5401862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Group Limited 144A | 6.21 | &nbsp;&nbsp;11-22-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG (1 Year Treasury Constant Maturity +1.60%) 144A± | 4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-5-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5269397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG (1 Year Treasury Constant Maturity +2.05%) 144A± | 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-5-2027 | &nbsp;&nbsp;&nbsp;&nbsp;11191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10824651 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31055780** |
| &nbsp;&nbsp;**Diversified financial services: 0.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust | 1.15 | &nbsp;&nbsp;10-29-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9371000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8955148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DH Europe Finance II | 2.20 | &nbsp;&nbsp;11-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4046836 |

---

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

------

48 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Diversified financial services (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Capital International Funding Company | 4.42% | &nbsp;&nbsp;11-15-2035 | $&nbsp;&nbsp;&nbsp; 1122000 | &nbsp;&nbsp;$1059003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lundin Energy Finance Company 144A | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2026 | &nbsp;&nbsp;&nbsp; 4111000 | &nbsp;&nbsp;&nbsp;&nbsp; 3619349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lundin Energy Finance Company 144A | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2031 | &nbsp;&nbsp;&nbsp; 4752000 | &nbsp;&nbsp;&nbsp;&nbsp; 3915867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust Fibrauno 144A | 6.39 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2050 | &nbsp;&nbsp;&nbsp; 2091000 | &nbsp;&nbsp;&nbsp;&nbsp; 1577186 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **23173389** |
| &nbsp;&nbsp;**Insurance: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enstar Group Limited | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2031 | &nbsp;&nbsp;&nbsp; 3909000 | &nbsp;&nbsp;&nbsp;&nbsp; **2865414** |
| &nbsp;&nbsp;**Health care: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;**Biotechnology: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Finance plc 144A | 4.05 | &nbsp;&nbsp;&nbsp;&nbsp;4-27-2029 | &nbsp;&nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp;&nbsp; **1491417** |
| &nbsp;&nbsp;**Pharmaceuticals: 0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astrazeneca plc | 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-6-2030 | &nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1259930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shire Acquisitions Investments Ireland Designated Activity Company | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;9-23-2023 | &nbsp;&nbsp;&nbsp; 1276000 | &nbsp;&nbsp;&nbsp;&nbsp; 1251742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical | 2.05 | &nbsp;&nbsp;&nbsp;&nbsp;3-31-2030 | &nbsp;&nbsp;&nbsp; 4382000 | &nbsp;&nbsp;&nbsp;&nbsp; 3609061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical | 3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-9-2040 | &nbsp;&nbsp;&nbsp; 1727000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical | 3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-9-2050 | &nbsp;&nbsp;&nbsp; 1323000 | &nbsp;&nbsp;&nbsp;&nbsp; 926249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical | 4.40 | &nbsp;&nbsp;11-26-2023 | &nbsp;&nbsp;&nbsp; 986000 | &nbsp;&nbsp;&nbsp;&nbsp; 978399 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9316860** |
| &nbsp;&nbsp;**Industrials: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;**Road & rail: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian National Railway | 3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-5-2032 | &nbsp;&nbsp;&nbsp; 2445000 | &nbsp;&nbsp;&nbsp;&nbsp; 2296199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian National Railway | 4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-5-2052 | &nbsp;&nbsp;&nbsp; 1629000 | &nbsp;&nbsp;&nbsp;&nbsp; 1473291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway Company | 1.35 | &nbsp;&nbsp;&nbsp;&nbsp;12-2-2024 | &nbsp;&nbsp;&nbsp; 3854000 | &nbsp;&nbsp;&nbsp;&nbsp; 3588867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway Company | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;12-2-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway Company | 2.45 | &nbsp;&nbsp;&nbsp;&nbsp;12-2-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway Company | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-2-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572068 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9116233** |
| &nbsp;&nbsp;**Transportation infrastructure: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Ports & Special Company 144A | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-16-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1051810** |
| &nbsp;&nbsp;**Information technology: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP BV | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP BV | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;5-11-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP BV | 3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP BV | 4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795511 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7402163** |
| &nbsp;&nbsp;**Materials: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;**Metals & mining: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital Company 144A | 3.88 | &nbsp;&nbsp;&nbsp;&nbsp;3-16-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital Company 144A | 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;3-16-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glencore Finance Canada Company 144A | 6.00 | &nbsp;&nbsp;11-15-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glencore Finance Canada Company 144A | 6.90 | &nbsp;&nbsp;11-15-2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886388 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8856139** |

---

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

------

Allspring Core Bond Portfolio \| 49

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Utilities: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;**Electric utilities: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel Electric Corporation Limited 144A | 3.75% | &nbsp;&nbsp;&nbsp;&nbsp;2-22-2032 | $&nbsp;&nbsp;&nbsp; 1561000 | &nbsp;&nbsp;**$1359275** |
| &nbsp;&nbsp;**Total Yankee corporate bonds and notes (Cost $213,517,232)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **197194595** |
| &nbsp;&nbsp;**Yankee government bonds: 0.73%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government of Bermuda 144A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2032 | &nbsp;&nbsp;&nbsp; 2063000 | &nbsp;&nbsp;&nbsp;&nbsp; 1985759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Saskatchewan | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-8-2027 | &nbsp;&nbsp;&nbsp; 2358000 | &nbsp;&nbsp;&nbsp;&nbsp; 2266153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Chile « | 4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-7-2042 | &nbsp;&nbsp;&nbsp; 1368000 | &nbsp;&nbsp;&nbsp;&nbsp; 1166136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.65 | &nbsp;&nbsp;&nbsp;&nbsp;9-20-2032 | &nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1404066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Paraguay 144A | 5.40 | &nbsp;&nbsp;&nbsp;&nbsp;3-30-2050 | &nbsp;&nbsp;&nbsp; 2746000 | &nbsp;&nbsp;&nbsp;&nbsp; 2306640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Peru | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2034 | &nbsp;&nbsp;&nbsp; 1182000 | &nbsp;&nbsp;&nbsp;&nbsp; 953363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Peru | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2072 | &nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 607088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland | 5.75 | &nbsp;&nbsp;11-16-2032 | &nbsp;&nbsp;&nbsp; 3411000 | &nbsp;&nbsp;&nbsp;&nbsp; 3596558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Mexican States | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;2-12-2034 | &nbsp;&nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp;&nbsp; 3438969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Mexican States | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;4-19-2071 | &nbsp;&nbsp;&nbsp; 3662000 | &nbsp;&nbsp;&nbsp;&nbsp; 2409644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Mexican States | 4.40 | &nbsp;&nbsp;&nbsp;&nbsp;2-12-2052 | &nbsp;&nbsp;&nbsp; 5036000 | &nbsp;&nbsp;&nbsp;&nbsp; 3867284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Mexican States | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;4-22-2029 | &nbsp;&nbsp;&nbsp; 4105000 | &nbsp;&nbsp;&nbsp;&nbsp; 3983454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Mexican States | 4.60 | &nbsp;&nbsp;&nbsp;&nbsp;2-10-2048 | &nbsp;&nbsp;&nbsp; 883000 | &nbsp;&nbsp;&nbsp;&nbsp; 709944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Mexican States | 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;5-19-2033 | &nbsp;&nbsp;&nbsp; 4045000 | &nbsp;&nbsp;&nbsp;&nbsp; 3799230 |
| &nbsp;&nbsp;**Total Yankee government bonds (Cost $34,868,980)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **32494288** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** | &nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;**Short-term investments: 0.87%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 0.87%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠∞## |  | 3.60 | &nbsp;&nbsp;&nbsp; 37348017 | &nbsp;&nbsp;&nbsp;&nbsp; 37348017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC ♠∩∞ |  | 3.90 | &nbsp;&nbsp;&nbsp; 1613470 | &nbsp;&nbsp;&nbsp;&nbsp; 1613470 |
| &nbsp;&nbsp;**Total Short-term investments (Cost $38,961,487)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **38961487** |
| &nbsp;&nbsp;**Total investments in securities (Cost $4,939,591,353)** | 102.04% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4572534498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;(2.04) |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (91311862) |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$4481222636** |

---

---

| | |
|:---|:---|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| ## | All or a portion of this security is segregated for when-issued securities. |
| « | All or a portion of this security is on loan. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
| ∞ | 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.

------

50 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| FHLMC | &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation |
| FNMA | &nbsp;&nbsp;&nbsp;Federal National Mortgage Association |
| GNMA | &nbsp;&nbsp;&nbsp;Government National Mortgage Association |
| LIBOR | &nbsp;&nbsp;&nbsp;London Interbank Offered Rate |
| REIT | &nbsp;&nbsp;&nbsp;Real estate investment trust |
| SOFR | &nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate |
| TIPS | &nbsp;&nbsp;&nbsp;Treasury Inflation-Protected Securities |

---

#### Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Government Money Market Fund Select Class | $114848590 | $1185890482 | $(1263391055) | $0 | $0 | $37348017 | 37348017 | $1894960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC | &nbsp;&nbsp;&nbsp;&nbsp;10235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121493634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130115164) | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613470 | &nbsp;&nbsp;&nbsp;1613470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41542 <sup>#</sup> |
|  |  |  |  | **$0** | **$0** | **$38961487** |  | **$1936502** |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Amount shown represents income before fees and rebates. |

---

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

------

Allspring Core Bond Portfolio \| 51

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities (including $1,581,413 of securities loaned), at value (cost $4,900,629,866)<br>| $4533573011 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $38,961,487)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38961487 |
| &nbsp;&nbsp; Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7094487 |
| &nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;455563907 |
| &nbsp;&nbsp; Receivable for interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19996365 |
| &nbsp;&nbsp; Principal paydown receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690715 |
| &nbsp;&nbsp; Receivable for securities lending income, net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100837 |
| **Total assets<br>**  | &nbsp;&nbsp;**5055980873** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;376461961 |
| &nbsp;&nbsp; Payable for when-issued transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;194749530 |
| &nbsp;&nbsp; Payable upon receipt of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613470 |
| &nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250216 |
| &nbsp;&nbsp; Cash collateral due to broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113060 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**574758237** |
| **Total net assets<br>**  | **$4481222636** |

---

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

------

52 \| Allspring Core Bond Portfolio

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$69415509 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921172 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**71336681** |
| **Expenses** |  |
| &nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8114449 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158250 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83026 |
| &nbsp;&nbsp; Interest holder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18990 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65707 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8451301** |
| &nbsp;&nbsp; Less: Fee waivers and/or expense reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87772) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8363529** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**62973152** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized losses on investments<br>| &nbsp;&nbsp;(236621883) |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(27902946) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;**(264524829)** |
| **Net decrease in net assets resulting from operations<br>**  | **$(201551677)** |

---

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

------

Allspring Core Bond Portfolio \| 53

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;$62973152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71113325 |
| &nbsp;&nbsp; Net realized losses on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(236621883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167999743) |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27902946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357074109) |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(201551677)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(453960527)** |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Transactions in investors' beneficial interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;307992830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733615538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals<br>| &nbsp;&nbsp;&nbsp;&nbsp;(483764848) | &nbsp;&nbsp;&nbsp;&nbsp;(1063241380) |
| **Net decrease in net assets resulting from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(175772018)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(329625842)** |
| **Total decrease in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(377323695)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(783586369)** |
| **Net assets** |  |  |
| **Beginning of period<br>**  | &nbsp;&nbsp;**4858546331** | &nbsp;&nbsp;&nbsp;&nbsp;**5642132700** |
| **End of period<br>**  | **$4481222636** | &nbsp;&nbsp;**$4858546331** |

---

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

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Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Total return<sup>1</sup><br>**  | **(4.12)%** | &nbsp;&nbsp;**(8.55)%** | &nbsp;&nbsp;**0.65%** | &nbsp;&nbsp;**9.49%** | &nbsp;&nbsp;**6.30%** | &nbsp;&nbsp;**(0.53)%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>2</sup><br>| 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| 2.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;1.30% | &nbsp;&nbsp;2.28% | &nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;213% | &nbsp;&nbsp;&nbsp;&nbsp;432% | &nbsp;&nbsp;&nbsp;457% | &nbsp;&nbsp;&nbsp;603% | &nbsp;&nbsp;&nbsp;577% | &nbsp;&nbsp;&nbsp;&nbsp;542% |

---

<sup>1</sup> Returns for periods of less than one year are not annualized. <br> <sup>2</sup> Net expense ratios reflect voluntary waivers, if any.

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

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Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master 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 Core Bond Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, 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 Portfolio 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.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Allspring Global Investments Pricing Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

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. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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, 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.

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Allspring Global Investments Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

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Notes to financial statements (unaudited)

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio 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. Paydown gains and losses are included in interest income.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio'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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $4,971,740,225 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;&nbsp;$24102043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(423307770) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized losses | &nbsp;&nbsp;$(399205727) |

---

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Notes to financial statements (unaudited)

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 Portfolio'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 Portfolio'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 Portfolio'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 Portfolio's assets and liabilities as of November 30, 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;**Agency securities** | &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;$1449795707 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$1449795707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset-backed securities** | &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;&nbsp;&nbsp;497719778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497719778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate bonds and notes** | &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;&nbsp;&nbsp;939021456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939021456 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16085705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16085705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-agency mortgage-backed securities** | &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;&nbsp;&nbsp;217857017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217857017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Treasury securities** | &nbsp;&nbsp;&nbsp;&nbsp;1183404465 | &nbsp;&nbsp;&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;1183404465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Yankee corporate bonds and notes** | &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;&nbsp;&nbsp;197194595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197194595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Yankee government bonds** | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32494288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32494288 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38961487 | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;38961487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$1222365952** | &nbsp;&nbsp;&nbsp;&nbsp;**$3350168546** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$4572534498** |

---

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

For the six months ended November 30, 2022, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory 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 adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

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Notes to financial statements (unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Advisory fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $500 million | &nbsp;&nbsp;0.400% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $500 million | &nbsp;&nbsp;0.375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $2 billion | &nbsp;&nbsp;0.350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $2 billion | &nbsp;&nbsp;0.325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $5 billion | &nbsp;&nbsp;0.300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $10 billion | &nbsp;&nbsp;0.290 |

---

For the six months ended November 30, 2022, the advisory fee was equivalent to an annual rate of 0.35% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Portfolio increase.

Interfund transactions

The Portfolio 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. <br> government |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5658491341 | &nbsp;&nbsp;&nbsp;&nbsp;$4550127170 | &nbsp;&nbsp;&nbsp;&nbsp;$5915965057 | &nbsp;&nbsp;&nbsp;&nbsp;$4399538656 |

---

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Investments. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2022, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;Values of<br> securities on<br> loan | &nbsp;&nbsp;&nbsp;&nbsp;Collateral <br> received<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Net amount |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital Incorporated | &nbsp;&nbsp;&nbsp;$460665 | &nbsp;&nbsp;&nbsp;&nbsp;$(460665) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;1120748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1120748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

<sup>1</sup> Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

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Notes to financial statements (unaudited)

7. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 six months ended November 30, 2022, there were no borrowings by the Portfolio under the agreement.

8. 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.

9. INDEMNIFICATION

Under the Portfolio'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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio'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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

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Other information (unaudited)

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 and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders 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 125 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 Endowment (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. 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 | 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, since 2007. 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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Allspring Core Bond Fund \| 63

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

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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64 \| Allspring Core Bond Fund

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[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

------

[**Table of Contents**](#job_allsp_adb76ce2-c127-49c4-afe3-c8e0838bcc68_toc)

![](g431520imgc48d96a31.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> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

![](g431520imge5f585675.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> **1-800-222-8222** 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-12142022-aknejlag 01-23<br> SA287/SAR287 11-22

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![](g420343img8e8ec14c1.jpg)

Semi-Annual Report

November 30, 2022

Allspring Real Return Fund

------

Contents

---

| | |
|:---|:---|
| **[Letter to shareholders](#xx_787529a4-62ad-474b-90d5-6b6652ea3e2d_1)<br>**  | 2 |
| **[Performance highlights](#xx_ee926cb4-f0f1-4bc3-a680-eb86dc98c62c_2)<br>**  | 6 |
| **[Fund expenses](#xx_ffc88777-417e-4a52-80bf-a675eae84d2e_1)<br>**  | 9 |
| **[Allspring Real Return Fund](#xx_a0dea790-9ad8-44a6-a7da-2e22a335595e_1)** |  |
| **[Portfolio of investments](#xx_a0dea790-9ad8-44a6-a7da-2e22a335595e_1)<br>**  | 10 |
| **[Financial statements](#xx_695893ba-99bd-4e84-8e6e-ce831a55aa2d_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_695893ba-99bd-4e84-8e6e-ce831a55aa2d_1)<br>| 11 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_695893ba-99bd-4e84-8e6e-ce831a55aa2d_2)<br>| 12 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_695893ba-99bd-4e84-8e6e-ce831a55aa2d_3)<br>| 13 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_e31c1dd2-c791-4f85-a61c-5e9369369f46_1)<br>| 14 |
| **[Notes to financial statements](#xx_ffb59ce3-bb06-47d7-bf69-606f04161148_1)<br>**  | 19 |
| **[Allspring Real Return Portfolio](#xx_2463e529-5a78-400c-a19b-5bc2a5b35938_1)** |  |
| **[Portfolio of investments](#xx_2463e529-5a78-400c-a19b-5bc2a5b35938_1)<br>**  | 23 |
| **[Financial statements](#xx_342e05b3-b1ed-454f-8772-614ec865700f_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_342e05b3-b1ed-454f-8772-614ec865700f_1)<br>| 34 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_342e05b3-b1ed-454f-8772-614ec865700f_2)<br>| 35 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_342e05b3-b1ed-454f-8772-614ec865700f_3)<br>| 36 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_ea8678f4-14fb-4c80-baf4-37baae990ef7_1)<br>| 37 |
| **[Notes to financial statements](#xx_9c896245-6fcb-469b-918b-b62aeaa93e27_1)<br>**  | 38 |
| **[Other information](#xx_78df7441-3f23-4f66-a341-450accf288b7_1)<br>**  | 44 |

---

The views expressed and any forward-looking statements are as of November 30, 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.

------

Allspring Real Return Fund \| 1

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Letter to shareholders (unaudited)

![](g420343img4128ac692.gif)

#### Andrew Owen
President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Real Return Fund for the six-month period that ended November 30, 2022. Globally, stocks and bonds experienced heightened volatility and generally negative returns through the challenging period. Non-U.S. securities fared the worst as the global economy faced multiple challenges and the strength of the U.S. dollar eroded already-poor returns of non-U.S.-dollar-denominated assets.

Earlier tailwinds provided by global stimulus programs, vaccination rollouts, and recovering consumer and corporate sentiment were wiped away by the highest rate of inflation in four decades, the impact of ongoing aggressive central bank rate hikes and the prospect of more, plus the global reverberations of the Russia-Ukraine war. The already-significant global supply-chain disruptions were compounded by China's COVID-19 lockdowns.

For the six-month period, both stocks and bonds registered major losses, with even U.S. bonds suffering deep losses and other assets faring worse. For the period, U.S. stocks, based on the S&P 500 Index,<sup>1</sup> lost 0.40%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),<sup>2</sup> returned -5.18%, while the MSCI EM Index (Net) (USD)<sup>3</sup> declined 8.15%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index<sup>4</sup> returned -4.06%, the Bloomberg Global Aggregate ex-USD Index (unhedged)<sup>5</sup> returned -8.22%, the Bloomberg Municipal Bond Index<sup>6</sup> declined 1.43%, and the ICE BofA U.S. High Yield Index<sup>7</sup> fell 2.97%.

Rising inflation and economic fallout from the Russia-Ukraine war drove markets.

In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation. The Federal Reserve (Fed) raised its short-term rate by another 0.75% in June. Meanwhile, the U.S. unemployment rate held firm at 3.6% and the housing market remained only marginally affected by sharply higher mortgage rates.

<sub>"</sub>In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation.<sub>"</sub>

------

<sup>1</sup> The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

<sup>2</sup> The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

<sup>3</sup> The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

<sup>4</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

<sup>5</sup> The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

<sup>6</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.

<sup>7</sup> The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.

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2 \| Allspring Real Return Fund

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Letter to shareholders (unaudited)

Markets rebounded in July, led by U.S. stocks. While evidence began to point to an economic slowdown after two consecutive quarters of declining gross domestic product (economic contraction), the U.S. labor market remained surprisingly strong: July nonfarm payrolls grew by more than 500,000 and U.S. unemployment dipped to 3.5%. Meanwhile, crude oil and retail gasoline prices, major contributors to recent overall inflation, fell substantially from earlier highs. And while U.S. home prices rose, sales fell as houses became less affordable with mortgage rates at a 13-year high. The Fed raised the federal funds rate another 0.75% in July—to a range of 2.25% to 2.50%—and forecasts pointed to further rate hikes.

August was yet another broadly challenging month for financial markets, with more red ink flowing. High inflation persisted, cresting 9% in the eurozone on an annual basis and remaining above 8% in the U.S. despite the Fed's aggressive monetary policy and a major drop in global crude oil and gasoline prices from their June peak. One positive note was the resilience of the U.S. job market. However, the Fed's job was clearly not complete. One longer-term bright spot was the U.S. Congress's passage of the Inflation Reduction Act. Its primary stated goals include: to reduce inflation (though not immediately) by curbing the deficit, capping health care spending by seniors, and investing in domestic sources of clean energy.

The market misery continued in September. There was nowhere to hide as all asset classes suffered major losses at the hands of persistent inflation. Central banks kept up their battle against rapidly rising prices with more rate hikes. The strength of the U.S. dollar made things even more difficult for investors holding assets in other currencies. U.S. mortgage rates jumped to near 7% on 30-year fixed-rate mortgages; the decreased housing affordability began to cool demand somewhat. The U.K. experienced a sharp sell-off of government bonds and the British pound in September as investors panicked in response to a new government budget that was seen as financially unsound. The market meltdown forced the Bank of England to step in and buy long-dated government bonds.

Equities had a reprieve in October after two months of sharp declines. Value stocks and small caps fared best. Globally, developed markets outpaced emerging market equities, which were hurt by weakness among Chinese stocks. Central banks continued to try to curtail high inflation with aggressive interest rate hikes. Geopolitical risks persisted, including the ongoing Russia-Ukraine war and economic, financial market, and political turmoil in the U.K., which led to a second prime ministerial change in six weeks, as Rishi Sunak replaced Liz Truss in late October. Concerns over Europe's energy crisis eased, for now, thanks to unseasonably warm weather and plentiful gas on hand. The U.S. labor market continued its resilience against rising prices, as unemployment stood at 3.7%, near a record low.

Stocks and bonds rallied in November, with emerging market equities gaining nearly 15% and developed market equities returning 7%. The S&P 500 Index rose 5.6% in November. Bonds also had positive monthly returns. Economic news was encouraging, driven by U.S. labor market strength. Although central banks kept raising rates, expectations grew regarding an impending easing in the pace of rate hikes and a possible end to central bank monetary tightening in 2023. Although inflation remained at record highs in the eurozone, with a 10.6% annual increase in October, Germany's producer prices decreased 4.2% annually, signaling a possible decline in inflationary pressures. Meanwhile, U.S. inflation continued to moderate, with a 7.1% annual price rise in November and a monthly price increase of just 0.1%. China's economic data remained weak, reflecting its zero-COVID-19 policy.

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Allspring Real Return Fund \| 3

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Letter to shareholders (unaudited)

Don't let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

![](g420343img7ad966003.jpg)

Andrew Owen<br> President<br> Allspring Funds

------

For further information about your fund, contact your investment professional, visit our website at **allspringglobal.com,** or call us directly at **1-800-222-8222**.

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4 \| Allspring Real Return Fund

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Performance highlights (unaudited)

---

| | |
|:---|:---|
| **Investment objective** | The Fund seeks returns that exceed the rate of inflation over the long-term. |
| **Manager** | Allspring Funds Management, LLC |

---

#### Subadviser for the affiliated master portfolio\*
Allspring Global Investments, LLC

---

| | |
|:---|:---|
| **Portfolio managers** | Kandarp R. Acharya, CFA®<sup>‡</sup>, FRM, Petros N. Bocray, CFA®<sup>‡</sup>, FRM, Michael Bradshaw, CFA®<sup>‡</sup>, Travis L. Keshemberg, CFA®<sup>‡</sup>, CIPM, FRM, Garth B. Newport, CFA®<sup>‡</sup>, Michael Schueller, CFA®<sup>‡</sup>, Michal Stanczyk |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** |
|  |  | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &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;1 year | &nbsp;&nbsp;5 year | &nbsp;&nbsp;10 year | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Net <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A (IPBAX) | &nbsp;&nbsp;&nbsp;2-28-2003 | &nbsp;&nbsp;-11.71 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;-7.55 | &nbsp;&nbsp;2.56 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C (IPBCX) | &nbsp;&nbsp;&nbsp;2-28-2003 | &nbsp;&nbsp;&nbsp;&nbsp;-9.11 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;-8.11 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 (IPBJX)<sup>3</sup> | 10-31-2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;-7.12 | &nbsp;&nbsp;2.97 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class (IPBIX) | &nbsp;&nbsp;&nbsp;2-28-2003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;-7.36 | &nbsp;&nbsp;2.74 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (IPBNX)<sup>4</sup> | 10-31-2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;-7.17 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg U.S. TIPS Index<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-10.66 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;CPI <sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;7.11 | &nbsp;&nbsp;3.83 | &nbsp;&nbsp;2.60 | &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. Performance shown without sales charges would be lower if sales charges were reflected. 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 on the Fund's website, allspringglobal.com.***

*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.*

*For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class 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 prospectuses. 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> The manager has contractually committed through September 30, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

<sup>3</sup> Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 shares would be higher.

<sup>4</sup> Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher.

<sup>5</sup> The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

<sup>6</sup> The Consumer Price Index (CPI) for All Urban Consumers in U.S. All Items is published monthly by the U.S. government as an indicator of changes in price levels (or inflation) paid by urban consumers for a representative basket of goods and services. You cannot invest directly in an index.

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---

| | |
|:---|:---|
| *<sup>\*</sup>* | *The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.* |
| *<sup>‡</sup>* | *CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.* |

---

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6 \| Allspring Real Return Fund

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Performance highlights (unaudited)

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. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. This fund is exposed to mortgage- and asset-backed securities risk and small-company securities risk. Consult the Fund's prospectus for additional information on these and other risks.

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Allspring Real Return Fund \| 7

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Performance highlights (unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;TIPS, 0.13%, 1-15-2032 | &nbsp;&nbsp;2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIPS, 0.13%, 4-15-2026 | &nbsp;&nbsp;2.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIPS, 0.25%, 1-15-2025 | &nbsp;&nbsp;2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIPS, 0.13%, 4-15-2027 | &nbsp;&nbsp;2.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIPS, 0.63%, 7-15-2032 | &nbsp;&nbsp;2.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIPS, 0.63%, 1-15-2026 | &nbsp;&nbsp;2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIPS, 0.13%, 1-15-2031 | &nbsp;&nbsp;2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIPS, 0.13%, 1-15-2030 | &nbsp;&nbsp;2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIPS, 1.63%, 10-15-2027 | &nbsp;&nbsp;1.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIPS, 0.13%, 10-15-2024 | &nbsp;&nbsp;1.90 |

---

<sup>1</sup> Each holding represents the Fund's allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Portfolio allocation as of November 30, 2022<sup>1</sup>

![](g420343img60dc063a4.jpg)

<sup>1</sup> Figures represent the portfolio allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. Allocations are subject to change and may have changed since the date specified.

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8 \| Allspring Real Return Fund

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, 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 June 1, 2022 to November 30, 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 and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. 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. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Beginning <br> account value<br> 6-1-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending <br> account value<br> 11-30-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses <br> paid during<br> the period<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Annualized net<br> expense ratio<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$963.16 | &nbsp;&nbsp;&nbsp;&nbsp;$3.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1021.16 | &nbsp;&nbsp;&nbsp;&nbsp;$3.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$959.84 | &nbsp;&nbsp;&nbsp;&nbsp;$7.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1017.40 | &nbsp;&nbsp;&nbsp;&nbsp;$7.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$965.44 | &nbsp;&nbsp;&nbsp;&nbsp;$1.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1023.06 | &nbsp;&nbsp;&nbsp;&nbsp;$2.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Administrator Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$964.18 | &nbsp;&nbsp;&nbsp;&nbsp;$2.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1022.06 | &nbsp;&nbsp;&nbsp;&nbsp;$3.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$965.19 | &nbsp;&nbsp;&nbsp;&nbsp;$2.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1022.81 | &nbsp;&nbsp;&nbsp;&nbsp;$2.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.45% |

---

<sup>1</sup> Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period).

<sup>2</sup> Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

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Allspring Real Return Fund \| 9

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  |  | **Value** |
| &nbsp;&nbsp;**Investment companies: 100.42%** |  |  |
| &nbsp;&nbsp;**Affiliated master portfolio: 100.42%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Real Return Portfolio |  | **$78762415** |
| &nbsp;&nbsp;**Total Investment companies (Cost $82,876,564)** |  | &nbsp;&nbsp;&nbsp;**78762415** |
| &nbsp;&nbsp;**Total investments in securities (Cost $82,876,564)** | 100.42% | &nbsp;&nbsp;&nbsp;78762415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp; (333167) |
| &nbsp;&nbsp;**Total net assets** | **100.00%** | **$78429248** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of<br> ownership,<br> beginning<br> of period** | **% of<br> ownership,<br> end of<br> period** | **Net realized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Net <br> change in<br> unrealized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Interest <br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Dividends <br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Affiliated <br> income<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Value, <br> end of<br> period** |
| &nbsp;&nbsp;&nbsp;Allspring Real Return Portfolio | 40.08% | 36.14% | $190705 | $(5708871) | $2277994 | $163261 | $8250 | $78762415 |

---

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

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10 \| Allspring Real Return Fund

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in affiliated Master Portfolio, at value (cost $82,876,564)<br>| $78762415 |
| &nbsp;&nbsp; Receivable for Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120656 |
| &nbsp;&nbsp; Receivable from manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21961 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48389 |
| **Total assets<br>**  | &nbsp;&nbsp;**78953421** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473008 |
| &nbsp;&nbsp; Administration fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6033 |
| &nbsp;&nbsp; Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 |
| &nbsp;&nbsp; Distribution fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43068 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**524173** |
| **Total net assets<br>**  | **$78429248** |
| **Net assets consist of** |  |
| &nbsp;&nbsp; Paid-in capital<br>| $83053698 |
| &nbsp;&nbsp; Total distributable loss<br>| &nbsp;&nbsp;&nbsp;(4624450) |
| **Total net assets<br>**  | **$78429248** |
| **Computation of net asset value and offering price per share** |  |
| &nbsp;&nbsp; Net assets – Class A<br>| $15501484 |
| &nbsp;&nbsp; Shares outstanding – Class A<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1600652 |
| &nbsp;&nbsp; Net asset value per share – Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.68 |
| &nbsp;&nbsp; Maximum offering price per share – Class A<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.14 |
| &nbsp;&nbsp; Net assets – Class C<br>| &nbsp;&nbsp;$1583975 |
| &nbsp;&nbsp; Shares outstanding – Class C<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166766 |
| &nbsp;&nbsp; Net asset value per share – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.50 |
| &nbsp;&nbsp; Net assets – Class R6<br>| $11244064 |
| &nbsp;&nbsp; Shares outstanding – Class R6<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1147301 |
| &nbsp;&nbsp; Net asset value per share – Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.80 |
| &nbsp;&nbsp; Net assets – Administrator Class<br>| $14459424 |
| &nbsp;&nbsp; Shares outstanding – Administrator Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1462915 |
| &nbsp;&nbsp; Net asset value per share – Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.88 |
| &nbsp;&nbsp; Net assets – Institutional Class<br>| $35640301 |
| &nbsp;&nbsp; Shares outstanding – Institutional Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3637485 |
| &nbsp;&nbsp;Net asset value per share – Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.80 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

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Allspring Real Return Fund \| 11

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Interest allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;$2277994 |
| &nbsp;&nbsp; Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $2,099)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163261 |
| &nbsp;&nbsp; Affiliated income allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250 |
| &nbsp;&nbsp; Expenses allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;(212341) |
| &nbsp;&nbsp; Waivers allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48493 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;**2285657** |
| **Expenses** |  |
| &nbsp;&nbsp; Management fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21033 |
| &nbsp;&nbsp;Administration fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15343 |
| &nbsp;&nbsp;Shareholder servicing fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17855 |
| &nbsp;&nbsp;Distribution fee |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6107 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25801 |
| &nbsp;&nbsp; Registration fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37352 |
| &nbsp;&nbsp; Shareholder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21822 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208959** |
| &nbsp;&nbsp;Less: Fee waivers and/or expense reimbursements |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund-level<br>| &nbsp;&nbsp;&nbsp;&nbsp;(123057) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16209) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69519** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;**2216138** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized gains on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190705 |
| Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;(5708871) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;**(5518166)** |
| **Net decrease in net assets resulting from operations<br>**  | **$(3302028)** |

---

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

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12 \| Allspring Real Return Fund

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp; Net investment income<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;$2216138 |  | &nbsp;&nbsp;&nbsp;$4090448 |
| &nbsp;&nbsp; Net realized gains on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190705 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935582 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5708871) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6398528) |
| **Net decrease in net assets resulting from operations<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3302028)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1372498)** |
| **Distributions to shareholders from** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493854) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(836596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42822) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65210) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409748) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436391) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1184817) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1520901) |
| **Total distributions to shareholders<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2567632)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3818953)** |
| **Capital share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;144032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;134918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9920837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;776759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7697826 | &nbsp;&nbsp;&nbsp;4023778 | &nbsp;&nbsp;&nbsp;&nbsp;44177808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11518066 |  | &nbsp;&nbsp;&nbsp;&nbsp;69058237 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;118828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474039 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550064 |
| &nbsp;&nbsp;&nbsp;Payment for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;(244370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2383323) | &nbsp;&nbsp;&nbsp;&nbsp;(408579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4414389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;(13790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;(401648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4038065) | &nbsp;&nbsp;(2460305) | &nbsp;&nbsp;&nbsp;&nbsp;(27125717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;(160338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1582869) | &nbsp;&nbsp;&nbsp;&nbsp;(691012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7672910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| (1441361) | &nbsp;&nbsp;&nbsp;&nbsp;(14323576) | &nbsp;&nbsp;&nbsp;&nbsp;(956389) | &nbsp;&nbsp;&nbsp;&nbsp;(10220364) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;(22459522) |  | &nbsp;&nbsp;&nbsp;&nbsp;(49862736) |
| **Net increase (decrease) in net assets resulting from capital share transactions<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8467417)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**22745565** |
| **Total increase (decrease) in net assets<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(14337077)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**17554114** |
| **Net assets** |  |  |  |  |
| **Beginning of period<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**92766325** |  | &nbsp;&nbsp;&nbsp;&nbsp;**75212211** |
| **End of period<br>**  |  | &nbsp;&nbsp;**$78429248** |  | &nbsp;&nbsp;**$92766325** |

---

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

------

Allspring Real Return Fund \| 13

------

[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class A** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$10.35** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.93** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.96** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$9.68** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.35** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.93** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.87** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(3.68)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.52)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.48%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.56%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.25%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $15501 | &nbsp;&nbsp;$17713 | &nbsp;&nbsp;$13825 | &nbsp;&nbsp;$13196 | &nbsp;&nbsp;$17716 | &nbsp;&nbsp;$26133 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |
| Year ended May 31, 2019 | 0.39% |
| Year ended May 31, 2018 | 0.41% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

14 \| Allspring Real Return Fund

------

[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| **Class C** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Net asset value, beginning of period<br>**  | **$10.16** | &nbsp;&nbsp;**$10.74** | &nbsp;&nbsp;**$10.06** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.73** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.73** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.82** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;**$9.50** | &nbsp;&nbsp;**$10.16** | &nbsp;&nbsp;**$10.74** | &nbsp;&nbsp;**$10.06** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.73** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.73** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;**(4.02)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.26)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.27%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.79%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.53%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $1584 | &nbsp;&nbsp;$1709 | &nbsp;&nbsp;$1195 | &nbsp;&nbsp;$1714 | &nbsp;&nbsp;$2553 | &nbsp;&nbsp;$3517 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |
| Year ended May 31, 2019 | 0.39% |
| Year ended May 31, 2018 | 0.41% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring Real Return Fund \| 15

------

[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class R6** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$10.47** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.05** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.99** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.96** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.05** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$9.80** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.47** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.05** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.99** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.96** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(3.46)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.15)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.94%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.99%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.63%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $11244 | &nbsp;&nbsp;$14282 | &nbsp;&nbsp;$36202 | &nbsp;&nbsp;$18224 | &nbsp;&nbsp;$14358 | &nbsp;&nbsp;$11750 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |
| Year ended May 31, 2019 | 0.39% |
| Year ended May 31, 2018 | 0.41% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

16 \| Allspring Real Return Fund

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Administrator Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$10.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.12** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.38** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.99** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.06** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$9.88** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.12** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.38** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.99** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(3.58)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.36)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.78%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.50%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $14459 | &nbsp;&nbsp;$15267 | &nbsp;&nbsp;$13203 | &nbsp;&nbsp;$13544 | &nbsp;&nbsp;$13562 | &nbsp;&nbsp;$23331 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |
| Year ended May 31, 2019 | 0.39% |
| Year ended May 31, 2018 | 0.41% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

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Allspring Real Return Fund \| 17

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Institutional Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$10.47** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.05** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.99** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.97** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.06** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$9.80** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.47** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.05** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.99** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.97** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(3.48)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.19)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.46%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.88%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.84%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.57%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $35640 | &nbsp;&nbsp;$43796 | &nbsp;&nbsp;$10787 | &nbsp;&nbsp;$10587 | &nbsp;&nbsp;$11094 | &nbsp;&nbsp;$12110 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |
| Year ended May 31, 2019 | 0.39% |
| Year ended May 31, 2018 | 0.41% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

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18 \| Allspring Real Return Fund

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Notes to financial statements (unaudited)

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 Real Return Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Real Return Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2022, the Fund owned 36.14% of Allspring Real Return Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2022 are included in this report and should be read in conjunction with the Fund's financial statements.

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.

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily. Securities held in the affiliated Master Portfolio are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolio, which are included elsewhere in this report.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC, 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.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade date basis. The Fund records daily its proportionate share of the affiliated Master Portfolio's income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income monthly and any net realized gains are 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 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 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.

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Allspring Real Return Fund \| 19

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Notes to financial statements (unaudited)

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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $82,919,898 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(4157483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized losses | &nbsp;&nbsp;$(4157483) |

---

As of May 31, 2022, the Fund had capital loss carryforwards which consisted of $740,836 in short-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2022, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Master Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment objective | &nbsp;&nbsp;Fair value of affiliated<br> Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;**Allspring Real Return Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seeks returns that exceed the rate inflation over the long-term | &nbsp;&nbsp;$78762415 |

---

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Management fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $5 billion | &nbsp;&nbsp;0.050% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $5 billion | &nbsp;&nbsp;0.040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $10 billion | &nbsp;&nbsp;0.030 |

---

For the six months ended November 30, 2022, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

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20 \| Allspring Real Return Fund

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Notes to financial statements (unaudited)

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Class-level <br> administration fee |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of November 30, 2022, the contractual expense caps are as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Expense ratio caps |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.45 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Allspring Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the six months ended November 30, 2022.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at

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Allspring Real Return Fund \| 21

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Notes to financial statements (unaudited)

the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. <br> government |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7180216 | &nbsp;&nbsp;&nbsp;&nbsp;$4795768 | &nbsp;&nbsp;&nbsp;&nbsp;$5508631 | &nbsp;&nbsp;&nbsp;&nbsp;$6145520 |

---

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 six months ended November 30, 2022, there were no borrowings by the Fund under the agreement.

7. 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.

8. 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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22 \| Allspring Real Return Fund

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Common stocks: 13.63%** |  |  |
| &nbsp;&nbsp;**Consumer staples: 3.56%** |  |  |
| &nbsp;&nbsp;**Beverages: 0.60%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo Incorporated | &nbsp;&nbsp;&nbsp; 7102 | &nbsp;&nbsp;**$1317492** |
| &nbsp;&nbsp;**Food & staples retailing: 1.20%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1024575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation | &nbsp;&nbsp;&nbsp; 5485 | &nbsp;&nbsp;&nbsp;&nbsp; 474507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Incorporated | &nbsp;&nbsp;&nbsp; 7370 | &nbsp;&nbsp;&nbsp;&nbsp; 1123335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2622417** |
| &nbsp;&nbsp;**Food products: 0.44%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International Incorporated Class A | &nbsp;&nbsp;&nbsp; 9456 | &nbsp;&nbsp;&nbsp;&nbsp; 639320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomad Foods Limited † | &nbsp;&nbsp;&nbsp; 18625 | &nbsp;&nbsp;&nbsp;&nbsp; 325751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **965071** |
| &nbsp;&nbsp;**Household products: 1.14%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company Incorporated | &nbsp;&nbsp;&nbsp; 7031 | &nbsp;&nbsp;&nbsp;&nbsp; 575628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Clorox Company | &nbsp;&nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp;&nbsp; 222083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Procter & Gamble Company | &nbsp;&nbsp;&nbsp; 11229 | &nbsp;&nbsp;&nbsp;&nbsp; 1674918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2472629** |
| &nbsp;&nbsp;**Personal products: 0.09%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Estee Lauder Companies Incorporated Class A | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp;&nbsp; **196177** |
| &nbsp;&nbsp;**Tobacco: 0.09%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Incorporated | &nbsp;&nbsp;&nbsp; 1851 | &nbsp;&nbsp;&nbsp;&nbsp; **184489** |
| &nbsp;&nbsp;**Energy: 1.65%** |  |  |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 1.65%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3583471** |
| &nbsp;&nbsp;**Materials: 3.05%** |  |  |
| &nbsp;&nbsp;**Chemicals: 1.25%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashland Global Holdings Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olin Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sherwin-Williams Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Chemical Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2718075** |
| &nbsp;&nbsp;**Construction materials: 0.15%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**328733** |
| &nbsp;&nbsp;**Containers & packaging: 0.12%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**267100** |
| &nbsp;&nbsp;**Metals & mining: 1.53%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico-Eagle Mines Limited | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares « | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold Incorporated Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106635 |

---

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

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Allspring Real Return Portfolio \| 23

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Metals & mining (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Limited ADR | &nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;$53157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artemis Gold Incorporated † | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 13827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corporation | &nbsp;&nbsp;&nbsp; 30500 | &nbsp;&nbsp;&nbsp;&nbsp; 106341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corporation | &nbsp;&nbsp;&nbsp; 10356 | &nbsp;&nbsp;&nbsp;&nbsp; 169010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dundee Precious Metals Incorporated | &nbsp;&nbsp;&nbsp; 8800 | &nbsp;&nbsp;&nbsp;&nbsp; 41542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavour Mining plc | &nbsp;&nbsp;&nbsp; 7480 | &nbsp;&nbsp;&nbsp;&nbsp; 158759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolution Mining Limited | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 18638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corporation | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 204502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Limited ADR « | &nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 122650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corporation | &nbsp;&nbsp;&nbsp; 25500 | &nbsp;&nbsp;&nbsp;&nbsp; 105401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lundin Gold Incorporated | &nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 118381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAG Silver Corporation † | &nbsp;&nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp;&nbsp; 91151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newcrest Mining Limited | &nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 122555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corporation | &nbsp;&nbsp;&nbsp; 3790 | &nbsp;&nbsp;&nbsp;&nbsp; 179911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Limited | &nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 109826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corporation « | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 40975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold Incorporated | &nbsp;&nbsp;&nbsp; 2895 | &nbsp;&nbsp;&nbsp;&nbsp; 325195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SilverCrest Metals Incorporated † | &nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 86303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSR Mining Incorporated | &nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp;&nbsp; 87170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSR Mining Incorporated-U.S. Exchange Traded Shares | &nbsp;&nbsp;&nbsp; 1272 | &nbsp;&nbsp;&nbsp;&nbsp; 19272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics Incorporated | &nbsp;&nbsp;&nbsp; 5038 | &nbsp;&nbsp;&nbsp;&nbsp; 523599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torex Gold Resources Incorporated † | &nbsp;&nbsp;&nbsp; 6400 | &nbsp;&nbsp;&nbsp;&nbsp; 59235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triple Flag Precious Metals Corporation « | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 25425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yamana Gold Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3338896** |
| &nbsp;&nbsp;**Real estate: 5.37%** |  |  |
| &nbsp;&nbsp;**Equity REITs: 5.37%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apartment Income REIT Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Corners Property Trust Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Storage Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Communities Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**11706238** |
| &nbsp;&nbsp;**Total Common stocks (Cost $19,736,561)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**29700788** |

---

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

------

24 \| Allspring Real Return Portfolio

------

[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Corporate bonds and notes: 13.57%** |  |  |  |  |
| &nbsp;&nbsp;**Communication services: 0.81%** |  |  |  |  |
| &nbsp;&nbsp;**Entertainment: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment Incorporated 144A | &nbsp;&nbsp;4.88% | &nbsp;&nbsp;11-1-2024 | $&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;$187030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment Incorporated 144A | &nbsp;&nbsp;6.50 | &nbsp;&nbsp;5-15-2027 | &nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 335634 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **522664** |
| &nbsp;&nbsp;**Media: 0.57%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cinemark USA Incorporated 144A | &nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2025 | &nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 428411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISH DBS Corporation | &nbsp;&nbsp;5.00 | &nbsp;&nbsp;3-15-2023 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television Incorporated 144A | &nbsp;&nbsp;5.88 | &nbsp;&nbsp;7-15-2026 | &nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 423718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Townsquare Media Incorporated 144A | &nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2026 | &nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 199457 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1250061** |
| &nbsp;&nbsp;**Consumer discretionary: 2.16%** |  |  |  |  |
| &nbsp;&nbsp;**Auto components: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global LP 144A | &nbsp;&nbsp;6.25 | &nbsp;&nbsp;5-15-2026 | &nbsp;&nbsp;&nbsp; 201000 | &nbsp;&nbsp;&nbsp;&nbsp; 199117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global LP 144A | &nbsp;&nbsp;6.75 | &nbsp;&nbsp;5-15-2025 | &nbsp;&nbsp;&nbsp; 282000 | &nbsp;&nbsp;&nbsp;&nbsp; 281820 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **480937** |
| &nbsp;&nbsp;**Hotels, restaurants & leisure: 1.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corporation 144A | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2026 | &nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 288449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCM Merger Incorporated 144A | &nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2026 | &nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 134231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Fair LP 144A | &nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2025 | &nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 373808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Domestic Operating Company Incorporated 144A | &nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2025 | &nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 278211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corporation | &nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;8-8-2024 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 525560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2025 | &nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 194070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Limited 144A | 11.50 | &nbsp;&nbsp;&nbsp;&nbsp;6-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SeaWorld Parks & Entertainment Incorporated 144A | &nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment Company 144A« | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380941 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2667911** |
| &nbsp;&nbsp;**Household durables: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newell Brands Incorporated | &nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2026 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**183955** |
| &nbsp;&nbsp;**Internet & direct marketing retail: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QVC Incorporated | &nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2024 | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**409405** |
| &nbsp;&nbsp;**Specialty retail: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works Incorporated 144A | &nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Automotive Group Incorporated | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131088 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**439345** |
| &nbsp;&nbsp;**Textiles, apparel & luxury goods: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-III Apparel Group Limited 144A | &nbsp;&nbsp;7.88 | &nbsp;&nbsp;8-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Kors USA Incorporated 144A | &nbsp;&nbsp;4.25 | &nbsp;&nbsp;11-1-2024 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103538 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**524944** |

---

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

------

Allspring Real Return Portfolio \| 25

------

[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Consumer staples: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;**Food products: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Incorporated 144A | 6.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2025 | $&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;$355000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foods Incorporated 144A | 6.25 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2025 | &nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 373456 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **728456** |
| &nbsp;&nbsp;**Energy: 2.55%** |  |  |  |  |
| &nbsp;&nbsp;**Energy equipment & services: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceaneering International Incorporated | 4.65 | &nbsp;&nbsp;11-15-2024 | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 629922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners LP | 6.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2026 | &nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 110113 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **740035** |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 2.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Company 144A | 7.88 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2026 | &nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 107123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corporation 144A | 8.38 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2026 | &nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 410264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Partners LP 144A | 4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2025 | &nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestwood Midstream Partners LP | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2025 | &nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 589800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCP Midstream Operating LP | 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2025 | &nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 449348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2025 | &nbsp;&nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 221363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enviva Partners LP 144A | 6.50 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2026 | &nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 648313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQM Midsteram Partners LP | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2024 | &nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 62075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation | 6.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2025 | &nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 406170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corporation | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2025 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corporation | 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2025 | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 218034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corporation | 8.25 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2029 | &nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 93894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockies Express Pipeline LLC 144A | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2025 | &nbsp;&nbsp;&nbsp; 529000 | &nbsp;&nbsp;&nbsp;&nbsp; 494615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Energy Company | 5.70 | &nbsp;&nbsp;&nbsp;&nbsp;1-23-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Energy Company | 7.75 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tallgrass Energy Partners LP 144A | 7.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Gas Partners LP | 4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2026 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374426 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4817492** |
| &nbsp;&nbsp;**Financials: 2.63%** |  |  |  |  |
| &nbsp;&nbsp;**Consumer finance: 1.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Company LLC | 5.58 | &nbsp;&nbsp;&nbsp;&nbsp;3-18-2024 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LFS TopCo LLC 144A | 5.88 | &nbsp;&nbsp;10-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Corporation | 5.88 | &nbsp;&nbsp;10-25-2024 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Corporation | 7.25 | &nbsp;&nbsp;&nbsp;&nbsp;9-25-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corporation | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corporation | 6.13 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRA Group Incorporated 144A | 7.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Mortgage LLC 144A | 2.88 | &nbsp;&nbsp;10-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140705 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2211636** |
| &nbsp;&nbsp;**Diversified financial services: 0.49%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hat Holdings LLC 144A | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hat Holdings LLC 144A | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC 144A | 5.50 | &nbsp;&nbsp;11-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602316 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1076269** |
| &nbsp;&nbsp;**Insurance: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Pointe Homes Incorporated | 5.88 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**534119** |

---

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

------

26 \| Allspring Real Return Portfolio

------

[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Mortgage REITs: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust Incorporated 144A | 3.75% | &nbsp;&nbsp;12-31-2024 | $&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;$103950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust Incorporated | 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2025 | &nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 473770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust Incorporated 144A | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2023 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149486 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **727206** |
| &nbsp;&nbsp;**Thrifts & mortgage finance: 0.54%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enact Holdings Incorporated 144A | 6.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2025 | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 729173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LP 144A | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2025 | &nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 451374 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1180547** |
| &nbsp;&nbsp;**Health care: 0.38%** |  |  |  |  |
| &nbsp;&nbsp;**Health care providers & services: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corporation | 4.63 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2024 | &nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 229946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corporation 144A | 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2026 | &nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 355868 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **585814** |
| &nbsp;&nbsp;**Health care technology: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Incorporated 144A | 5.00 | &nbsp;&nbsp;10-15-2026 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; **240625** |
| &nbsp;&nbsp;**Industrials: 2.23%** |  |  |  |  |
| &nbsp;&nbsp;**Aerospace & defense: 0.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group Incorporated 144A | 6.25 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2026 | &nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 303518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group Incorporated 144A | 8.00 | &nbsp;&nbsp;12-15-2025 | &nbsp;&nbsp;&nbsp; 364000 | &nbsp;&nbsp;&nbsp;&nbsp; 370370 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **673888** |
| &nbsp;&nbsp;**Airlines: 0.63%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group Incorporated 144A | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;4-20-2026 | &nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 164869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Airlines Incorporated | 3.90 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2027 | &nbsp;&nbsp;&nbsp; 181052 | &nbsp;&nbsp;&nbsp;&nbsp; 151819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Brand Intellectual Property Limited 144A | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;1-20-2026 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mileage Plus Holdings LLC 144A | 6.50 | &nbsp;&nbsp;&nbsp;&nbsp;6-20-2027 | &nbsp;&nbsp;&nbsp;&nbsp;180500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit Loyalty Cayman Limited 144A | 8.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-20-2025 | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551104 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1369620** |
| &nbsp;&nbsp;**Commercial services & supplies: 0.62%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC 144A | 6.63 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark Services Incorporated 144A | 6.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreCivic Incorporated | 8.25 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stericycle Incorporated 144A | 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212506 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1338307** |
| &nbsp;&nbsp;**Diversified consumer services: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC 144A | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**242550** |
| &nbsp;&nbsp;**Machinery: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stevens Holding Company Incorporated 144A | 6.13 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2026 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**216808** |
| &nbsp;&nbsp;**Road & rail: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies Incorporated 144A | 7.50 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**528181** |
| &nbsp;&nbsp;**Trading companies & distributors: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Transportation & Infrastructure Investors LLC 144A | 6.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**485027** |

---

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

------

Allspring Real Return Portfolio \| 27

------

[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Information technology: 0.74%** |  |  |  |  |
| &nbsp;&nbsp;**Electronic equipment, instruments & components: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wesco Distribution Incorporated 144A | 7.13% | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2025 | $&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;**$582188** |
| &nbsp;&nbsp;**IT services: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Incorporated | 2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2026 | &nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 75965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre GLBL Incorporated 144A | 7.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2025 | &nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 52388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre GLBL Incorporated 144A | 9.25 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2025 | &nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 528675 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **657028** |
| &nbsp;&nbsp;**Software: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCR Corporation 144A | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2027 | &nbsp;&nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 95305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NortonLifeLock Incorporated 144A | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2025 | &nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 276450 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **371755** |
| &nbsp;&nbsp;**Materials: 0.69%** |  |  |  |  |
| &nbsp;&nbsp;**Chemicals: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avient Corporation 144A | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2025 | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holding LLC | 6.05 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2025 | &nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 611911 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **660660** |
| &nbsp;&nbsp;**Containers & packaging: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corporation 144A | 5.13 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2024 | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corporation 144A | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2025 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 297588 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **347513** |
| &nbsp;&nbsp;**Metals & mining: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs Incorporated 144A | 6.75 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2026 | &nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; **195488** |
| &nbsp;&nbsp;**Paper & forest products: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Paper Corporation 144A | 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**305804** |
| &nbsp;&nbsp;**Real estate: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;**Equity REITs: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust Company | 7.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**203175** |
| &nbsp;&nbsp;**Utilities: 0.95%** |  |  |  |  |
| &nbsp;&nbsp;**Electric utilities: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Operating Partners LP 144A | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**729551** |
| &nbsp;&nbsp;**Independent power & renewable electricity producers: 0.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSG Holdings LLC 144A | 7.75 | &nbsp;&nbsp;12-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;554386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Company LLC 144A | 5.63 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798149 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1337500** |
| &nbsp;&nbsp;**Total Corporate bonds and notes (Cost $30,927,630)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29566464** |
| &nbsp;&nbsp;**Loans: 1.36%** |  |  |  |  |
| &nbsp;&nbsp;**Communication services: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;**Entertainment: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment Incorporated (1 Month LIBOR +1.75%) ± | 5.75 | &nbsp;&nbsp;10-17-2026 | &nbsp;&nbsp;&nbsp;&nbsp;122125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119469** |

---

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

------

28 \| Allspring Real Return Portfolio

------

[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Media: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television Incorporated (1 Month LIBOR +2.50%) ± | 6.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-7-2024 | $&nbsp;&nbsp;&nbsp; 69582 | &nbsp;&nbsp;$69408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbard Radio LLC (3 Month LIBOR +4.25%) ± | 8.32 | &nbsp;&nbsp;&nbsp;&nbsp;3-28-2025 | &nbsp;&nbsp;&nbsp; 26302 | &nbsp;&nbsp;&nbsp;&nbsp; 23047 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **92455** |
| &nbsp;&nbsp;**Consumer discretionary: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;**Auto components: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global LP (1 Month LIBOR +3.25%) ± | 7.32 | &nbsp;&nbsp;&nbsp;&nbsp;4-30-2026 | &nbsp;&nbsp;&nbsp; 118779 | &nbsp;&nbsp;&nbsp;&nbsp; **116726** |
| &nbsp;&nbsp;**Hotels, restaurants & leisure: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corporation (1 Month LIBOR +3.00%) ± | 5.88 | &nbsp;&nbsp;&nbsp;&nbsp;6-30-2025 | &nbsp;&nbsp;&nbsp; 78422 | &nbsp;&nbsp;&nbsp;&nbsp; 75309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Incorporated (3 Month LIBOR +1.75%) ± | 5.82 | &nbsp;&nbsp;&nbsp;&nbsp;5-30-2025 | &nbsp;&nbsp;&nbsp; 157300 | &nbsp;&nbsp;&nbsp;&nbsp; 156485 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **231794** |
| &nbsp;&nbsp;**Leisure products: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SeaWorld Parks & Entertainment Incorporated (1 Month LIBOR +3.00%) ± | 7.13 | &nbsp;&nbsp;&nbsp;&nbsp;8-25-2028 | &nbsp;&nbsp;&nbsp; 370283 | &nbsp;&nbsp;&nbsp;&nbsp; **362648** |
| &nbsp;&nbsp;**Energy: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ± | 8.17 | &nbsp;&nbsp;&nbsp;&nbsp;9-29-2028 | &nbsp;&nbsp;&nbsp; 173605 | &nbsp;&nbsp;&nbsp;&nbsp; **172013** |
| &nbsp;&nbsp;**Financials: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;**Diversified financial services: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolute Investment Managers Incorporated (1 Month LIBOR +4.25%) ‡± | 7.92 | &nbsp;&nbsp;&nbsp;&nbsp;4-30-2024 | &nbsp;&nbsp;&nbsp; 93341 | &nbsp;&nbsp;&nbsp;&nbsp; 77706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ± | 7.57 | &nbsp;&nbsp;&nbsp;&nbsp;5-30-2025 | &nbsp;&nbsp;&nbsp; 361938 | &nbsp;&nbsp;&nbsp;&nbsp; 339316 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **417022** |
| &nbsp;&nbsp;**Mortgage REITs: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claros Mortgage Trust Incorporated (U.S. SOFR 1 Month +4.50%) ‡± | 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-9-2026 | &nbsp;&nbsp;&nbsp; 119100 | &nbsp;&nbsp;&nbsp;&nbsp; **117165** |
| &nbsp;&nbsp;**Industrials: 0.41%** |  |  |  |  |
| &nbsp;&nbsp;**Airlines: 0.36%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines Incorporated (3 Month LIBOR +2.00%) ± | 5.80 | &nbsp;&nbsp;12-15-2023 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 8.78 | &nbsp;&nbsp;&nbsp;&nbsp;6-21-2027 | &nbsp;&nbsp;&nbsp;&nbsp;403750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMiles IP Limited (3 Month LIBOR +3.75%) ± | 7.99 | &nbsp;&nbsp;10-20-2027 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217849 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**781849** |
| &nbsp;&nbsp;**Machinery: 0.00%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertical US Newco Incorporated (6 Month LIBOR +3.50%) ± | 6.87 | &nbsp;&nbsp;&nbsp;&nbsp;7-30-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**819** |
| &nbsp;&nbsp;**Road & rail: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies Incorporated (1 Month LIBOR +3.50%) ± | 8.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-4-2025 | &nbsp;&nbsp;&nbsp;&nbsp;117846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**117552** |

---

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

------

Allspring Real Return Portfolio \| 29

------

[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Information technology: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;**Software: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Incorporated Term Loan B3 (1 Month LIBOR +1.75%) ± | 5.82% | &nbsp;&nbsp;&nbsp;&nbsp;4-16-2025 | $&nbsp;&nbsp;&nbsp; 67248 | &nbsp;&nbsp;$65959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Incorporated Term Loan B4 (1 Month LIBOR +1.75%) ± | 5.82 | &nbsp;&nbsp;&nbsp;&nbsp;4-16-2025 | &nbsp;&nbsp;&nbsp; 56185 | &nbsp;&nbsp;&nbsp;&nbsp; 55108 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **121067** |
| &nbsp;&nbsp;**Utilities: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;**Electric utilities: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExGen Renewables IV LLC (1 Month LIBOR +2.50%) ± | 7.24 | &nbsp;&nbsp;12-15-2027 | &nbsp;&nbsp;&nbsp; 306706 | &nbsp;&nbsp;&nbsp;&nbsp; **303575** |
| &nbsp;&nbsp;**Total Loans (Cost $3,029,658)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2954154** |
| &nbsp;&nbsp;**U.S. Treasury securities: 68.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2024 | &nbsp;&nbsp;&nbsp;2849795 | &nbsp;&nbsp;&nbsp;&nbsp; 2765915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;10-15-2024 | &nbsp;&nbsp;&nbsp;4280049 | &nbsp;&nbsp;&nbsp;&nbsp; 4139025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2025 | &nbsp;&nbsp;&nbsp;4297260 | &nbsp;&nbsp;&nbsp;&nbsp; 4119327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;10-15-2025 | &nbsp;&nbsp;&nbsp;2264764 | &nbsp;&nbsp;&nbsp;&nbsp; 2170988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2026 | &nbsp;&nbsp;&nbsp;6280880 | &nbsp;&nbsp;&nbsp;&nbsp; 5954814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2026 | &nbsp;&nbsp;&nbsp;4203519 | &nbsp;&nbsp;&nbsp;&nbsp; 3997736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;10-15-2026 | &nbsp;&nbsp;&nbsp;3258330 | &nbsp;&nbsp;&nbsp;&nbsp; 3092391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2027 | &nbsp;&nbsp;&nbsp;5256289 | &nbsp;&nbsp;&nbsp;&nbsp; 4952871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2030 | &nbsp;&nbsp;&nbsp;4844868 | &nbsp;&nbsp;&nbsp;&nbsp; 4422961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2030 | &nbsp;&nbsp;&nbsp;4375539 | &nbsp;&nbsp;&nbsp;&nbsp; 3990002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2031 | &nbsp;&nbsp;&nbsp;4936633 | &nbsp;&nbsp;&nbsp;&nbsp; 4472538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2031 | &nbsp;&nbsp;&nbsp;3017474 | &nbsp;&nbsp;&nbsp;&nbsp; 2724724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2032 | &nbsp;&nbsp;&nbsp;6745095 | &nbsp;&nbsp;&nbsp;&nbsp; 6042291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2051 | &nbsp;&nbsp;&nbsp;3055066 | &nbsp;&nbsp;&nbsp;&nbsp; 2099841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2052 | &nbsp;&nbsp;&nbsp;1860414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2025 | &nbsp;&nbsp;&nbsp;5200116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2029 | &nbsp;&nbsp;&nbsp;2384334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2050 | &nbsp;&nbsp;&nbsp;4225067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2025 | &nbsp;&nbsp;&nbsp;2916018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2027 | &nbsp;&nbsp;&nbsp;3274299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2027 | &nbsp;&nbsp;&nbsp;4003758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2024 | &nbsp;&nbsp;&nbsp;3665576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2028 | &nbsp;&nbsp;&nbsp;3080166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2024 | &nbsp;&nbsp;&nbsp;3319816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2026 | &nbsp;&nbsp;&nbsp;4927463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2032 | &nbsp;&nbsp;&nbsp;5235034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2043 | &nbsp;&nbsp;&nbsp;2368765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2028 | &nbsp;&nbsp;&nbsp;4031779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2042 | &nbsp;&nbsp;&nbsp;3198226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2045 | &nbsp;&nbsp;&nbsp;1833795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2029 | &nbsp;&nbsp;&nbsp;3314572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2047 | &nbsp;&nbsp;&nbsp;1813483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2046 | &nbsp;&nbsp;&nbsp;1791161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2048 | &nbsp;&nbsp;&nbsp;1378042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2049 | &nbsp;&nbsp;&nbsp;1574539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2044 | &nbsp;&nbsp;&nbsp;2585083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 1.63 | &nbsp;&nbsp;10-15-2027 | &nbsp;&nbsp;&nbsp;4122736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2028 | &nbsp;&nbsp;&nbsp;2712923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2026 | &nbsp;&nbsp;&nbsp;3364470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | 2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2040 | &nbsp;&nbsp;&nbsp;1428055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549245 |

---

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

------

30 \| Allspring Real Return Portfolio

------

[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**U.S. Treasury securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | &nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2041 | $&nbsp;&nbsp;&nbsp;1822811 | &nbsp;&nbsp;$1972517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | &nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2025 | &nbsp;&nbsp;&nbsp;3463878 | &nbsp;&nbsp;&nbsp;&nbsp; 3492248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | &nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2027 | &nbsp;&nbsp;&nbsp;2494515 | &nbsp;&nbsp;&nbsp;&nbsp; 2575416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2029 | &nbsp;&nbsp;&nbsp;2612604 | &nbsp;&nbsp;&nbsp;&nbsp; 2765958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2032 | &nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 967931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2032 | &nbsp;&nbsp;&nbsp;1053385 | &nbsp;&nbsp;&nbsp;&nbsp; 1233304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | &nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2028 | &nbsp;&nbsp;&nbsp;2119379 | &nbsp;&nbsp;&nbsp;&nbsp; 2347522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | &nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2029 | &nbsp;&nbsp;&nbsp;2780239 | &nbsp;&nbsp;&nbsp;&nbsp; 3174975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIPS | &nbsp;&nbsp;4.13 | &nbsp;&nbsp;11-15-2032 | &nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 961133 |
| &nbsp;&nbsp;**Total U.S. Treasury securities (Cost $161,909,642)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**148563499** |
| &nbsp;&nbsp;**Yankee corporate bonds and notes: 1.89%** |  |  |  |  |
| &nbsp;&nbsp;**Communication services: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;**Media: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Videotron Limited 144A | &nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2024 | &nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; **356400** |
| &nbsp;&nbsp;**Consumer discretionary: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;**Auto components: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adient Global Holdings Limited 144A | &nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2026 | &nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; **205350** |
| &nbsp;&nbsp;**Energy: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NorthRiver Midstream Finance LP 144A | &nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2026 | &nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; **525595** |
| &nbsp;&nbsp;**Financials: 0.45%** |  |  |  |  |
| &nbsp;&nbsp;**Diversified financial services: 0.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAE Funding LLC 144A | &nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;3-20-2025 | &nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 343260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources Proprietary Limited 144A | &nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Red Finance Incorporated 144A | &nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335838 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**976661** |
| &nbsp;&nbsp;**Health care: 0.28%** |  |  |  |  |
| &nbsp;&nbsp;**Pharmaceuticals: 0.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**616319** |
| &nbsp;&nbsp;**Industrials: 0.26%** |  |  |  |  |
| &nbsp;&nbsp;**Airlines: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**294334** |
| &nbsp;&nbsp;**Trading companies & distributors: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fly Leasing Limited 144A | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;10-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**265337** |
| &nbsp;&nbsp;**Materials: 0.41%** |  |  |  |  |
| &nbsp;&nbsp;**Chemicals: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Aerospace Holdings Company 144A | &nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**408896** |
| &nbsp;&nbsp;**Containers & packaging: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardagh Packaging Finance plc 144A | &nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;4-30-2025 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**192482** |
| &nbsp;&nbsp;**Metals & mining: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellium SE 144A | &nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**287781** |
| &nbsp;&nbsp;**Total Yankee corporate bonds and notes (Cost $4,393,768)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4129155** |

---

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

------

Allspring Real Return Portfolio \| 31

------

[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Short-term investments: 1.27%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 1.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠∞ |  | 3.60% | &nbsp;&nbsp;&nbsp;2111826 | &nbsp;&nbsp;$2111826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC ♠∩∞ |  | 3.90 | &nbsp;&nbsp;&nbsp; 660678 | &nbsp;&nbsp;&nbsp;&nbsp; 660678 |
| &nbsp;&nbsp;**Total Short-term investments (Cost $2,772,504)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2772504** |
| &nbsp;&nbsp;**Total investments in securities (Cost $222,769,763)** | &nbsp;&nbsp;99.89% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;217686564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 246958 |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$217933522** |

---

---

| | |
|:---|:---|
| † | Non-income-earning security |
| 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. |
| ‡ | Security is valued using significant unobservable inputs. |
| « | All or a portion of this security is on loan. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ADR | &nbsp;&nbsp;&nbsp;American depositary receipt |
| LIBOR | &nbsp;&nbsp;&nbsp;London Interbank Offered Rate |
| REIT | &nbsp;&nbsp;&nbsp;Real estate investment trust |
| SOFR | &nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate |
| TIPS | &nbsp;&nbsp;&nbsp;Treasury Inflation-Protected Securities |

---

#### Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Government Money Market Fund Select Class | $2766670 | $35979060 | $(36633904) | $0 | $0 | $2111826 | 2111826 | $20696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;2665525 | &nbsp;&nbsp;&nbsp;&nbsp;(2004847) | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660678 | &nbsp;&nbsp;&nbsp;&nbsp;660678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751 <sup>#</sup> |
|  |  |  |  | **$0** | **$0** | **$2772504** |  | **$23447** |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Amount shown represents income before fees and rebates. |

---

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

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Portfolio of investments—November 30, 2022 (unaudited)

------

#### Futures contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Expiration <br> date** | &nbsp;&nbsp;**Notional <br> cost** | &nbsp;&nbsp;**Notional <br> value** | &nbsp;&nbsp;**Unrealized <br> gains** | &nbsp;&nbsp;**Unrealized <br> losses** |
| &nbsp;&nbsp;**Long** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2-Year U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;3-31-2023 | &nbsp;&nbsp;$2868163 | &nbsp;&nbsp;$2875031 | &nbsp;&nbsp;$6868 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Short** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10-Year Ultra Futures | &nbsp;&nbsp;(12) | &nbsp;&nbsp;3-22-2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1437256) | &nbsp;&nbsp;&nbsp;&nbsp;(1435875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Ultra Treasury Bonds | &nbsp;&nbsp;(12) | &nbsp;&nbsp;3-22-2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1658227) | &nbsp;&nbsp;&nbsp;&nbsp;(1635375) | &nbsp;&nbsp;&nbsp;&nbsp;22852 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  |  |  |  | &nbsp;&nbsp;**$31101** | &nbsp;&nbsp;**$0** |

---

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

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Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities (including $645,403 of securities loaned), at value (cost $219,997,259)<br>| $214914060 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $2,772,504)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772504 |
| &nbsp;&nbsp; Cash at broker segregated for futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336000 |
| &nbsp;&nbsp; Foreign currency, at value (cost $15,420)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15711 |
| &nbsp;&nbsp; Receivable for dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912603 |
| &nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102138 |
| &nbsp;&nbsp; Receivable for daily variation margin on open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688 |
| &nbsp;&nbsp; Receivable for securities lending income, net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
| **Total assets<br>**  | &nbsp;&nbsp;**219058966** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable upon receipt of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660678 |
| &nbsp;&nbsp; Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364022 |
| &nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55041 |
| &nbsp;&nbsp; Payable for daily variation margin on open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44390 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1125444** |
| **Total net assets<br>**  | **$217933522** |

---

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

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Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5791848 |
| &nbsp;&nbsp; Dividends (net of foreign withholdings taxes of $5,413)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423764 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21836 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**6237448** |
| **Expenses** |  |
| &nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436122 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21029 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55549 |
| &nbsp;&nbsp; Interest holder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18590 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8294 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**550463** |
| &nbsp;&nbsp; Less: Fee waivers and/or expense reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125244) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**425219** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**5812229** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized gains on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368295 |
| &nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197920 |
| Net realized gains on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566215 |
| Net change in unrealized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;(13796410) |
| &nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23372) |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;(13819782) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;**(13253567)** |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;**$(7441338)** |

---

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

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Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5812229 | &nbsp;&nbsp;$12910301 |
| &nbsp;&nbsp; Net realized gains on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843667 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(13819782) | &nbsp;&nbsp;&nbsp;&nbsp;(16501133) |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(7441338)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(747165)** |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Transactions in investors' beneficial interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;24531853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73678375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals<br>| &nbsp;&nbsp;&nbsp;(30752284) | &nbsp;&nbsp;&nbsp;&nbsp;(80677859) |
| **Net decrease in net assets resulting from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(6220431)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6999484)** |
| **Total decrease in net assets<br>**  | &nbsp;&nbsp;&nbsp;**(13661769)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7746649)** |
| **Net assets** |  |  |
| **Beginning of period<br>**  | &nbsp;&nbsp;**231595291** | &nbsp;&nbsp;&nbsp;&nbsp;**239341940** |
| **End of period<br>**  | **$217933522** | &nbsp;&nbsp;**$231595291** |

---

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

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Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Total return<sup>1</sup><br>**  | **(3.47)%** | &nbsp;&nbsp;**(0.14)%** | &nbsp;&nbsp;**9.58%** | &nbsp;&nbsp;**5.92%** | &nbsp;&nbsp;**2.99%** | &nbsp;&nbsp;**1.67%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| 0.50% | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>2</sup><br>| 0.39% | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| 5.33% | &nbsp;&nbsp;&nbsp;&nbsp;5.54% | &nbsp;&nbsp;2.57% | &nbsp;&nbsp;2.16% | &nbsp;&nbsp;2.29% | &nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

<sup>1</sup> Returns for periods of less than one year are not annualized. <br> <sup>2</sup> Net expense ratios reflect voluntary waivers, if any.

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

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Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master 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 Real Return Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, 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 Portfolio 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.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Allspring Global Investments Pricing Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2022, such fair value pricing was used in pricing certain foreign securities.

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. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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, 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.

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Notes to financial statements (unaudited)

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Allspring Global Investments Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio 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.

Loans

The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange's clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

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Notes to financial statements (unaudited)

Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Inflation-indexed bonds and TIPS

The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

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. Paydown gains and losses are included in interest income.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date.

Income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio'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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $222,790,498 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$10612177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(15685010) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized losses | &nbsp;&nbsp;$(5072833) |

---

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Notes to financial statements (unaudited)

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 Portfolio'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 Portfolio'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 Portfolio'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 Portfolio's assets and liabilities as of November 30, 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;**Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer staples* | &nbsp;&nbsp;&nbsp;&nbsp;$7758275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$7758275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Energy* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583471 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Materials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6401785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6652804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real estate* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11706238 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11706238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate bonds and notes** | &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;29566464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29566464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loans** | &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;&nbsp;&nbsp;2759283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Treasury securities** | &nbsp;&nbsp;&nbsp;&nbsp;148563499 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148563499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Yankee corporate bonds and notes** | &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;&nbsp;&nbsp;4129155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129155 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;2772504 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772504 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;180785772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36705921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217686564 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Futures contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31101 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$180816873** | &nbsp;&nbsp;&nbsp;&nbsp;**$36705921** | &nbsp;&nbsp;&nbsp;&nbsp;**$194871** | &nbsp;&nbsp;&nbsp;&nbsp;**$217717665** |

---

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day's variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

For the six months ended November 30, 2022, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory 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 adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

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Notes to financial statements (unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Advisory fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $500 million | &nbsp;&nbsp;0.400% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $500 million | &nbsp;&nbsp;0.375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $2 billion | &nbsp;&nbsp;0.350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $2 billion | &nbsp;&nbsp;0.325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $5 billion | &nbsp;&nbsp;0.300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $10 billion | &nbsp;&nbsp;0.290 |

---

For the six months ended November 30, 2022, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.28% and declining to 0.18% as the average daily net assets of the Portfolio increase.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

The Portfolio 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 $0, $1,381,653 and $(84,593) in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended November 30, 2022.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. <br> government |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19867469 | &nbsp;&nbsp;&nbsp;&nbsp;$13269762 | &nbsp;&nbsp;&nbsp;&nbsp;$15242237 | &nbsp;&nbsp;&nbsp;&nbsp;$17004491 |

---

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Investments. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2022, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

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[**Table of Contents**](#job_allsp_8f012b6c-36fe-4a88-8e29-82aba1bb837d_toc)

Notes to financial statements (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;Value of<br> securities on<br> loan | &nbsp;&nbsp;&nbsp;&nbsp;Collateral <br> received<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Net amount |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Securities Incorporated | &nbsp;&nbsp;$372279 | &nbsp;&nbsp;&nbsp;&nbsp;$(372279) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;113568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Securities Corporation | &nbsp;&nbsp;&nbsp;&nbsp;124725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

<sup>1</sup> Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2022, the Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Portfolio had an average notional amount of $2,952,579 in long futures contracts and $2,930,011 in short futures contracts during the six months ended November 30, 2022.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

8. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 six months ended November 30, 2022, there were no borrowings by the Portfolio under the agreement.

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 Portfolio'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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio'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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

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Other information (unaudited)

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 and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders 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 125 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 Endowment (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. 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 | 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, since 2007. 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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![](g420343img8e8ec14c1.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> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

![](g420343imgadfce8925.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> **1-800-222-8222** 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-12142022-lyxex89l 01-23<br> SA288/SAR288 11-22

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![](g425050imgf66710ef1.jpg)

Semi-Annual Report

November 30, 2022

Allspring<br> C&B Large Cap Value Fund

------

Contents

---

| | |
|:---|:---|
| **[Letter to shareholders](#xx_3a15ca43-03d9-4ec4-957b-fa651c916245_1)<br>**  | 2 |
| **[Performance highlights](#xx_f9045f73-5d91-47f7-96c6-c1c76417d5dd_2)<br>**  | 6 |
| **[Fund expenses](#xx_ede162ae-d2a4-4607-b873-140b535be5d9_1)<br>**  | 8 |
| **[Allspring C&B Large Cap Value Fund](#xx_151fa4a5-f77f-45ba-93f6-1d445ef57063_1)** |  |
| **[Portfolio of investments](#xx_151fa4a5-f77f-45ba-93f6-1d445ef57063_1)<br>**  | 9 |
| **[Financial statements](#xx_89be7eb2-23de-4e4e-9df6-2c60a9350e82_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_89be7eb2-23de-4e4e-9df6-2c60a9350e82_1)<br>| 10 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_89be7eb2-23de-4e4e-9df6-2c60a9350e82_2)<br>| 11 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_89be7eb2-23de-4e4e-9df6-2c60a9350e82_3)<br>| 12 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_5fbd151e-2080-4411-b9b1-27a30adeb6ee_1)<br>| 13 |
| **[Notes to financial statements](#xx_e8ce752d-8a1d-455e-9745-608cd0ca1b0e_1)<br>**  | 18 |
| **[Allspring C&B Large Cap Value Portfolio](#xx_0a2b8de4-6570-4fe4-ae86-ad54aa4355c4_1)** |  |
| **[Portfolio of investments](#xx_0a2b8de4-6570-4fe4-ae86-ad54aa4355c4_1)<br>**  | 22 |
| **[Financial statements](#xx_c6e6656b-4e2c-4d64-be38-1d17b9def329_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_c6e6656b-4e2c-4d64-be38-1d17b9def329_1)<br>| 26 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_c6e6656b-4e2c-4d64-be38-1d17b9def329_2)<br>| 27 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_c6e6656b-4e2c-4d64-be38-1d17b9def329_3)<br>| 28 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_1c381f27-108b-4198-a265-5cc223c71695_1)<br>| 29 |
| **[Notes to financial statements](#xx_6a867af5-5225-402e-8dda-2c96e018544c_1)<br>**  | 30 |
| **[Other information](#xx_a1be10f0-1330-43f4-9b7c-598fa7deb642_1)<br>**  | 35 |

---

The views expressed and any forward-looking statements are as of November 30, 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 C&B Large Cap Value Fund \| 1

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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Letter to shareholders (unaudited)

![](g425050img93224aec2.gif)

#### Andrew Owen
President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring C&B Large Cap Value Fund for the six-month period that ended November 30, 2022. Globally, stocks and bonds experienced heightened volatility and generally negative returns through the challenging period. Non-U.S. securities fared the worst as the global economy faced multiple challenges and the strength of the U.S. dollar eroded already-poor returns of non-U.S.-dollar-denominated assets.

Earlier tailwinds provided by global stimulus programs, vaccination rollouts, and recovering consumer and corporate sentiment were wiped away by the highest rate of inflation in four decades, the impact of ongoing aggressive central bank rate hikes and the prospect of more, plus the global reverberations of the Russia-Ukraine war. The already-significant global supply-chain disruptions were compounded by China's COVID-19 lockdowns.

For the six-month period, both stocks and bonds registered major losses, with even U.S. bonds suffering deep losses and other assets faring worse. For the period, U.S. stocks, based on the S&P 500 Index,<sup>1</sup> lost 0.40%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),<sup>2</sup> returned -5.18%, while the MSCI EM Index (Net) (USD)<sup>3</sup> declined 8.15%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index<sup>4</sup> returned -4.06%, the Bloomberg Global Aggregate ex-USD Index (unhedged)<sup>5</sup> returned -8.22%, the Bloomberg Municipal Bond Index<sup>6</sup> declined 1.43%, and the ICE BofA U.S. High Yield Index<sup>7</sup> fell 2.97%.

Rising inflation and economic fallout from the Russia-Ukraine war drove markets.

In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation. The Federal Reserve (Fed) raised its short-term rate by another 0.75% in June. Meanwhile, the U.S. unemployment rate held firm at 3.6% and the housing market remained only marginally affected by sharply higher mortgage rates.

<sub>"</sub>In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation.<sub>"</sub>

------

<sup>1</sup> The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

<sup>2</sup> The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

<sup>3</sup> The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

<sup>4</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

<sup>5</sup> The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

<sup>6</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.

<sup>7</sup> The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.

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2 \| Allspring C&B Large Cap Value Fund

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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Letter to shareholders (unaudited)

Markets rebounded in July, led by U.S. stocks. While evidence began to point to an economic slowdown after two consecutive quarters of declining gross domestic product (economic contraction), the U.S. labor market remained surprisingly strong: July nonfarm payrolls grew by more than 500,000 and U.S. unemployment dipped to 3.5%. Meanwhile, crude oil and retail gasoline prices, major contributors to recent overall inflation, fell substantially from earlier highs. And while U.S. home prices rose, sales fell as houses became less affordable with mortgage rates at a 13-year high. The Fed raised the federal funds rate another 0.75% in July—to a range of 2.25% to 2.50%—and forecasts pointed to further rate hikes.

August was yet another broadly challenging month for financial markets, with more red ink flowing. High inflation persisted, cresting 9% in the eurozone on an annual basis and remaining above 8% in the U.S. despite the Fed's aggressive monetary policy and a major drop in global crude oil and gasoline prices from their June peak. One positive note was the resilience of the U.S. job market. However, the Fed's job was clearly not complete. One longer-term bright spot was the U.S. Congress's passage of the Inflation Reduction Act. Its primary stated goals include: to reduce inflation (though not immediately) by curbing the deficit, capping health care spending by seniors, and investing in domestic sources of clean energy.

The market misery continued in September. There was nowhere to hide as all asset classes suffered major losses at the hands of persistent inflation. Central banks kept up their battle against rapidly rising prices with more rate hikes. The strength of the U.S. dollar made things even more difficult for investors holding assets in other currencies. U.S. mortgage rates jumped to near 7% on 30-year fixed-rate mortgages; the decreased housing affordability began to cool demand somewhat. The U.K. experienced a sharp sell-off of government bonds and the British pound in September as investors panicked in response to a new government budget that was seen as financially unsound. The market meltdown forced the Bank of England to step in and buy long-dated government bonds.

Equities had a reprieve in October after two months of sharp declines. Value stocks and small caps fared best. Globally, developed markets outpaced emerging market equities, which were hurt by weakness among Chinese stocks. Central banks continued to try to curtail high inflation with aggressive interest rate hikes. Geopolitical risks persisted, including the ongoing Russia-Ukraine war and economic, financial market, and political turmoil in the U.K., which led to a second prime ministerial change in six weeks, as Rishi Sunak replaced Liz Truss in late October. Concerns over Europe's energy crisis eased, for now, thanks to unseasonably warm weather and plentiful gas on hand. The U.S. labor market continued its resilience against rising prices, as unemployment stood at 3.7%, near a record low.

Stocks and bonds rallied in November, with emerging market equities gaining nearly 15% and developed market equities returning 7%. The S&P 500 Index rose 5.6% in November. Bonds also had positive monthly returns. Economic news was encouraging, driven by U.S. labor market strength. Although central banks kept raising rates, expectations grew regarding an impending easing in the pace of rate hikes and a possible end to central bank monetary tightening in 2023. Although inflation remained at record highs in the eurozone, with a 10.6% annual increase in October, Germany's producer prices decreased 4.2% annually, signaling a possible decline in inflationary pressures. Meanwhile, U.S. inflation continued to moderate, with a 7.1% annual price rise in November and a monthly price increase of just 0.1%. China's economic data remained weak, reflecting its zero-COVID-19 policy.

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Allspring C&B Large Cap Value Fund \| 3

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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Letter to shareholders (unaudited)

Don't let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

![](g425050img92a0e4bc3.jpg)

Andrew Owen<br> President<br> Allspring Funds

------

For further information about your fund, contact your investment professional, visit our website at **allspringglobal.com,** or call us directly at **1-800-222-8222**.

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4 \| Allspring C&B Large Cap Value Fund

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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Performance highlights (unaudited)

---

| | |
|:---|:---|
| **Investment objective** | The Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal. |
| **Manager** | Allspring Funds Management, LLC |

---

#### Subadviser for the affiliated master portfolio\*
Cooke & Bieler, L.P.

---

| | |
|:---|:---|
| **Portfolio managers** | Andrew B. Armstrong, CFA®<sup>‡</sup>, Wesley Lim, CFA®<sup>‡</sup>, Steve Lyons, CFA®<sup>‡</sup>, Michael M. Meyer, CFA®<sup>‡</sup>, Edward W. O'Connor, CFA®<sup>‡</sup>, R. James O'Neil, CFA®<sup>‡</sup>, Mehul Trivedi, CFA®<sup>‡</sup>, William Weber, CFA®<sup>‡</sup> |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** |
|  |  | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &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;1 year | &nbsp;&nbsp;5 year | &nbsp;&nbsp;10 year | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Net <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A (CBEAX) | &nbsp;&nbsp;&nbsp;7-26-2004 | &nbsp;&nbsp;-2.85 | &nbsp;&nbsp;6.69 | &nbsp;&nbsp;10.77 | &nbsp;&nbsp;3.09 | &nbsp;&nbsp;7.96 | &nbsp;&nbsp;11.43 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C (CBECX) | &nbsp;&nbsp;&nbsp;7-26-2004 | &nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;7.14 | &nbsp;&nbsp;10.75 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;7.14 | &nbsp;&nbsp;10.75 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 (CBEJX)<sup>3</sup> | 10-31-2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;8.43 | &nbsp;&nbsp;11.85 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class (CBLLX) | &nbsp;&nbsp;&nbsp;7-26-2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;8.05 | &nbsp;&nbsp;11.56 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (CBLSX) | &nbsp;&nbsp;&nbsp;7-26-2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;3.40 | &nbsp;&nbsp;8.31 | &nbsp;&nbsp;11.83 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000® Value Index<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;7.86 | &nbsp;&nbsp;10.97 | &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. Performance shown without sales charges would be lower if sales charges were reflected. 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 on the Fund's website, allspringglobal.com.***

*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.*

*For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class 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 prospectuses. 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> The manager has contractually committed through September 30, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.08% for Class A, 1.83% for Class C, 0.65% for Class R6, 1.00% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

<sup>3</sup> Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

<sup>4</sup> The Russell 1000<sup>®</sup> Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Consult the Fund's prospectus for additional information on these and other risks.

------

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.* |
| *<sup>‡</sup>* | *CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.* |

---

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6 \| Allspring C&B Large Cap Value Fund

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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Performance highlights (unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics Incorporated | &nbsp;&nbsp;3.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Incorporated Class A | &nbsp;&nbsp;3.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;3.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation | &nbsp;&nbsp;3.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group Incorporated | &nbsp;&nbsp;2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group plc ADR | &nbsp;&nbsp;2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity Limited | &nbsp;&nbsp;2.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare Incorporated | &nbsp;&nbsp;2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corporation | &nbsp;&nbsp;2.54 |

---

<sup>1</sup> Each holding represents the Fund's allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Sector allocation as of November 30, 2022<sup>1</sup>

![](g425050imgeef606f74.jpg)

<sup>1</sup> Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. Allocations are subject to change and may have changed since the date specified.

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Allspring C&B Large Cap Value Fund \| 7

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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, 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 June 1, 2022 to November 30, 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 and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. 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. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Beginning <br> account value<br> 6-1-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending <br> account value<br> 11-30-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses <br> paid during<br> the period<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Annualized net<br> expense ratio<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$995.95 | &nbsp;&nbsp;&nbsp;&nbsp;$5.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1019.70 | &nbsp;&nbsp;&nbsp;&nbsp;$5.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$992.47 | &nbsp;&nbsp;&nbsp;&nbsp;$9.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1015.89 | &nbsp;&nbsp;&nbsp;&nbsp;$9.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$997.99 | &nbsp;&nbsp;&nbsp;&nbsp;$3.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1021.81 | &nbsp;&nbsp;&nbsp;&nbsp;$3.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Administrator Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$995.96 | &nbsp;&nbsp;&nbsp;&nbsp;$4.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1020.10 | &nbsp;&nbsp;&nbsp;&nbsp;$5.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$997.32 | &nbsp;&nbsp;&nbsp;&nbsp;$3.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1021.31 | &nbsp;&nbsp;&nbsp;&nbsp;$3.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |

---

<sup>1</sup> Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period).

<sup>2</sup> Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

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8 \| Allspring C&B Large Cap Value Fund

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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  |  | **Value** |
| &nbsp;&nbsp;**Investment companies: 99.97%** |  |  |
| &nbsp;&nbsp;**Affiliated master portfolio: 99.97%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring C&B Large Cap Value Portfolio |  | **$232338356** |
| &nbsp;&nbsp;**Total Investment companies (Cost $188,366,033)** |  | &nbsp;&nbsp;&nbsp;**232338356** |
| &nbsp;&nbsp;**Total investments in securities (Cost $188,366,033)** | &nbsp;&nbsp;99.97% | &nbsp;&nbsp;&nbsp;232338356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; 68335 |
| &nbsp;&nbsp;**Total net assets** | **100.00%** | **$232406691** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of<br> ownership,<br> beginning<br> of period** | **% of<br> ownership,<br> end of<br> period** | **Net realized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Net <br> change in<br> unrealized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Dividends <br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Affiliated <br> income<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Value, <br> end of<br> period** |
| &nbsp;&nbsp;&nbsp;Allspring C&B Large Cap Value Portfolio | 79.89% | 79.38% | $10459729 | $(14694571) | $2513118 | $46703 | $232338356 |

---

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

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Allspring C&B Large Cap Value Fund \| 9

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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in affiliated Master Portfolio, at value (cost $188,366,033)<br>| $232338356 |
| &nbsp;&nbsp; Receivable for Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300108 |
| &nbsp;&nbsp; Receivable from manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15216 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57114 |
| **Total assets<br>**  | &nbsp;&nbsp;**232710794** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229377 |
| &nbsp;&nbsp; Administration fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28173 |
| &nbsp;&nbsp; Distribution fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549 |
| &nbsp;&nbsp; Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41912 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**304103** |
| **Total net assets<br>**  | **$232406691** |
| **Net assets consist of** |  |
| &nbsp;&nbsp; Paid-in capital<br>| $146393475 |
| &nbsp;&nbsp; Total distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;86013216 |
| **Total net assets<br>**  | **$232406691** |
| **Computation of net asset value and offering price per share** |  |
| &nbsp;&nbsp; Net assets – Class A<br>| &nbsp;&nbsp;$87631190 |
| &nbsp;&nbsp; Shares outstanding – Class A<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5938811 |
| &nbsp;&nbsp; Net asset value per share – Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.76 |
| &nbsp;&nbsp; Maximum offering price per share – Class A<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.66 |
| &nbsp;&nbsp; Net assets – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4272349 |
| &nbsp;&nbsp; Shares outstanding – Class C<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294639 |
| &nbsp;&nbsp; Net asset value per share – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.50 |
| &nbsp;&nbsp; Net assets – Class R6<br>| &nbsp;&nbsp;$20608565 |
| &nbsp;&nbsp; Shares outstanding – Class R6<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385826 |
| &nbsp;&nbsp; Net asset value per share – Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.87 |
| &nbsp;&nbsp; Net assets – Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5696680 |
| &nbsp;&nbsp; Shares outstanding – Administrator Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384872 |
| &nbsp;&nbsp; Net asset value per share – Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.80 |
| &nbsp;&nbsp; Net assets – Institutional Class<br>| $114197907 |
| &nbsp;&nbsp; Shares outstanding – Institutional Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7684706 |
| &nbsp;&nbsp;Net asset value per share – Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.86 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

------

10 \| Allspring C&B Large Cap Value Fund

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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $47,406)<br>| &nbsp;&nbsp;&nbsp;$2513118 |
| &nbsp;&nbsp; Affiliated income allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46703 |
| &nbsp;&nbsp; Expenses allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(812966) |
| &nbsp;&nbsp; Waivers allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71651 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**1818506** |
| **Expenses** |  |
| &nbsp;&nbsp; Management fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57915 |
| &nbsp;&nbsp;Administration fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73688 |
| &nbsp;&nbsp;Shareholder servicing fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6854 |
| &nbsp;&nbsp;Distribution fee |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14636 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18244 |
| &nbsp;&nbsp; Registration fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18382 |
| &nbsp;&nbsp; Shareholder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13807 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**436038** |
| &nbsp;&nbsp;Less: Fee waivers and/or expense reimbursements |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund-level<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**285029** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**1533477** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized gains on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;10459729 |
| Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;(14694571) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;&nbsp;**(4234842)** |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;**$(2701365)** |

---

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

------

Allspring C&B Large Cap Value Fund \| 11

------

[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp; Net investment income<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;$1533477 |  | &nbsp;&nbsp;&nbsp;&nbsp;$2669791 |
| &nbsp;&nbsp; Net realized gains on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10459729 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47346569 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;(14694571) |  | &nbsp;&nbsp;&nbsp;&nbsp;(53785190) |
| **Net decrease in net assets resulting from operations<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2701365)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3768830)** |
| **Distributions to shareholders from** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>|  | &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;(12919436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;(535250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>|  | &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;&nbsp;(6057662) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;(841849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>|  | &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;(17599026) |
| **Total distributions to shareholders<br>**  |  | &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;**(37953223)** |
| **Capital share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;151325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15969277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;610551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8571740 | &nbsp;&nbsp;&nbsp;1764097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28100206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12493499 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51434211 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;845770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12689368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;&nbsp;&nbsp;36313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;&nbsp;&nbsp;80021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;&nbsp;&nbsp;34924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;1158450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17489868 |
|  |  | &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;32448512 |
| &nbsp;&nbsp;&nbsp;Payment for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| (1063032) | &nbsp;&nbsp;&nbsp;&nbsp;(14609292) | &nbsp;&nbsp;&nbsp;&nbsp;(946956) | &nbsp;&nbsp;&nbsp;&nbsp;(15053324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;(18125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1207888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;(289143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4121120) | &nbsp;&nbsp;(1596640) | &nbsp;&nbsp;&nbsp;&nbsp;(24419329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;(20661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| (1714343) | &nbsp;&nbsp;&nbsp;&nbsp;(24124004) | &nbsp;&nbsp;(3201272) | &nbsp;&nbsp;&nbsp;&nbsp;(51615218) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;(43387907) |  | &nbsp;&nbsp;&nbsp;&nbsp;(92820528) |
| **Net decrease in net assets resulting from capital share transactions<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(30894408)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8937805)** |
| **Total decrease in net assets<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(33595773)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(50659858)** |
| **Net assets** |  |  |  |  |
| **Beginning of period<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**266002464** |  | &nbsp;&nbsp;&nbsp;&nbsp;**316662322** |
| **End of period<br>**  |  | &nbsp;&nbsp;**$232406691** |  | &nbsp;&nbsp;**$266002464** |

---

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

------

12 \| Allspring C&B Large Cap Value Fund

------

[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class A** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$14.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$17.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.49** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.01** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.91** | &nbsp;&nbsp;&nbsp;&nbsp;**$14.54** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;**$14.76** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$17.16** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.49** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.01** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.91** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(0.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.37)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56.98%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.61)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.33%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.29%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $87631 | &nbsp;&nbsp;$101496 | &nbsp;&nbsp;$102332 | &nbsp;&nbsp;$70680 | &nbsp;&nbsp;$79172 | &nbsp;&nbsp;$85707 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |
| Year ended May 31, 2019 | 0.65% |
| Year ended May 31, 2018 | 0.66% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring C&B Large Cap Value Fund \| 13

------

[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| **Class C** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Net asset value, beginning of period<br>**  | **$14.61** | &nbsp;&nbsp;**$16.97** | &nbsp;&nbsp;**$11.36** | &nbsp;&nbsp;**$12.87** | &nbsp;&nbsp;**$13.75** | &nbsp;&nbsp;&nbsp;&nbsp;**$14.44** |
| &nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | **$14.50** | &nbsp;&nbsp;**$14.61** | &nbsp;&nbsp;**$16.97** | &nbsp;&nbsp;**$11.36** | &nbsp;&nbsp;**$12.87** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.75** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;**(0.75)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.22)%** | &nbsp;&nbsp;&nbsp;&nbsp;**55.94%** | &nbsp;&nbsp;&nbsp;&nbsp;**(4.41)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.61%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.46%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;(0.08)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $4272 | &nbsp;&nbsp;$4103 | &nbsp;&nbsp;$4719 | &nbsp;&nbsp;$3576 | &nbsp;&nbsp;$5098 | &nbsp;&nbsp;$11031 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |
| Year ended May 31, 2019 | 0.65% |
| Year ended May 31, 2018 | 0.66% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

14 \| Allspring C&B Large Cap Value Fund

------

[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class R6** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$14.90** | &nbsp;&nbsp;&nbsp;&nbsp;**$17.24** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.53** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.06** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.97** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.59** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&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;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.65) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;**$14.87** | &nbsp;&nbsp;&nbsp;&nbsp;**$14.90** | &nbsp;&nbsp;&nbsp;&nbsp;**$17.24** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.53** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.06** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.97** |
| &nbsp;&nbsp; **Total return<sup>3</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(0.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.98)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57.75%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.25)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.74%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.76%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $20609 | &nbsp;&nbsp;$23487 | &nbsp;&nbsp;$47301 | &nbsp;&nbsp;$37859 | &nbsp;&nbsp;$68366 | &nbsp;&nbsp;$110665 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |
| Year ended May 31, 2019 | 0.65% |
| Year ended May 31, 2018 | 0.65% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<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> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring C&B Large Cap Value Fund \| 15

------

[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| **Administrator Class** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Net asset value, beginning of period<br>**  | **$14.86** | &nbsp;&nbsp;**$17.20** | &nbsp;&nbsp;**$11.51** | &nbsp;&nbsp;**$13.03** | &nbsp;&nbsp;**$13.92** | &nbsp;&nbsp;&nbsp;&nbsp;**$14.56** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(2.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | **$14.80** | &nbsp;&nbsp;**$14.86** | &nbsp;&nbsp;**$17.20** | &nbsp;&nbsp;**$11.51** | &nbsp;&nbsp;**$13.03** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.92** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;**(0.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.29)%** | &nbsp;&nbsp;&nbsp;&nbsp;**57.12%** | &nbsp;&nbsp;&nbsp;&nbsp;**(3.56)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.44%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.36%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $5697 | &nbsp;&nbsp;$6001 | &nbsp;&nbsp;$5980 | &nbsp;&nbsp;$6167 | &nbsp;&nbsp;$9274 | &nbsp;&nbsp;$12742 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |
| Year ended May 31, 2019 | 0.65% |
| Year ended May 31, 2018 | 0.66% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

16 \| Allspring C&B Large Cap Value Fund

------

[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Institutional Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$14.90** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$17.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.53** | &nbsp;&nbsp;&nbsp;&nbsp;**$13.05** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.96** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.58** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$14.86** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.90** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$17.24** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.53** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.05** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.96** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.27)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.08)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57.58%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.33)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.68%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $114198 | &nbsp;&nbsp;$130915 | &nbsp;&nbsp;$156330 | &nbsp;&nbsp;$96838 | &nbsp;&nbsp;$108613 | &nbsp;&nbsp;$135082 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |
| Year ended May 31, 2019 | 0.65% |
| Year ended May 31, 2018 | 0.66% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

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Allspring C&B Large Cap Value Fund \| 17

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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

Notes to financial statements (unaudited)

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 C&B Large Cap Value Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring C&B Large Cap Value Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2022, the Fund owned 79.38% of Allspring C&B Large Cap Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2022 are included in this report and should be read in conjunction with the Fund's financial statements.

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.

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily. Securities held in the affiliated Master Portfolio are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolio, which are included elsewhere in this report.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC, 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.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade date basis. The Fund records daily its proportionate share of the affiliated Master Portfolio's income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains 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 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 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.

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Notes to financial statements (unaudited)

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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $183,053,306 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$49285050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &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;Net unrealized gains | &nbsp;&nbsp;$49285050 |

---

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2022, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Master Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment objective | &nbsp;&nbsp;Fair value of affiliated<br> Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;**Allspring C&B Large Cap Value Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal | &nbsp;&nbsp;$232338356 |

---

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Management fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $5 billion | &nbsp;&nbsp;0.050% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $5 billion | &nbsp;&nbsp;0.040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $10 billion | &nbsp;&nbsp;0.030 |

---

For the six months ended November 30, 2022, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

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Notes to financial statements (unaudited)

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Class-level <br> administration fee |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of November 30, 2022, the contractual expense caps are as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Expense ratio caps |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.75 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2022, Allspring Funds Distributor received $353 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2022.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at

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Notes to financial statements (unaudited)

the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $39,900,176 and $63,353,738, 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 six months ended November 30, 2022, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector. As of the end of the period, the affiliated Master Portfolio concentrated its portfolio in investments related to the financials sector.

8. 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.

9. 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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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Common stocks: 98.01%** |  |  |
| &nbsp;&nbsp;**Communication services: 10.26%** |  |  |
| &nbsp;&nbsp;**Diversified telecommunication services: 1.97%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Incorporated | &nbsp;&nbsp;&nbsp; 148000 | &nbsp;&nbsp;**$5769040** |
| &nbsp;&nbsp;**Entertainment: 4.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard Incorporated | &nbsp;&nbsp;&nbsp; 80750 | &nbsp;&nbsp;&nbsp;&nbsp; 5971463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Music Group Corporation Class A | &nbsp;&nbsp;&nbsp; 168300 | &nbsp;&nbsp;&nbsp;&nbsp; 5767641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11739104** |
| &nbsp;&nbsp;**Interactive media & services: 1.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class A † | &nbsp;&nbsp;&nbsp; 46750 | &nbsp;&nbsp;&nbsp;&nbsp; **4721283** |
| &nbsp;&nbsp;**Media: 2.67%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group Incorporated | &nbsp;&nbsp;&nbsp; 97950 | &nbsp;&nbsp;&nbsp;&nbsp; **7812492** |
| &nbsp;&nbsp;**Consumer discretionary: 8.13%** |  |  |
| &nbsp;&nbsp;**Household durables: 1.42%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whirlpool Corporation | &nbsp;&nbsp;&nbsp; 28300 | &nbsp;&nbsp;&nbsp;&nbsp; **4146799** |
| &nbsp;&nbsp;**Leisure products: 1.77%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro Incorporated | &nbsp;&nbsp;&nbsp; 82670 | &nbsp;&nbsp;&nbsp;&nbsp; **5193329** |
| &nbsp;&nbsp;**Specialty retail: 2.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax Incorporated † | &nbsp;&nbsp;&nbsp; 85420 | &nbsp;&nbsp;&nbsp;&nbsp; **5924731** |
| &nbsp;&nbsp;**Textiles, apparel & luxury goods: 2.92%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear Incorporated | &nbsp;&nbsp;&nbsp; 181400 | &nbsp;&nbsp;&nbsp;&nbsp; 5240646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HanesBrands Incorporated | &nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 3292800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8533446** |
| &nbsp;&nbsp;**Consumer staples: 6.78%** |  |  |
| &nbsp;&nbsp;**Food products: 2.67%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingredion Incorporated | &nbsp;&nbsp;&nbsp;31560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kraft Heinz Company | &nbsp;&nbsp;&nbsp;120280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4733018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7824951** |
| &nbsp;&nbsp;**Personal products: 2.44%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever plc ADR | &nbsp;&nbsp;&nbsp;141650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7136327** |
| &nbsp;&nbsp;**Tobacco: 1.67%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Incorporated | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4883830** |
| &nbsp;&nbsp;**Energy: 3.84%** |  |  |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 3.84%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources Incorporated | &nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Williams Companies Incorporated | &nbsp;&nbsp;&nbsp;199700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11230069** |
| &nbsp;&nbsp;**Financials: 32.81%** |  |  |
| &nbsp;&nbsp;**Banks: 5.87%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp;48850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750093 |

---

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

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22 \| Allspring C&B Large Cap Value Portfolio

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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Incorporated | &nbsp;&nbsp;&nbsp; 26950 | &nbsp;&nbsp;$4534607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp; 129500 | &nbsp;&nbsp;&nbsp;&nbsp; 5878005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17162705** |
| &nbsp;&nbsp;**Capital markets: 11.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Incorporated Class A | &nbsp;&nbsp;&nbsp; 209660 | &nbsp;&nbsp;&nbsp;&nbsp; 9885469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group plc ADR | &nbsp;&nbsp;&nbsp; 313900 | &nbsp;&nbsp;&nbsp;&nbsp; 7806693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation | &nbsp;&nbsp;&nbsp; 113920 | &nbsp;&nbsp;&nbsp;&nbsp; 9076006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corporation | &nbsp;&nbsp;&nbsp; 89950 | &nbsp;&nbsp;&nbsp;&nbsp; 7424473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **34192641** |
| &nbsp;&nbsp;**Consumer finance: 1.24%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp; 96700 | &nbsp;&nbsp;&nbsp;&nbsp; **3633986** |
| &nbsp;&nbsp;**Diversified financial services: 2.49%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Incorporated Class B † | &nbsp;&nbsp;&nbsp; 22880 | &nbsp;&nbsp;&nbsp;&nbsp; **7289568** |
| &nbsp;&nbsp;**Insurance: 11.53%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Limited † | &nbsp;&nbsp;&nbsp; 98130 | &nbsp;&nbsp;&nbsp;&nbsp; 5878968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Limited | &nbsp;&nbsp;&nbsp; 25150 | &nbsp;&nbsp;&nbsp;&nbsp; 5522689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial Incorporated | &nbsp;&nbsp;&nbsp; 172000 | &nbsp;&nbsp;&nbsp;&nbsp; 6941920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globe Life Incorporated | &nbsp;&nbsp;&nbsp; 48500 | &nbsp;&nbsp;&nbsp;&nbsp; 5818060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation | &nbsp;&nbsp;&nbsp; 42427 | &nbsp;&nbsp;&nbsp;&nbsp; 5606728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Allstate Corporation | &nbsp;&nbsp;&nbsp; 29760 | &nbsp;&nbsp;&nbsp;&nbsp; 3984864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33753229** |
| &nbsp;&nbsp;**Health care: 13.33%** |  |  |
| &nbsp;&nbsp;**Health care equipment & supplies: 5.74%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Company | &nbsp;&nbsp;&nbsp;18520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4617777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentsply Sirona Incorporated | &nbsp;&nbsp;&nbsp;166070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;90500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7153120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16796175** |
| &nbsp;&nbsp;**Health care providers & services: 4.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare Incorporated | &nbsp;&nbsp;&nbsp;31650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7602963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laboratory Corporation of America Holdings | &nbsp;&nbsp;&nbsp;24730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5952511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13555474** |
| &nbsp;&nbsp;**Pharmaceuticals: 2.96%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;48650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8659700** |
| &nbsp;&nbsp;**Industrials: 11.78%** |  |  |
| &nbsp;&nbsp;**Aerospace & defense: 1.14%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward Incorporated | &nbsp;&nbsp;&nbsp;34939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3347156** |
| &nbsp;&nbsp;**Commercial services & supplies: 2.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAA Incorporated † | &nbsp;&nbsp;&nbsp;158940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5939588** |
| &nbsp;&nbsp;**Electrical equipment: 1.92%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK Incorporated | &nbsp;&nbsp;&nbsp;39540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5631287** |
| &nbsp;&nbsp;**Machinery: 3.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESAB Corporation | &nbsp;&nbsp;&nbsp;40793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931141 |

---

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

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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Machinery (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR Incorporated | &nbsp;&nbsp;&nbsp; 27450 | &nbsp;&nbsp;$2907230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker Incorporated | &nbsp;&nbsp;&nbsp; 63710 | &nbsp;&nbsp;&nbsp;&nbsp; 5206381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10044752** |
| &nbsp;&nbsp;**Trading companies & distributors: 3.26%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV † | &nbsp;&nbsp;&nbsp; 155300 | &nbsp;&nbsp;&nbsp;&nbsp; **9535420** |
| &nbsp;&nbsp;**Information technology: 7.85%** |  |  |
| &nbsp;&nbsp;**Electronic equipment, instruments & components: 6.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics Incorporated † | &nbsp;&nbsp;&nbsp; 92210 | &nbsp;&nbsp;&nbsp;&nbsp; 10026915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity Limited | &nbsp;&nbsp;&nbsp; 60485 | &nbsp;&nbsp;&nbsp;&nbsp; 7628368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17655283** |
| &nbsp;&nbsp;**Software: 1.82%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corporation | &nbsp;&nbsp;&nbsp; 181240 | &nbsp;&nbsp;&nbsp;&nbsp; **5324831** |
| &nbsp;&nbsp;**Real estate: 1.65%** |  |  |
| &nbsp;&nbsp;**Real estate management & development: 1.65%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group Incorporated Class A † | &nbsp;&nbsp;&nbsp; 60590 | &nbsp;&nbsp;&nbsp;&nbsp; **4822964** |
| &nbsp;&nbsp;**Utilities: 1.58%** |  |  |
| &nbsp;&nbsp;**Gas utilities: 1.58%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corporation | &nbsp;&nbsp;&nbsp; 38400 | &nbsp;&nbsp;&nbsp;&nbsp; **4615680** |
| &nbsp;&nbsp;**Total Common stocks (Cost $223,581,547)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**286875840** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** |  |  |
| &nbsp;&nbsp;**Short-term investments: 1.13%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 1.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠∞ |  | 3.60% | &nbsp;&nbsp;&nbsp;3312130 | &nbsp;&nbsp;&nbsp;&nbsp; **3312130** |
| &nbsp;&nbsp;**Total Short-term investments (Cost $3,312,130)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3312130** |
| &nbsp;&nbsp;**Total investments in securities (Cost $226,893,677)** | &nbsp;&nbsp;99.14% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;290187970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2519678 |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$292707648** |

---

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

Abbreviations: <br> ADR American depositary receipt

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

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Portfolio of investments—November 30, 2022 (unaudited)

------

#### Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Government Money Market Fund Select Class | $12217232 | $53781696 | $(62686798) | $0 | $0 | $3312130 | 3312130 | $57234 |
| &nbsp;&nbsp;**Investments in affiliates no longer<br> held at end of period** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;1756645 | &nbsp;&nbsp;&nbsp;&nbsp;(1756643) | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 <sup>#</sup> |
|  |  |  |  | **$(2)** | **$0** | **$3312130** |  | **$57564** |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Amount shown represents income before fees and rebates. |

---

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

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Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities, at value (cost $223,581,547)<br>| $286875840 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $3,312,130)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312130 |
| &nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644321 |
| &nbsp;&nbsp; Receivable for dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542620 |
| &nbsp;&nbsp; Receivable for securities lending income, net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6465 |
| **Total assets<br>**  | &nbsp;&nbsp;**293381391** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516810 |
| &nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137001 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19932 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**673743** |
| **Total net assets<br>**  | **$292707648** |

---

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

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Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends (net of foreign withholdings taxes of $59,735)<br>| &nbsp;&nbsp;&nbsp;$3167246 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58867 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**3226113** |
| **Expenses** |  |
| &nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949250 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14139 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28381 |
| &nbsp;&nbsp; Interest holder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9857 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12476 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**1024982** |
| &nbsp;&nbsp; Less: Fee waivers and/or expense reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90337) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**934645** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**2291468** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;13200119 |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Net realized gains on investments<br>| &nbsp;&nbsp;&nbsp;13200117 |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;(18336081) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;&nbsp;**(5135964)** |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;**$(2844496)** |

---

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

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Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2291468 | &nbsp;&nbsp;&nbsp;&nbsp;$4228372 |
| &nbsp;&nbsp; Net realized gains on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;13200117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59295012 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(18336081) | &nbsp;&nbsp;&nbsp;&nbsp;(67362442) |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(2844496)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3839058)** |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Transactions in investors' beneficial interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20407586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals<br>| &nbsp;&nbsp;&nbsp;(41854746) | &nbsp;&nbsp;&nbsp;&nbsp;(94906626) |
| **Net decrease in net assets resulting from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;**(37508628)** | &nbsp;&nbsp;&nbsp;&nbsp;**(74499040)** |
| **Total decrease in net assets<br>**  | &nbsp;&nbsp;&nbsp;**(40353124)** | &nbsp;&nbsp;&nbsp;&nbsp;**(78338098)** |
| **Net assets** |  |  |
| **Beginning of period<br>**  | &nbsp;&nbsp;**333060772** | &nbsp;&nbsp;&nbsp;&nbsp;**411398870** |
| **End of period<br>**  | **$292707648** | &nbsp;&nbsp;**$333060772** |

---

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

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Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Total return<sup>1</sup><br>**  | **(0.17)%** | &nbsp;&nbsp;**(1.05)%** | &nbsp;&nbsp;**57.96%** | &nbsp;&nbsp;**(3.40)%** | &nbsp;&nbsp;**1.80%** | &nbsp;&nbsp;**6.65%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>2</sup><br>| 0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| 1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;1.27% | &nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

<sup>1</sup> Returns for periods of less than one year are not annualized. <br> <sup>2</sup> Net expense ratios reflect voluntary waivers, if any.

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

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Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master 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 C&B Large Cap Value Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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.

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Notes to financial statements (unaudited)

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio'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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $218,244,157 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$90380735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(18436922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains | &nbsp;&nbsp;$71943813 |

---

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 Portfolio'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 Portfolio'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 Portfolio'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.

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of November 30, 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;**Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Communication services* | &nbsp;&nbsp;$30041919 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$30041919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer discretionary* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23798305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23798305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer staples* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19845108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19845108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Energy* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11230069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11230069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96032129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96032129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health care* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39011349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39011349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34498203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34498203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Information technology* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22980114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22980114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real estate* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Utilities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615680 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;3312130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$290187970** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$290187970** |

---

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

For the six months ended November 30, 2022, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory 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 adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Advisory fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $500 million | &nbsp;&nbsp;0.650% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $500 million | &nbsp;&nbsp;0.625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $1 billion | &nbsp;&nbsp;0.600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $2 billion | &nbsp;&nbsp;0.575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $4 billion | &nbsp;&nbsp;0.550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $4 billion | &nbsp;&nbsp;0.525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $4 billion | &nbsp;&nbsp;0.500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $16 billion | &nbsp;&nbsp;0.475 |

---

For the six months ended November 30, 2022, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Cooke & Bieler, L.P., which is not an affiliate of Allspring Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.38% and declining to 0.30% as the average daily net assets of the Fund increase.

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32 \| Allspring C&B Large Cap Value Portfolio

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Notes to financial statements (unaudited)

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

The Portfolio 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $50,267,579 and $79,815,162, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2022, the Portfolio did not have any securities on loan.

7. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 six months ended November 30, 2022, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in the financials sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

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 Portfolio'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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio'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 Portfolio may enter into contracts with service providers that contain a

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Notes to financial statements (unaudited)

variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

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34 \| Allspring C&B Large Cap Value Portfolio

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Other information (unaudited)

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 and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders 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 125 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 Endowment (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. 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 | 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, since 2007. 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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[**Table of Contents**](#job_allsp_0aa64e0b-4e1c-4f09-b48e-d8edf2fe9d18_toc)

![](g425050imgf66710ef1.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> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

![](g425050img93ef87775.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> **1-800-222-8222** 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-12142022-dcfacbrr 01-23<br> SA280/SAR280 11-22

------

![](g424239img99c8b9871.jpg)

Semi-Annual Report

November 30, 2022

Allspring Emerging Growth Fund

------

Contents

---

| | |
|:---|:---|
| **[Letter to shareholders](#xx_c80e356f-484c-4d02-8ba2-7c86b2ee8e3c_1)<br>**  | 2 |
| **[Performance highlights](#xx_ced677d1-9bc0-4e66-85ac-6d42c6c0f819_2)<br>**  | 6 |
| **[Fund expenses](#xx_d5230f89-f4fc-478d-92bc-5ab1c112c754_1)<br>**  | 8 |
| **[Allspring Emerging Growth Fund](#xx_29527c86-2483-4b5b-8910-23594126f7e9_1)** |  |
| **[Portfolio of investments](#xx_29527c86-2483-4b5b-8910-23594126f7e9_1)<br>**  | 9 |
| **[Financial statements](#xx_2ad5f9c3-5cb4-44ee-90e5-28ad6291c7bf_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_2ad5f9c3-5cb4-44ee-90e5-28ad6291c7bf_1)<br>| 10 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_2ad5f9c3-5cb4-44ee-90e5-28ad6291c7bf_2)<br>| 11 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_2ad5f9c3-5cb4-44ee-90e5-28ad6291c7bf_3)<br>| 12 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_0807e5f1-014a-468e-b9ab-81216b373c3a_1)<br>| 13 |
| **[Notes to financial statements](#xx_fdafac46-6e65-4bfe-9521-3e079e265049_1)<br>**  | 18 |
| **[Allspring Emerging Growth Portfolio](#xx_882b0974-f5aa-4f5b-9179-3601109ef7d5_1)** |  |
| **[Portfolio of investments](#xx_882b0974-f5aa-4f5b-9179-3601109ef7d5_1)<br>**  | 22 |
| **[Financial statements](#xx_58a92bc9-f1bc-4a8d-a12b-e283f6b67f52_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_58a92bc9-f1bc-4a8d-a12b-e283f6b67f52_1)<br>| 27 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_58a92bc9-f1bc-4a8d-a12b-e283f6b67f52_2)<br>| 28 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_58a92bc9-f1bc-4a8d-a12b-e283f6b67f52_3)<br>| 29 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_c2e10c00-5f18-4816-be96-2d5dc1232bbf_1)<br>| 30 |
| **[Notes to financial statements](#xx_0880cc38-c3dc-4b5d-b6ba-80c9f6e0d27c_1)<br>**  | 31 |
| **[Other information](#xx_aa2daaa5-b19b-4ee1-b5ac-f96bd594b8e8_1)<br>**  | 36 |

---

The views expressed and any forward-looking statements are as of November 30, 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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Letter to shareholders (unaudited)

![](g424239img417a27be2.gif)

#### Andrew Owen
President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Emerging Growth Fund for the six-month period that ended November 30, 2022. Globally, stocks and bonds experienced heightened volatility and generally negative returns through the challenging period. Non-U.S. securities fared the worst as the global economy faced multiple challenges and the strength of the U.S. dollar eroded already-poor returns of non-U.S.-dollar-denominated assets.

Earlier tailwinds provided by global stimulus programs, vaccination rollouts, and recovering consumer and corporate sentiment were wiped away by the highest rate of inflation in four decades, the impact of ongoing aggressive central bank rate hikes and the prospect of more, plus the global reverberations of the Russia-Ukraine war. The already-significant global supply-chain disruptions were compounded by China's COVID-19 lockdowns.

For the six-month period, both stocks and bonds registered major losses, with even U.S. bonds suffering deep losses and other assets faring worse. For the period, U.S. stocks, based on the S&P 500 Index,<sup>1</sup> lost 0.40%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),<sup>2</sup> returned -5.18%, while the MSCI EM Index (Net) (USD)<sup>3</sup> declined 8.15%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index<sup>4</sup> returned -4.06%, the Bloomberg Global Aggregate ex-USD Index (unhedged)<sup>5</sup> returned -8.22%, the Bloomberg Municipal Bond Index<sup>6</sup> declined 1.43%, and the ICE BofA U.S. High Yield Index<sup>7</sup> fell 2.97%.

Rising inflation and economic fallout from the Russia-Ukraine war drove markets.

In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation. The Federal Reserve (Fed) raised its short-term rate by another 0.75% in June. Meanwhile, the U.S. unemployment rate held firm at 3.6% and the housing market remained only marginally affected by sharply higher mortgage rates.

<sub>"</sub>In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation.<sub>"</sub>

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<sup>1</sup> The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

<sup>2</sup> The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

<sup>3</sup> The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

<sup>4</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

<sup>5</sup> The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

<sup>6</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.

<sup>7</sup> The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.

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2 \| Allspring Emerging Growth Fund

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Letter to shareholders (unaudited)

Markets rebounded in July, led by U.S. stocks. While evidence began to point to an economic slowdown after two consecutive quarters of declining gross domestic product (economic contraction), the U.S. labor market remained surprisingly strong: July nonfarm payrolls grew by more than 500,000 and U.S. unemployment dipped to 3.5%. Meanwhile, crude oil and retail gasoline prices, major contributors to recent overall inflation, fell substantially from earlier highs. And while U.S. home prices rose, sales fell as houses became less affordable with mortgage rates at a 13-year high. The Fed raised the federal funds rate another 0.75% in July—to a range of 2.25% to 2.50%—and forecasts pointed to further rate hikes.

August was yet another broadly challenging month for financial markets, with more red ink flowing. High inflation persisted, cresting 9% in the eurozone on an annual basis and remaining above 8% in the U.S. despite the Fed's aggressive monetary policy and a major drop in global crude oil and gasoline prices from their June peak. One positive note was the resilience of the U.S. job market. However, the Fed's job was clearly not complete. One longer-term bright spot was the U.S. Congress's passage of the Inflation Reduction Act. Its primary stated goals include: to reduce inflation (though not immediately) by curbing the deficit, capping health care spending by seniors, and investing in domestic sources of clean energy.

The market misery continued in September. There was nowhere to hide as all asset classes suffered major losses at the hands of persistent inflation. Central banks kept up their battle against rapidly rising prices with more rate hikes. The strength of the U.S. dollar made things even more difficult for investors holding assets in other currencies. U.S. mortgage rates jumped to near 7% on 30-year fixed-rate mortgages; the decreased housing affordability began to cool demand somewhat. The U.K. experienced a sharp sell-off of government bonds and the British pound in September as investors panicked in response to a new government budget that was seen as financially unsound. The market meltdown forced the Bank of England to step in and buy long-dated government bonds.

Equities had a reprieve in October after two months of sharp declines. Value stocks and small caps fared best. Globally, developed markets outpaced emerging market equities, which were hurt by weakness among Chinese stocks. Central banks continued to try to curtail high inflation with aggressive interest rate hikes. Geopolitical risks persisted, including the ongoing Russia-Ukraine war and economic, financial market, and political turmoil in the U.K., which led to a second prime ministerial change in six weeks, as Rishi Sunak replaced Liz Truss in late October. Concerns over Europe's energy crisis eased, for now, thanks to unseasonably warm weather and plentiful gas on hand. The U.S. labor market continued its resilience against rising prices, as unemployment stood at 3.7%, near a record low.

Stocks and bonds rallied in November, with emerging market equities gaining nearly 15% and developed market equities returning 7%. The S&P 500 Index rose 5.6% in November. Bonds also had positive monthly returns. Economic news was encouraging, driven by U.S. labor market strength. Although central banks kept raising rates, expectations grew regarding an impending easing in the pace of rate hikes and a possible end to central bank monetary tightening in 2023. Although inflation remained at record highs in the eurozone, with a 10.6% annual increase in October, Germany's producer prices decreased 4.2% annually, signaling a possible decline in inflationary pressures. Meanwhile, U.S. inflation continued to moderate, with a 7.1% annual price rise in November and a monthly price increase of just 0.1%. China's economic data remained weak, reflecting its zero-COVID-19 policy.

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Allspring Emerging Growth Fund \| 3

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Letter to shareholders (unaudited)

Don't let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

![](g424239imgf89ecffe3.jpg)

Andrew Owen<br> President<br> Allspring Funds

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For further information about your fund, contact your investment professional, visit our website at **allspringglobal.com,** or call us directly at **1-800-222-8222**.

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4 \| Allspring Emerging Growth Fund

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Performance highlights (unaudited)

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| | |
|:---|:---|
| **Investment objective** | The Fund seeks long-term capital appreciation. |
| **Manager** | Allspring Funds Management, LLC |

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#### Subadviser for the affiliated master portfolio\*
Allspring Global Investments, LLC

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| | |
|:---|:---|
| **Portfolio managers** | Robert Gruendyke, CFA®<sup>‡</sup>, David Nazaret, CFA®<sup>‡</sup>, Thomas C. Ognar, CFA®<sup>‡</sup> |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** |
|  |  | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &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;1 year | &nbsp;&nbsp;5 year | &nbsp;&nbsp;10 year | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Net <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A (WEMAX) | 3-31-2008 | &nbsp;&nbsp;-34.45 | &nbsp;&nbsp;7.20 | &nbsp;&nbsp;10.70 | &nbsp;&nbsp;-30.45 | &nbsp;&nbsp;8.48 | &nbsp;&nbsp;11.36 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C (WEMCX) | 3-31-2008 | &nbsp;&nbsp;-32.04 | &nbsp;&nbsp;7.67 | &nbsp;&nbsp;10.71 | &nbsp;&nbsp;-31.04 | &nbsp;&nbsp;7.67 | &nbsp;&nbsp;10.71 | &nbsp;&nbsp;2.11 | &nbsp;&nbsp;2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 (WEGRX)<sup>3</sup> | 7-31-2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-30.21 | &nbsp;&nbsp;8.97 | &nbsp;&nbsp;11.86 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class (WFGDX) | 1-31-2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-30.42 | &nbsp;&nbsp;8.57 | &nbsp;&nbsp;11.49 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (WEMIX) | 3-31-2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-30.25 | &nbsp;&nbsp;8.88 | &nbsp;&nbsp;11.82 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000® Growth Index<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-20.96 | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

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***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. Performance shown without sales charges would be lower if sales charges were reflected. 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 on the Fund's website, allspringglobal.com.***

*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.*

*For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class 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 prospectuses. 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> The manager has contractually committed through September 30, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.28% for Class A, 2.03% for Class C, 0.85% for Class R6, 1.20% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

<sup>3</sup> Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

<sup>4</sup> The Russell 2000<sup>®</sup> Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk. Consult the Fund's prospectus for additional information on these and other risks.

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| | |
|:---|:---|
| *<sup>\*</sup>* | *The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.* |
| *<sup>‡</sup>* | *CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.* |

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6 \| Allspring Emerging Growth Fund

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Performance highlights (unaudited)

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| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group Incorporated | &nbsp;&nbsp;3.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce Incorporated | &nbsp;&nbsp;3.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems Incorporated Class A | &nbsp;&nbsp;3.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Calix Incorporated | &nbsp;&nbsp;2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novanta Incorporated | &nbsp;&nbsp;2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASGN Incorporated | &nbsp;&nbsp;2.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group Incorporated | &nbsp;&nbsp;2.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diodes Incorporated | &nbsp;&nbsp;2.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Chef's Warehouse Incorporated | &nbsp;&nbsp;2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shockwave Medical Incorporated | &nbsp;&nbsp;2.06 |

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<sup>1</sup> Each holding represents the Fund's allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Sector allocation as of November 30, 2022<sup>1</sup>

![](g424239img23655f1a4.jpg)

<sup>1</sup> Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. Allocations are subject to change and may have changed since the date specified.

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Allspring Emerging Growth Fund \| 7

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, 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 June 1, 2022 to November 30, 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 and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. 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. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Beginning <br> account value<br> 6-1-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending <br> account value<br> 11-30-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses <br> paid during<br> the period<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Annualized net<br> expense ratio<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1042.65 | &nbsp;&nbsp;&nbsp;&nbsp;$6.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1018.70 | &nbsp;&nbsp;&nbsp;&nbsp;$6.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1038.34 | &nbsp;&nbsp;&nbsp;&nbsp;$10.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1014.89 | &nbsp;&nbsp;&nbsp;&nbsp;$10.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1044.49 | &nbsp;&nbsp;&nbsp;&nbsp;$4.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1020.81 | &nbsp;&nbsp;&nbsp;&nbsp;$4.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Administrator Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1042.80 | &nbsp;&nbsp;&nbsp;&nbsp;$6.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1019.05 | &nbsp;&nbsp;&nbsp;&nbsp;$6.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1044.78 | &nbsp;&nbsp;&nbsp;&nbsp;$4.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1020.56 | &nbsp;&nbsp;&nbsp;&nbsp;$4.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |

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<sup>1</sup> Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period).

<sup>2</sup> Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

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8 \| Allspring Emerging Growth Fund

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Portfolio of investments—November 30, 2022 (unaudited)

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| | | |
|:---|:---|:---|
|  |  | **Value** |
| &nbsp;&nbsp;**Investment companies: 100.09%** |  |  |
| &nbsp;&nbsp;**Affiliated master portfolio: 100.09%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Emerging Growth Portfolio |  | **$328348557** |
| &nbsp;&nbsp;**Total Investment companies (Cost $237,900,612)** |  | &nbsp;&nbsp;&nbsp;**328348557** |
| &nbsp;&nbsp;**Total investments in securities (Cost $237,900,612)** | 100.09% | &nbsp;&nbsp;&nbsp;328348557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (282093) |
| &nbsp;&nbsp;**Total net assets** | **100.00%** | **$328066464** |

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Transactions with the affiliated Master Portfolio were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of<br> ownership,<br> beginning<br> of period** | **% of<br> ownership,<br> end of<br> period** | **Net realized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Net <br> change in<br> unrealized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Dividends <br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Securities <br> lending<br> income<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Affiliated <br> income<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Value, <br> end of<br> period** |
| &nbsp;&nbsp;&nbsp;Allspring Emerging Growth Portfolio | 90.11% | 89.90% | $(8705532) | $23061927 | $425009 | $93024 | $100008 | $328348557 |

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

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Allspring Emerging Growth Fund \| 9

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Statement of assets and liabilities—November 30, 2022 (unaudited)

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| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in affiliated Master Portfolio, at value (cost $237,900,612)<br>| $328348557 |
| &nbsp;&nbsp; Receivable for Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87047 |
| &nbsp;&nbsp; Receivable from manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23341 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70844 |
| **Total assets<br>**  | &nbsp;&nbsp;**328529789** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317249 |
| &nbsp;&nbsp; Administration fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40375 |
| &nbsp;&nbsp; Shareholder servicing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30567 |
| &nbsp;&nbsp; Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069 |
| &nbsp;&nbsp; Distribution fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71078 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**463325** |
| **Total net assets<br>**  | **$328066464** |
| **Net assets consist of** |  |
| &nbsp;&nbsp; Paid-in capital<br>| $258269064 |
| &nbsp;&nbsp; Total distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;69797400 |
| **Total net assets<br>**  | **$328066464** |
| **Computation of net asset value and offering price per share** |  |
| &nbsp;&nbsp; Net assets – Class A<br>| $133688824 |
| &nbsp;&nbsp; Shares outstanding – Class A<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;14397801 |
| &nbsp;&nbsp; Net asset value per share – Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.29 |
| &nbsp;&nbsp; Maximum offering price per share – Class A<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.86 |
| &nbsp;&nbsp; Net assets – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1654882 |
| &nbsp;&nbsp; Shares outstanding – Class C<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254537 |
| &nbsp;&nbsp; Net asset value per share – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.50 |
| &nbsp;&nbsp; Net assets – Class R6<br>| &nbsp;&nbsp;$27443995 |
| &nbsp;&nbsp; Shares outstanding – Class R6<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434357 |
| &nbsp;&nbsp; Net asset value per share – Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.27 |
| &nbsp;&nbsp; Net assets – Administrator Class<br>| &nbsp;&nbsp;$17977742 |
| &nbsp;&nbsp; Shares outstanding – Administrator Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799060 |
| &nbsp;&nbsp; Net asset value per share – Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.99 |
| &nbsp;&nbsp; Net assets – Institutional Class<br>| $147301021 |
| &nbsp;&nbsp; Shares outstanding – Institutional Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;13151866 |
| &nbsp;&nbsp;Net asset value per share – Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.20 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

------

10 \| Allspring Emerging Growth Fund

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;$425009 |
| &nbsp;&nbsp; Affiliated income allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100008 |
| &nbsp;&nbsp; Securities lending income allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93024 |
| &nbsp;&nbsp; Expenses allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;(1374537) |
| &nbsp;&nbsp; Waivers allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7755 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(748741)** |
| **Expenses** |  |
| &nbsp;&nbsp; Management fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81373 |
| &nbsp;&nbsp;Administration fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96854 |
| &nbsp;&nbsp;Shareholder servicing fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21758 |
| &nbsp;&nbsp;Distribution fee |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6191 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10223 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18698 |
| &nbsp;&nbsp; Registration fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21772 |
| &nbsp;&nbsp; Shareholder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14720 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10874 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**608873** |
| &nbsp;&nbsp;Less: Fee waivers and/or expense reimbursements |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund-level<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177528) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(875) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44702) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**371297** |
| **Net investment loss<br>**  | &nbsp;&nbsp;&nbsp;**(1120038)** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized losses on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;(8705532) |
| Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;23061927 |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;**14356395** |
| **Net increase in net assets resulting from operations<br>**  | **$13236357** |

---

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

------

Allspring Emerging Growth Fund \| 11

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp; Net investment loss<br>|  | &nbsp;&nbsp;&nbsp;$(1120038) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(5137253) |
| &nbsp;&nbsp; Net realized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8705532) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232050592 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23061927 |  | &nbsp;&nbsp;&nbsp;&nbsp;(327135019) |
| **Net increase (decrease) in net assets resulting from operations<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13236357** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(100221680)** |
| **Distributions to shareholders from** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>|  | &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;(62681311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>|  | &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;&nbsp;&nbsp;(1233291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>|  | &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;&nbsp;&nbsp;(5898804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>|  | &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;&nbsp;&nbsp;(7999256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>|  | &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;(61664834) |
| **Total distributions to shareholders<br>**  |  | &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;**(139477496)** |
| **Capital share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;227938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;427601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851877 | &nbsp;&nbsp;&nbsp;&nbsp;1375088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22705246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;979592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10509845 | &nbsp;&nbsp;&nbsp;&nbsp;5047859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87194049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18064704 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119646728 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;4788131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60617734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;&nbsp;&nbsp;138107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;&nbsp;&nbsp;125710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;&nbsp;&nbsp;585228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7964955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;4040376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61494520 |
|  |  | &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;133235117 |
| &nbsp;&nbsp;&nbsp;Payment for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;(965793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8597900) | &nbsp;&nbsp;&nbsp;&nbsp;(1754937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23706994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;(27197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1197540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;(216766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2170899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6538508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;(119900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1170667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5802034) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| (2460771) | &nbsp;&nbsp;&nbsp;&nbsp;(26322086) | &nbsp;&nbsp;(26013236) | &nbsp;&nbsp;&nbsp;&nbsp;(552947062) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;(38429404) |  | &nbsp;&nbsp;&nbsp;&nbsp;(590192138) |
| **Net decrease in net assets resulting from capital share transactions<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(20364700)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(337310293)** |
| **Total decrease in net assets<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7128343)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(577009469)** |
| **Net assets** |  |  |  |  |
| **Beginning of period<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**335194807** |  | &nbsp;&nbsp;&nbsp;&nbsp;**912204276** |
| **End of period<br>**  |  | &nbsp;&nbsp;**$328066464** |  | &nbsp;&nbsp;**$335194807** |

---

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

------

12 \| Allspring Emerging Growth Fund

------

[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class A** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.91** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$18.05** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.71** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$17.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.57** |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.95) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.29** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.91** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$18.05** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.71** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$17.04** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.26%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(29.16)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.22%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.97%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.84)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.91%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $133689 | &nbsp;&nbsp;$134825 | &nbsp;&nbsp;$210838 | &nbsp;&nbsp;$148866 | &nbsp;&nbsp;$145898 | &nbsp;&nbsp;$153526 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.84% |
| Year ended May 31, 2022 | 0.82% |
| Year ended May 31, 2021 | 0.81% |
| Year ended May 31, 2020 | 0.81% |
| Year ended May 31, 2019 | 0.81% |
| Year ended May 31, 2018 | 0.81% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring Emerging Growth Fund \| 13

------

[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class C** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$6.26** | &nbsp;&nbsp;**$14.41** | &nbsp;&nbsp;**$12.40** | &nbsp;&nbsp;**$11.58** | &nbsp;&nbsp;**$15.19** | &nbsp;&nbsp;**$13.28** |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;(0.05) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(2.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(5.51) | &nbsp;&nbsp;&nbsp;&nbsp;(4.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;(1.95) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;**$6.50** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.26** | &nbsp;&nbsp;**$14.41** | &nbsp;&nbsp;**$12.40** | &nbsp;&nbsp;**$11.58** | &nbsp;&nbsp;**$15.19** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**3.83%** | &nbsp;&nbsp;&nbsp;**(29.71)%** | &nbsp;&nbsp;&nbsp;&nbsp;**52.19%** | &nbsp;&nbsp;&nbsp;&nbsp;**14.16%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.55)%** | &nbsp;&nbsp;&nbsp;&nbsp;**31.82%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;(1.65)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.86)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.89)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.84)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.78)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.76)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $1655 | &nbsp;&nbsp;$1758 | &nbsp;&nbsp;$2338 | &nbsp;&nbsp;$1599 | &nbsp;&nbsp;$1761 | &nbsp;&nbsp;$4190 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.84% |
| Year ended May 31, 2022 | 0.82% |
| Year ended May 31, 2021 | 0.81% |
| Year ended May 31, 2020 | 0.81% |
| Year ended May 31, 2019 | 0.81% |
| Year ended May 31, 2018 | 0.81% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

14 \| Allspring Emerging Growth Fund

------

[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019 <sup>1</sup>** |
| <br>**Class R6** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$10.79** | &nbsp;&nbsp;&nbsp;&nbsp;**$20.64** | &nbsp;&nbsp;&nbsp;&nbsp;**$16.34** | &nbsp;&nbsp;&nbsp;&nbsp;**$14.86** | &nbsp;&nbsp;**$18.70** |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.02) <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) <sup>2</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(3.18) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;**$11.27** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.79** | &nbsp;&nbsp;&nbsp;&nbsp;**$20.64** | &nbsp;&nbsp;&nbsp;&nbsp;**$16.34** | &nbsp;&nbsp;**$14.86** |
| &nbsp;&nbsp; **Total return<sup>3</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.45%** | &nbsp;&nbsp;&nbsp;&nbsp;**(28.91)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.85%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.51%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.35)%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.51)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $27444 | &nbsp;&nbsp;$23999 | &nbsp;&nbsp;$21729 | &nbsp;&nbsp;$19458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.84% |
| Year ended May 31, 2022 | 0.83% |
| Year ended May 31, 2021 | 0.81% |
| Year ended May 31, 2020 | 0.81% |
| Year ended May 31, 2019<sup>1</sup> | 0.81% |

---

<sup>1</sup> For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

<sup>2</sup> Calculated based upon average shares outstanding

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring Emerging Growth Fund \| 15

------

[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Administrator Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$9.58** | &nbsp;&nbsp;&nbsp;&nbsp;**$18.98** | &nbsp;&nbsp;&nbsp;&nbsp;**$15.31** | &nbsp;&nbsp;&nbsp;&nbsp;**$14.02** | &nbsp;&nbsp;&nbsp;&nbsp;**$17.54** | &nbsp;&nbsp;&nbsp;&nbsp;**$14.93** |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.04) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.95) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$9.99** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.58** | &nbsp;&nbsp;&nbsp;&nbsp;**$18.98** | &nbsp;&nbsp;&nbsp;&nbsp;**$15.31** | &nbsp;&nbsp;&nbsp;&nbsp;**$14.02** | &nbsp;&nbsp;&nbsp;&nbsp;**$17.54** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.28%** | &nbsp;&nbsp;&nbsp;&nbsp;**(29.09)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.07%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.75)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.06%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $17978 | &nbsp;&nbsp;$17676 | &nbsp;&nbsp;$28730 | &nbsp;&nbsp;$21250 | &nbsp;&nbsp;$23549 | &nbsp;&nbsp;$52335 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.84% |
| Year ended May 31, 2022 | 0.82% |
| Year ended May 31, 2021 | 0.81% |
| Year ended May 31, 2020 | 0.81% |
| Year ended May 31, 2019 | 0.81% |
| Year ended May 31, 2018 | 0.81% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

16 \| Allspring Emerging Growth Fund

------

[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Institutional Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$10.72** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$20.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$16.29** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$18.30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$15.46** |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.95) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$11.20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.72** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$20.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$16.29** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$18.30** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.48%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(28.95)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.75%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.42)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.44%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $147301 | &nbsp;&nbsp;$156936 | &nbsp;&nbsp;$648569 | &nbsp;&nbsp;$471512 | &nbsp;&nbsp;$578073 | &nbsp;&nbsp;$606729 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.84% |
| Year ended May 31, 2022 | 0.82% |
| Year ended May 31, 2021 | 0.81% |
| Year ended May 31, 2020 | 0.81% |
| Year ended May 31, 2019 | 0.81% |
| Year ended May 31, 2018 | 0.81% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

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Allspring Emerging Growth Fund \| 17

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Notes to financial statements (unaudited)

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 Emerging Growth Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Emerging Growth Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2022, the Fund owned 89.90% of Allspring Emerging Growth Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2022 are included in this report and should be read in conjunction with the Fund's financial statements.

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.

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily. Securities held in the affiliated Master Portfolio are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolio, which are included elsewhere in this report.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC, 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.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade date basis. The Fund records daily its proportionate share of the affiliated Master Portfolio's income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains 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 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 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.

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18 \| Allspring Emerging Growth Fund

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Notes to financial statements (unaudited)

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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $237,359,806 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$90988751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &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;Net unrealized gains | &nbsp;&nbsp;$90988751 |

---

As of May 31, 2022, the Fund had current year deferred post-October capital losses consisting of $11,365,781 in short-term capital losses which was recognized in the first day of the current fiscal year.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2022, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Master Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment objective | &nbsp;&nbsp;Fair value of affiliated<br> Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;**Allspring Emerging Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seek long-term capital appreciation | &nbsp;&nbsp;$328348557 |

---

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Management fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $5 billion | &nbsp;&nbsp;0.050% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $5 billion | &nbsp;&nbsp;0.040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $10 billion | &nbsp;&nbsp;0.030 |

---

For the six months ended November 30, 2022, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

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Notes to financial statements (unaudited)

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Class-level <br> administration fee |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of November 30, 2022, the contractual expense caps are as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Expense ratio caps |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.90 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2022, Allspring Funds Distributor received $695 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2022.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at

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Notes to financial statements (unaudited)

the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $112,462,733 and $139,567,731, 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 six months ended November 30, 2022, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector. As of the end of the period, the affiliated Master Portfolio concentrated its portfolio in investments related to the health care and information technology sectors.

8. 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.

9. 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.

10. REDEMPTIONS IN-KIND

During the year ended May 31, 2022, the Fund redeemed assets through in-kind redemptions for shareholders in Institutional Class. The redemption transactions are reflected on the Statement of Changes in Net Assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Fund redeemed by the shareholder was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Date | &nbsp;&nbsp;Value of<br> securities issued | &nbsp;&nbsp;&nbsp;&nbsp;Cash <br> paid | &nbsp;&nbsp;&nbsp;&nbsp;Realized <br> gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;% of the<br> Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;8-27-2021 | &nbsp;&nbsp;$348404897 | &nbsp;&nbsp;&nbsp;&nbsp;$1817058 | &nbsp;&nbsp;&nbsp;&nbsp;$176872468 | &nbsp;&nbsp;&nbsp;&nbsp;39.45% |

---

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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Common stocks: 95.66%** |  |  |
| &nbsp;&nbsp;**Communication services: 0.36%** |  |  |
| &nbsp;&nbsp;**Media: 0.36%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TechTarget Incorporated † | &nbsp;&nbsp;&nbsp; 29100 | &nbsp;&nbsp;**$1328706** |
| &nbsp;&nbsp;**Consumer discretionary: 8.73%** |  |  |
| &nbsp;&nbsp;**Auto components: 1.65%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Factory Holding Corporation † | &nbsp;&nbsp;&nbsp; 56618 | &nbsp;&nbsp;&nbsp;&nbsp; **6007170** |
| &nbsp;&nbsp;**Hotels, restaurants & leisure: 4.96%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Watch Restaurant Group † | &nbsp;&nbsp;&nbsp; 107863 | &nbsp;&nbsp;&nbsp;&nbsp; 1691292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Incorporated † | &nbsp;&nbsp;&nbsp; 131900 | &nbsp;&nbsp;&nbsp;&nbsp; 5806238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Papa John's International Incorporated | &nbsp;&nbsp;&nbsp; 81665 | &nbsp;&nbsp;&nbsp;&nbsp; 6799428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wingstop Incorporated | &nbsp;&nbsp;&nbsp; 23178 | &nbsp;&nbsp;&nbsp;&nbsp; 3836191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **18133149** |
| &nbsp;&nbsp;**Specialty retail: 0.80%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings Incorporated † | &nbsp;&nbsp;&nbsp; 17950 | &nbsp;&nbsp;&nbsp;&nbsp; 1208933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leslie's Incorporated † | &nbsp;&nbsp;&nbsp; 117714 | &nbsp;&nbsp;&nbsp;&nbsp; 1718624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2927557** |
| &nbsp;&nbsp;**Textiles, apparel & luxury goods: 1.32%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crocs Incorporated † | &nbsp;&nbsp;&nbsp; 29675 | &nbsp;&nbsp;&nbsp;&nbsp; 2997175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corporation † | &nbsp;&nbsp;&nbsp; 4603 | &nbsp;&nbsp;&nbsp;&nbsp; 1836045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4833220** |
| &nbsp;&nbsp;**Consumer staples: 6.08%** |  |  |
| &nbsp;&nbsp;**Beverages: 2.18%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings Incorporated † | &nbsp;&nbsp;&nbsp; 30185 | &nbsp;&nbsp;&nbsp;&nbsp; 3360798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duckhorn Portfolio Incorporated † | &nbsp;&nbsp;&nbsp;209771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGP Ingredients Incorporated | &nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7955308** |
| &nbsp;&nbsp;**Food & staples retailing: 2.15%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chef's Warehouse Incorporated † | &nbsp;&nbsp;&nbsp;202395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7863046** |
| &nbsp;&nbsp;**Food products: 0.81%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Simply Good Foods Company † | &nbsp;&nbsp;&nbsp;73900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2948610** |
| &nbsp;&nbsp;**Personal products: 0.94%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.l.f. Beauty Incorporated † | &nbsp;&nbsp;&nbsp;62400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3429504** |
| &nbsp;&nbsp;**Energy: 3.64%** |  |  |
| &nbsp;&nbsp;**Energy equipment & services: 1.37%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne Incorporated | &nbsp;&nbsp;&nbsp;97800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4995624** |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 2.27%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Company | &nbsp;&nbsp;&nbsp;56900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talos Energy Incorporated † | &nbsp;&nbsp;&nbsp;44400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viper Energy Partners LP | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8281644** |

---

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

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22 \| Allspring Emerging Growth Portfolio

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Financials: 4.88%** |  |  |
| &nbsp;&nbsp;**Capital markets: 0.99%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corporation | &nbsp;&nbsp;&nbsp; 56066 | &nbsp;&nbsp;**$3602241** |
| &nbsp;&nbsp;**Insurance: 3.89%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group Incorporated | &nbsp;&nbsp;&nbsp; 46093 | &nbsp;&nbsp;&nbsp;&nbsp; **14206324** |
| &nbsp;&nbsp;**Health care: 25.16%** |  |  |
| &nbsp;&nbsp;**Biotechnology: 4.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals Incorporated † | &nbsp;&nbsp;&nbsp; 27200 | &nbsp;&nbsp;&nbsp;&nbsp; 1358096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics Incorporated † | &nbsp;&nbsp;&nbsp; 271656 | &nbsp;&nbsp;&nbsp;&nbsp; 4680633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cytokinetics Incorporated † | &nbsp;&nbsp;&nbsp; 50900 | &nbsp;&nbsp;&nbsp;&nbsp; 2163250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics Incorporated † | &nbsp;&nbsp;&nbsp; 103540 | &nbsp;&nbsp;&nbsp;&nbsp; 5928700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immunocore Holdings PLC ADR † | &nbsp;&nbsp;&nbsp; 26200 | &nbsp;&nbsp;&nbsp;&nbsp; 1645622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel Corporation † | &nbsp;&nbsp;&nbsp; 56933 | &nbsp;&nbsp;&nbsp;&nbsp; 1299780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17076081** |
| &nbsp;&nbsp;**Health care equipment & supplies: 14.67%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axonics Incorporated † | &nbsp;&nbsp;&nbsp; 101150 | &nbsp;&nbsp;&nbsp;&nbsp; 6926752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inari Medical Incorporated † | &nbsp;&nbsp;&nbsp; 68100 | &nbsp;&nbsp;&nbsp;&nbsp; 5010798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems Incorporated † | &nbsp;&nbsp;&nbsp; 29299 | &nbsp;&nbsp;&nbsp;&nbsp; 7077759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iRhythm Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 41800 | &nbsp;&nbsp;&nbsp;&nbsp; 4558290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings Incorporated † | &nbsp;&nbsp;&nbsp; 26200 | &nbsp;&nbsp;&nbsp;&nbsp; 1626496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orthopediatrics Corporation † | &nbsp;&nbsp;&nbsp; 71681 | &nbsp;&nbsp;&nbsp;&nbsp; 3153247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outset Medical Incorporated † | &nbsp;&nbsp;&nbsp; 78411 | &nbsp;&nbsp;&nbsp;&nbsp; 1652904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shockwave Medical Incorporated † | &nbsp;&nbsp;&nbsp; 29625 | &nbsp;&nbsp;&nbsp;&nbsp; 7512900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI-BONE Incorporated † | &nbsp;&nbsp;&nbsp; 192693 | &nbsp;&nbsp;&nbsp;&nbsp; 2366270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silk Road Medical Incorporated † | &nbsp;&nbsp;&nbsp;68924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group Incorporated † | &nbsp;&nbsp;&nbsp;136486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8444389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treace Medical Concepts Incorporated † | &nbsp;&nbsp;&nbsp;68714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53590737** |
| &nbsp;&nbsp;**Health care providers & services: 2.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castle Biosciences Incorporated † | &nbsp;&nbsp;&nbsp;96756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DocGo Incorporated †« | &nbsp;&nbsp;&nbsp;79900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity Incorporated † | &nbsp;&nbsp;&nbsp;74800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4748304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privia Health Group Incorporated † | &nbsp;&nbsp;&nbsp;71227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9322505** |
| &nbsp;&nbsp;**Health care technology: 0.72%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolent Health Incorporated Class A † | &nbsp;&nbsp;&nbsp;91515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2634717** |
| &nbsp;&nbsp;**Life sciences tools & services: 0.19%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akoya Biosciences Incorporated † | &nbsp;&nbsp;&nbsp;52846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**685941** |
| &nbsp;&nbsp;**Pharmaceuticals: 2.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals Incorporated †« | &nbsp;&nbsp;&nbsp;73400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings † | &nbsp;&nbsp;&nbsp;42800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacira Biosciences Incorporated † | &nbsp;&nbsp;&nbsp;16999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revance Therapeutics Incorporated † | &nbsp;&nbsp;&nbsp;110200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8587158** |
| &nbsp;&nbsp;**Industrials: 15.70%** |  |  |
| &nbsp;&nbsp;**Building products: 1.67%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Water Solutions Corporation | &nbsp;&nbsp;&nbsp;251384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6086007** |

---

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

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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Commercial services & supplies: 3.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems Incorporated Class A † | &nbsp;&nbsp;&nbsp; 127341 | &nbsp;&nbsp;**$10962787** |
| &nbsp;&nbsp;**Construction & engineering: 0.79%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Incorporated Class A † | &nbsp;&nbsp;&nbsp; 56385 | &nbsp;&nbsp;&nbsp;&nbsp; 1612611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries Incorporated † | &nbsp;&nbsp;&nbsp; 14170 | &nbsp;&nbsp;&nbsp;&nbsp; 1291454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2904065** |
| &nbsp;&nbsp;**Electrical equipment: 1.64%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Array Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 16100 | &nbsp;&nbsp;&nbsp;&nbsp; 337134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corporation | &nbsp;&nbsp;&nbsp; 19617 | &nbsp;&nbsp;&nbsp;&nbsp; 2571985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shoals Technologies Group Class A † | &nbsp;&nbsp;&nbsp; 106400 | &nbsp;&nbsp;&nbsp;&nbsp; 3082408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5991527** |
| &nbsp;&nbsp;**Machinery: 2.45%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evoqua Water Technologies Company † | &nbsp;&nbsp;&nbsp; 134900 | &nbsp;&nbsp;&nbsp;&nbsp; 5866801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 45800 | &nbsp;&nbsp;&nbsp;&nbsp; 3064020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8930821** |
| &nbsp;&nbsp;**Professional services: 2.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN Incorporated † | &nbsp;&nbsp;&nbsp; 105301 | &nbsp;&nbsp;&nbsp;&nbsp; **9540271** |
| &nbsp;&nbsp;**Road & rail: 0.90%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marten Transport Limited | &nbsp;&nbsp;&nbsp; 33400 | &nbsp;&nbsp;&nbsp;&nbsp; 711754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia Incorporated † | &nbsp;&nbsp;&nbsp; 10611 | &nbsp;&nbsp;&nbsp;&nbsp; 2584733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3296487** |
| &nbsp;&nbsp;**Trading companies & distributors: 2.64%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies Incorporated | &nbsp;&nbsp;&nbsp; 39400 | &nbsp;&nbsp;&nbsp;&nbsp; 5220106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply Incorporated † | &nbsp;&nbsp;&nbsp; 35127 | &nbsp;&nbsp;&nbsp;&nbsp; 4409492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9629598** |
| &nbsp;&nbsp;**Information technology: 31.11%** |  |  |
| &nbsp;&nbsp;**Communications equipment: 2.94%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calix Incorporated † | &nbsp;&nbsp;&nbsp;150600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10737780** |
| &nbsp;&nbsp;**Electronic equipment, instruments & components: 2.86%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta Incorporated † | &nbsp;&nbsp;&nbsp;66305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10459614** |
| &nbsp;&nbsp;**IT services: 8.65%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalOcean Holdings Incorporated † | &nbsp;&nbsp;&nbsp;114850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endava plc ADR † | &nbsp;&nbsp;&nbsp;47014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVO Payments Incorporated Class A † | &nbsp;&nbsp;&nbsp;159917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5390802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings Incorporated † | &nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7413120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flywire Corporation † | &nbsp;&nbsp;&nbsp;155500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments Incorporated Class A † | &nbsp;&nbsp;&nbsp;93900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings Limited ADR † | &nbsp;&nbsp;&nbsp;47600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31574095** |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment: 6.76%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro MicroSystems Incorporated † | &nbsp;&nbsp;&nbsp;218612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6807576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diodes Incorporated † | &nbsp;&nbsp;&nbsp;91486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8437754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech Corporation † | &nbsp;&nbsp;&nbsp;188456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5793137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories Incorporated † | &nbsp;&nbsp;&nbsp;25074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3646763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24685230** |

---

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

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24 \| Allspring Emerging Growth Portfolio

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Software: 9.90%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Limited † | &nbsp;&nbsp;&nbsp; 30615 | &nbsp;&nbsp;$4563778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EngageSmart Incorporated † | &nbsp;&nbsp;&nbsp; 111700 | &nbsp;&nbsp;&nbsp;&nbsp; 1895549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamf Holding Corporation † | &nbsp;&nbsp;&nbsp; 134018 | &nbsp;&nbsp;&nbsp;&nbsp; 2851903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycor HCM Incorporated † | &nbsp;&nbsp;&nbsp; 206395 | &nbsp;&nbsp;&nbsp;&nbsp; 5968943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprout Social Incorporated Class A † | &nbsp;&nbsp;&nbsp; 58196 | &nbsp;&nbsp;&nbsp;&nbsp; 3451023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce Incorporated † | &nbsp;&nbsp;&nbsp; 98696 | &nbsp;&nbsp;&nbsp;&nbsp; 14040493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verint Systems Incorporated † | &nbsp;&nbsp;&nbsp; 19900 | &nbsp;&nbsp;&nbsp;&nbsp; 782667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva Incorporated † | &nbsp;&nbsp;&nbsp; 32520 | &nbsp;&nbsp;&nbsp;&nbsp; 2619811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **36174167** |
| &nbsp;&nbsp;**Total Common stocks (Cost $250,103,323)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**349381691** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Investment companies: 0.98%** |  |  |
| &nbsp;&nbsp;**Exchange-traded funds: 0.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 Growth ETF « | &nbsp;&nbsp;&nbsp; 15600 | &nbsp;&nbsp;&nbsp;&nbsp; **3579732** |
| &nbsp;&nbsp;**Total Investment companies (Cost $3,371,012)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **3579732** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** |  |  |
| &nbsp;&nbsp;**Short-term investments: 5.80%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 5.80%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠∞ |  | 3.60% | &nbsp;&nbsp;&nbsp;14675126 | &nbsp;&nbsp;&nbsp;&nbsp; 14675126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC ♠∩∞ |  | 3.90 | &nbsp;&nbsp;&nbsp; 6513575 | &nbsp;&nbsp;&nbsp;&nbsp; 6513575 |
| &nbsp;&nbsp;**Total Short-term investments (Cost $21,188,701)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21188701** |
| &nbsp;&nbsp;**Total investments in securities (Cost $274,663,036)** | 102.44% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;374150124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;(2.44) |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (8897187) |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$365252937** |

---

---

| |
|:---|
| Non-income-earning security |
| All or a portion of this security is on loan. |
| The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
| The rate represents the 7-day annualized yield at period end. |

---

Abbreviations: <br> ADR American depositary receipt

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

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Portfolio of investments—November 30, 2022 (unaudited)

------

#### Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Government Money Market Fund Select Class | $6288467 | $71833521 | $(63446862) | &nbsp;&nbsp;&nbsp;&nbsp;$0 | $0 | $14675126 | 14675126 | $111144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC | &nbsp;&nbsp;&nbsp;3803495 | &nbsp;&nbsp;&nbsp;56483690 | &nbsp;&nbsp;&nbsp;(53773794) | &nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513575 | &nbsp;&nbsp;&nbsp;6513575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70279 <sup>#</sup> |
|  |  |  |  | **$184** | **$0** | **$21188701** |  | **$181423** |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Amount shown represents income before fees and rebates. |

---

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

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26 \| Allspring Emerging Growth Portfolio

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities (including $6,380,108 of securities loaned), at value (cost $253,474,335)<br>| $352961423 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $21,188,701)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21188701 |
| &nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522055 |
| &nbsp;&nbsp; Receivable for dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143036 |
| &nbsp;&nbsp; Receivable for securities lending income, net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10265 |
| **Total assets<br>**  | &nbsp;&nbsp;**375826230** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable upon receipt of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513575 |
| &nbsp;&nbsp; Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773404 |
| &nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231890 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54424 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**10573293** |
| **Total net assets<br>**  | **$365252937** |

---

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

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Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;$472262 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111144 |
| &nbsp;&nbsp; Securities lending income (including from affiliate), net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103535 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**686941** |
| **Expenses** |  |
| &nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;1447304 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35268 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24154 |
| &nbsp;&nbsp; Interest holder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**1528234** |
| &nbsp;&nbsp; Less: Fee waivers and/or expense reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8625) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**1519609** |
| **Net investment loss<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(832668)** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;(9687453) |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| Net realized losses on investments<br>| &nbsp;&nbsp;&nbsp;(9687269) |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;26004611 |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;**16317342** |
| **Net increase in net assets resulting from operations<br>**  | **$15484674** |

---

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

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Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(832668) | &nbsp;&nbsp;&nbsp;&nbsp;$(4149201) |
| &nbsp;&nbsp; Net realized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(9687269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254745270 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;26004611 | &nbsp;&nbsp;&nbsp;&nbsp;(361893191) |
| **Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**15484674** | &nbsp;&nbsp;&nbsp;&nbsp;**(111297122)** |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Transactions in investors' beneficial interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;11587018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75769980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals<br>| &nbsp;&nbsp;&nbsp;(33790822) | &nbsp;&nbsp;&nbsp;&nbsp;(550022954) |
| **Net decrease in net assets resulting from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;**(22203804)** | &nbsp;&nbsp;&nbsp;&nbsp;**(474252974)** |
| **Total decrease in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(6719130)** | &nbsp;&nbsp;&nbsp;&nbsp;**(585550096)** |
| **Net assets** |  |  |
| **Beginning of period<br>**  | &nbsp;&nbsp;**371972067** | &nbsp;&nbsp;&nbsp;&nbsp;**957522163** |
| **End of period<br>**  | **$365252937** | &nbsp;&nbsp;**$371972067** |

---

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

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Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Total return<sup>1</sup><br>**  | **4.50%** | &nbsp;&nbsp;**(28.85)%** | &nbsp;&nbsp;**53.94%** | &nbsp;&nbsp;**15.49%** | &nbsp;&nbsp;**(0.28)%** | &nbsp;&nbsp;**33.60%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| 0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>2</sup><br>| 0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| (0.46)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.67)% | &nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;(0.62)% | &nbsp;&nbsp;&nbsp;(0.57)% | &nbsp;&nbsp;&nbsp;(0.47)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |

---

<sup>1</sup> Returns for periods of less than one year are not annualized. <br> <sup>2</sup> Net expense ratios reflect voluntary waivers, if any.

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

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Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master 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 Emerging Growth Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in securities lending income (including from affiliate) (net of fees and rebates) on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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[**Table of Contents**](#job_allsp_538f3aae-3128-453f-a4fd-0e9ce33008d1_toc)

Notes to financial statements (unaudited)

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.

Dividend income is recognized on the ex-dividend date.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio'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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $273,421,589 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$118390966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(17662431) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains | &nbsp;&nbsp;$100728535 |

---

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 Portfolio'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 Portfolio'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 Portfolio'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.

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of November 30, 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;**Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Communication services* | &nbsp;&nbsp;&nbsp;&nbsp;$1328706 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$1328706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer discretionary* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31901096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31901096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer staples* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22196468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22196468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Energy* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13277268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13277268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17808565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17808565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health care* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91897139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91897139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57341563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57341563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Information technology* | &nbsp;&nbsp;&nbsp;&nbsp;113630886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113630886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment companies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579732 |
| &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;&nbsp;&nbsp;&nbsp;21188701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21188701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$374150124** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$374150124** |

---

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

For the six months ended November 30, 2022, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory 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 adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Advisory fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $500 million | &nbsp;&nbsp;0.800% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $500 million | &nbsp;&nbsp;0.775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $1 billion | &nbsp;&nbsp;0.750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $1 billion | &nbsp;&nbsp;0.725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $1 billion | &nbsp;&nbsp;0.700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $4 billion | &nbsp;&nbsp;0.680 |

---

For the six months ended November 30, 2022, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduced the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

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Notes to financial statements (unaudited)

Interfund transactions

The Portfolio 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $125,102,860 and $155,254,294, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Investments. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2022, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;Value of<br> securities on<br> loan | &nbsp;&nbsp;&nbsp;&nbsp;Collateral <br> received<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Net amount |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Securities Incorporated | &nbsp;&nbsp;$3297144 | &nbsp;&nbsp;&nbsp;&nbsp;$(3297144) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;2578900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2578900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Financial Services LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

<sup>1</sup> Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 six months ended November 30, 2022, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in the health care and information technology sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

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.

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Notes to financial statements (unaudited)

10. INDEMNIFICATION

Under the Portfolio'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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio'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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

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Other information (unaudited)

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 and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders 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 125 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 Endowment (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. 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 | 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, since 2007. 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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![](g424239img99c8b9871.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> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

![](g424239img5354cb355.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> **1-800-222-8222** 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-12142022-rb0gh7hn 01-23<br> SA282/SAR282 11-22

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![](g433363img04ff40e41.jpg)

Semi-Annual Report

November 30, 2022

Allspring Index Fund

------

Contents

---

| | |
|:---|:---|
| **[Letter to shareholders](#xx_1b118c23-33dd-4d87-9544-be8c77ed4beb_1)<br>**  | 2 |
| **[Performance highlights](#xx_e3ff9157-58bb-4980-acd6-5727337885aa_2)<br>**  | 6 |
| **[Fund expenses](#xx_91f493b2-4dad-4144-bb56-cdbd1090fddc_1)<br>**  | 8 |
| **[Portfolio of investments](#xx_8cb8995c-37b8-4859-bdfb-6be482c2a020_1)<br>**  | 9 |
| **[Financial statements](#xx_3720fff6-b395-48d1-9a62-3969b6c77ca8_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_3720fff6-b395-48d1-9a62-3969b6c77ca8_1)<br>| 23 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_3720fff6-b395-48d1-9a62-3969b6c77ca8_2)<br>| 24 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_3720fff6-b395-48d1-9a62-3969b6c77ca8_3)<br>| 25 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_3cef46f0-e29f-49c3-a2ca-fb7baf99def8_1)<br>| 26 |
| **[Notes to financial statements](#xx_60f5d21a-8f14-4cc7-bae3-a38c49ae2359_1)<br>**  | 30 |
| **[Other information](#xx_fcf5ccef-c766-419c-969b-4a8873d628cb_1)<br>**  | 35 |

---

The views expressed and any forward-looking statements are as of November 30, 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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Letter to shareholders (unaudited)

![](g433363imgd784b00a2.gif)

#### Andrew Owen
President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Index Fund for the six-month period that ended November 30, 2022. Globally, stocks and bonds experienced heightened volatility and generally negative returns through the challenging period. Non-U.S. securities fared the worst as the global economy faced multiple challenges and the strength of the U.S. dollar eroded already-poor returns of non-U.S.-dollar-denominated assets.

Earlier tailwinds provided by global stimulus programs, vaccination rollouts, and recovering consumer and corporate sentiment were wiped away by the highest rate of inflation in four decades, the impact of ongoing aggressive central bank rate hikes and the prospect of more, plus the global reverberations of the Russia-Ukraine war. The already-significant global supply-chain disruptions were compounded by China's COVID-19 lockdowns.

For the six-month period, both stocks and bonds registered major losses, with even U.S. bonds suffering deep losses and other assets faring worse. For the period, U.S. stocks, based on the S&P 500 Index,<sup>1</sup> lost 0.40%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),<sup>2</sup> returned -5.18%, while the MSCI EM Index (Net) (USD)<sup>3</sup> declined 8.15%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index<sup>4</sup> returned -4.06%, the Bloomberg Global Aggregate ex-USD Index (unhedged)<sup>5</sup> returned -8.22%, the Bloomberg Municipal Bond Index<sup>6</sup> declined 1.43%, and the ICE BofA U.S. High Yield Index<sup>7</sup> fell 2.97%.

Rising inflation and economic fallout from the Russia-Ukraine war drove markets.

In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation. The Federal Reserve (Fed) raised its short-term rate by another 0.75% in June. Meanwhile, the U.S. unemployment rate held firm at 3.6% and the housing market remained only marginally affected by sharply higher mortgage rates.

<sub>"</sub>In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation.<sub>"</sub>

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<sup>1</sup> The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

<sup>2</sup> The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

<sup>3</sup> The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

<sup>4</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

<sup>5</sup> The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

<sup>6</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.

<sup>7</sup> The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Letter to shareholders (unaudited)

Markets rebounded in July, led by U.S. stocks. While evidence began to point to an economic slowdown after two consecutive quarters of declining gross domestic product (economic contraction), the U.S. labor market remained surprisingly strong: July nonfarm payrolls grew by more than 500,000 and U.S. unemployment dipped to 3.5%. Meanwhile, crude oil and retail gasoline prices, major contributors to recent overall inflation, fell substantially from earlier highs. And while U.S. home prices rose, sales fell as houses became less affordable with mortgage rates at a 13-year high. The Fed raised the federal funds rate another 0.75% in July—to a range of 2.25% to 2.50%—and forecasts pointed to further rate hikes.

August was yet another broadly challenging month for financial markets, with more red ink flowing. High inflation persisted, cresting 9% in the eurozone on an annual basis and remaining above 8% in the U.S. despite the Fed's aggressive monetary policy and a major drop in global crude oil and gasoline prices from their June peak. One positive note was the resilience of the U.S. job market. However, the Fed's job was clearly not complete. One longer-term bright spot was the U.S. Congress's passage of the Inflation Reduction Act. Its primary stated goals include: to reduce inflation (though not immediately) by curbing the deficit, capping health care spending by seniors, and investing in domestic sources of clean energy.

The market misery continued in September. There was nowhere to hide as all asset classes suffered major losses at the hands of persistent inflation. Central banks kept up their battle against rapidly rising prices with more rate hikes. The strength of the U.S. dollar made things even more difficult for investors holding assets in other currencies. U.S. mortgage rates jumped to near 7% on 30-year fixed-rate mortgages; the decreased housing affordability began to cool demand somewhat. The U.K. experienced a sharp sell-off of government bonds and the British pound in September as investors panicked in response to a new government budget that was seen as financially unsound. The market meltdown forced the Bank of England to step in and buy long-dated government bonds.

Equities had a reprieve in October after two months of sharp declines. Value stocks and small caps fared best. Globally, developed markets outpaced emerging market equities, which were hurt by weakness among Chinese stocks. Central banks continued to try to curtail high inflation with aggressive interest rate hikes. Geopolitical risks persisted, including the ongoing Russia-Ukraine war and economic, financial market, and political turmoil in the U.K., which led to a second prime ministerial change in six weeks, as Rishi Sunak replaced Liz Truss in late October. Concerns over Europe's energy crisis eased, for now, thanks to unseasonably warm weather and plentiful gas on hand. The U.S. labor market continued its resilience against rising prices, as unemployment stood at 3.7%, near a record low.

Stocks and bonds rallied in November, with emerging market equities gaining nearly 15% and developed market equities returning 7%. The S&P 500 Index rose 5.6% in November. Bonds also had positive monthly returns. Economic news was encouraging, driven by U.S. labor market strength. Although central banks kept raising rates, expectations grew regarding an impending easing in the pace of rate hikes and a possible end to central bank monetary tightening in 2023. Although inflation remained at record highs in the eurozone, with a 10.6% annual increase in October, Germany's producer prices decreased 4.2% annually, signaling a possible decline in inflationary pressures. Meanwhile, U.S. inflation continued to moderate, with a 7.1% annual price rise in November and a monthly price increase of just 0.1%. China's economic data remained weak, reflecting its zero-COVID-19 policy.

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Letter to shareholders (unaudited)

Don't let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

![](g433363img9aab5ced3.jpg)

Andrew Owen<br> President<br> Allspring Funds

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For further information about your fund, contact your investment professional, visit our website at **allspringglobal.com,** or call us directly at **1-800-222-8222**.

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Performance highlights (unaudited)

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| | |
|:---|:---|
| **Investment objective** | The Fund seeks to replicate the total returns of the S&P 500 Index, before fees and expenses. |
| **Manager** | Allspring Funds Management, LLC |
| **Subadviser** | Allspring Global Investments, LLC |
| **Portfolio managers** | John R. Campbell, CFA®<sup>‡</sup>, David Neal, CFA®<sup>‡</sup>, Robert M. Wicentowski, CFA®<sup>‡</sup> |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** |
|  |  | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &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;1 year | &nbsp;&nbsp;5 year | &nbsp;&nbsp;10 year | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Net <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A (WFILX) | 11-4-1998 | &nbsp;&nbsp;-14.82 | &nbsp;&nbsp;9.12 | &nbsp;&nbsp;12.10 | &nbsp;&nbsp;&nbsp;&nbsp;-9.62 | &nbsp;&nbsp;10.42 | &nbsp;&nbsp;12.77 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C (WFINX) | 4-30-1999 | &nbsp;&nbsp;-11.29 | &nbsp;&nbsp;9.62 | &nbsp;&nbsp;12.11 | &nbsp;&nbsp;-10.29 | &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;12.11 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class (WFIOX) | 2-14-1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;-9.43 | &nbsp;&nbsp;10.64 | &nbsp;&nbsp;13.03 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;-9.21 | &nbsp;&nbsp;10.98 | &nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

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***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. Performance shown without sales charges would be lower if sales charges were reflected. 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 on the Fund's website, allspringglobal.com.***

*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.*

*For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class 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 prospectuses. 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> The manager has contractually committed through September 30, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.45% for Class A, 1.20% for Class C and 0.25% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

<sup>3</sup> The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Consult the fund's prospectus for additional information on these and other risks.

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*‡* *CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.* 

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Performance highlights (unaudited)

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| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | &nbsp;&nbsp;6.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;5.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Incorporated | &nbsp;&nbsp;2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class A | &nbsp;&nbsp;1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Incorporated Class B | &nbsp;&nbsp;1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class C | &nbsp;&nbsp;1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla Motors Incorporated | &nbsp;&nbsp;1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | &nbsp;&nbsp;1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;1.32 |

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<sup>1</sup> Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Sector allocation as of November 30, 2022<sup>1</sup>

![](g433363imgddef2f7f4.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.

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, 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 June 1, 2022 to November 30, 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 and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. 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. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Beginning <br> account value<br> 6-1-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending <br> account value<br> 11-30-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses <br> paid during<br> the period<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Annualized net<br> expense ratio |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$993.62 | &nbsp;&nbsp;&nbsp;&nbsp;$2.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1022.86 | &nbsp;&nbsp;&nbsp;&nbsp;$2.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$990.11 | &nbsp;&nbsp;&nbsp;&nbsp;$5.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1019.05 | &nbsp;&nbsp;&nbsp;&nbsp;$6.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Administrator Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$994.86 | &nbsp;&nbsp;&nbsp;&nbsp;$1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1023.82 | &nbsp;&nbsp;&nbsp;&nbsp;$1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |

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<sup>1</sup> Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period).

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

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| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Common stocks: 97.56%** |  |  |
| &nbsp;&nbsp;**Communication services: 7.27%** |  |  |
| &nbsp;&nbsp;**Diversified telecommunication services: 0.87%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Incorporated | &nbsp;&nbsp;&nbsp; 223547 | &nbsp;&nbsp;$4309986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies Incorporated | &nbsp;&nbsp;&nbsp; 29881 | &nbsp;&nbsp;&nbsp;&nbsp; 163449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Incorporated | &nbsp;&nbsp;&nbsp; 131748 | &nbsp;&nbsp;&nbsp;&nbsp; 5135537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9608972** |
| &nbsp;&nbsp;**Entertainment: 1.29%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard Incorporated | &nbsp;&nbsp;&nbsp; 22333 | &nbsp;&nbsp;&nbsp;&nbsp; 1651525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts Incorporated | &nbsp;&nbsp;&nbsp; 8286 | &nbsp;&nbsp;&nbsp;&nbsp; 1083643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment Incorporated † | &nbsp;&nbsp;&nbsp; 4457 | &nbsp;&nbsp;&nbsp;&nbsp; 324291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix Incorporated † | &nbsp;&nbsp;&nbsp; 13951 | &nbsp;&nbsp;&nbsp;&nbsp; 4262449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software Incorporated † | &nbsp;&nbsp;&nbsp; 4915 | &nbsp;&nbsp;&nbsp;&nbsp; 519466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Walt Disney Company † | &nbsp;&nbsp;&nbsp; 57191 | &nbsp;&nbsp;&nbsp;&nbsp; 5597283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery Incorporated † | &nbsp;&nbsp;&nbsp; 69301 | &nbsp;&nbsp;&nbsp;&nbsp; 790031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14228688** |
| &nbsp;&nbsp;**Interactive media & services: 4.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class A † | &nbsp;&nbsp;&nbsp; 188099 | &nbsp;&nbsp;&nbsp;&nbsp; 18996118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class C † | &nbsp;&nbsp;&nbsp; 168204 | &nbsp;&nbsp;&nbsp;&nbsp; 17064296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group Incorporated † | &nbsp;&nbsp;&nbsp; 8877 | &nbsp;&nbsp;&nbsp;&nbsp; 448821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Incorporated Class A † | &nbsp;&nbsp;&nbsp; 71546 | &nbsp;&nbsp;&nbsp;&nbsp; 8449583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **44958818** |
| &nbsp;&nbsp;**Media: 0.77%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Incorporated Class A † | &nbsp;&nbsp;&nbsp; 3478 | &nbsp;&nbsp;&nbsp;&nbsp; 1360907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation Class A | &nbsp;&nbsp;&nbsp;138150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5061816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corporation Class A † | &nbsp;&nbsp;&nbsp;7874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corporation Class A | &nbsp;&nbsp;&nbsp;9614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corporation Class B | &nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Companies Incorporated | &nbsp;&nbsp;&nbsp;12267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corporation Class A | &nbsp;&nbsp;&nbsp;12096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corporation Class B | &nbsp;&nbsp;&nbsp;3747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group Incorporated | &nbsp;&nbsp;&nbsp;6426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Global Class B | &nbsp;&nbsp;&nbsp;15841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8552457** |
| &nbsp;&nbsp;**Wireless telecommunication services: 0.26%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US Incorporated † | &nbsp;&nbsp;&nbsp;18883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2860019** |
| &nbsp;&nbsp;**Consumer discretionary: 10.15%** |  |  |
| &nbsp;&nbsp;**Auto components: 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv plc † | &nbsp;&nbsp;&nbsp;8499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner Incorporated | &nbsp;&nbsp;&nbsp;7430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315849 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1222437** |
| &nbsp;&nbsp;**Automobiles: 1.80%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Company | &nbsp;&nbsp;&nbsp;123895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Company | &nbsp;&nbsp;&nbsp;45740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Motors Incorporated † | &nbsp;&nbsp;&nbsp;83554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16267964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19845319** |

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

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Portfolio of investments—November 30, 2022 (unaudited)

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| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Distributors: 0.15%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Company | &nbsp;&nbsp;&nbsp; 4437 | &nbsp;&nbsp;$813435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corporation | &nbsp;&nbsp;&nbsp; 8177 | &nbsp;&nbsp;&nbsp;&nbsp; 444256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | &nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp;&nbsp; 409127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1666818** |
| &nbsp;&nbsp;**Hotels, restaurants & leisure: 1.97%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings Incorporated † | &nbsp;&nbsp;&nbsp; 1246 | &nbsp;&nbsp;&nbsp;&nbsp; 2590995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment Incorporated † | &nbsp;&nbsp;&nbsp; 6726 | &nbsp;&nbsp;&nbsp;&nbsp; 341748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corporation † | &nbsp;&nbsp;&nbsp; 30965 | &nbsp;&nbsp;&nbsp;&nbsp; 307482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Incorporated † | &nbsp;&nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp;&nbsp; 1417082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants Incorporated | &nbsp;&nbsp;&nbsp; 3845 | &nbsp;&nbsp;&nbsp;&nbsp; 565177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza Incorporated | &nbsp;&nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp;&nbsp; 437710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group Incorporated † | &nbsp;&nbsp;&nbsp; 4769 | &nbsp;&nbsp;&nbsp;&nbsp; 509520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Incorporated | &nbsp;&nbsp;&nbsp; 8605 | &nbsp;&nbsp;&nbsp;&nbsp; 1227245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corporation † | &nbsp;&nbsp;&nbsp; 10308 | &nbsp;&nbsp;&nbsp;&nbsp; 482827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International Incorporated Class A | &nbsp;&nbsp;&nbsp; 8654 | &nbsp;&nbsp;&nbsp;&nbsp; 1430939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;&nbsp; 23080 | &nbsp;&nbsp;&nbsp;&nbsp; 6295993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;&nbsp; 10235 | &nbsp;&nbsp;&nbsp;&nbsp; 377262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Limited † | &nbsp;&nbsp;&nbsp; 13219 | &nbsp;&nbsp;&nbsp;&nbsp; 217320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Limited † | &nbsp;&nbsp;&nbsp; 6881 | &nbsp;&nbsp;&nbsp;&nbsp; 412378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | &nbsp;&nbsp;&nbsp; 35995 | &nbsp;&nbsp;&nbsp;&nbsp; 3678689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Limited † | &nbsp;&nbsp;&nbsp; 3247 | &nbsp;&nbsp;&nbsp;&nbsp; 271644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands Incorporated | &nbsp;&nbsp;&nbsp; 8926 | &nbsp;&nbsp;&nbsp;&nbsp; 1148419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21712430** |
| &nbsp;&nbsp;**Household durables: 0.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.R. Horton Incorporated | &nbsp;&nbsp;&nbsp;9920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin Limited | &nbsp;&nbsp;&nbsp;4840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corporation Class A | &nbsp;&nbsp;&nbsp;7999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries Incorporated † | &nbsp;&nbsp;&nbsp;1654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newell Rubbermaid Incorporated | &nbsp;&nbsp;&nbsp;11807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVR Incorporated † | &nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup Incorporated | &nbsp;&nbsp;&nbsp;7262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whirlpool Corporation | &nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3352223** |
| &nbsp;&nbsp;**Internet & direct marketing retail: 2.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Incorporated † | &nbsp;&nbsp;&nbsp;278044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26842368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay Incorporated | &nbsp;&nbsp;&nbsp;17234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy Incorporated † | &nbsp;&nbsp;&nbsp;3972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28150142** |
| &nbsp;&nbsp;**Leisure products: 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro Incorporated | &nbsp;&nbsp;&nbsp;4072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**255803** |
| &nbsp;&nbsp;**Multiline retail: 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corporation | &nbsp;&nbsp;&nbsp;7121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree Incorporated † | &nbsp;&nbsp;&nbsp;6622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | &nbsp;&nbsp;&nbsp;14546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5246117** |
| &nbsp;&nbsp;**Specialty retail: 2.29%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance Auto Parts Incorporated | &nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone Incorporated † | &nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works Incorporated | &nbsp;&nbsp;&nbsp;7162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304385 |

---

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

------

10 \| Allspring Index Fund

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Specialty retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Company Incorporated | &nbsp;&nbsp;&nbsp; 6287 | &nbsp;&nbsp;$536281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax Incorporated † | &nbsp;&nbsp;&nbsp; 4993 | &nbsp;&nbsp;&nbsp;&nbsp; 346314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies Incorporated | &nbsp;&nbsp;&nbsp; 20050 | &nbsp;&nbsp;&nbsp;&nbsp; 4261628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive Incorporated † | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1729080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores Incorporated | &nbsp;&nbsp;&nbsp; 10977 | &nbsp;&nbsp;&nbsp;&nbsp; 1291664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Home Depot Incorporated | &nbsp;&nbsp;&nbsp; 32241 | &nbsp;&nbsp;&nbsp;&nbsp; 10445762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TJX Companies Incorporated | &nbsp;&nbsp;&nbsp; 36755 | &nbsp;&nbsp;&nbsp;&nbsp; 2942238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Company | &nbsp;&nbsp;&nbsp; 3482 | &nbsp;&nbsp;&nbsp;&nbsp; 788011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty Incorporated † | &nbsp;&nbsp;&nbsp; 1626 | &nbsp;&nbsp;&nbsp;&nbsp; 755830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **25264145** |
| &nbsp;&nbsp;**Textiles, apparel & luxury goods: 0.47%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike Incorporated Class B | &nbsp;&nbsp;&nbsp; 39642 | &nbsp;&nbsp;&nbsp;&nbsp; 4348331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corporation | &nbsp;&nbsp;&nbsp; 1346 | &nbsp;&nbsp;&nbsp;&nbsp; 152260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry Incorporated | &nbsp;&nbsp;&nbsp; 7899 | &nbsp;&nbsp;&nbsp;&nbsp; 298345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VF Corporation | &nbsp;&nbsp;&nbsp; 10359 | &nbsp;&nbsp;&nbsp;&nbsp; 339982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5138918** |
| &nbsp;&nbsp;**Consumer staples: 6.82%** |  |  |
| &nbsp;&nbsp;**Beverages: 1.82%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown-Forman Corporation Class B | &nbsp;&nbsp;&nbsp; 5736 | &nbsp;&nbsp;&nbsp;&nbsp; 418843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands Incorporated Class A | &nbsp;&nbsp;&nbsp; 5039 | &nbsp;&nbsp;&nbsp;&nbsp; 1296787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr. Pepper Incorporated | &nbsp;&nbsp;&nbsp; 26654 | &nbsp;&nbsp;&nbsp;&nbsp; 1030710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Brewing Company Class B | &nbsp;&nbsp;&nbsp; 5904 | &nbsp;&nbsp;&nbsp;&nbsp; 325369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corporation † | &nbsp;&nbsp;&nbsp; 12066 | &nbsp;&nbsp;&nbsp;&nbsp; 1241109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo Incorporated | &nbsp;&nbsp;&nbsp;43294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8031470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola Company | &nbsp;&nbsp;&nbsp;122100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7766781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20111069** |
| &nbsp;&nbsp;**Food & staples retailing: 1.60%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp;13896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7493418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation | &nbsp;&nbsp;&nbsp;15983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kroger Company | &nbsp;&nbsp;&nbsp;20427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance Incorporated | &nbsp;&nbsp;&nbsp;22503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Incorporated | &nbsp;&nbsp;&nbsp;44716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6815613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17630399** |
| &nbsp;&nbsp;**Food products: 1.12%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Daniels Midland Company | &nbsp;&nbsp;&nbsp;17585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell Soup Company | &nbsp;&nbsp;&nbsp;6318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConAgra Foods Incorporated | &nbsp;&nbsp;&nbsp;15061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills Incorporated | &nbsp;&nbsp;&nbsp;18688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hormel Foods Corporation | &nbsp;&nbsp;&nbsp;9079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kellogg Company | &nbsp;&nbsp;&nbsp;8002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings Incorporated | &nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company Incorporated | &nbsp;&nbsp;&nbsp;7857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International Incorporated Class A | &nbsp;&nbsp;&nbsp;42996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2906960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Hershey Company | &nbsp;&nbsp;&nbsp;4607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The J.M. Smucker Company | &nbsp;&nbsp;&nbsp;3343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kraft Heinz Company | &nbsp;&nbsp;&nbsp;24988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods Incorporated Class A | &nbsp;&nbsp;&nbsp;9085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12381953** |

---

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

------

Allspring Index Fund \| 11

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Household products: 1.44%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company Incorporated | &nbsp;&nbsp;&nbsp; 7620 | &nbsp;&nbsp;$623849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Company | &nbsp;&nbsp;&nbsp; 26167 | &nbsp;&nbsp;&nbsp;&nbsp; 2027419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation | &nbsp;&nbsp;&nbsp; 10591 | &nbsp;&nbsp;&nbsp;&nbsp; 1436457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Clorox Company | &nbsp;&nbsp;&nbsp; 3864 | &nbsp;&nbsp;&nbsp;&nbsp; 574384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Procter & Gamble Company | &nbsp;&nbsp;&nbsp; 74962 | &nbsp;&nbsp;&nbsp;&nbsp; 11181332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15843441** |
| &nbsp;&nbsp;**Personal products: 0.16%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Estee Lauder Companies Incorporated Class A | &nbsp;&nbsp;&nbsp; 7272 | &nbsp;&nbsp;&nbsp;&nbsp; **1714665** |
| &nbsp;&nbsp;**Tobacco: 0.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group Incorporated | &nbsp;&nbsp;&nbsp; 56493 | &nbsp;&nbsp;&nbsp;&nbsp; 2631444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Incorporated | &nbsp;&nbsp;&nbsp; 48630 | &nbsp;&nbsp;&nbsp;&nbsp; 4846952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7478396** |
| &nbsp;&nbsp;**Energy: 5.00%** |  |  |
| &nbsp;&nbsp;**Energy equipment & services: 0.39%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company | &nbsp;&nbsp;&nbsp; 31739 | &nbsp;&nbsp;&nbsp;&nbsp; 921066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company | &nbsp;&nbsp;&nbsp; 28451 | &nbsp;&nbsp;&nbsp;&nbsp; 1078008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Limited | &nbsp;&nbsp;&nbsp; 44370 | &nbsp;&nbsp;&nbsp;&nbsp; 2287274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4286348** |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 4.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation | &nbsp;&nbsp;&nbsp; 10243 | &nbsp;&nbsp;&nbsp;&nbsp; 479885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;&nbsp; 56494 | &nbsp;&nbsp;&nbsp;&nbsp; 10355915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp; 39936 | &nbsp;&nbsp;&nbsp;&nbsp; 4932495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy Incorporated | &nbsp;&nbsp;&nbsp; 24958 | &nbsp;&nbsp;&nbsp;&nbsp; 696578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | &nbsp;&nbsp;&nbsp;20542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy Incorporated | &nbsp;&nbsp;&nbsp;5576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources Incorporated | &nbsp;&nbsp;&nbsp;18385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation | &nbsp;&nbsp;&nbsp;11606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp;130742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14556814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Corporation | &nbsp;&nbsp;&nbsp;8742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan Incorporated | &nbsp;&nbsp;&nbsp;62197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Oil Corporation | &nbsp;&nbsp;&nbsp;21256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp;15642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation | &nbsp;&nbsp;&nbsp;23377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK Incorporated | &nbsp;&nbsp;&nbsp;14018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;15091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer Natural Resources Company | &nbsp;&nbsp;&nbsp;7487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation | &nbsp;&nbsp;&nbsp;7107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Williams Companies Incorporated | &nbsp;&nbsp;&nbsp;38226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | &nbsp;&nbsp;&nbsp;12359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50832289** |
| &nbsp;&nbsp;**Financials: 11.33%** |  |  |
| &nbsp;&nbsp;**Banks: 3.81%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;&nbsp;219302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated | &nbsp;&nbsp;&nbsp;60756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group Incorporated | &nbsp;&nbsp;&nbsp;15549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comerica Incorporated | &nbsp;&nbsp;&nbsp;4104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;21526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Republic Bank | &nbsp;&nbsp;&nbsp;5732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares Incorporated | &nbsp;&nbsp;&nbsp;45243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700362 |

---

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

------

12 \| Allspring Index Fund

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 91997 | &nbsp;&nbsp;$12712145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp; 29258 | &nbsp;&nbsp;&nbsp;&nbsp; 550343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corporation | &nbsp;&nbsp;&nbsp; 5509 | &nbsp;&nbsp;&nbsp;&nbsp; 936640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Incorporated | &nbsp;&nbsp;&nbsp; 12866 | &nbsp;&nbsp;&nbsp;&nbsp; 2164833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corporation | &nbsp;&nbsp;&nbsp; 29313 | &nbsp;&nbsp;&nbsp;&nbsp; 680355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Bank | &nbsp;&nbsp;&nbsp; 1974 | &nbsp;&nbsp;&nbsp;&nbsp; 275373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Group † | &nbsp;&nbsp;&nbsp; 1853 | &nbsp;&nbsp;&nbsp;&nbsp; 429488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | &nbsp;&nbsp;&nbsp; 41610 | &nbsp;&nbsp;&nbsp;&nbsp; 1947764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp; 42415 | &nbsp;&nbsp;&nbsp;&nbsp; 1925217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;&nbsp; 118991 | &nbsp;&nbsp;&nbsp;&nbsp; 5705618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorporation | &nbsp;&nbsp;&nbsp; 4720 | &nbsp;&nbsp;&nbsp;&nbsp; 244590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **41982041** |
| &nbsp;&nbsp;**Capital markets: 3.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial Incorporated | &nbsp;&nbsp;&nbsp; 3393 | &nbsp;&nbsp;&nbsp;&nbsp; 1126306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation | &nbsp;&nbsp;&nbsp; 23069 | &nbsp;&nbsp;&nbsp;&nbsp; 1058867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Incorporated | &nbsp;&nbsp;&nbsp; 4730 | &nbsp;&nbsp;&nbsp;&nbsp; 3386680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets Incorporated | &nbsp;&nbsp;&nbsp; 3327 | &nbsp;&nbsp;&nbsp;&nbsp; 421997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group Incorporated | &nbsp;&nbsp;&nbsp; 11276 | &nbsp;&nbsp;&nbsp;&nbsp; 1990214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems Incorporated | &nbsp;&nbsp;&nbsp; 1191 | &nbsp;&nbsp;&nbsp;&nbsp; 549396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources Incorporated | &nbsp;&nbsp;&nbsp; 8911 | &nbsp;&nbsp;&nbsp;&nbsp; 238904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange Incorporated | &nbsp;&nbsp;&nbsp; 17519 | &nbsp;&nbsp;&nbsp;&nbsp; 1897483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Limited | &nbsp;&nbsp;&nbsp; 14271 | &nbsp;&nbsp;&nbsp;&nbsp; 272719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings Incorporated | &nbsp;&nbsp;&nbsp; 1181 | &nbsp;&nbsp;&nbsp;&nbsp; 316414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | &nbsp;&nbsp;&nbsp;4951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;42009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI Incorporated | &nbsp;&nbsp;&nbsp;2525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corporation | &nbsp;&nbsp;&nbsp;6537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial Incorporated | &nbsp;&nbsp;&nbsp;6094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global Incorporated | &nbsp;&nbsp;&nbsp;10688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation | &nbsp;&nbsp;&nbsp;11532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group Incorporated | &nbsp;&nbsp;&nbsp;7080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corporation | &nbsp;&nbsp;&nbsp;47901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Goldman Sachs Group Incorporated | &nbsp;&nbsp;&nbsp;10709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NASDAQ Incorporated | &nbsp;&nbsp;&nbsp;10633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33639620** |
| &nbsp;&nbsp;**Consumer finance: 0.52%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company | &nbsp;&nbsp;&nbsp;18816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation | &nbsp;&nbsp;&nbsp;12041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;8570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;15113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5704918** |
| &nbsp;&nbsp;**Diversified financial services: 1.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Incorporated Class B † | &nbsp;&nbsp;&nbsp;56619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18038813** |
| &nbsp;&nbsp;**Insurance: 2.32%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFLAC Incorporated | &nbsp;&nbsp;&nbsp;18040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group Incorporated | &nbsp;&nbsp;&nbsp;23855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon plc Class A | &nbsp;&nbsp;&nbsp;6617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Limited † | &nbsp;&nbsp;&nbsp;11580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | &nbsp;&nbsp;&nbsp;6598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant Incorporated | &nbsp;&nbsp;&nbsp;1669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown Incorporated | &nbsp;&nbsp;&nbsp;7354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Limited | &nbsp;&nbsp;&nbsp;13102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877068 |

---

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

------

Allspring Index Fund \| 13

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corporation | &nbsp;&nbsp;&nbsp; 4994 | &nbsp;&nbsp;$554134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Reinsurance Group Limited | &nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp; 417694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globe Life Incorporated | &nbsp;&nbsp;&nbsp; 2843 | &nbsp;&nbsp;&nbsp;&nbsp; 341046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corporation | &nbsp;&nbsp;&nbsp; 4859 | &nbsp;&nbsp;&nbsp;&nbsp; 189209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loews Corporation | &nbsp;&nbsp;&nbsp; 6274 | &nbsp;&nbsp;&nbsp;&nbsp; 364833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies Incorporated | &nbsp;&nbsp;&nbsp; 15655 | &nbsp;&nbsp;&nbsp;&nbsp; 2711133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Incorporated | &nbsp;&nbsp;&nbsp; 21018 | &nbsp;&nbsp;&nbsp;&nbsp; 1612081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group Incorporated | &nbsp;&nbsp;&nbsp; 7271 | &nbsp;&nbsp;&nbsp;&nbsp; 652063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation | &nbsp;&nbsp;&nbsp; 18349 | &nbsp;&nbsp;&nbsp;&nbsp; 2424820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial Incorporated | &nbsp;&nbsp;&nbsp; 11670 | &nbsp;&nbsp;&nbsp;&nbsp; 1260710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Allstate Corporation | &nbsp;&nbsp;&nbsp; 8479 | &nbsp;&nbsp;&nbsp;&nbsp; 1135338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Hartford Financial Services Group Incorporated | &nbsp;&nbsp;&nbsp; 10137 | &nbsp;&nbsp;&nbsp;&nbsp; 774163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Travelers Companies Incorporated | &nbsp;&nbsp;&nbsp; 7445 | &nbsp;&nbsp;&nbsp;&nbsp; 1413135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.R. Berkley Corporation | &nbsp;&nbsp;&nbsp; 6408 | &nbsp;&nbsp;&nbsp;&nbsp; 488802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp;&nbsp;&nbsp; 849252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **25568187** |
| &nbsp;&nbsp;**Health care: 14.85%** |  |  |
| &nbsp;&nbsp;**Biotechnology: 2.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie Incorporated | &nbsp;&nbsp;&nbsp; 55466 | &nbsp;&nbsp;&nbsp;&nbsp; 8940010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen Incorporated | &nbsp;&nbsp;&nbsp; 16781 | &nbsp;&nbsp;&nbsp;&nbsp; 4806078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen Incorporated † | &nbsp;&nbsp;&nbsp; 4552 | &nbsp;&nbsp;&nbsp;&nbsp; 1389134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences Incorporated | &nbsp;&nbsp;&nbsp; 39319 | &nbsp;&nbsp;&nbsp;&nbsp; 3453388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corporation † | &nbsp;&nbsp;&nbsp; 5792 | &nbsp;&nbsp;&nbsp;&nbsp; 461449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderna Incorporated † | &nbsp;&nbsp;&nbsp;10554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Incorporated † | &nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Incorporated † | &nbsp;&nbsp;&nbsp;8045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25980018** |
| &nbsp;&nbsp;**Health care equipment & supplies: 2.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;54937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5910122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abiomed Incorporated † | &nbsp;&nbsp;&nbsp;1426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology Incorporated † | &nbsp;&nbsp;&nbsp;2279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International Incorporated | &nbsp;&nbsp;&nbsp;15799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Company | &nbsp;&nbsp;&nbsp;8947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation † | &nbsp;&nbsp;&nbsp;44911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentsply Sirona Incorporated | &nbsp;&nbsp;&nbsp;6759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DexCom Incorporated † | &nbsp;&nbsp;&nbsp;12316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corporation † | &nbsp;&nbsp;&nbsp;19448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic Incorporated † | &nbsp;&nbsp;&nbsp;7832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories Incorporated † | &nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical Incorporated † | &nbsp;&nbsp;&nbsp;11203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;41682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed Incorporated | &nbsp;&nbsp;&nbsp;4593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;3138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corporation | &nbsp;&nbsp;&nbsp;10563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleflex Incorporated | &nbsp;&nbsp;&nbsp;1471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Cooper Companies Incorporated | &nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Incorporated | &nbsp;&nbsp;&nbsp;6582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28961032** |
| &nbsp;&nbsp;**Health care providers & services: 3.51%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerisourceBergen Corporation | &nbsp;&nbsp;&nbsp;5081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health Incorporated | &nbsp;&nbsp;&nbsp;8546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685133 |

---

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

------

14 \| Allspring Index Fund

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Health care providers & services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corporation † | &nbsp;&nbsp;&nbsp; 17931 | &nbsp;&nbsp;$1560894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Corporation | &nbsp;&nbsp;&nbsp; 9572 | &nbsp;&nbsp;&nbsp;&nbsp; 3148135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | &nbsp;&nbsp;&nbsp; 41184 | &nbsp;&nbsp;&nbsp;&nbsp; 4195826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita HealthCare Partners Incorporated † | &nbsp;&nbsp;&nbsp; 1747 | &nbsp;&nbsp;&nbsp;&nbsp; 128806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health Incorporated | &nbsp;&nbsp;&nbsp; 7529 | &nbsp;&nbsp;&nbsp;&nbsp; 4012355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare Incorporated | &nbsp;&nbsp;&nbsp; 6753 | &nbsp;&nbsp;&nbsp;&nbsp; 1622206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein Incorporated † | &nbsp;&nbsp;&nbsp; 4270 | &nbsp;&nbsp;&nbsp;&nbsp; 345528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana Incorporated | &nbsp;&nbsp;&nbsp; 3970 | &nbsp;&nbsp;&nbsp;&nbsp; 2183103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laboratory Corporation of America Holdings | &nbsp;&nbsp;&nbsp; 2836 | &nbsp;&nbsp;&nbsp;&nbsp; 682625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;&nbsp; 4509 | &nbsp;&nbsp;&nbsp;&nbsp; 1720995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare Incorporated † | &nbsp;&nbsp;&nbsp; 1823 | &nbsp;&nbsp;&nbsp;&nbsp; 613932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics Incorporated | &nbsp;&nbsp;&nbsp; 3658 | &nbsp;&nbsp;&nbsp;&nbsp; 555394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | &nbsp;&nbsp;&nbsp; 29344 | &nbsp;&nbsp;&nbsp;&nbsp; 16073469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services Incorporated Class B | &nbsp;&nbsp;&nbsp; 2062 | &nbsp;&nbsp;&nbsp;&nbsp; 269813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **38665490** |
| &nbsp;&nbsp;**Life sciences tools & services: 1.83%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies Incorporated | &nbsp;&nbsp;&nbsp; 9371 | &nbsp;&nbsp;&nbsp;&nbsp; 1452318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories Incorporated Class A † | &nbsp;&nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp;&nbsp; 278685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corporation | &nbsp;&nbsp;&nbsp; 4924 | &nbsp;&nbsp;&nbsp;&nbsp; 418491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International Incorporated † | &nbsp;&nbsp;&nbsp; 1596 | &nbsp;&nbsp;&nbsp;&nbsp; 364798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | &nbsp;&nbsp;&nbsp; 20538 | &nbsp;&nbsp;&nbsp;&nbsp; 5615295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina Incorporated † | &nbsp;&nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp;&nbsp; 1074698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings Incorporated † | &nbsp;&nbsp;&nbsp; 5851 | &nbsp;&nbsp;&nbsp;&nbsp; 1275635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International Incorporated † | &nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PerkinElmer Incorporated | &nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Incorporated | &nbsp;&nbsp;&nbsp;12291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6885664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waters Corporation † | &nbsp;&nbsp;&nbsp;1878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Pharmaceutical Services Incorporated | &nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20152454** |
| &nbsp;&nbsp;**Pharmaceuticals: 4.53%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp;66984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5377476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalent Incorporated † | &nbsp;&nbsp;&nbsp;5622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;&nbsp;24740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9180519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;82479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14681262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Company Incorporated | &nbsp;&nbsp;&nbsp;79471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8751347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Company | &nbsp;&nbsp;&nbsp;7979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Incorporated | &nbsp;&nbsp;&nbsp;176063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris Incorporated | &nbsp;&nbsp;&nbsp;38039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis Incorporated | &nbsp;&nbsp;&nbsp;14686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49989357** |
| &nbsp;&nbsp;**Industrials: 8.23%** |  |  |
| &nbsp;&nbsp;**Aerospace & defense: 1.73%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;&nbsp;7055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace Incorporated | &nbsp;&nbsp;&nbsp;11598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Incorporated | &nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies Incorporated | &nbsp;&nbsp;&nbsp;6003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp;7403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corporation | &nbsp;&nbsp;&nbsp;4562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corporation | &nbsp;&nbsp;&nbsp;46319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textron Incorporated | &nbsp;&nbsp;&nbsp;6636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473678 |

---

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

------

Allspring Index Fund \| 15

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Aerospace & defense (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boeing Company † | &nbsp;&nbsp;&nbsp; 17511 | &nbsp;&nbsp;$3132368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group Incorporated | &nbsp;&nbsp;&nbsp; 1616 | &nbsp;&nbsp;&nbsp;&nbsp; 1015656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **19090360** |
| &nbsp;&nbsp;**Air freight & logistics: 0.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide Incorporated | &nbsp;&nbsp;&nbsp; 3886 | &nbsp;&nbsp;&nbsp;&nbsp; 389455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington Incorporated | &nbsp;&nbsp;&nbsp; 5132 | &nbsp;&nbsp;&nbsp;&nbsp; 595620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | &nbsp;&nbsp;&nbsp; 7499 | &nbsp;&nbsp;&nbsp;&nbsp; 1366468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service Incorporated Class B | &nbsp;&nbsp;&nbsp; 22959 | &nbsp;&nbsp;&nbsp;&nbsp; 4356011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6707554** |
| &nbsp;&nbsp;**Airlines: 0.22%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group Incorporated † | &nbsp;&nbsp;&nbsp; 3977 | &nbsp;&nbsp;&nbsp;&nbsp; 188669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group Incorporated † | &nbsp;&nbsp;&nbsp; 20386 | &nbsp;&nbsp;&nbsp;&nbsp; 294170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines Incorporated † | &nbsp;&nbsp;&nbsp; 20115 | &nbsp;&nbsp;&nbsp;&nbsp; 711468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Company † | &nbsp;&nbsp;&nbsp; 18614 | &nbsp;&nbsp;&nbsp;&nbsp; 742885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings Incorporated † | &nbsp;&nbsp;&nbsp; 10250 | &nbsp;&nbsp;&nbsp;&nbsp; 452743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2389935** |
| &nbsp;&nbsp;**Building products: 0.46%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corporation | &nbsp;&nbsp;&nbsp; 4030 | &nbsp;&nbsp;&nbsp;&nbsp; 244782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp; 2756 | &nbsp;&nbsp;&nbsp;&nbsp; 313219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corporation | &nbsp;&nbsp;&nbsp; 26401 | &nbsp;&nbsp;&nbsp;&nbsp; 1170092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Home & Security Incorporated | &nbsp;&nbsp;&nbsp; 4057 | &nbsp;&nbsp;&nbsp;&nbsp; 265084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp; 21608 | &nbsp;&nbsp;&nbsp;&nbsp; 1435636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corporation | &nbsp;&nbsp;&nbsp; 7075 | &nbsp;&nbsp;&nbsp;&nbsp; 359269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;7269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5085017** |
| &nbsp;&nbsp;**Commercial services & supplies: 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corporation | &nbsp;&nbsp;&nbsp;2698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart Incorporated † | &nbsp;&nbsp;&nbsp;13421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services Incorporated | &nbsp;&nbsp;&nbsp;6442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins Incorporated | &nbsp;&nbsp;&nbsp;7260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management Incorporated | &nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5309180** |
| &nbsp;&nbsp;**Construction & engineering: 0.06%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services Incorporated | &nbsp;&nbsp;&nbsp;4487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**672512** |
| &nbsp;&nbsp;**Electrical equipment: 0.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK Incorporated | &nbsp;&nbsp;&nbsp;7202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | &nbsp;&nbsp;&nbsp;12495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Company | &nbsp;&nbsp;&nbsp;18549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings Incorporated † | &nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation Incorporated | &nbsp;&nbsp;&nbsp;3621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6012447** |
| &nbsp;&nbsp;**Industrial conglomerates: 0.89%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Company | &nbsp;&nbsp;&nbsp;17367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | &nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2957368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International Incorporated | &nbsp;&nbsp;&nbsp;21134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9785059** |

---

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

------

16 \| Allspring Index Fund

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Machinery: 1.77%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Incorporated | &nbsp;&nbsp;&nbsp; 16561 | &nbsp;&nbsp;$3915186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins Incorporated | &nbsp;&nbsp;&nbsp; 4423 | &nbsp;&nbsp;&nbsp;&nbsp; 1110881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company | &nbsp;&nbsp;&nbsp; 8725 | &nbsp;&nbsp;&nbsp;&nbsp; 3847725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover Corporation | &nbsp;&nbsp;&nbsp; 4503 | &nbsp;&nbsp;&nbsp;&nbsp; 639201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortive Corporation | &nbsp;&nbsp;&nbsp; 11158 | &nbsp;&nbsp;&nbsp;&nbsp; 753723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEX Corporation | &nbsp;&nbsp;&nbsp; 2368 | &nbsp;&nbsp;&nbsp;&nbsp; 562376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works Incorporated | &nbsp;&nbsp;&nbsp; 8839 | &nbsp;&nbsp;&nbsp;&nbsp; 2010607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand Incorporated | &nbsp;&nbsp;&nbsp; 12648 | &nbsp;&nbsp;&nbsp;&nbsp; 682613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordson Corporation | &nbsp;&nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp;&nbsp; 401087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corporation | &nbsp;&nbsp;&nbsp; 13183 | &nbsp;&nbsp;&nbsp;&nbsp; 1029460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR Incorporated | &nbsp;&nbsp;&nbsp; 10908 | &nbsp;&nbsp;&nbsp;&nbsp; 1155266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corporation | &nbsp;&nbsp;&nbsp; 4027 | &nbsp;&nbsp;&nbsp;&nbsp; 1203831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pentair plc | &nbsp;&nbsp;&nbsp; 5159 | &nbsp;&nbsp;&nbsp;&nbsp; 236127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on Incorporated | &nbsp;&nbsp;&nbsp; 1671 | &nbsp;&nbsp;&nbsp;&nbsp; 402043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker Incorporated | &nbsp;&nbsp;&nbsp; 4637 | &nbsp;&nbsp;&nbsp;&nbsp; 378936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wabtec Corporation | &nbsp;&nbsp;&nbsp; 5706 | &nbsp;&nbsp;&nbsp;&nbsp; 576820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xylem Incorporated | &nbsp;&nbsp;&nbsp; 5652 | &nbsp;&nbsp;&nbsp;&nbsp; 635002 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **19540884** |
| &nbsp;&nbsp;**Professional services: 0.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group Incorporated † | &nbsp;&nbsp;&nbsp; 12421 | &nbsp;&nbsp;&nbsp;&nbsp; 1006598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax Incorporated | &nbsp;&nbsp;&nbsp; 3840 | &nbsp;&nbsp;&nbsp;&nbsp; 757901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions Incorporated | &nbsp;&nbsp;&nbsp; 4003 | &nbsp;&nbsp;&nbsp;&nbsp; 506540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings Incorporated | &nbsp;&nbsp;&nbsp; 4283 | &nbsp;&nbsp;&nbsp;&nbsp; 468260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Half International Incorporated | &nbsp;&nbsp;&nbsp;3437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics Incorporated | &nbsp;&nbsp;&nbsp;4924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3914654** |
| &nbsp;&nbsp;**Road & rail: 0.88%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;&nbsp;67172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services Incorporated | &nbsp;&nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | &nbsp;&nbsp;&nbsp;7368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line Incorporated | &nbsp;&nbsp;&nbsp;2875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | &nbsp;&nbsp;&nbsp;19590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9694236** |
| &nbsp;&nbsp;**Trading companies & distributors: 0.23%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | &nbsp;&nbsp;&nbsp;18028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals Incorporated † | &nbsp;&nbsp;&nbsp;2195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.W. Grainger Incorporated | &nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2559868** |
| &nbsp;&nbsp;**Information technology: 25.76%** |  |  |
| &nbsp;&nbsp;**Communications equipment: 0.87%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks Incorporated † | &nbsp;&nbsp;&nbsp;7732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems Incorporated | &nbsp;&nbsp;&nbsp;129905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6458877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5 Networks Incorporated † | &nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Networks Incorporated | &nbsp;&nbsp;&nbsp;10120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions Incorporated | &nbsp;&nbsp;&nbsp;5235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9586267** |
| &nbsp;&nbsp;**Electronic equipment, instruments & components: 0.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation Class A | &nbsp;&nbsp;&nbsp;18660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation of Delaware | &nbsp;&nbsp;&nbsp;4243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800400 |

---

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

------

Allspring Index Fund \| 17

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Electronic equipment, instruments & components (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning Incorporated | &nbsp;&nbsp;&nbsp; 23866 | &nbsp;&nbsp;$814547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 5645 | &nbsp;&nbsp;&nbsp;&nbsp; 1021124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity Limited | &nbsp;&nbsp;&nbsp; 10034 | &nbsp;&nbsp;&nbsp;&nbsp; 1265488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 617547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble Incorporated † | &nbsp;&nbsp;&nbsp; 7769 | &nbsp;&nbsp;&nbsp;&nbsp; 464198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Corporation Class A † | &nbsp;&nbsp;&nbsp; 1625 | &nbsp;&nbsp;&nbsp;&nbsp; 439205 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6923333** |
| &nbsp;&nbsp;**IT services: 4.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp; 19843 | &nbsp;&nbsp;&nbsp;&nbsp; 5971354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 4987 | &nbsp;&nbsp;&nbsp;&nbsp; 473067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing Incorporated | &nbsp;&nbsp;&nbsp; 13035 | &nbsp;&nbsp;&nbsp;&nbsp; 3443065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Incorporated | &nbsp;&nbsp;&nbsp; 3677 | &nbsp;&nbsp;&nbsp;&nbsp; 548277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corporation Class A | &nbsp;&nbsp;&nbsp; 16243 | &nbsp;&nbsp;&nbsp;&nbsp; 1010477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DXC Technology Company † | &nbsp;&nbsp;&nbsp; 7211 | &nbsp;&nbsp;&nbsp;&nbsp; 213950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems Incorporated † | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 663444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services Incorporated | &nbsp;&nbsp;&nbsp; 19073 | &nbsp;&nbsp;&nbsp;&nbsp; 1384318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv Incorporated † | &nbsp;&nbsp;&nbsp; 20064 | &nbsp;&nbsp;&nbsp;&nbsp; 2093879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FleetCor Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 2353 | &nbsp;&nbsp;&nbsp;&nbsp; 461659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner Incorporated † | &nbsp;&nbsp;&nbsp; 2481 | &nbsp;&nbsp;&nbsp;&nbsp; 869268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments Incorporated | &nbsp;&nbsp;&nbsp; 8695 | &nbsp;&nbsp;&nbsp;&nbsp; 902367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;&nbsp; 28333 | &nbsp;&nbsp;&nbsp;&nbsp; 4218784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates Incorporated | &nbsp;&nbsp;&nbsp; 2286 | &nbsp;&nbsp;&nbsp;&nbsp; 432854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasterCard Incorporated Class A | &nbsp;&nbsp;&nbsp; 26766 | &nbsp;&nbsp;&nbsp;&nbsp; 9539402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex Incorporated | &nbsp;&nbsp;&nbsp;10049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings Incorporated † | &nbsp;&nbsp;&nbsp;36279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign Incorporated † | &nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Incorporated Class A | &nbsp;&nbsp;&nbsp;51292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11130364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48032586** |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment: 5.15%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices Incorporated † | &nbsp;&nbsp;&nbsp;50642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices Incorporated | &nbsp;&nbsp;&nbsp;16307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials Incorporated | &nbsp;&nbsp;&nbsp;27291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Incorporated | &nbsp;&nbsp;&nbsp;12668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6980448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enphase Energy Incorporated † | &nbsp;&nbsp;&nbsp;4249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation | &nbsp;&nbsp;&nbsp;128808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;&nbsp;4448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corporation | &nbsp;&nbsp;&nbsp;4297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology Incorporated | &nbsp;&nbsp;&nbsp;17332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology Incorporated | &nbsp;&nbsp;&nbsp;34606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems Incorporated | &nbsp;&nbsp;&nbsp;1394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;&nbsp;78553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13293524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;8238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor Corporation † | &nbsp;&nbsp;&nbsp;13591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qorvo Incorporated † | &nbsp;&nbsp;&nbsp;3238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualcomm Incorporated | &nbsp;&nbsp;&nbsp;35229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4456116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions Incorporated | &nbsp;&nbsp;&nbsp;5033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaredge Technologies Incorporated † | &nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne Incorporated | &nbsp;&nbsp;&nbsp;4918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments Incorporated | &nbsp;&nbsp;&nbsp;28664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5172705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56796900** |
| &nbsp;&nbsp;**Software: 8.15%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe Incorporated † | &nbsp;&nbsp;&nbsp;14681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5063917 |

---

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

------

18 \| Allspring Index Fund

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANSYS Incorporated † | &nbsp;&nbsp;&nbsp; 2731 | &nbsp;&nbsp;$694493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk Incorporated † | &nbsp;&nbsp;&nbsp; 6816 | &nbsp;&nbsp;&nbsp;&nbsp; 1376491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems Incorporated † | &nbsp;&nbsp;&nbsp; 8591 | &nbsp;&nbsp;&nbsp;&nbsp; 1477996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceridian HCM Holding Incorporated † | &nbsp;&nbsp;&nbsp; 4802 | &nbsp;&nbsp;&nbsp;&nbsp; 328649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet Incorporated † | &nbsp;&nbsp;&nbsp; 20531 | &nbsp;&nbsp;&nbsp;&nbsp; 1091428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit Incorporated | &nbsp;&nbsp;&nbsp; 8849 | &nbsp;&nbsp;&nbsp;&nbsp; 3606764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;&nbsp; 233959 | &nbsp;&nbsp;&nbsp;&nbsp; 59692299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NortonLifeLock Incorporated | &nbsp;&nbsp;&nbsp; 18574 | &nbsp;&nbsp;&nbsp;&nbsp; 426459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | &nbsp;&nbsp;&nbsp; 47652 | &nbsp;&nbsp;&nbsp;&nbsp; 3956546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycom Software Incorporated † | &nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp;&nbsp; 517128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC Incorporated † | &nbsp;&nbsp;&nbsp; 3316 | &nbsp;&nbsp;&nbsp;&nbsp; 421828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies Incorporated | &nbsp;&nbsp;&nbsp; 3326 | &nbsp;&nbsp;&nbsp;&nbsp; 1459748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce.com Incorporated † | &nbsp;&nbsp;&nbsp; 31214 | &nbsp;&nbsp;&nbsp;&nbsp; 5002044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow Incorporated † | &nbsp;&nbsp;&nbsp; 6337 | &nbsp;&nbsp;&nbsp;&nbsp; 2638093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys Incorporated † | &nbsp;&nbsp;&nbsp; 4799 | &nbsp;&nbsp;&nbsp;&nbsp; 1629452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 1304 | &nbsp;&nbsp;&nbsp;&nbsp; 446933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **89830268** |
| &nbsp;&nbsp;**Technology hardware, storage & peripherals: 6.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | &nbsp;&nbsp;&nbsp; 473901 | &nbsp;&nbsp;&nbsp;&nbsp; 70151565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Company | &nbsp;&nbsp;&nbsp; 40761 | &nbsp;&nbsp;&nbsp;&nbsp; 683970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP Incorporated | &nbsp;&nbsp;&nbsp; 28549 | &nbsp;&nbsp;&nbsp;&nbsp; 857612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp Incorporated | &nbsp;&nbsp;&nbsp; 6893 | &nbsp;&nbsp;&nbsp;&nbsp; 466036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp; 6127 | &nbsp;&nbsp;&nbsp;&nbsp; 324547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corporation † | &nbsp;&nbsp;&nbsp;9824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**72844762** |
| &nbsp;&nbsp;**Materials: 2.62%** |  |  |
| &nbsp;&nbsp;**Chemicals: 1.83%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals Incorporated | &nbsp;&nbsp;&nbsp;6958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corporation | &nbsp;&nbsp;&nbsp;3674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese Corporation Series A | &nbsp;&nbsp;&nbsp;3127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings Incorporated | &nbsp;&nbsp;&nbsp;6251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva Incorporated | &nbsp;&nbsp;&nbsp;22543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Incorporated | &nbsp;&nbsp;&nbsp;22529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours Incorporated | &nbsp;&nbsp;&nbsp;15714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Company | &nbsp;&nbsp;&nbsp;3853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab Incorporated | &nbsp;&nbsp;&nbsp;7778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMC Corporation | &nbsp;&nbsp;&nbsp;3951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances Incorporated | &nbsp;&nbsp;&nbsp;7998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;15634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;7982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries Incorporated | &nbsp;&nbsp;&nbsp;7372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mosaic Company | &nbsp;&nbsp;&nbsp;10831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sherwin-Williams Company | &nbsp;&nbsp;&nbsp;7399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20158401** |
| &nbsp;&nbsp;**Construction materials: 0.14%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials Incorporated | &nbsp;&nbsp;&nbsp;1957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Company | &nbsp;&nbsp;&nbsp;4169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1481504** |
| &nbsp;&nbsp;**Containers & packaging: 0.27%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor plc | &nbsp;&nbsp;&nbsp;47143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582216 |

---

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

------

Allspring Index Fund \| 19

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Containers & packaging (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corporation | &nbsp;&nbsp;&nbsp; 2549 | &nbsp;&nbsp;$492798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corporation | &nbsp;&nbsp;&nbsp; 9860 | &nbsp;&nbsp;&nbsp;&nbsp; 552949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper Company | &nbsp;&nbsp;&nbsp; 11357 | &nbsp;&nbsp;&nbsp;&nbsp; 421572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corporation of America | &nbsp;&nbsp;&nbsp; 2941 | &nbsp;&nbsp;&nbsp;&nbsp; 399652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corporation | &nbsp;&nbsp;&nbsp; 4556 | &nbsp;&nbsp;&nbsp;&nbsp; 242516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestRock Company | &nbsp;&nbsp;&nbsp; 7977 | &nbsp;&nbsp;&nbsp;&nbsp; 302488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2994191** |
| &nbsp;&nbsp;**Metals & mining: 0.38%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan Incorporated | &nbsp;&nbsp;&nbsp; 44860 | &nbsp;&nbsp;&nbsp;&nbsp; 1785428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corporation | &nbsp;&nbsp;&nbsp; 24898 | &nbsp;&nbsp;&nbsp;&nbsp; 1181908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corporation | &nbsp;&nbsp;&nbsp; 8212 | &nbsp;&nbsp;&nbsp;&nbsp; 1231389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4198725** |
| &nbsp;&nbsp;**Real estate: 2.61%** |  |  |
| &nbsp;&nbsp;**Equity REITs: 2.54%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Incorporated | &nbsp;&nbsp;&nbsp; 4658 | &nbsp;&nbsp;&nbsp;&nbsp; 724831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;&nbsp; 14606 | &nbsp;&nbsp;&nbsp;&nbsp; 3231578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities Incorporated | &nbsp;&nbsp;&nbsp; 4387 | &nbsp;&nbsp;&nbsp;&nbsp; 767286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Properties Incorporated | &nbsp;&nbsp;&nbsp; 4474 | &nbsp;&nbsp;&nbsp;&nbsp; 322486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp; 3342 | &nbsp;&nbsp;&nbsp;&nbsp; 402143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle International Corporation | &nbsp;&nbsp;&nbsp; 13585 | &nbsp;&nbsp;&nbsp;&nbsp; 1921327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Incorporated | &nbsp;&nbsp;&nbsp; 9016 | &nbsp;&nbsp;&nbsp;&nbsp; 1013939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix Incorporated | &nbsp;&nbsp;&nbsp; 2857 | &nbsp;&nbsp;&nbsp;&nbsp; 1973187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp; 10619 | &nbsp;&nbsp;&nbsp;&nbsp; 688748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust Incorporated | &nbsp;&nbsp;&nbsp;2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage Incorporated | &nbsp;&nbsp;&nbsp;4201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;2284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties Incorporated | &nbsp;&nbsp;&nbsp;16927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts Incorporated | &nbsp;&nbsp;&nbsp;22427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes Incorporated | &nbsp;&nbsp;&nbsp;18190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Incorporated | &nbsp;&nbsp;&nbsp;9119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corporation | &nbsp;&nbsp;&nbsp;19402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Incorporated | &nbsp;&nbsp;&nbsp;3621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis Incorporated | &nbsp;&nbsp;&nbsp;28963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage Incorporated | &nbsp;&nbsp;&nbsp;4956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | &nbsp;&nbsp;&nbsp;19374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corporation | &nbsp;&nbsp;&nbsp;4831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corporation | &nbsp;&nbsp;&nbsp;3384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group Incorporated | &nbsp;&nbsp;&nbsp;10269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR Incorporated | &nbsp;&nbsp;&nbsp;9581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas Incorporated | &nbsp;&nbsp;&nbsp;12539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties Incorporated | &nbsp;&nbsp;&nbsp;30213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;5054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower Incorporated | &nbsp;&nbsp;&nbsp;14536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;&nbsp;23224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28028998** |
| &nbsp;&nbsp;**Real estate management & development: 0.07%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group Incorporated Class A † | &nbsp;&nbsp;&nbsp;10075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**801970** |
| &nbsp;&nbsp;**Utilities: 2.92%** |  |  |
| &nbsp;&nbsp;**Electric utilities: 1.90%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | &nbsp;&nbsp;&nbsp;7872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443194 |

---

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

------

20 \| Allspring Index Fund

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Electric utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Company Incorporated | &nbsp;&nbsp;&nbsp; 16116 | &nbsp;&nbsp;$1560029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corporation | &nbsp;&nbsp;&nbsp; 10253 | &nbsp;&nbsp;&nbsp;&nbsp; 985518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | &nbsp;&nbsp;&nbsp; 24154 | &nbsp;&nbsp;&nbsp;&nbsp; 2413709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp; 11966 | &nbsp;&nbsp;&nbsp;&nbsp; 797654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Corporation | &nbsp;&nbsp;&nbsp; 6381 | &nbsp;&nbsp;&nbsp;&nbsp; 741919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy Incorporated | &nbsp;&nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp;&nbsp; 426312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp; 10868 | &nbsp;&nbsp;&nbsp;&nbsp; 900522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corporation | &nbsp;&nbsp;&nbsp; 31112 | &nbsp;&nbsp;&nbsp;&nbsp; 1287103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corporation | &nbsp;&nbsp;&nbsp; 17029 | &nbsp;&nbsp;&nbsp;&nbsp; 702276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Incorporated | &nbsp;&nbsp;&nbsp; 61636 | &nbsp;&nbsp;&nbsp;&nbsp; 5220569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy Incorporated | &nbsp;&nbsp;&nbsp; 7377 | &nbsp;&nbsp;&nbsp;&nbsp; 313154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation † | &nbsp;&nbsp;&nbsp; 50507 | &nbsp;&nbsp;&nbsp;&nbsp; 792960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corporation | &nbsp;&nbsp;&nbsp; 3546 | &nbsp;&nbsp;&nbsp;&nbsp; 277723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Corporation | &nbsp;&nbsp;&nbsp; 23095 | &nbsp;&nbsp;&nbsp;&nbsp; 681764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Southern Company | &nbsp;&nbsp;&nbsp; 33347 | &nbsp;&nbsp;&nbsp;&nbsp; 2255591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy Incorporated | &nbsp;&nbsp;&nbsp; 17159 | &nbsp;&nbsp;&nbsp;&nbsp; 1204905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21004902** |
| &nbsp;&nbsp;**Gas utilities: 0.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corporation | &nbsp;&nbsp;&nbsp; 4389 | &nbsp;&nbsp;&nbsp;&nbsp; **527558** |
| &nbsp;&nbsp;**Independent power & renewable electricity producers: 0.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corporation | &nbsp;&nbsp;&nbsp; 20954 | &nbsp;&nbsp;&nbsp;&nbsp; **605990** |
| &nbsp;&nbsp;**Multi-utilities: 0.84%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corporation | &nbsp;&nbsp;&nbsp; 8105 | &nbsp;&nbsp;&nbsp;&nbsp; 723939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy Incorporated | &nbsp;&nbsp;&nbsp;19748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | &nbsp;&nbsp;&nbsp;9104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison Incorporated | &nbsp;&nbsp;&nbsp;11123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy Incorporated | &nbsp;&nbsp;&nbsp;26116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | &nbsp;&nbsp;&nbsp;6078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource Incorporated | &nbsp;&nbsp;&nbsp;12735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group Incorporated | &nbsp;&nbsp;&nbsp;15650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;&nbsp;9860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group Incorporated | &nbsp;&nbsp;&nbsp;9895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9208884** |
| &nbsp;&nbsp;**Water utilities: 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Works Company Incorporated | &nbsp;&nbsp;&nbsp;5703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**865487** |
| &nbsp;&nbsp;**Total Common stocks (Cost $313,357,162)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1075676228** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** |  |  |
| &nbsp;&nbsp;**Short-term investments: 2.01%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 2.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠∞ |  | 3.60% | &nbsp;&nbsp;&nbsp;22127104 | &nbsp;&nbsp;&nbsp;&nbsp; **22127104** |
| &nbsp;&nbsp;**Total Short-term investments (Cost $22,127,104)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **22127104** |
| &nbsp;&nbsp;**Total investments in securities (Cost $335,484,266)** | &nbsp;&nbsp;99.57% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1097803332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4748046 |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$1102551378** |

---

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

------

Allspring Index Fund \| 21

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

Abbreviations: <br> REIT Real estate investment trust

#### 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 Government Money Market Fund Select Class | $0 | $65837714 | $(43710610) | $0 | $0 | $22127104 | 22127104 | $179752 |

---

#### Futures contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Expiration <br> date** | &nbsp;&nbsp;**Notional <br> cost** | &nbsp;&nbsp;**Notional <br> value** | &nbsp;&nbsp;**Unrealized <br> gains** | &nbsp;&nbsp;**Unrealized <br> losses** |
| &nbsp;&nbsp;**Long** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;E-Mini S&P 500 Index | &nbsp;&nbsp;130 | &nbsp;&nbsp;12-16-2022 | &nbsp;&nbsp;$24938222 | &nbsp;&nbsp;$26528125 | &nbsp;&nbsp;$1589903 | &nbsp;&nbsp;$0 |

---

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

------

22 \| Allspring Index Fund

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities, at value (cost $313,357,162)<br>| $1075676228 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $22,127,104)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22127104 |
| &nbsp;&nbsp; Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10121 |
| &nbsp;&nbsp; Cash at broker segregated for futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954799 |
| &nbsp;&nbsp; Receivable for dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856311 |
| &nbsp;&nbsp; Receivable for Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220110 |
| &nbsp;&nbsp; Receivable for daily variation margin on open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775124 |
| &nbsp;&nbsp; Receivable from manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19605 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130223 |
| **Total assets<br>**  | &nbsp;&nbsp;**1103769625** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821518 |
| &nbsp;&nbsp; Shareholder servicing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174593 |
| &nbsp;&nbsp; Administration fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160467 |
| &nbsp;&nbsp; Distribution fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56348 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1218247** |
| **Total net assets<br>**  | **$1102551378** |
| **Net assets consist of** |  |
| &nbsp;&nbsp; Paid-in capital<br>| &nbsp;&nbsp;&nbsp;$175360734 |
| &nbsp;&nbsp; Total distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;927190644 |
| **Total net assets<br>**  | **$1102551378** |
| **Computation of net asset value and offering price per share** |  |
| &nbsp;&nbsp; Net assets – Class A<br>| &nbsp;&nbsp;&nbsp;$738904149 |
| &nbsp;&nbsp; Shares outstanding – Class A<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16345814 |
| &nbsp;&nbsp; Net asset value per share – Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.20 |
| &nbsp;&nbsp; Maximum offering price per share – Class A<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.96 |
| &nbsp;&nbsp; Net assets – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9015205 |
| &nbsp;&nbsp; Shares outstanding – Class C<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195827 |
| &nbsp;&nbsp; Net asset value per share – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.04 |
| &nbsp;&nbsp; Net assets – Administrator Class<br>| &nbsp;&nbsp;&nbsp;$354632024 |
| &nbsp;&nbsp; Shares outstanding – Administrator Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7628707 |
| &nbsp;&nbsp;Net asset value per share – Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.49 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

------

Allspring Index Fund \| 23

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends (net of foreign withholdings taxes of $2,152)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9360796 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179752 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9540548** |
| **Expenses** |  |
| &nbsp;&nbsp; Management fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536053 |
| &nbsp;&nbsp;Administration fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225261 |
| &nbsp;&nbsp;Shareholder servicing fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152087 |
| &nbsp;&nbsp;Distribution fee |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33456 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12465 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20909 |
| &nbsp;&nbsp; Registration fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16776 |
| &nbsp;&nbsp; Shareholder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21247 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2715820** |
| &nbsp;&nbsp;Less: Fee waivers and/or expense reimbursements |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund-level<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(503) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2089677** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7450871** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80974099 |
| &nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1095927) |
| Net realized gains on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79878172 |
| Net change in unrealized gains (losses) on |  |
| &nbsp;&nbsp; Securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;(1022786053) |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925278110 |
| &nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589903 |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95918040) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16039868)** |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(8588997)** |

---

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

------

24 \| Allspring Index Fund

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp; Net investment income<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7450871 |  | &nbsp;&nbsp;&nbsp;&nbsp;$12547735 |
| &nbsp;&nbsp; Net realized gains on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79878172 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112329479 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95918040) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127015918) |
| **Net decrease in net assets resulting from operations<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8588997)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2138704)** |
| **Distributions to shareholders from** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>|  | &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;&nbsp;&nbsp;(77882126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;(1006598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>|  | &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;&nbsp;&nbsp;(38543455) |
| **Total distributions to shareholders<br>**  |  | &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;**(117432179)** |
| **Capital share transactions** | &nbsp;&nbsp;&nbsp;**Shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| 166623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22338966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| 259932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11594363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28070542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18855156 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51505581 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;1474352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75486719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;&nbsp;&nbsp;16134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;682313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35905912 |
|  |  | &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;&nbsp;112233872 |
| &nbsp;&nbsp;&nbsp;Payment for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| (790436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34106594) | &nbsp;&nbsp;(1599593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81454786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;(33295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1450304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2849529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| (547828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24587379) | &nbsp;&nbsp;(1365467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70021494) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60144277) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154325809) |
| **Net increase (decrease) in net assets resulting from capital share transactions<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(41289121)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9413644** |
| **Total decrease in net assets<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(49878118)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(110157239)** |
| **Net assets** |  |  |  |  |
| **Beginning of period<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1152429496** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1262586735** |
| **End of period<br>**  |  | &nbsp;&nbsp;**$1102551378** |  | &nbsp;&nbsp;**$1152429496** |

---

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

------

Allspring Index Fund \| 25

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class A** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$45.49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50.17** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$41.27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$49.48** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$63.35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$66.85** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.99 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.46) |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.48) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$45.20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$45.49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50.17** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$41.27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$49.48** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$63.35** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.64)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.74)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39.71%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.02%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.32%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.87%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% <sup>\*</sup> |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% <sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $738904 | &nbsp;&nbsp;$771925 | &nbsp;&nbsp;$835781 | &nbsp;&nbsp;$660101 | &nbsp;&nbsp;$676511 | &nbsp;&nbsp;$702866 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:

---

| | |
|:---|:---|
| Year ended May 31, 2022 | 0.11% |
| Year ended May 31, 2021 | 0.11% |
| Year ended May 31, 2020 | 0.12% |
| Year ended May 31, 2019 | 0.11% |
| Year ended May 31, 2018 | 0.10% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

26 \| Allspring Index Fund

------

[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| **Class C** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Net asset value, beginning of period<br>**  | **$46.50** | &nbsp;&nbsp;&nbsp;&nbsp;**$51.19** | &nbsp;&nbsp;&nbsp;&nbsp;**$41.90** | &nbsp;&nbsp;&nbsp;&nbsp;**$50.02** | &nbsp;&nbsp;&nbsp;&nbsp;**$63.67** | &nbsp;&nbsp;&nbsp;&nbsp;**$67.11** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.93) | &nbsp;&nbsp;&nbsp;&nbsp;(14.01) | &nbsp;&nbsp;&nbsp;&nbsp;(14.33) | &nbsp;&nbsp;&nbsp;&nbsp;(11.46) |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.08) | &nbsp;&nbsp;&nbsp;&nbsp;(14.26) | &nbsp;&nbsp;&nbsp;&nbsp;(14.63) | &nbsp;&nbsp;&nbsp;&nbsp;(11.94) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | **$46.04** | &nbsp;&nbsp;&nbsp;&nbsp;**$46.50** | &nbsp;&nbsp;&nbsp;&nbsp;**$51.19** | &nbsp;&nbsp;&nbsp;&nbsp;**$41.90** | &nbsp;&nbsp;&nbsp;&nbsp;**$50.02** | &nbsp;&nbsp;&nbsp;&nbsp;**$63.67** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;**(0.99)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.48)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.83%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.17%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.54%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.02%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% <sup>\*</sup> |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% <sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $9015 | &nbsp;&nbsp;$10538 | &nbsp;&nbsp;$12530 | &nbsp;&nbsp;$16103 | &nbsp;&nbsp;$19146 | &nbsp;&nbsp;$66117 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:

---

| | |
|:---|:---|
| Year ended May 31, 2022 | 0.11% |
| Year ended May 31, 2021 | 0.11% |
| Year ended May 31, 2020 | 0.12% |
| Year ended May 31, 2019 | 0.11% |
| Year ended May 31, 2018 | 0.10% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

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Allspring Index Fund \| 27

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Administrator Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$46.73** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$51.41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$42.15** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$64.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$67.43** |
| &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;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.94 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.46) |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.59) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$46.49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$46.73** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$51.41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$42.15** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$64.04** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.51)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.55)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39.97%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.25%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.10%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% <sup>\*</sup> |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% <sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $354632 | &nbsp;&nbsp;$369967 | &nbsp;&nbsp;$414276 | &nbsp;&nbsp;$343609 | &nbsp;&nbsp;$460934 | &nbsp;&nbsp;$829004 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:

---

| | |
|:---|:---|
| Year ended May 31, 2022 | 0.11% |
| Year ended May 31, 2021 | 0.11% |
| Year ended May 31, 2020 | 0.12% |
| Year ended May 31, 2019 | 0.11% |
| Year ended May 31, 2018 | 0.10% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

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28 \| Allspring Index Fund

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Notes to financial statements (unaudited)

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 Index Fund (the "Fund") which is a diversified series of the Trust.

On June 1, 2022, the Fund began to invest substantially all of its assets directly in a portfolio of securities after restructuring the master-feeder structure under which the Fund invested 100% of its assets in the Allspring Index Portfolio (the "affiliated Master Portfolio"). After the close of business on May 31, 2022, the Fund redeemed its investment in the affiliated Master Portfolio. The Fund received its redemption proceeds in the form of an in-kind distribution of the securities held by the affiliated Master Portfolio along with acquiring the assets and assuming the liabilities of the affiliated Master Portfolio. Immediately after this transaction, the Fund began operating as a stand-alone fund.

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.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange's clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

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30 \| Allspring Index Fund

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Notes to financial statements (unaudited)

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.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains 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 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 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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $352,832,526 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$777768289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(31207580) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains | &nbsp;&nbsp;$746560709 |

---

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

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.

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Allspring Index Fund \| 31

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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of November 30, 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;**Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Communication services* | &nbsp;&nbsp;&nbsp;&nbsp;$80208954 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$80208954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer discretionary* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111854352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111854352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer staples* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75159923 | &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;75159923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Energy* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55118637 | &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;55118637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124933579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124933579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health care* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163748351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163748351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90761706 | &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;90761706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Information technology* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284014116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284014116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Materials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28832821 | &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;28832821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real estate* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28830968 | &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;28830968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Utilities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32212821 | &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;32212821 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22127104 | &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;22127104 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1097803332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097803332 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Futures contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589903 | &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;1589903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$1099393235** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$1099393235** |

---

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day's variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

For the six months ended November 30, 2022, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. Prior to June 1, 2022, since the Fund invested substantially all of its assets in a single affiliated Master Portfolio, the Fund paid Allspring Funds Management an investment management fee only for fund-level administrative services. As compensation for its services under the investment management agreement, Allspring Funds Management is currently entitled to receive a management fee at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Management fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $1 billion | &nbsp;&nbsp;0.150% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $4 billion | &nbsp;&nbsp;0.125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $5 billion | &nbsp;&nbsp;0.090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $10 billion | &nbsp;&nbsp;0.080 |

---

For the six months ended November 30, 2022, the management fee was equivalent to an annual rate of 0.15% of the Fund's average daily net assets.

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Notes to financial statements (unaudited)

Effective June 1, 2022, Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.05% and declining to 0.02% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Class-level <br> administration fee |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of November 30, 2022, the contractual expense caps are as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Expense ratio caps |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;0.25 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2022, Allspring Funds Distributor received $1,005 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2022.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. Administrator Class is charged a fee at an annual rate up to 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

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Notes to financial statements (unaudited)

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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $14,861,611 and $52,843,740, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2022, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $38,255,930 in long futures contracts during the six months ended November 30, 2022.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. 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 six months ended November 30, 2022, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any the information technology sector may be more affected by changes in that the information technology sector than would be a fund whose investments are not heavily weighted in any the information technology sector.

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.

11. FUND STRUCTURE CHANGE

At the February 23-24, 2022 Board meeting, the Board of Trustees approved restructuring the Fund and Allspring Index Portfolio master-feeder structure into a single-level fund structure. After the close of business on May 31, 2022, in connection with this transaction, the Fund redeemed in-kind its entire investment in Allspring Index Portfolio. As a result, the Fund received investments in securities with a value of $1,131,078,831 (cost $321,968,549), cash and cash at broker in the amount of $20,803,889 and $1,678,632 in receivable for dividends. The restructuring of the master-feeder structure did not have any shareholder impact.

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Other information (unaudited)

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 125 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 Endowment (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. 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 | 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, since 2007. 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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[**Table of Contents**](#job_index_e4148699-9cec-47ad-a652-3354c67ffe34_toc)

![](g433363img04ff40e41.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> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

![](g433363img9cb035805.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> **1-800-222-8222** 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-12142022-1lggu2gh 01-23<br> SA283/SAR283 11-22

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![](g389766img68aeaef01.jpg)

Semi-Annual Report

November 30, 2022

Allspring<br> Small Company Growth Fund

------

Contents

---

| | |
|:---|:---|
| **[Letter to shareholders](#xx_5f1af8e6-d0ba-43b3-8594-fba7e83b7ad6_1)<br>**  | 2 |
| **[Performance highlights](#xx_f10b6c81-5d7f-4e04-8ad5-eb92d8cb4f3f_2)<br>**  | 6 |
| **[Fund expenses](#xx_84376a69-41f2-43e0-b325-0d318e790a90_1)<br>**  | 8 |
| **[Allspring Small Company Growth Fund](#xx_5758e6c9-b795-489b-9970-29d184cd18ef_1)** |  |
| **[Portfolio of investments](#xx_5758e6c9-b795-489b-9970-29d184cd18ef_1)<br>**  | 9 |
| **[Financial statements](#xx_a092a565-510f-4411-b119-09d73036f507_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_a092a565-510f-4411-b119-09d73036f507_1)<br>| 10 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_a092a565-510f-4411-b119-09d73036f507_2)<br>| 11 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_a092a565-510f-4411-b119-09d73036f507_3)<br>| 12 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_6d44a5da-25b3-4158-8b08-0c8c0085a44c_1)<br>| 13 |
| **[Notes to financial statements](#xx_4c308a38-b25a-475d-8d6b-b28f75554d3d_1)<br>**  | 18 |
| **[Allspring Small Company Growth Portfolio](#xx_54136642-626b-4d2b-b93a-05e7bc47d347_1)** |  |
| **[Portfolio of investments](#xx_54136642-626b-4d2b-b93a-05e7bc47d347_1)<br>**  | 22 |
| **[Financial statements](#xx_c1851516-8dac-4d7c-a6c3-c5ca61e56ef4_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_c1851516-8dac-4d7c-a6c3-c5ca61e56ef4_1)<br>| 28 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_c1851516-8dac-4d7c-a6c3-c5ca61e56ef4_2)<br>| 29 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_c1851516-8dac-4d7c-a6c3-c5ca61e56ef4_3)<br>| 30 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_618e8ff5-81ec-43b2-8fbc-7f2a3f659824_1)<br>| 31 |
| **[Notes to financial statements](#xx_b55f02c2-3757-44ab-8553-45344ad171be_1)<br>**  | 32 |
| **[Other information](#xx_4ce9d37b-ed86-4f27-9008-b6201f725bd7_1)<br>**  | 37 |

---

The views expressed and any forward-looking statements are as of November 30, 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_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Letter to shareholders (unaudited)

![](g389766imgd20d162b2.gif)

#### Andrew Owen
President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Small Company Growth Fund for the six-month period that ended November 30, 2022. Globally, stocks and bonds experienced heightened volatility and generally negative returns through the challenging period. Non-U.S. securities fared the worst as the global economy faced multiple challenges and the strength of the U.S. dollar eroded already-poor returns of non-U.S.-dollar-denominated assets.

Earlier tailwinds provided by global stimulus programs, vaccination rollouts, and recovering consumer and corporate sentiment were wiped away by the highest rate of inflation in four decades, the impact of ongoing aggressive central bank rate hikes and the prospect of more, plus the global reverberations of the Russia-Ukraine war. The already-significant global supply-chain disruptions were compounded by China's COVID-19 lockdowns.

For the six-month period, both stocks and bonds registered major losses, with even U.S. bonds suffering deep losses and other assets faring worse. For the period, U.S. stocks, based on the S&P 500 Index,<sup>1</sup> lost 0.40%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),<sup>2</sup> returned -5.18%, while the MSCI EM Index (Net) (USD)<sup>3</sup> declined 8.15%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index<sup>4</sup> returned -4.06%, the Bloomberg Global Aggregate ex-USD Index (unhedged)<sup>5</sup> returned -8.22%, the Bloomberg Municipal Bond Index<sup>6</sup> declined 1.43%, and the ICE BofA U.S. High Yield Index<sup>7</sup> fell 2.97%.

Rising inflation and economic fallout from the Russia-Ukraine war drove markets.

In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation. The Federal Reserve (Fed) raised its short-term rate by another 0.75% in June. Meanwhile, the U.S. unemployment rate held firm at 3.6% and the housing market remained only marginally affected by sharply higher mortgage rates.

<sub>"</sub>In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation.<sub>"</sub>

------

<sup>1</sup> The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

<sup>2</sup> The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

<sup>3</sup> The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

<sup>4</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

<sup>5</sup> The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

<sup>6</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.

<sup>7</sup> The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Letter to shareholders (unaudited)

Markets rebounded in July, led by U.S. stocks. While evidence began to point to an economic slowdown after two consecutive quarters of declining gross domestic product (economic contraction), the U.S. labor market remained surprisingly strong: July nonfarm payrolls grew by more than 500,000 and U.S. unemployment dipped to 3.5%. Meanwhile, crude oil and retail gasoline prices, major contributors to recent overall inflation, fell substantially from earlier highs. And while U.S. home prices rose, sales fell as houses became less affordable with mortgage rates at a 13-year high. The Fed raised the federal funds rate another 0.75% in July—to a range of 2.25% to 2.50%—and forecasts pointed to further rate hikes.

August was yet another broadly challenging month for financial markets, with more red ink flowing. High inflation persisted, cresting 9% in the eurozone on an annual basis and remaining above 8% in the U.S. despite the Fed's aggressive monetary policy and a major drop in global crude oil and gasoline prices from their June peak. One positive note was the resilience of the U.S. job market. However, the Fed's job was clearly not complete. One longer-term bright spot was the U.S. Congress's passage of the Inflation Reduction Act. Its primary stated goals include: to reduce inflation (though not immediately) by curbing the deficit, capping health care spending by seniors, and investing in domestic sources of clean energy.

The market misery continued in September. There was nowhere to hide as all asset classes suffered major losses at the hands of persistent inflation. Central banks kept up their battle against rapidly rising prices with more rate hikes. The strength of the U.S. dollar made things even more difficult for investors holding assets in other currencies. U.S. mortgage rates jumped to near 7% on 30-year fixed-rate mortgages; the decreased housing affordability began to cool demand somewhat. The U.K. experienced a sharp sell-off of government bonds and the British pound in September as investors panicked in response to a new government budget that was seen as financially unsound. The market meltdown forced the Bank of England to step in and buy long-dated government bonds.

Equities had a reprieve in October after two months of sharp declines. Value stocks and small caps fared best. Globally, developed markets outpaced emerging market equities, which were hurt by weakness among Chinese stocks. Central banks continued to try to curtail high inflation with aggressive interest rate hikes. Geopolitical risks persisted, including the ongoing Russia-Ukraine war and economic, financial market, and political turmoil in the U.K., which led to a second prime ministerial change in six weeks, as Rishi Sunak replaced Liz Truss in late October. Concerns over Europe's energy crisis eased, for now, thanks to unseasonably warm weather and plentiful gas on hand. The U.S. labor market continued its resilience against rising prices, as unemployment stood at 3.7%, near a record low.

Stocks and bonds rallied in November, with emerging market equities gaining nearly 15% and developed market equities returning 7%. The S&P 500 Index rose 5.6% in November. Bonds also had positive monthly returns. Economic news was encouraging, driven by U.S. labor market strength. Although central banks kept raising rates, expectations grew regarding an impending easing in the pace of rate hikes and a possible end to central bank monetary tightening in 2023. Although inflation remained at record highs in the eurozone, with a 10.6% annual increase in October, Germany's producer prices decreased 4.2% annually, signaling a possible decline in inflationary pressures. Meanwhile, U.S. inflation continued to moderate, with a 7.1% annual price rise in November and a monthly price increase of just 0.1%. China's economic data remained weak, reflecting its zero-COVID-19 policy.

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Allspring Small Company Growth Fund \| 3

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Letter to shareholders (unaudited)

Don't let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

![](g389766imgea70c4da3.jpg)

Andrew Owen<br> President<br> Allspring Funds

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For further information about your fund, contact your investment professional, visit our website at **allspringglobal.com,** or call us directly at **1-800-222-8222**.

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4 \| Allspring Small Company Growth Fund

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Performance highlights (unaudited)

---

| | |
|:---|:---|
| **Investment objective** | The Fund seeks long-term capital appreciation. |
| **Manager** | Allspring Funds Management, LLC |

---

#### Subadviser for the affiliated master portfolio\*
Peregrine Capital Management, LLC

---

| | |
|:---|:---|
| **Portfolio managers** | William A. Grierson, CFA®<sup>‡</sup>, Daniel J. Hagen, CFA®<sup>‡</sup>, Paul E. von Kuster, CFA®<sup>‡</sup>, Ryan H. Smith, CFA®<sup>‡</sup>, Samuel D. Smith, CFA®<sup>‡</sup> |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** |
|  |  | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &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;1 year | &nbsp;&nbsp;5 year | &nbsp;&nbsp;10 year | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Net <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A (WFSAX) | &nbsp;&nbsp;&nbsp;1-30-2004 | &nbsp;&nbsp;-22.04 | &nbsp;&nbsp;5.92 | &nbsp;&nbsp;10.23 | &nbsp;&nbsp;-17.28 | &nbsp;&nbsp;7.18 | &nbsp;&nbsp;10.89 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C (WSMCX) | &nbsp;&nbsp;&nbsp;1-30-2004 | &nbsp;&nbsp;-18.90 | &nbsp;&nbsp;6.41 | &nbsp;&nbsp;10.23 | &nbsp;&nbsp;-17.90 | &nbsp;&nbsp;6.41 | &nbsp;&nbsp;10.23 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 (WSCRX)<sup>3</sup> | 10-31-2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-16.91 | &nbsp;&nbsp;7.65 | &nbsp;&nbsp;11.38 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class (NVSCX) | 11-11-1994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-17.19 | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;11.05 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (WSCGX) | &nbsp;&nbsp;&nbsp;3-31-2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-16.97 | &nbsp;&nbsp;7.57 | &nbsp;&nbsp;11.32 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000® Growth Index<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-20.96 | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;10.24 | &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. Performance shown without sales charges would be lower if sales charges were reflected. 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 on the Fund's website, allspringglobal.com.***

*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.*

*For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class 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 prospectuses. 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> The manager has contractually committed through September 30, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.29% for Class A, 2.04% for Class C, 0.86% for Class R6, 1.19% for Administrator Class, and 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

<sup>3</sup> Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

<sup>4</sup> The Russell 2000<sup>®</sup> Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk. Consult the Fund's prospectus for additional information on these and other risks.

------

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.* |
| *<sup>‡</sup>* | *CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.* |

---

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6 \| Allspring Small Company Growth Fund

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Performance highlights (unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC Incorporated | &nbsp;&nbsp;1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICON plc ADR | &nbsp;&nbsp;1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions Incorporated | &nbsp;&nbsp;1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Game Technology plc | &nbsp;&nbsp;1.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;BRP Group Incorporated Class A | &nbsp;&nbsp;1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR Incorporated | &nbsp;&nbsp;1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASGN Incorporated | &nbsp;&nbsp;1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Box Incorporated Class A | &nbsp;&nbsp;1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avantor Incorporated | &nbsp;&nbsp;1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation | &nbsp;&nbsp;1.30 |

---

<sup>1</sup> Each holding represents the Fund's allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Sector allocation as of November 30, 2022<sup>1</sup>

![](g389766img20de82e14.jpg)

<sup>1</sup> Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. Allocations are subject to change and may have changed since the date specified.

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Allspring Small Company Growth Fund \| 7

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, 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 June 1, 2022 to November 30, 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 and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. 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. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Beginning <br> account value<br> 6-1-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending <br> account value<br> 11-30-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses <br> paid during<br> the period<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Annualized net<br> expense ratio<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$995.47 | &nbsp;&nbsp;&nbsp;&nbsp;$6.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1018.60 | &nbsp;&nbsp;&nbsp;&nbsp;$6.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$992.16 | &nbsp;&nbsp;&nbsp;&nbsp;$10.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1014.84 | &nbsp;&nbsp;&nbsp;&nbsp;$10.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$997.81 | &nbsp;&nbsp;&nbsp;&nbsp;$4.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1020.76 | &nbsp;&nbsp;&nbsp;&nbsp;$4.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Administrator Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$996.17 | &nbsp;&nbsp;&nbsp;&nbsp;$5.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1019.10 | &nbsp;&nbsp;&nbsp;&nbsp;$6.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$997.52 | &nbsp;&nbsp;&nbsp;&nbsp;$4.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1020.36 | &nbsp;&nbsp;&nbsp;&nbsp;$4.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.94% |

---

<sup>1</sup> Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period).

<sup>2</sup> Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

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8 \| Allspring Small Company Growth Fund

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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  |  | **Value** |
| &nbsp;&nbsp;**Investment companies: 100.10%** |  |  |
| &nbsp;&nbsp;**Affiliated master portfolio: 100.10%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Small Company Growth Portfolio |  | **$685131135** |
| &nbsp;&nbsp;**Total Investment companies (Cost $555,083,404)** |  | &nbsp;&nbsp;&nbsp;**685131135** |
| &nbsp;&nbsp;**Total investments in securities (Cost $555,083,404)** | 100.10% | &nbsp;&nbsp;&nbsp;685131135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (700211) |
| &nbsp;&nbsp;**Total net assets** | **100.00%** | **$684430924** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of<br> ownership,<br> beginning<br> of period** | **% of<br> ownership,<br> end of<br> period** | **Net realized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Net <br> change in<br> unrealized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Dividends <br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Affiliated <br> income<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Value, <br> end of<br> period** |
| &nbsp;&nbsp;&nbsp;Allspring Small Company Growth Portfolio | 97.57% | 97.35% | $15615776 | $(20074464) | $1407968 | $199562 | $685131135 |

---

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

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Allspring Small Company Growth Fund \| 9

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Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in affiliated Master Portfolio, at value (cost $555,083,404)<br>| $685131135 |
| &nbsp;&nbsp; Receivable for Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009071 |
| &nbsp;&nbsp; Receivable from manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12092 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21824 |
| **Total assets<br>**  | &nbsp;&nbsp;**686174122** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561035 |
| &nbsp;&nbsp; Administration fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56957 |
| &nbsp;&nbsp; Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 |
| &nbsp;&nbsp; Distribution fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119791 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1743198** |
| **Total net assets<br>**  | **$684430924** |
| **Net assets consist of** |  |
| &nbsp;&nbsp; Paid-in capital<br>| $511128111 |
| &nbsp;&nbsp; Total distributable earnings<br>| &nbsp;&nbsp;173302813 |
| **Total net assets<br>**  | **$684430924** |
| **Computation of net asset value and offering price per share** |  |
| &nbsp;&nbsp; Net assets – Class A<br>| &nbsp;&nbsp;$30314771 |
| &nbsp;&nbsp; Shares outstanding – Class A<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984417 |
| &nbsp;&nbsp; Net asset value per share – Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.79 |
| &nbsp;&nbsp; Maximum offering price per share – Class A<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.67 |
| &nbsp;&nbsp; Net assets – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3878893 |
| &nbsp;&nbsp; Shares outstanding – Class C<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180428 |
| &nbsp;&nbsp; Net asset value per share – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.50 |
| &nbsp;&nbsp; Net assets – Class R6<br>| $222512206 |
| &nbsp;&nbsp; Shares outstanding – Class R6<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100127 |
| &nbsp;&nbsp; Net asset value per share – Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.48 |
| &nbsp;&nbsp; Net assets – Administrator Class<br>| &nbsp;&nbsp;$41867449 |
| &nbsp;&nbsp; Shares outstanding – Administrator Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239018 |
| &nbsp;&nbsp; Net asset value per share – Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.79 |
| &nbsp;&nbsp; Net assets – Institutional Class<br>| $385857605 |
| &nbsp;&nbsp; Shares outstanding – Institutional Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;10674525 |
| &nbsp;&nbsp;Net asset value per share – Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.15 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

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10 \| Allspring Small Company Growth Fund

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $2,321)<br>| &nbsp;&nbsp;&nbsp;$1407968 |
| &nbsp;&nbsp; Affiliated income allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199562 |
| &nbsp;&nbsp; Expenses allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;(2971812) |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;**(1364282)** |
| **Expenses** |  |
| &nbsp;&nbsp; Management fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180972 |
| &nbsp;&nbsp;Administration fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276306 |
| &nbsp;&nbsp;Shareholder servicing fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52016 |
| &nbsp;&nbsp;Distribution fee |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16194 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15781 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22148 |
| &nbsp;&nbsp; Registration fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20172 |
| &nbsp;&nbsp; Shareholder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39311 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4881 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**783033** |
| &nbsp;&nbsp;Less: Fee waivers and/or expense reimbursements |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund-level<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84785) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**474817** |
| **Net investment loss<br>**  | &nbsp;&nbsp;&nbsp;**(1839099)** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized gains on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;15615776 |
| Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;(20074464) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;&nbsp;**(4458688)** |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;**$(6297787)** |

---

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

------

Allspring Small Company Growth Fund \| 11

------

[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp; Net investment loss<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;$(1839099) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5624754) |
| &nbsp;&nbsp; Net realized gains on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15615776 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234292155 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20074464) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380610924) |
| **Net decrease in net assets resulting from operations<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6297787)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(151943523)** |
| **Distributions to shareholders from** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>|  | &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;&nbsp;&nbsp;(25935297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;(5561323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>|  | &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;(100466883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>|  | &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;&nbsp;&nbsp;(21521432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>|  | &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;(248029970) |
| **Total distributions to shareholders<br>**  |  | &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;**(401514905)** |
| **Capital share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33843292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4393866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;407222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14551671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41916286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6666051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| 2011044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71486249 | &nbsp;&nbsp;&nbsp;8331378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426789587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92072909 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513609082 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;643072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23980172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;206792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;2119772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93248751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;525535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21483861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;3043545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132759448 |
|  |  | &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;&nbsp;276894311 |
| &nbsp;&nbsp;&nbsp;Payment for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;(461880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13491237) | &nbsp;&nbsp;&nbsp;&nbsp;(611917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25389359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;(97881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2042843) | &nbsp;&nbsp;&nbsp;&nbsp;(200817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6158661) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;(474998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17210554) | &nbsp;&nbsp;(2783941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175259458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;(101443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3391397) | &nbsp;&nbsp;&nbsp;&nbsp;(366235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17779520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| (5000160) | &nbsp;&nbsp;&nbsp;&nbsp;(175965807) | &nbsp;&nbsp;(9833729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544346151) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;(212101838) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(768933149) |
| **Net increase (decrease) in net assets resulting from capital share transactions<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(120028929)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21570244** |
| **Total decrease in net assets<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(126326716)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(531888184)** |
| **Net assets** |  |  |  |  |
| **Beginning of period<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**810757640** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1342645824** |
| **End of period<br>**  |  | &nbsp;&nbsp;**$684430924** |  | &nbsp;&nbsp;&nbsp;**$810757640** |

---

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

------

12 \| Allspring Small Company Growth Fund

------

[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class A** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$30.93** | &nbsp;&nbsp;&nbsp;&nbsp;**$61.44** | &nbsp;&nbsp;&nbsp;&nbsp;**$46.62** | &nbsp;&nbsp;&nbsp;&nbsp;**$48.98** | &nbsp;&nbsp;&nbsp;&nbsp;**$56.66** | &nbsp;&nbsp;&nbsp;&nbsp;**$44.26** |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.13) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.40 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(24.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;**$30.79** | &nbsp;&nbsp;&nbsp;&nbsp;**$30.93** | &nbsp;&nbsp;&nbsp;&nbsp;**$61.44** | &nbsp;&nbsp;&nbsp;&nbsp;**$46.62** | &nbsp;&nbsp;&nbsp;&nbsp;**$48.98** | &nbsp;&nbsp;&nbsp;&nbsp;**$56.66** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(0.45)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(16.59)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.84%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.13)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.02%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.84)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $30315 | &nbsp;&nbsp;$41795 | &nbsp;&nbsp;$44249 | &nbsp;&nbsp;$36534 | &nbsp;&nbsp;$64182 | &nbsp;&nbsp;$76065 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |
| Year ended May 31, 2019 | 0.78% |
| Year ended May 31, 2018 | 0.78% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring Small Company Growth Fund \| 13

------

[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| **Class C** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Net asset value, beginning of period<br>**  | **$21.67** | &nbsp;&nbsp;**$50.65** | &nbsp;&nbsp;**$39.84** | &nbsp;&nbsp;**$42.75** | &nbsp;&nbsp;&nbsp;&nbsp;**$50.38** | &nbsp;&nbsp;&nbsp;&nbsp;**$39.65** |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;(0.17) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3.89) | &nbsp;&nbsp;&nbsp;&nbsp;20.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.37 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(4.49) | &nbsp;&nbsp;&nbsp;&nbsp;19.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.73 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;(24.49) | &nbsp;&nbsp;&nbsp;&nbsp;(8.98) | &nbsp;&nbsp;&nbsp;&nbsp;(4.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | **$21.50** | &nbsp;&nbsp;**$21.67** | &nbsp;&nbsp;**$50.65** | &nbsp;&nbsp;**$39.84** | &nbsp;&nbsp;&nbsp;&nbsp;**$42.75** | &nbsp;&nbsp;&nbsp;&nbsp;**$50.38** |
| &nbsp;&nbsp; **Total return<sup>3</sup><br>**  | &nbsp;&nbsp;&nbsp;**(0.78)%** | &nbsp;&nbsp;&nbsp;**(17.25)%** | &nbsp;&nbsp;&nbsp;&nbsp;**52.86%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.92%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.82)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.06%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;(1.61)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.71)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.60)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.44)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.38)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $3879 | &nbsp;&nbsp;$6018 | &nbsp;&nbsp;$9235 | &nbsp;&nbsp;$9336 | &nbsp;&nbsp;$13968 | &nbsp;&nbsp;$19979 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |
| Year ended May 31, 2019 | 0.78% |
| Year ended May 31, 2018 | 0.78% |

---

<sup>1</sup> Calculated based upon average shares outstanding

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

<sup>3</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

14 \| Allspring Small Company Growth Fund

------

[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class R6** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$36.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$67.95** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50.64** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$52.65** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$60.31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$46.91** |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.54 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.40 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$36.48** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$36.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$67.95** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50.64** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$52.65** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$60.31** |
| &nbsp;&nbsp; **Total return<sup>3</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.22)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.24)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.12%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.73)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.59%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $222512 | &nbsp;&nbsp;$225464 | &nbsp;&nbsp;$407311 | &nbsp;&nbsp;$462050 | &nbsp;&nbsp;$564516 | &nbsp;&nbsp;$618523 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |
| Year ended May 31, 2019 | 0.78% |
| Year ended May 31, 2018 | 0.78% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<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> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring Small Company Growth Fund \| 15

------

[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Administrator Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$33.92** | &nbsp;&nbsp;&nbsp;&nbsp;**$64.98** | &nbsp;&nbsp;&nbsp;&nbsp;**$48.87** | &nbsp;&nbsp;&nbsp;&nbsp;**$51.10** | &nbsp;&nbsp;&nbsp;&nbsp;**$58.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$45.91** |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.12) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.94 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(24.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;**$33.79** | &nbsp;&nbsp;&nbsp;&nbsp;**$33.92** | &nbsp;&nbsp;&nbsp;&nbsp;**$64.98** | &nbsp;&nbsp;&nbsp;&nbsp;**$48.87** | &nbsp;&nbsp;&nbsp;&nbsp;**$51.10** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$58.85** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(0.38)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(16.52)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.02%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.80%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.02)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.19%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.74)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $41867 | &nbsp;&nbsp;$42317 | &nbsp;&nbsp;$62092 | &nbsp;&nbsp;$55917 | &nbsp;&nbsp;$87850 | &nbsp;&nbsp;$114429 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |
| Year ended May 31, 2019 | 0.78% |
| Year ended May 31, 2018 | 0.78% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

16 \| Allspring Small Company Growth Fund

------

[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Institutional Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$36.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$67.62** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$52.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$60.20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$46.85** |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.54 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.35 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$36.15** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$36.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$67.62** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$52.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$60.20** |
| &nbsp;&nbsp; **Total return<sup>3</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.25)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.31)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.07%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.77)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.50%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $385858 | &nbsp;&nbsp;$495163 | &nbsp;&nbsp;$819760 | &nbsp;&nbsp;$793581 | &nbsp;&nbsp;$1047883 | &nbsp;&nbsp;$1169555 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |
| Year ended May 31, 2019 | 0.78% |
| Year ended May 31, 2018 | 0.78% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<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> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring Small Company Growth Fund \| 17

------

[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Notes to financial statements (unaudited)

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 Small Company Growth Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Small Company Growth Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2022, the Fund owned 97.35% of Allspring Small Company Growth Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2022 are included in this report and should be read in conjunction with the Fund's financial statements.

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.

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily. Securities held in the affiliated Master Portfolio are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolio, which are included elsewhere in this report.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC, 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.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade date basis. The Fund records daily its proportionate share of the affiliated Master Portfolio's income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains 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 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 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.

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Notes to financial statements (unaudited)

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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $567,057,911 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$118073224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &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;Net unrealized gains | &nbsp;&nbsp;$118073224 |

---

As of May 31, 2022, the Fund had current year deferred post-October capital losses consisting of $2,440,321 in short-term capital losses which was recognized in the first day of the current fiscal year.

As of May 31, 2022, the Fund had a qualified late-year ordinary loss of $2,059,048 which was recognized on the first day of the current fiscal year.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2022, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Master Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment objective | &nbsp;&nbsp;Fair value of affiliated<br> Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;**Allspring Small Company Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seek long-term capital appreciation | &nbsp;&nbsp;$685131135 |

---

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Management fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $5 billion | &nbsp;&nbsp;0.050% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $5 billion | &nbsp;&nbsp;0.040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $10 billion | &nbsp;&nbsp;0.030 |

---

For the six months ended November 30, 2022, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

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Notes to financial statements (unaudited)

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Class-level <br> administration fee |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of November 30, 2022, the contractual expense caps are as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Expense ratio caps |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.94 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2022, Allspring Funds Distributor received $300 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2022.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

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Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $128,034,524 and $234,808,285, 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 six months ended November 30, 2022, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector. As of the end of the period, the affiliated Master Portfolio concentrated its portfolio in investments related to the health care sector.

8. 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.

9. 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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Portfolio of investments—November 30, 2022

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---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Common stocks: 96.77%** |  |  |
| &nbsp;&nbsp;**Communication services: 0.30%** |  |  |
| &nbsp;&nbsp;**Entertainment: 0.30%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lions Gate Entertainment Class B † | &nbsp;&nbsp;&nbsp; 295627 | &nbsp;&nbsp;**$2104864** |
| &nbsp;&nbsp;**Consumer discretionary: 9.04%** |  |  |
| &nbsp;&nbsp;**Auto components: 0.78%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Factory Holding Corporation † | &nbsp;&nbsp;&nbsp; 51799 | &nbsp;&nbsp;&nbsp;&nbsp; **5495874** |
| &nbsp;&nbsp;**Hotels, restaurants & leisure: 2.24%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Game Technology plc | &nbsp;&nbsp;&nbsp; 412097 | &nbsp;&nbsp;&nbsp;&nbsp; 10112860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Papa John's International Incorporated | &nbsp;&nbsp;&nbsp; 67847 | &nbsp;&nbsp;&nbsp;&nbsp; 5648941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15761801** |
| &nbsp;&nbsp;**Household durables: 1.41%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyline Champion Corporation † | &nbsp;&nbsp;&nbsp; 117794 | &nbsp;&nbsp;&nbsp;&nbsp; 6124110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonos Incorporated † | &nbsp;&nbsp;&nbsp; 215820 | &nbsp;&nbsp;&nbsp;&nbsp; 3783325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9907435** |
| &nbsp;&nbsp;**Leisure products: 0.76%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callaway Golf Company † | &nbsp;&nbsp;&nbsp; 255035 | &nbsp;&nbsp;&nbsp;&nbsp; **5342983** |
| &nbsp;&nbsp;**Multiline retail: 0.87%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Incorporated † | &nbsp;&nbsp;&nbsp; 100450 | &nbsp;&nbsp;&nbsp;&nbsp; **6117405** |
| &nbsp;&nbsp;**Specialty retail: 2.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors Corporation | &nbsp;&nbsp;&nbsp; 139238 | &nbsp;&nbsp;&nbsp;&nbsp; 7028730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores Incorporated † | &nbsp;&nbsp;&nbsp; 24305 | &nbsp;&nbsp;&nbsp;&nbsp; 4756002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Below Incorporated † | &nbsp;&nbsp;&nbsp; 38726 | &nbsp;&nbsp;&nbsp;&nbsp; 6229464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monro Muffler Brake Incorporated | &nbsp;&nbsp;&nbsp; 65066 | &nbsp;&nbsp;&nbsp;&nbsp; 2958551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20972747** |
| &nbsp;&nbsp;**Consumer staples: 4.40%** |  |  |
| &nbsp;&nbsp;**Food & staples retailing: 1.22%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Company † | &nbsp;&nbsp;&nbsp;140490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8567080** |
| &nbsp;&nbsp;**Food products: 1.94%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings Incorporated | &nbsp;&nbsp;&nbsp;87929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7641030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TreeHouse Foods Incorporated † | &nbsp;&nbsp;&nbsp;122480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6054186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13695216** |
| &nbsp;&nbsp;**Personal products: 1.24%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.l.f. Beauty Incorporated † | &nbsp;&nbsp;&nbsp;158746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8724680** |
| &nbsp;&nbsp;**Energy: 2.19%** |  |  |
| &nbsp;&nbsp;**Energy equipment & services: 0.74%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ChampionX Corporation | &nbsp;&nbsp;&nbsp;168700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5202708** |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 1.45%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callon Petroleum Company † | &nbsp;&nbsp;&nbsp;117243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ranger Oil Corporation Class A | &nbsp;&nbsp;&nbsp;120909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5268005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10182832** |

---

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

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Portfolio of investments—November 30, 2022

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---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Financials: 8.65%** |  |  |
| &nbsp;&nbsp;**Banks: 0.93%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triumph Bancorp Incorporated † | &nbsp;&nbsp;&nbsp; 108941 | &nbsp;&nbsp;**$6510314** |
| &nbsp;&nbsp;**Capital markets: 3.41%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore Partners Incorporated Class A | &nbsp;&nbsp;&nbsp; 53332 | &nbsp;&nbsp;&nbsp;&nbsp; 6142780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners Class A † | &nbsp;&nbsp;&nbsp; 123225 | &nbsp;&nbsp;&nbsp;&nbsp; 4702266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corporation | &nbsp;&nbsp;&nbsp; 137183 | &nbsp;&nbsp;&nbsp;&nbsp; 8814008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtu Financial Incorporated Class A | &nbsp;&nbsp;&nbsp; 196397 | &nbsp;&nbsp;&nbsp;&nbsp; 4356085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **24015139** |
| &nbsp;&nbsp;**Insurance: 3.40%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRP Group Incorporated Class A † | &nbsp;&nbsp;&nbsp; 333078 | &nbsp;&nbsp;&nbsp;&nbsp; 10005663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings Incorporated † | &nbsp;&nbsp;&nbsp; 90437 | &nbsp;&nbsp;&nbsp;&nbsp; 5674017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan Specialty Group Holdings Incorporated † | &nbsp;&nbsp;&nbsp; 205513 | &nbsp;&nbsp;&nbsp;&nbsp; 8278064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **23957744** |
| &nbsp;&nbsp;**Thrifts & mortgage finance: 0.91%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group Limited | &nbsp;&nbsp;&nbsp; 159167 | &nbsp;&nbsp;&nbsp;&nbsp; **6381005** |
| &nbsp;&nbsp;**Health care: 26.14%** |  |  |
| &nbsp;&nbsp;**Biotechnology: 5.71%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics Incorporated † | &nbsp;&nbsp;&nbsp; 451568 | &nbsp;&nbsp;&nbsp;&nbsp; 5463973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avid Bioservices Incorporated † | &nbsp;&nbsp;&nbsp; 225801 | &nbsp;&nbsp;&nbsp;&nbsp; 3536044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines Corporation † | &nbsp;&nbsp;&nbsp; 74080 | &nbsp;&nbsp;&nbsp;&nbsp; 3540283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cytokinetics Incorporated † | &nbsp;&nbsp;&nbsp; 100959 | &nbsp;&nbsp;&nbsp;&nbsp; 4290758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed Incorporated † | &nbsp;&nbsp;&nbsp; 203208 | &nbsp;&nbsp;&nbsp;&nbsp; 3757316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Incorporated † | &nbsp;&nbsp;&nbsp; 76175 | &nbsp;&nbsp;&nbsp;&nbsp; 3107178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iovance Biotherapeutics Incorporated † | &nbsp;&nbsp;&nbsp;168999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences Incorporated † | &nbsp;&nbsp;&nbsp;39306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics Incorporated † | &nbsp;&nbsp;&nbsp;41694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springworks Therapeutics Incorporated † | &nbsp;&nbsp;&nbsp;95147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical Incorporated † | &nbsp;&nbsp;&nbsp;83394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40219662** |
| &nbsp;&nbsp;**Health care equipment & supplies: 8.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atricure Incorporated † | &nbsp;&nbsp;&nbsp;90835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axonics Incorporated † | &nbsp;&nbsp;&nbsp;113160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7749197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioLife Solutions Incorporated † | &nbsp;&nbsp;&nbsp;165211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conmed Corporation | &nbsp;&nbsp;&nbsp;65651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5439185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corporation † | &nbsp;&nbsp;&nbsp;66528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corporation † | &nbsp;&nbsp;&nbsp;72568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6190776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iRhythm Technologies Incorporated † | &nbsp;&nbsp;&nbsp;46206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novocure Limited † | &nbsp;&nbsp;&nbsp;19108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicell Incorporated † | &nbsp;&nbsp;&nbsp;96844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silk Road Medical Incorporated † | &nbsp;&nbsp;&nbsp;169241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9012083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tandem Diabetes Care Incorporated † | &nbsp;&nbsp;&nbsp;106936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4496659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group Incorporated † | &nbsp;&nbsp;&nbsp;77884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4818683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ViewRay Incorporated † | &nbsp;&nbsp;&nbsp;673254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63190978** |
| &nbsp;&nbsp;**Health care providers & services: 3.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMN Healthcare Services Incorporated † | &nbsp;&nbsp;&nbsp;56148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6945508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity Incorporated † | &nbsp;&nbsp;&nbsp;97939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Street Health Incorporated † | &nbsp;&nbsp;&nbsp;143035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092417 |

---

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

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Portfolio of investments—November 30, 2022

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---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Health care providers & services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privia Health Group Incorporated † | &nbsp;&nbsp;&nbsp; 153885 | &nbsp;&nbsp;$3682468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Physical Therapy Incorporated | &nbsp;&nbsp;&nbsp; 48468 | &nbsp;&nbsp;&nbsp;&nbsp; 4188120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **24125681** |
| &nbsp;&nbsp;**Health care technology: 2.51%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allscripts Healthcare Solutions Incorporated † | &nbsp;&nbsp;&nbsp; 347818 | &nbsp;&nbsp;&nbsp;&nbsp; 6587673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolent Health Incorporated Class A † | &nbsp;&nbsp;&nbsp; 195616 | &nbsp;&nbsp;&nbsp;&nbsp; 5631785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia Incorporated † | &nbsp;&nbsp;&nbsp; 196039 | &nbsp;&nbsp;&nbsp;&nbsp; 5453805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17673263** |
| &nbsp;&nbsp;**Life sciences tools & services: 4.32%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corporation † | &nbsp;&nbsp;&nbsp; 152326 | &nbsp;&nbsp;&nbsp;&nbsp; 1337422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor Incorporated † | &nbsp;&nbsp;&nbsp; 410675 | &nbsp;&nbsp;&nbsp;&nbsp; 9149839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azenta Incorporated | &nbsp;&nbsp;&nbsp; 67226 | &nbsp;&nbsp;&nbsp;&nbsp; 4047677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON plc ADR † | &nbsp;&nbsp;&nbsp; 53934 | &nbsp;&nbsp;&nbsp;&nbsp; 11619541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syneos Health Incorporated † | &nbsp;&nbsp;&nbsp; 121318 | &nbsp;&nbsp;&nbsp;&nbsp; 4280099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **30434578** |
| &nbsp;&nbsp;**Pharmaceuticals: 1.19%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics Incorporated †« | &nbsp;&nbsp;&nbsp; 59302 | &nbsp;&nbsp;&nbsp;&nbsp; 4286942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacira Biosciences Incorporated † | &nbsp;&nbsp;&nbsp; 84072 | &nbsp;&nbsp;&nbsp;&nbsp; 4056474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8343416** |
| &nbsp;&nbsp;**Industrials: 20.08%** |  |  |
| &nbsp;&nbsp;**Aerospace & defense: 1.39%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions Incorporated † | &nbsp;&nbsp;&nbsp; 428383 | &nbsp;&nbsp;&nbsp;&nbsp; 4078206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems Incorporated † | &nbsp;&nbsp;&nbsp; 112264 | &nbsp;&nbsp;&nbsp;&nbsp; 5705256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9783462** |
| &nbsp;&nbsp;**Air freight & logistics: 0.59%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics Incorporated † | &nbsp;&nbsp;&nbsp;89118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4176069** |
| &nbsp;&nbsp;**Building products: 3.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems Incorporated | &nbsp;&nbsp;&nbsp;66966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masonite International Corporation † | &nbsp;&nbsp;&nbsp;83065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6252303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AZEK Company Incorporated † | &nbsp;&nbsp;&nbsp;191825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Water Solutions Corporation | &nbsp;&nbsp;&nbsp;200349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21325761** |
| &nbsp;&nbsp;**Commercial services & supplies: 0.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAA Incorporated † | &nbsp;&nbsp;&nbsp;93427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Auction Services Incorporated † | &nbsp;&nbsp;&nbsp;245679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6866996** |
| &nbsp;&nbsp;**Construction & engineering: 0.82%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries Incorporated † | &nbsp;&nbsp;&nbsp;62927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5735167** |
| &nbsp;&nbsp;**Electrical equipment: 1.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore Incorporated † | &nbsp;&nbsp;&nbsp;50458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6163445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vicor Corporation † | &nbsp;&nbsp;&nbsp;79326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10446256** |
| &nbsp;&nbsp;**Machinery: 2.56%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries Incorporated † | &nbsp;&nbsp;&nbsp;36402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5205122 |

---

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

------

24 \| Allspring Small Company Growth Portfolio

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Portfolio of investments—November 30, 2022

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Machinery (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 106485 | &nbsp;&nbsp;$7123847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wabash National Corporation | &nbsp;&nbsp;&nbsp; 227895 | &nbsp;&nbsp;&nbsp;&nbsp; 5713328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **18042297** |
| &nbsp;&nbsp;**Professional services: 6.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN Incorporated † | &nbsp;&nbsp;&nbsp; 105854 | &nbsp;&nbsp;&nbsp;&nbsp; 9590372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarivate plc † | &nbsp;&nbsp;&nbsp; 309552 | &nbsp;&nbsp;&nbsp;&nbsp; 3030514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTI Consulting Incorporated † | &nbsp;&nbsp;&nbsp; 49422 | &nbsp;&nbsp;&nbsp;&nbsp; 8541110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICF International Incorporated | &nbsp;&nbsp;&nbsp; 68715 | &nbsp;&nbsp;&nbsp;&nbsp; 7446645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR Incorporated | &nbsp;&nbsp;&nbsp; 191884 | &nbsp;&nbsp;&nbsp;&nbsp; 9914646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Check Corporation † | &nbsp;&nbsp;&nbsp; 275201 | &nbsp;&nbsp;&nbsp;&nbsp; 4001423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **42524710** |
| &nbsp;&nbsp;**Road & rail: 1.64%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Incorporated | &nbsp;&nbsp;&nbsp; 107610 | &nbsp;&nbsp;&nbsp;&nbsp; 5964822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider National Incorporated Class B | &nbsp;&nbsp;&nbsp; 215301 | &nbsp;&nbsp;&nbsp;&nbsp; 5546154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11510976** |
| &nbsp;&nbsp;**Trading companies & distributors: 1.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | &nbsp;&nbsp;&nbsp; 70866 | &nbsp;&nbsp;&nbsp;&nbsp; 5246919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main Incorporated † | &nbsp;&nbsp;&nbsp; 273286 | &nbsp;&nbsp;&nbsp;&nbsp; 5684349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10931268** |
| &nbsp;&nbsp;**Information technology: 22.07%** |  |  |
| &nbsp;&nbsp;**Communications equipment: 2.10%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation † | &nbsp;&nbsp;&nbsp; 202611 | &nbsp;&nbsp;&nbsp;&nbsp; 9109391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings Incorporated † | &nbsp;&nbsp;&nbsp; 102972 | &nbsp;&nbsp;&nbsp;&nbsp; 5657282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14766673** |
| &nbsp;&nbsp;**Electronic equipment, instruments & components: 1.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron Incorporated † | &nbsp;&nbsp;&nbsp;86834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4617832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Technology Corporation †« | &nbsp;&nbsp;&nbsp;106664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7217234** |
| &nbsp;&nbsp;**IT services: 2.81%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Incorporated | &nbsp;&nbsp;&nbsp;155609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation † | &nbsp;&nbsp;&nbsp;370875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX Incorporated † | &nbsp;&nbsp;&nbsp;32689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5529017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19772926** |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment: 3.13%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FormFactor Incorporated † | &nbsp;&nbsp;&nbsp;107755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation Incorporated † | &nbsp;&nbsp;&nbsp;70949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5672373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology Corporation ADR | &nbsp;&nbsp;&nbsp;70664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4458898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics Incorporated † | &nbsp;&nbsp;&nbsp;41625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne Incorporated | &nbsp;&nbsp;&nbsp;53311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22010093** |
| &nbsp;&nbsp;**Software: 13.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Knight Incorporated † | &nbsp;&nbsp;&nbsp;143074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box Incorporated Class A † | &nbsp;&nbsp;&nbsp;344799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9464733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Limited † | &nbsp;&nbsp;&nbsp;48763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7269100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubleverify Holdings Incorporated † | &nbsp;&nbsp;&nbsp;185155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HashiCorp Incorporated Class A †« | &nbsp;&nbsp;&nbsp;185092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053012 |

---

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

------

Allspring Small Company Growth Portfolio \| 25

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Portfolio of investments—November 30, 2022

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamf Holding Corporation † | &nbsp;&nbsp;&nbsp; 288034 | &nbsp;&nbsp;$6129364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JFrog Limited † | &nbsp;&nbsp;&nbsp; 284218 | &nbsp;&nbsp;&nbsp;&nbsp; 6247112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LiveRamp Holdings Incorporated † | &nbsp;&nbsp;&nbsp; 157008 | &nbsp;&nbsp;&nbsp;&nbsp; 3447896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutanix Incorporated Class A † | &nbsp;&nbsp;&nbsp; 225158 | &nbsp;&nbsp;&nbsp;&nbsp; 6362965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagerduty Incorporated † | &nbsp;&nbsp;&nbsp; 338580 | &nbsp;&nbsp;&nbsp;&nbsp; 7530019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC Incorporated † | &nbsp;&nbsp;&nbsp; 93960 | &nbsp;&nbsp;&nbsp;&nbsp; 11952652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprout Social Incorporated Class A † | &nbsp;&nbsp;&nbsp; 115286 | &nbsp;&nbsp;&nbsp;&nbsp; 6836460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems Incorporated † | &nbsp;&nbsp;&nbsp; 208473 | &nbsp;&nbsp;&nbsp;&nbsp; 4427967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zuora Incorporated † | &nbsp;&nbsp;&nbsp; 405025 | &nbsp;&nbsp;&nbsp;&nbsp; 3110592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **91552090** |
| &nbsp;&nbsp;**Materials: 3.15%** |  |  |
| &nbsp;&nbsp;**Chemicals: 2.28%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Solutions Incorporated | &nbsp;&nbsp;&nbsp; 533075 | &nbsp;&nbsp;&nbsp;&nbsp; 10426947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Engineered Carbons SA | &nbsp;&nbsp;&nbsp; 298542 | &nbsp;&nbsp;&nbsp;&nbsp; 5606619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16033566** |
| &nbsp;&nbsp;**Metals & mining: 0.87%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics Incorporated | &nbsp;&nbsp;&nbsp; 59378 | &nbsp;&nbsp;&nbsp;&nbsp; **6171156** |
| &nbsp;&nbsp;**Real estate: 0.75%** |  |  |
| &nbsp;&nbsp;**Equity REITs: 0.75%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties Incorporated | &nbsp;&nbsp;&nbsp; 57639 | &nbsp;&nbsp;&nbsp;&nbsp; **5275698** |
| &nbsp;&nbsp;**Total Common stocks (Cost $500,262,108)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**681069803** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** |  |  |
| &nbsp;&nbsp;**Short-term investments: 4.56%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 4.56%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠∞ |  | 3.60% | &nbsp;&nbsp;&nbsp;23643529 | &nbsp;&nbsp;&nbsp;&nbsp; 23643529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC ♠∩∞ |  | 3.90 | &nbsp;&nbsp;&nbsp; 8469457 | &nbsp;&nbsp;&nbsp;&nbsp; 8469457 |
| &nbsp;&nbsp;**Total Short-term investments (Cost $32,112,719)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **32112986** |
| &nbsp;&nbsp;**Total investments in securities (Cost $532,374,827)** | 101.33% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;713182789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;(1.33) |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (9386884) |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$703795905** |

---

---

| |
|:---|
| Non-income-earning security |
| All or a portion of this security is on loan. |
| The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
| The rate represents the 7-day annualized yield at period end. |

---

Abbreviations: <br> ADR American depositary receipt <br> REIT Real estate investment trust

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

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26 \| Allspring Small Company Growth Portfolio

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Portfolio of investments—November 30, 2022

#### Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Government Money Market Fund Select Class | $32660804 | $122172537 | $(131189812) | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | $23643529 | 23643529 | $195137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC | &nbsp;&nbsp;&nbsp;&nbsp;2594900 | &nbsp;&nbsp;&nbsp;&nbsp;66267816 | &nbsp;&nbsp;&nbsp;&nbsp;(60393698) | &nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8469457 | &nbsp;&nbsp;&nbsp;8469457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57836 <sup>#</sup> |
|  |  |  |  | **$172** | **$267** | **$32112986** |  | **$252973** |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Amount shown represents income before fees and rebates. |

---

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

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Allspring Small Company Growth Portfolio \| 27

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities (including $8,266,299 of securities loaned), at value (cost $500,262,108)<br>| $681069803 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $32,112,719)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32112986 |
| &nbsp;&nbsp; Receivable for dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512597 |
| &nbsp;&nbsp; Receivable for securities lending income, net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29751 |
| **Total assets<br>**  | &nbsp;&nbsp;**713726493** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable upon receipt of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8469018 |
| &nbsp;&nbsp; Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931990 |
| &nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453527 |
| &nbsp;&nbsp; Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74734 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9930588** |
| **Total net assets<br>**  | **$703795905** |

---

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

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28 \| Allspring Small Company Growth Portfolio

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends (net of foreign withholdings taxes of $2,381)<br>| &nbsp;&nbsp;&nbsp;$1445303 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204833 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**1650136** |
| **Expenses** |  |
| &nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;2941240 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31295 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34742 |
| &nbsp;&nbsp; Interest holder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11045 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20808 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**3050009** |
| **Net investment loss<br>**  | &nbsp;&nbsp;&nbsp;**(1399873)** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized gains on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;16042953 |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 |
| Net realized gains on investments<br>| &nbsp;&nbsp;&nbsp;16043125 |
| Net change in unrealized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;(20449223) |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;(20448956) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;&nbsp;**(4405831)** |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;**$(5805704)** |

---

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

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Allspring Small Company Growth Portfolio \| 29

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Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |
| &nbsp;&nbsp; Net investment loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(1399873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4263313) |
| &nbsp;&nbsp; Net realized gains on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;16043125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238329906 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(20448956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388267734) |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5805704)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(154201141)** |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Transactions in investors' beneficial interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;17814945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222703095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals<br>| &nbsp;&nbsp;(137473434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617532776) |
| **Net decrease in net assets resulting from capital transactions<br>**  | &nbsp;&nbsp;**(119658489)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(394829681)** |
| **Total decrease in net assets<br>**  | &nbsp;&nbsp;**(125464193)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(549030822)** |
| **Net assets** |  |  |
| **Beginning of period<br>**  | &nbsp;&nbsp;&nbsp;**829260098** | &nbsp;&nbsp;&nbsp;&nbsp;**1378290920** |
| **End of period<br>**  | **$703795905** | &nbsp;&nbsp;&nbsp;**$829260098** |

---

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

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30 \| Allspring Small Company Growth Portfolio

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Total return<sup>1</sup><br>**  | **(0.23)%** | &nbsp;&nbsp;**(16.28)%** | &nbsp;&nbsp;**54.64%** | &nbsp;&nbsp;&nbsp;**4.08%** | &nbsp;&nbsp;**(5.64)%** | &nbsp;&nbsp;**28.74%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| 0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| 0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<br>| (0.38)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.42)% | &nbsp;&nbsp;&nbsp;(0.34)% | &nbsp;&nbsp;(0.16)% | &nbsp;&nbsp;&nbsp;(0.09)% | &nbsp;&nbsp;&nbsp;(0.18)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |

---

<sup>1</sup> Returns for periods of less than one year are not annualized.

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

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Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master 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 Small Company Growth Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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.

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Notes to financial statements (unaudited)

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio'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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $532,374,827 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$237991923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(57183961) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains | &nbsp;&nbsp;$180807962 |

---

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 Portfolio'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 Portfolio'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 Portfolio'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.

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of November 30, 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;**Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Communication services* | &nbsp;&nbsp;&nbsp;&nbsp;$2104864 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$2104864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer discretionary* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63598245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63598245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer staples* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30986976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30986976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Energy* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15385540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15385540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60864202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60864202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health care* | &nbsp;&nbsp;&nbsp;&nbsp;183987578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183987578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrials* | &nbsp;&nbsp;&nbsp;&nbsp;141342962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141342962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Information technology* | &nbsp;&nbsp;&nbsp;&nbsp;155319016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155319016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Materials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22204722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22204722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real estate* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275698 |
| &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;&nbsp;&nbsp;&nbsp;32112986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32112986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$713182789** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$713182789** |

---

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

For the six months ended November 30, 2022, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory 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 adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Advisory fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $500 million | &nbsp;&nbsp;0.800% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $500 million | &nbsp;&nbsp;0.775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $1 billion | &nbsp;&nbsp;0.750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $1 billion | &nbsp;&nbsp;0.725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $1 billion | &nbsp;&nbsp;0.700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $4 billion | &nbsp;&nbsp;0.680 |

---

For the six months ended November 30, 2022, the advisory fee was equivalent to an annual rate of 0.79% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Peregrine Capital Management, LLC, which is not an affiliate of Allspring Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate of 0.38% of the Portfolio's average daily net assets.

Interfund transactions

The Portfolio 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.

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Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $131,522,521 and $241,205,079, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2022, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;Value of<br> securities on<br> loan | &nbsp;&nbsp;&nbsp;&nbsp;Collateral <br> received<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Net amount |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital Incorporated | &nbsp;&nbsp;&nbsp;$793408 | &nbsp;&nbsp;&nbsp;&nbsp;$(793408) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;1367212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1367212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;1109284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1109284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Company LLC | &nbsp;&nbsp;&nbsp;&nbsp;3581459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3581459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Financial Services LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scotia Capital (USA) Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(857164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

<sup>1</sup> Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 six months ended November 30, 2022, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in the health care sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

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.

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Notes to financial statements (unaudited)

10. INDEMNIFICATION

Under the Portfolio'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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio'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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

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Other information (unaudited)

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 and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders 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 125 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 Endowment (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. 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 | 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, since 2007. 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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40 \| Allspring Small Company Growth Fund

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[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

------

[**Table of Contents**](#job_allsp_3d6da5e1-09c5-4895-8907-eb51ba2703c3_toc)

![](g389766img68aeaef01.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> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

![](g389766imga0ec30365.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> **1-800-222-8222** 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-12142022-l6qyjnqk 01-23<br> SA285/SAR285 11-22

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![](g415468imga63169a81.jpg)

Semi-Annual Report

November 30, 2022

Allspring<br> Small Company Value Fund

------

Contents

---

| | |
|:---|:---|
| **[Letter to shareholders](#xx_cb0de65d-f7a4-41b9-bcf8-64ddfa024607_1)<br>**  | 2 |
| **[Performance highlights](#xx_ca68920d-4894-4d6f-961c-5572b7f5c24e_2)<br>**  | 6 |
| **[Fund expenses](#xx_8b3dc13b-3503-45bd-ba4b-5e06a7f2d337_1)<br>**  | 8 |
| **[Allspring Small Company Value Fund](#xx_5360c097-ee64-47b2-acee-aa85660cac2a_1)** |  |
| **[Portfolio of investments](#xx_5360c097-ee64-47b2-acee-aa85660cac2a_1)<br>**  | 9 |
| **[Financial statements](#xx_93e0f86c-de2f-4a00-b7e4-73931fb30cb3_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_93e0f86c-de2f-4a00-b7e4-73931fb30cb3_1)<br>| 10 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_93e0f86c-de2f-4a00-b7e4-73931fb30cb3_2)<br>| 11 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_93e0f86c-de2f-4a00-b7e4-73931fb30cb3_3)<br>| 12 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_e9972c20-fe17-4482-9b5d-73e8f8c464b2_1)<br>| 13 |
| **[Notes to financial statements](#xx_20382a36-6995-4c83-9ee5-066d97a86888_1)<br>**  | 18 |
| **[Allspring Small Company Value Portfolio](#xx_f680312e-e9e0-42bc-9473-34167d44e675_1)** |  |
| **[Portfolio of investments](#xx_f680312e-e9e0-42bc-9473-34167d44e675_1)<br>**  | 22 |
| **[Financial statements](#xx_7006cc97-b523-4af4-9ed9-85e769320178_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_7006cc97-b523-4af4-9ed9-85e769320178_1)<br>| 29 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_7006cc97-b523-4af4-9ed9-85e769320178_2)<br>| 30 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_7006cc97-b523-4af4-9ed9-85e769320178_3)<br>| 31 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_f55815e3-83fb-4470-af63-ca7738ac6793_1)<br>| 32 |
| **[Notes to financial statements](#xx_6f030660-3321-49e7-82a9-446fddec5630_1)<br>**  | 33 |
| **[Other information](#xx_05b79132-a2c4-4637-b580-b5ff73368a4c_1)<br>**  | 38 |

---

The views expressed and any forward-looking statements are as of November 30, 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.

------

Allspring Small Company Value Fund \| 1

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Letter to shareholders (unaudited)

![](g415468img2864ed732.gif)

#### Andrew Owen
President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Small Company Value Fund for the six-month period that ended November 30, 2022. Globally, stocks and bonds experienced heightened volatility and generally negative returns through the challenging period. Non-U.S. securities fared the worst as the global economy faced multiple challenges and the strength of the U.S. dollar eroded already-poor returns of non-U.S.-dollar-denominated assets.

Earlier tailwinds provided by global stimulus programs, vaccination rollouts, and recovering consumer and corporate sentiment were wiped away by the highest rate of inflation in four decades, the impact of ongoing aggressive central bank rate hikes and the prospect of more, plus the global reverberations of the Russia-Ukraine war. The already-significant global supply-chain disruptions were compounded by China's COVID-19 lockdowns.

For the six-month period, both stocks and bonds registered major losses, with even U.S. bonds suffering deep losses and other assets faring worse. For the period, U.S. stocks, based on the S&P 500 Index,<sup>1</sup> lost 0.40%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),<sup>2</sup> returned -5.18%, while the MSCI EM Index (Net) (USD)<sup>3</sup> declined 8.15%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index<sup>4</sup> returned -4.06%, the Bloomberg Global Aggregate ex-USD Index (unhedged)<sup>5</sup> returned -8.22%, the Bloomberg Municipal Bond Index<sup>6</sup> declined 1.43%, and the ICE BofA U.S. High Yield Index<sup>7</sup> fell 2.97%.

Rising inflation and economic fallout from the Russia-Ukraine war drove markets.

In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation. The Federal Reserve (Fed) raised its short-term rate by another 0.75% in June. Meanwhile, the U.S. unemployment rate held firm at 3.6% and the housing market remained only marginally affected by sharply higher mortgage rates.

<sub>"</sub>In June, stocks posted further losses en route to their worst first half of a year in 50 years. Bonds didn't fare much better. Driving the losses were the familiar factors: rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation.<sub>"</sub>

------

<sup>1</sup> The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

<sup>2</sup> The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

<sup>3</sup> The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

<sup>4</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

<sup>5</sup> The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

<sup>6</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.

<sup>7</sup> The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.

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2 \| Allspring Small Company Value Fund

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Letter to shareholders (unaudited)

Markets rebounded in July, led by U.S. stocks. While evidence began to point to an economic slowdown after two consecutive quarters of declining gross domestic product (economic contraction), the U.S. labor market remained surprisingly strong: July nonfarm payrolls grew by more than 500,000 and U.S. unemployment dipped to 3.5%. Meanwhile, crude oil and retail gasoline prices, major contributors to recent overall inflation, fell substantially from earlier highs. And while U.S. home prices rose, sales fell as houses became less affordable with mortgage rates at a 13-year high. The Fed raised the federal funds rate another 0.75% in July—to a range of 2.25% to 2.50%—and forecasts pointed to further rate hikes.

August was yet another broadly challenging month for financial markets, with more red ink flowing. High inflation persisted, cresting 9% in the eurozone on an annual basis and remaining above 8% in the U.S. despite the Fed's aggressive monetary policy and a major drop in global crude oil and gasoline prices from their June peak. One positive note was the resilience of the U.S. job market. However, the Fed's job was clearly not complete. One longer-term bright spot was the U.S. Congress's passage of the Inflation Reduction Act. Its primary stated goals include: to reduce inflation (though not immediately) by curbing the deficit, capping health care spending by seniors, and investing in domestic sources of clean energy.

The market misery continued in September. There was nowhere to hide as all asset classes suffered major losses at the hands of persistent inflation. Central banks kept up their battle against rapidly rising prices with more rate hikes. The strength of the U.S. dollar made things even more difficult for investors holding assets in other currencies. U.S. mortgage rates jumped to near 7% on 30-year fixed-rate mortgages; the decreased housing affordability began to cool demand somewhat. The U.K. experienced a sharp sell-off of government bonds and the British pound in September as investors panicked in response to a new government budget that was seen as financially unsound. The market meltdown forced the Bank of England to step in and buy long-dated government bonds.

Equities had a reprieve in October after two months of sharp declines. Value stocks and small caps fared best. Globally, developed markets outpaced emerging market equities, which were hurt by weakness among Chinese stocks. Central banks continued to try to curtail high inflation with aggressive interest rate hikes. Geopolitical risks persisted, including the ongoing Russia-Ukraine war and economic, financial market, and political turmoil in the U.K., which led to a second prime ministerial change in six weeks, as Rishi Sunak replaced Liz Truss in late October. Concerns over Europe's energy crisis eased, for now, thanks to unseasonably warm weather and plentiful gas on hand. The U.S. labor market continued its resilience against rising prices, as unemployment stood at 3.7%, near a record low.

Stocks and bonds rallied in November, with emerging market equities gaining nearly 15% and developed market equities returning 7%. The S&P 500 Index rose 5.6% in November. Bonds also had positive monthly returns. Economic news was encouraging, driven by U.S. labor market strength. Although central banks kept raising rates, expectations grew regarding an impending easing in the pace of rate hikes and a possible end to central bank monetary tightening in 2023. Although inflation remained at record highs in the eurozone, with a 10.6% annual increase in October, Germany's producer prices decreased 4.2% annually, signaling a possible decline in inflationary pressures. Meanwhile, U.S. inflation continued to moderate, with a 7.1% annual price rise in November and a monthly price increase of just 0.1%. China's economic data remained weak, reflecting its zero-COVID-19 policy.

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Allspring Small Company Value Fund \| 3

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Letter to shareholders (unaudited)

Don't let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

![](g415468imge93f8afb3.jpg)

Andrew Owen<br> President<br> Allspring Funds

------

For further information about your fund, contact your investment professional, visit our website at **allspringglobal.com,** or call us directly at **1-800-222-8222**.

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4 \| Allspring Small Company Value Fund

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

This page is intentionally left blank.

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Performance highlights (unaudited)

---

| | |
|:---|:---|
| **Investment objective** | The Fund seeks long-term capital appreciation. |
| **Manager** | Allspring Funds Management, LLC |

---

#### Subadviser for the affiliated master portfolio\*
Allspring Global Investments, LLC

---

| | |
|:---|:---|
| **Portfolio managers** | Jeff Goverman, Gustaf Little, Garth R. Nisbet, CFA®<sup>‡</sup>, Craig Pieringer, CFA®<sup>‡</sup> |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** | **Average annual total returns (%) as of November 30, 2022** |
|  |  | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Including sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &nbsp;&nbsp;Excluding sales charge | &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;1 year | &nbsp;&nbsp;5 year | &nbsp;&nbsp;10 year | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Net <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A (SCVAX) | &nbsp;&nbsp;&nbsp;1-31-2002 | &nbsp;&nbsp;-7.40 | &nbsp;&nbsp;5.20 | &nbsp;&nbsp;9.63 | &nbsp;&nbsp;-1.75 | &nbsp;&nbsp;6.46 | &nbsp;&nbsp;10.28 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C (SCVFX) | &nbsp;&nbsp;&nbsp;8-30-2002 | &nbsp;&nbsp;-3.53 | &nbsp;&nbsp;5.70 | &nbsp;&nbsp;9.64 | &nbsp;&nbsp;-2.53 | &nbsp;&nbsp;5.70 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 (SCVJX)<sup>3</sup> | 10-31-2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-1.37 | &nbsp;&nbsp;6.89 | &nbsp;&nbsp;10.63 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class (SCVIX) | &nbsp;&nbsp;&nbsp;1-31-2002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-1.68 | &nbsp;&nbsp;6.55 | &nbsp;&nbsp;10.43 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (SCVNX) | &nbsp;&nbsp;&nbsp;7-30-2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-1.47 | &nbsp;&nbsp;6.78 | &nbsp;&nbsp;10.66 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000® Value Index<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;-4.75 | &nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;9.67 | &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. Performance shown without sales charges would be lower if sales charges were reflected. 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 on the Fund's website, allspringglobal.com.***

*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.*

*For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class 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 prospectuses. 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> The manager has contractually committed through September 30, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.75% for Class R6, 1.05% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

<sup>3</sup> Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

<sup>4</sup> The Russell 2000<sup>®</sup> Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Consult the Fund's prospectus for additional information on these and other risks.

------

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.* |
| *<sup>‡</sup>* | *CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.* |

---

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6 \| Allspring Small Company Value Fund

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Performance highlights (unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | &nbsp;&nbsp;1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne Incorporated | &nbsp;&nbsp;1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patterson-UTI Energy Incorporated | &nbsp;&nbsp;1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Construction Company Incorporated | &nbsp;&nbsp;1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;UFP Technologies Incorporated | &nbsp;&nbsp;1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annaly Capital Management Incorporated | &nbsp;&nbsp;1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corporation | &nbsp;&nbsp;1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corporation | &nbsp;&nbsp;1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;MYR Group Incorporated | &nbsp;&nbsp;1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;1.20 |

---

<sup>1</sup> Each holding represents the Fund's allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Sector allocation as of November 30, 2022<sup>1</sup>

![](g415468img281d651c4.jpg)

<sup>1</sup> Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. Allocations are subject to change and may have changed since the date specified.

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Allspring Small Company Value Fund \| 7

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, 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 June 1, 2022 to November 30, 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 and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. 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. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Beginning <br> account value<br> 6-1-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending <br> account value<br> 11-30-2022 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses <br> paid during<br> the period<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Annualized net<br> expense ratio<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1003.50 | &nbsp;&nbsp;&nbsp;&nbsp;$5.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1019.35 | &nbsp;&nbsp;&nbsp;&nbsp;$5.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$999.66 | &nbsp;&nbsp;&nbsp;&nbsp;$9.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1015.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1005.36 | &nbsp;&nbsp;&nbsp;&nbsp;$3.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1021.31 | &nbsp;&nbsp;&nbsp;&nbsp;$3.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Administrator Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1003.98 | &nbsp;&nbsp;&nbsp;&nbsp;$5.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1019.80 | &nbsp;&nbsp;&nbsp;&nbsp;$5.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1005.10 | &nbsp;&nbsp;&nbsp;&nbsp;$4.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1020.81 | &nbsp;&nbsp;&nbsp;&nbsp;$4.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |

---

<sup>1</sup> Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period).

<sup>2</sup> Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

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8 \| Allspring Small Company Value Fund

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  |  | **Value** |
| &nbsp;&nbsp;**Investment companies: 99.92%** |  |  |
| &nbsp;&nbsp;**Affiliated master portfolio: 99.92%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Small Company Value Portfolio |  | **$538623041** |
| &nbsp;&nbsp;**Total Investment companies (Cost $430,377,654)** |  | &nbsp;&nbsp;&nbsp;**538623041** |
| &nbsp;&nbsp;**Total investments in securities (Cost $430,377,654)** | &nbsp;&nbsp;99.92% | &nbsp;&nbsp;&nbsp;538623041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; 453569 |
| &nbsp;&nbsp;**Total net assets** | **100.00%** | **$539076610** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of<br> ownership,<br> beginning<br> of period** | **% of<br> ownership,<br> end of<br> period** | **Net realized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Net <br> change in<br> unrealized<br> gains<br> (losses) on<br> securities<br> transactions<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Dividends <br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Securities <br> lending<br> income<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Affiliated <br> income<br> allocated<br> from<br> affiliated<br> Master<br> Portfolio** | **Value, <br> end of<br> period** |
| &nbsp;&nbsp;&nbsp;Allspring Small Company Value Portfolio | 88.09% | 89.35% | $(4010334) | $4106939 | $5062842 | $305669 | $55982 | $538623041 |

---

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

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Allspring Small Company Value Fund \| 9

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in affiliated Master Portfolio, at value (cost $430,377,654)<br>| $538623041 |
| &nbsp;&nbsp; Receivable for Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838059 |
| &nbsp;&nbsp; Receivable from manager<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40751 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69254 |
| **Total assets<br>**  | &nbsp;&nbsp;**539571105** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297137 |
| &nbsp;&nbsp; Administration fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78605 |
| &nbsp;&nbsp; Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427 |
| &nbsp;&nbsp; Distribution fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114066 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**494495** |
| **Total net assets<br>**  | **$539076610** |
| **Net assets consist of** |  |
| &nbsp;&nbsp; Paid-in capital<br>| $425198340 |
| &nbsp;&nbsp; Total distributable earnings<br>| &nbsp;&nbsp;113878270 |
| **Total net assets<br>**  | **$539076610** |
| **Computation of net asset value and offering price per share** |  |
| &nbsp;&nbsp; Net assets – Class A<br>| $367748864 |
| &nbsp;&nbsp; Shares outstanding – Class A<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;10685032 |
| &nbsp;&nbsp; Net asset value per share – Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.42 |
| &nbsp;&nbsp; Maximum offering price per share – Class A<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.52 |
| &nbsp;&nbsp; Net assets – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2095949 |
| &nbsp;&nbsp; Shares outstanding – Class C<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70376 |
| &nbsp;&nbsp; Net asset value per share – Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.78 |
| &nbsp;&nbsp; Net assets – Class R6<br>| &nbsp;&nbsp;$12189280 |
| &nbsp;&nbsp; Shares outstanding – Class R6<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341915 |
| &nbsp;&nbsp; Net asset value per share – Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.65 |
| &nbsp;&nbsp; Net assets – Administrator Class<br>| &nbsp;&nbsp;$20976736 |
| &nbsp;&nbsp; Shares outstanding – Administrator Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594438 |
| &nbsp;&nbsp; Net asset value per share – Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.29 |
| &nbsp;&nbsp; Net assets – Institutional Class<br>| $136065781 |
| &nbsp;&nbsp; Shares outstanding – Institutional Class<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835273 |
| &nbsp;&nbsp;Net asset value per share – Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35.48 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

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10 \| Allspring Small Company Value Fund

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $7,566)<br>| $5062842 |
| &nbsp;&nbsp; Securities lending income allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305669 |
| &nbsp;&nbsp; Affiliated income allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55982 |
| &nbsp;&nbsp; Expenses allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;(2114223) |
| &nbsp;&nbsp; Waivers allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240072 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;**3550342** |
| **Expenses** |  |
| &nbsp;&nbsp; Management fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126713 |
| &nbsp;&nbsp;Administration fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79526 |
| &nbsp;&nbsp;Shareholder servicing fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26326 |
| &nbsp;&nbsp;Distribution fee |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7732 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6512 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22772 |
| &nbsp;&nbsp; Registration fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36155 |
| &nbsp;&nbsp; Shareholder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34888 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57787 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;**1237500** |
| &nbsp;&nbsp;Less: Fee waivers and/or expense reimbursements |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund-level<br>| &nbsp;&nbsp;&nbsp;&nbsp;(346386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4214) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**816501** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;**2733841** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized losses on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;(4010334) |
| Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio<br>| &nbsp;&nbsp;&nbsp;4106939 |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96605** |
| **Net increase in net assets resulting from operations<br>**  | **$2830446** |

---

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

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Allspring Small Company Value Fund \| 11

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp; Net investment income<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;$2733841 |  | &nbsp;&nbsp;&nbsp;&nbsp;$1997250 |
| &nbsp;&nbsp; Net realized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4010334) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55806887 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106939 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68307228) |
| **Net increase (decrease) in net assets resulting from operations<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2830446** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10503091)** |
| **Distributions to shareholders from** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>|  | &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;(23780784) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352499) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>|  | &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;&nbsp;&nbsp;(1952485) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>|  | &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;&nbsp;&nbsp;(4608431) |
| **Total distributions to shareholders<br>**  |  | &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;**(30902380)** |
| **Capital share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;236240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7522474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;161421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7081211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;149328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15666878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| 1062065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35330170 | &nbsp;&nbsp;&nbsp;2016490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74654109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53318135 |  | &nbsp;&nbsp;&nbsp;&nbsp;122060833 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;658773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23358988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;&nbsp;&nbsp;&nbsp;&nbsp;6753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;&nbsp;&nbsp;&nbsp;&nbsp;9588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;&nbsp;&nbsp;52212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &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;124652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555015 |
|  |  | &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;&nbsp;30373075 |
| &nbsp;&nbsp;&nbsp;Payment for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;(516541) | &nbsp;&nbsp;&nbsp;&nbsp;(16713408) | &nbsp;&nbsp;(1505117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54479971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;(9950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1691679) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;(45731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1507712) | &nbsp;&nbsp;&nbsp;&nbsp;(208117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7991882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator Class<br>| &nbsp;&nbsp;(232357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7661334) | &nbsp;&nbsp;&nbsp;&nbsp;(651213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24288201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;(498017) | &nbsp;&nbsp;&nbsp;&nbsp;(16576396) | &nbsp;&nbsp;&nbsp;&nbsp;(761649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28166610) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;(42734813) |  | &nbsp;&nbsp;&nbsp;&nbsp;(116618343) |
| **Net increase in net assets resulting from capital share transactions<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10583322** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35815565** |
| **Total increase (decrease) in net assets<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13413768** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5589906)** |
| **Net assets** |  |  |  |  |
| **Beginning of period<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**525662842** |  | &nbsp;&nbsp;&nbsp;&nbsp;**531252748** |
| **End of period<br>**  |  | &nbsp;&nbsp;**$539076610** |  | &nbsp;&nbsp;**$525662842** |

---

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

------

12 \| Allspring Small Company Value Fund

------

[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class A** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$34.30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$37.11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$20.91** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$24.22** | &nbsp;&nbsp;&nbsp;&nbsp;**$28.60** | &nbsp;&nbsp;&nbsp;&nbsp;**$24.01** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$34.42** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$34.30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$37.11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$20.91** | &nbsp;&nbsp;&nbsp;&nbsp;**$24.22** | &nbsp;&nbsp;&nbsp;&nbsp;**$28.60** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.35%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.77)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77.80%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.25)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.72)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.48%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $367749 | &nbsp;&nbsp;$376072 | &nbsp;&nbsp;$414013 | &nbsp;&nbsp;$262574 | &nbsp;&nbsp;$11902 | &nbsp;&nbsp;$15665 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |
| Year ended May 31, 2019 | 0.75% |
| Year ended May 31, 2018 | 0.84% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring Small Company Value Fund \| 13

------

[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| **Class C** | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Net asset value, beginning of period<br>**  | **$29.79** | &nbsp;&nbsp;**$32.69** | &nbsp;&nbsp;**$18.43** | &nbsp;&nbsp;**$21.48** | &nbsp;&nbsp;**$25.38** | &nbsp;&nbsp;**$21.40** |
| &nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;14.33 | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;14.26 | &nbsp;&nbsp;&nbsp;&nbsp;(2.99) | &nbsp;&nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | **$29.78** | &nbsp;&nbsp;**$29.79** | &nbsp;&nbsp;**$32.69** | &nbsp;&nbsp;**$18.43** | &nbsp;&nbsp;**$21.48** | &nbsp;&nbsp;**$25.38** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;**(0.03)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.56)%** | &nbsp;&nbsp;&nbsp;&nbsp;**76.80%** | &nbsp;&nbsp;&nbsp;**(13.98)%** | &nbsp;&nbsp;&nbsp;**(15.37)%** | &nbsp;&nbsp;&nbsp;&nbsp;**18.60%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;(0.39)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.29)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;(0.35)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.29)% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $2096 | &nbsp;&nbsp;$2278 | &nbsp;&nbsp;$3388 | &nbsp;&nbsp;$4431 | &nbsp;&nbsp;$1099 | &nbsp;&nbsp;$1980 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |
| Year ended May 31, 2019 | 0.75% |
| Year ended May 31, 2018 | 0.84% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

14 \| Allspring Small Company Value Fund

------

[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Class R6** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$35.46** | &nbsp;&nbsp;**$38.33** | &nbsp;&nbsp;**$21.56** | &nbsp;&nbsp;**$24.92** | &nbsp;&nbsp;**$29.44** | &nbsp;&nbsp;**$24.69** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 <sup>1</sup> |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;16.78 | &nbsp;&nbsp;&nbsp;&nbsp;(3.50) | &nbsp;&nbsp;&nbsp;&nbsp;(4.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;(4.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;**$35.65** | &nbsp;&nbsp;**$35.46** | &nbsp;&nbsp;**$38.33** | &nbsp;&nbsp;**$21.56** | &nbsp;&nbsp;**$24.92** | &nbsp;&nbsp;**$29.44** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.54%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.41)%** | &nbsp;&nbsp;&nbsp;&nbsp;**78.63%** | &nbsp;&nbsp;&nbsp;**(12.97)%** | &nbsp;&nbsp;&nbsp;**(14.38)%** | &nbsp;&nbsp;&nbsp;&nbsp;**20.03%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $12189 | &nbsp;&nbsp;$8021 | &nbsp;&nbsp;$9007 | &nbsp;&nbsp;$6491 | &nbsp;&nbsp;&nbsp;&nbsp;$731 | &nbsp;&nbsp;&nbsp;&nbsp;$322 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |
| Year ended May 31, 2019 | 0.75% |
| Year ended May 31, 2018 | 0.84% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

------

Allspring Small Company Value Fund \| 15

------

[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Administrator Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;**$35.15** | &nbsp;&nbsp;&nbsp;&nbsp;**$37.98** | &nbsp;&nbsp;&nbsp;&nbsp;**$21.40** | &nbsp;&nbsp;&nbsp;&nbsp;**$24.80** | &nbsp;&nbsp;&nbsp;&nbsp;**$29.23** | &nbsp;&nbsp;&nbsp;&nbsp;**$24.53** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;**$35.29** | &nbsp;&nbsp;&nbsp;&nbsp;**$35.15** | &nbsp;&nbsp;&nbsp;&nbsp;**$37.98** | &nbsp;&nbsp;&nbsp;&nbsp;**$21.40** | &nbsp;&nbsp;&nbsp;&nbsp;**$24.80** | &nbsp;&nbsp;&nbsp;&nbsp;**$29.23** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.71)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77.91%** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.18)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.65)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.71%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $20977 | &nbsp;&nbsp;$23813 | &nbsp;&nbsp;$32721 | &nbsp;&nbsp;$15581 | &nbsp;&nbsp;$13905 | &nbsp;&nbsp;$60379 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |
| Year ended May 31, 2019 | 0.75% |
| Year ended May 31, 2018 | 0.84% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

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16 \| Allspring Small Company Value Fund

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Financial highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
| | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| <br>**Institutional Class** <br>&nbsp;&nbsp; **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$35.30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$38.13** | &nbsp;&nbsp;&nbsp;&nbsp;**$21.46** | &nbsp;&nbsp;&nbsp;&nbsp;**$24.86** | &nbsp;&nbsp;&nbsp;&nbsp;**$29.40** | &nbsp;&nbsp;&nbsp;&nbsp;**$24.68** |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 |
| &nbsp;&nbsp; Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 |
| &nbsp;&nbsp;**Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp; Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp; **Net asset value, end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$35.48** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$35.30** | &nbsp;&nbsp;&nbsp;&nbsp;**$38.13** | &nbsp;&nbsp;&nbsp;&nbsp;**$21.46** | &nbsp;&nbsp;&nbsp;&nbsp;**$24.86** | &nbsp;&nbsp;&nbsp;&nbsp;**$29.40** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.51%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.53)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78.39%** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.03)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.46)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.90%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s omitted)<br>| $136066 | &nbsp;&nbsp;$115479 | &nbsp;&nbsp;$72123 | &nbsp;&nbsp;$33600 | &nbsp;&nbsp;$33116 | &nbsp;&nbsp;$60973 |

---

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

---

| | |
|:---|:---|
| Six months ended November 30, 2022 (unaudited) | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |
| Year ended May 31, 2019 | 0.75% |
| Year ended May 31, 2018 | 0.84% |

---

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns for periods of less than one year are not annualized.

<sup>3</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate.

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

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Allspring Small Company Value Fund \| 17

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Notes to financial statements (unaudited)

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 Small Company Value Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Small Company Value Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2022, the Fund owned 89.35% of Allspring Small Company Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2022 are included in this report and should be read in conjunction with the Fund's financial statements.

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.

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily. Securities held in the affiliated Master Portfolio are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolio, which are included elsewhere in this report.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC, 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.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade date basis. The Fund records daily its proportionate share of the affiliated Master Portfolio's income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains 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 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 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.

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18 \| Allspring Small Company Value Fund

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Notes to financial statements (unaudited)

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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $443,490,503 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$95132538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &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;Net unrealized gains | &nbsp;&nbsp;$95132538 |

---

As of May 31, 2022, the Fund had current year deferred post-October capital losses consisting of $651,024 in short-term capital losses which was recognized in the first day of the current fiscal year.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2022, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Master Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment objective | &nbsp;&nbsp;Fair value of affiliated<br> Master Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;**Allspring Small Company Value Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seek long-term capital appreciation | &nbsp;&nbsp;$538623041 |

---

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Management fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $5 billion | &nbsp;&nbsp;0.050% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $5 billion | &nbsp;&nbsp;0.040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $10 billion | &nbsp;&nbsp;0.030 |

---

For the six months ended November 30, 2022, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

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Allspring Small Company Value Fund \| 19

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Notes to financial statements (unaudited)

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Class-level <br> administration fee |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of November 30, 2022, the contractual expense caps are as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Expense ratio caps |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrator Class | &nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;0.85 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2022, Allspring Funds Distributor received $495 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2022.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at

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20 \| Allspring Small Company Value Fund

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Notes to financial statements (unaudited)

the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $298,150,122 and $284,016,527, 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 six months ended November 30, 2022, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector. As of the end of the period, the affiliated Master Portfolio concentrated its portfolio in investments related to the financials sector.

8. 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.

9. 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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Allspring Small Company Value Fund \| 21

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Portfolio of investments—November 30, 2022

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Common stocks: 99.02%** |  |  |
| &nbsp;&nbsp;**Consumer discretionary: 13.16%** |  |  |
| &nbsp;&nbsp;**Auto components: 0.53%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 57040 | &nbsp;&nbsp;**$3190247** |
| &nbsp;&nbsp;**Diversified consumer services: 0.28%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Services Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 67275 | &nbsp;&nbsp;&nbsp;&nbsp; **1691966** |
| &nbsp;&nbsp;**Hotels, restaurants & leisure: 1.80%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dine Brands Global Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 70004 | &nbsp;&nbsp;&nbsp;&nbsp; 5221598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 76956 | &nbsp;&nbsp;&nbsp;&nbsp; 5642414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10864012** |
| &nbsp;&nbsp;**Household durables: 2.12%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco Industries Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 12418 | &nbsp;&nbsp;&nbsp;&nbsp; 2851545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 70668 | &nbsp;&nbsp;&nbsp;&nbsp; 3403371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethan Allen Interiors Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 70415 | &nbsp;&nbsp;&nbsp;&nbsp; 2003307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoPro Incorporated Class A † | &nbsp;&nbsp;&nbsp;&nbsp; 217097 | &nbsp;&nbsp;&nbsp;&nbsp; 1189692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meritage Corporation † | &nbsp;&nbsp;&nbsp;&nbsp; 38780 | &nbsp;&nbsp;&nbsp;&nbsp; 3350980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12798895** |
| &nbsp;&nbsp;**Internet & direct marketing retail: 0.56%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-800-Flowers.com Incorporated Class A † | &nbsp;&nbsp;&nbsp;&nbsp; 400589 | &nbsp;&nbsp;&nbsp;&nbsp; **3388983** |
| &nbsp;&nbsp;**Leisure products: 1.99%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Outdoors Incorporated Class A | &nbsp;&nbsp;&nbsp;&nbsp; 71353 | &nbsp;&nbsp;&nbsp;&nbsp; 4035726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malibu Boats Incorporated Class A † | &nbsp;&nbsp;&nbsp;&nbsp; 101765 | &nbsp;&nbsp;&nbsp;&nbsp; 5872858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peloton Interactive Incorporated Class A †« | &nbsp;&nbsp;&nbsp;&nbsp; 181251 | &nbsp;&nbsp;&nbsp;&nbsp; 2062636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11971220** |
| &nbsp;&nbsp;**Multiline retail: 0.93%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;239531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5628979** |
| &nbsp;&nbsp;**Specialty retail: 3.64%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Eagle Outfitters Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;266557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Destination XL Group Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;514406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;51315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shoe Carnival Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;221825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;19688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21939049** |
| &nbsp;&nbsp;**Textiles, apparel & luxury goods: 1.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HanesBrands Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;178372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeland Industries Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;105202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocky Brands Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;97384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Armour Incorporated Class A † | &nbsp;&nbsp;&nbsp;&nbsp;250628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7861303** |
| &nbsp;&nbsp;**Consumer staples: 5.63%** |  |  |
| &nbsp;&nbsp;**Beverages: 0.41%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca Cola Bottling Corporation | &nbsp;&nbsp;&nbsp;&nbsp;4956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2437361** |

---

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

------

22 \| Allspring Small Company Value Portfolio

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Portfolio of investments—November 30, 2022

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Food & staples retailing: 1.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corporation † | &nbsp;&nbsp;&nbsp;&nbsp; 138774 | &nbsp;&nbsp;$4200689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 129457 | &nbsp;&nbsp;&nbsp;&nbsp; 4444259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8644948** |
| &nbsp;&nbsp;**Food products: 3.79%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 82198 | &nbsp;&nbsp;&nbsp;&nbsp; 4790499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 156229 | &nbsp;&nbsp;&nbsp;&nbsp; 4694681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hostess Brands Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 160829 | &nbsp;&nbsp;&nbsp;&nbsp; 4245886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corporation † | &nbsp;&nbsp;&nbsp;&nbsp; 172344 | &nbsp;&nbsp;&nbsp;&nbsp; 4508519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Holdings Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 49284 | &nbsp;&nbsp;&nbsp;&nbsp; 4613475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **22853060** |
| &nbsp;&nbsp;**Energy: 4.79%** |  |  |
| &nbsp;&nbsp;**Energy equipment & services: 2.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 159862 | &nbsp;&nbsp;&nbsp;&nbsp; 8165751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patterson-UTI Energy Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 445007 | &nbsp;&nbsp;&nbsp;&nbsp; 7987876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16153627** |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 2.11%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 39470 | &nbsp;&nbsp;&nbsp;&nbsp; 5842349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W&T Offshore Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;1001947 | &nbsp;&nbsp;&nbsp;&nbsp; 6883376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12725725** |
| &nbsp;&nbsp;**Financials: 25.19%** |  |  |
| &nbsp;&nbsp;**Banks: 13.60%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 136694 | &nbsp;&nbsp;&nbsp;&nbsp; 7228379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 170079 | &nbsp;&nbsp;&nbsp;&nbsp; 6066718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banc of California Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;176807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Corporation | &nbsp;&nbsp;&nbsp;&nbsp;99927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7056845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FB Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp;129273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Interstate BancSystem Class A | &nbsp;&nbsp;&nbsp;&nbsp;149495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6520972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Southern Bancorp Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;97385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6101170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp;214342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7051852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Bank Corporation | &nbsp;&nbsp;&nbsp;&nbsp;228905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanFirst Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp;235135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5492754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;208961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6053600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp;120425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5073505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Umpqua Holdings Corporation | &nbsp;&nbsp;&nbsp;&nbsp;270394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5480886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univest Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp;202934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**82003370** |
| &nbsp;&nbsp;**Capital markets: 2.66%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donnelley Financial Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;54296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | &nbsp;&nbsp;&nbsp;&nbsp;56954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8182012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp;89703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5763418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16018451** |
| &nbsp;&nbsp;**Diversified financial services: 0.76%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial Incorporation Class A | &nbsp;&nbsp;&nbsp;&nbsp;123325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4606189** |
| &nbsp;&nbsp;**Insurance: 5.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Equity Investment Life Holding Company | &nbsp;&nbsp;&nbsp;&nbsp;158397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6416662 |

---

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

------

Allspring Small Company Value Portfolio \| 23

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Portfolio of investments—November 30, 2022

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brighthouse Financial Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 77176 | &nbsp;&nbsp;$4301790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial Incorporated Class A † | &nbsp;&nbsp;&nbsp;&nbsp; 700704 | &nbsp;&nbsp;&nbsp;&nbsp; 3524541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horace Mann Educators Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 110216 | &nbsp;&nbsp;&nbsp;&nbsp; 4253235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 61552 | &nbsp;&nbsp;&nbsp;&nbsp; 2396835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Fire Group Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 143378 | &nbsp;&nbsp;&nbsp;&nbsp; 4380198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnumProvident Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 120473 | &nbsp;&nbsp;&nbsp;&nbsp; 5081551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **30354812** |
| &nbsp;&nbsp;**Mortgage REITs: 2.42%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGNC Investment Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 700072 | &nbsp;&nbsp;&nbsp;&nbsp; 6993719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annaly Capital Management Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 351627 | &nbsp;&nbsp;&nbsp;&nbsp; 7619757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14613476** |
| &nbsp;&nbsp;**Thrifts & mortgage finance: 0.71%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axos Financial Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 106569 | &nbsp;&nbsp;&nbsp;&nbsp; **4274483** |
| &nbsp;&nbsp;**Health care: 8.97%** |  |  |
| &nbsp;&nbsp;**Health care equipment & supplies: 3.62%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDAP TMS SA ADR † | &nbsp;&nbsp;&nbsp;&nbsp; 292794 | &nbsp;&nbsp;&nbsp;&nbsp; 3314428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masimo Corporation † | &nbsp;&nbsp;&nbsp;&nbsp; 14623 | &nbsp;&nbsp;&nbsp;&nbsp; 2119458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 66929 | &nbsp;&nbsp;&nbsp;&nbsp; 4818888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quidlelothro Corporation † | &nbsp;&nbsp;&nbsp;&nbsp; 36057 | &nbsp;&nbsp;&nbsp;&nbsp; 3158954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semler Scientific Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 25237 | &nbsp;&nbsp;&nbsp;&nbsp; 748025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFP Technologies Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 63893 | &nbsp;&nbsp;&nbsp;&nbsp; 7670355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21830108** |
| &nbsp;&nbsp;**Health care providers & services: 3.96%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadia Healthcare Company Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;34315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Addus Homecare Corporation † | &nbsp;&nbsp;&nbsp;&nbsp;41628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMN Healthcare Services Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;44742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;107564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Incorporated Class A | &nbsp;&nbsp;&nbsp;&nbsp;42762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Ensign Group Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;47724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Physical Therapy Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;17631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23903555** |
| &nbsp;&nbsp;**Health care technology: 0.87%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allscripts Healthcare Solutions Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;189377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Programs & Systems Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;55023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5215481** |
| &nbsp;&nbsp;**Pharmaceuticals: 0.52%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;50665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3113871** |
| &nbsp;&nbsp;**Industrials: 18.09%** |  |  |
| &nbsp;&nbsp;**Air freight & logistics: 0.19%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiant Logistics Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;220645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1178244** |
| &nbsp;&nbsp;**Airlines: 0.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;80547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3821150** |
| &nbsp;&nbsp;**Building products: 1.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSW Industrials Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;41079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4968505 |

---

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

------

24 \| Allspring Small Company Value Portfolio

------

[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Portfolio of investments—November 30, 2022

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Building products (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFP Industries Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 39912 | &nbsp;&nbsp;$3267196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Water Solutions Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 59861 | &nbsp;&nbsp;&nbsp;&nbsp; 1449235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9684936** |
| &nbsp;&nbsp;**Commercial services & supplies: 1.57%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 100799 | &nbsp;&nbsp;&nbsp;&nbsp; 4755697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCO Brands Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 259090 | &nbsp;&nbsp;&nbsp;&nbsp; 1443131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADT Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 348162 | &nbsp;&nbsp;&nbsp;&nbsp; 3251833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9450661** |
| &nbsp;&nbsp;**Construction & engineering: 3.60%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 52112 | &nbsp;&nbsp;&nbsp;&nbsp; 6605717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MYR Group Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 77074 | &nbsp;&nbsp;&nbsp;&nbsp; 7362879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Construction Company Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 235832 | &nbsp;&nbsp;&nbsp;&nbsp; 7723498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21692094** |
| &nbsp;&nbsp;**Electrical equipment: 1.99%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 43350 | &nbsp;&nbsp;&nbsp;&nbsp; 5295203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 27476 | &nbsp;&nbsp;&nbsp;&nbsp; 2899268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuscale Power Corporation †« | &nbsp;&nbsp;&nbsp;&nbsp; 131618 | &nbsp;&nbsp;&nbsp;&nbsp; 1434636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 17885 | &nbsp;&nbsp;&nbsp;&nbsp; 2344902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11974009** |
| &nbsp;&nbsp;**Machinery: 5.38%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 153912 | &nbsp;&nbsp;&nbsp;&nbsp; 7478584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillenbrand Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 132369 | &nbsp;&nbsp;&nbsp;&nbsp; 6618450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 34507 | &nbsp;&nbsp;&nbsp;&nbsp; 6661231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miller Industries Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;99860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standex International Corporation | &nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shyft Group Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;149401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Timken Company | &nbsp;&nbsp;&nbsp;&nbsp;42037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32431160** |
| &nbsp;&nbsp;**Professional services: 1.72%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrett Business Services Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;21922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBIZ Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;129088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Advantage Corporation † | &nbsp;&nbsp;&nbsp;&nbsp;135965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10373144** |
| &nbsp;&nbsp;**Road & rail: 0.69%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcbest Corporation | &nbsp;&nbsp;&nbsp;&nbsp;50026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4140652** |
| &nbsp;&nbsp;**Trading companies & distributors: 0.71%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | &nbsp;&nbsp;&nbsp;&nbsp;58300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4316532** |
| &nbsp;&nbsp;**Information technology: 10.23%** |  |  |
| &nbsp;&nbsp;**Communications equipment: 0.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviat Networks Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;39635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicom Limited † | &nbsp;&nbsp;&nbsp;&nbsp;29628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2600324** |
| &nbsp;&nbsp;**Electronic equipment, instruments & components: 5.14%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ePlus Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;82818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112742 |

---

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

------

Allspring Small Company Value Portfolio \| 25

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Portfolio of investments—November 30, 2022

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Electronic equipment, instruments & components (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 57430 | &nbsp;&nbsp;$5967551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methode Electronics Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 116090 | &nbsp;&nbsp;&nbsp;&nbsp; 5302991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Connection Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 77975 | &nbsp;&nbsp;&nbsp;&nbsp; 4331511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richardson Electric Limited | &nbsp;&nbsp;&nbsp;&nbsp; 146577 | &nbsp;&nbsp;&nbsp;&nbsp; 3728919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corporation † | &nbsp;&nbsp;&nbsp;&nbsp; 114439 | &nbsp;&nbsp;&nbsp;&nbsp; 7563274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **31006988** |
| &nbsp;&nbsp;**IT services: 2.14%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cass Information Systems Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 36807 | &nbsp;&nbsp;&nbsp;&nbsp; 1600368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 12014 | &nbsp;&nbsp;&nbsp;&nbsp; 4428120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hackett Group Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 75055 | &nbsp;&nbsp;&nbsp;&nbsp; 1733771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TTEC Holdings Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 43273 | &nbsp;&nbsp;&nbsp;&nbsp; 2074940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 17979 | &nbsp;&nbsp;&nbsp;&nbsp; 3040968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12878167** |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment: 2.11%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 31440 | &nbsp;&nbsp;&nbsp;&nbsp; 2348882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diodes Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 28470 | &nbsp;&nbsp;&nbsp;&nbsp; 2625788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FormFactor Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 108197 | &nbsp;&nbsp;&nbsp;&nbsp; 2496105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ichor Holdings Limited † | &nbsp;&nbsp;&nbsp;&nbsp; 81456 | &nbsp;&nbsp;&nbsp;&nbsp; 2425760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 35012 | &nbsp;&nbsp;&nbsp;&nbsp; 2799209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12695744** |
| &nbsp;&nbsp;**Software: 0.41%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verint Systems Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp; 62454 | &nbsp;&nbsp;&nbsp;&nbsp; **2456316** |
| &nbsp;&nbsp;**Materials: 7.35%** |  |  |
| &nbsp;&nbsp;**Chemicals: 4.84%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advansix Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;147941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6089252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawkins Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;160901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Technologies Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;178780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingevity Corporation † | &nbsp;&nbsp;&nbsp;&nbsp;54931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4299449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intrepid Potash Incorporated † | &nbsp;&nbsp;&nbsp;&nbsp;61023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;58725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stepan Company | &nbsp;&nbsp;&nbsp;&nbsp;39062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29199165** |
| &nbsp;&nbsp;**Construction materials: 1.11%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;49029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6684614** |
| &nbsp;&nbsp;**Containers & packaging: 0.45%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greif Incorporated Class A | &nbsp;&nbsp;&nbsp;&nbsp;38543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2709958** |
| &nbsp;&nbsp;**Metals & mining: 0.95%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schnitzer Steel Industries Incorporated Class A | &nbsp;&nbsp;&nbsp;&nbsp;166927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5730604** |
| &nbsp;&nbsp;**Real estate: 5.61%** |  |  |
| &nbsp;&nbsp;**Equity REITs: 5.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corporation | &nbsp;&nbsp;&nbsp;&nbsp;82849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5795288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Hoffler Properties Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;210347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical REIT Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;144759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;250879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Liberty Properties Incorporated « | &nbsp;&nbsp;&nbsp;&nbsp;103654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;177448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245524 |

---

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

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Portfolio of investments—November 30, 2022

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Equity REITs (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 74845 | &nbsp;&nbsp;$3576843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Opportunity Investment Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 175648 | &nbsp;&nbsp;&nbsp;&nbsp; 2678632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 188196 | &nbsp;&nbsp;&nbsp;&nbsp; 6193530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties Incorporated | &nbsp;&nbsp;&nbsp;&nbsp; 367396 | &nbsp;&nbsp;&nbsp;&nbsp; 3141236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33819404** |
| &nbsp;&nbsp;**Total Common stocks (Cost $453,185,394)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**596927037** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Expiration <br> date** |  |  |
| &nbsp;&nbsp;**Warrants: 0.00%** |  |  |  |
| &nbsp;&nbsp;**Energy: 0.00%** |  |  |  |
| &nbsp;&nbsp;**Energy equipment & services: 0.00%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker Drilling Company † | &nbsp;&nbsp;9-16-2024 | &nbsp;&nbsp;&nbsp;&nbsp; 8457 | &nbsp;&nbsp;&nbsp;&nbsp; **211** |
| &nbsp;&nbsp;**Total Warrants (Cost $0)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **211** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Yield** |  |
| &nbsp;&nbsp;**Short-term investments: 1.26%** |  |  |  |
| &nbsp;&nbsp;**Investment companies: 1.26%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠∞ |  | 3.60% | &nbsp;&nbsp;&nbsp;&nbsp; 6090358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC ♠∩∞ |  | 3.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1523945 |
| &nbsp;&nbsp;**Total Short-term investments (Cost $7,614,303)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7614303** |
| &nbsp;&nbsp;**Total investments in securities (Cost $460,799,697)** | 100.28% |  | &nbsp;&nbsp;&nbsp;&nbsp;604541551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;(0.28) |  | &nbsp;&nbsp;&nbsp;&nbsp; (1694503) |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  | &nbsp;&nbsp;**$602847048** |

---

---

| |
|:---|
| Non-income-earning security |
| All or a portion of this security is on loan. |
| The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
| The rate represents the 7-day annualized yield at period end. |

---

Abbreviations: <br> ADR American depositary receipt <br> REIT Real estate investment trust

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

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Portfolio of investments—November 30, 2022

------

#### Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Government Money Market Fund Select Class | $5144446 | $45756582 | $(44810670) | $0 | $0 | $6090358 | 6090358 | &nbsp;&nbsp;$62990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC | &nbsp;&nbsp;&nbsp;8022300 | &nbsp;&nbsp;&nbsp;65408527 | &nbsp;&nbsp;&nbsp;(71906882) | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;1523945 | 1523945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87174 <sup>#</sup> |
|  |  |  |  | **$0** | **$0** | **$7614303** |  | **$150164** |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Amount shown represents income before fees and rebates. |

---

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

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Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities (including $1,465,274 of securities loaned), at value (cost $453,185,394)<br>| $596927248 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $7,614,303)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7614303 |
| &nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312792 |
| &nbsp;&nbsp; Receivable for dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732209 |
| &nbsp;&nbsp; Receivable for securities lending income, net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29447 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11499 |
| **Total assets<br>**  | &nbsp;&nbsp;**608627498** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879889 |
| &nbsp;&nbsp; Payable upon receipt of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523945 |
| &nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342874 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33742 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5780450** |
| **Total net assets<br>**  | **$602847048** |

---

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

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Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends (net of foreign withholdings taxes of $8,530)<br>| $5701667 |
| &nbsp;&nbsp; Securities lending income (including from affiliate), net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343948 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62990 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;**6108605** |
| **Expenses** |  |
| &nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;2274155 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30257 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43224 |
| &nbsp;&nbsp; Interest holder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13495 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10148 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;**2382158** |
| &nbsp;&nbsp; Less: Fee waivers and/or expense reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;(270549) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;**2111609** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;**3996996** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized losses on investments<br>| &nbsp;&nbsp;(4578364) |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;4256164 |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(322200)** |
| **Net increase in net assets resulting from operations<br>**  | **$3674796** |

---

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

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Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3996996 | &nbsp;&nbsp;&nbsp;&nbsp;$4422079 |
| &nbsp;&nbsp; Net realized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(4578364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64991534 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4256164 | &nbsp;&nbsp;&nbsp;&nbsp;(80777394) |
| **Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3674796** | &nbsp;&nbsp;&nbsp;&nbsp;**(11363781)** |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Transactions in investors' beneficial interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;29434327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74799145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals<br>| &nbsp;&nbsp;&nbsp;(26454713) | &nbsp;&nbsp;&nbsp;&nbsp;(87265392) |
| **Net increase (decrease) in net assets resulting from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2979614** | &nbsp;&nbsp;&nbsp;&nbsp;**(12466247)** |
| **Total increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6654410** | &nbsp;&nbsp;&nbsp;&nbsp;**(23830028)** |
| **Net assets** |  |  |
| **Beginning of period<br>**  | &nbsp;&nbsp;**596192638** | &nbsp;&nbsp;&nbsp;&nbsp;**620022666** |
| **End of period<br>**  | **$602847048** | &nbsp;&nbsp;**$596192638** |

---

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

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Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Total return<sup>1</sup><br>**  | **0.53%** | &nbsp;&nbsp;**(1.78)%** | &nbsp;&nbsp;**78.76%** | &nbsp;&nbsp;**(13.74)%** | &nbsp;&nbsp;**(14.51)%** | &nbsp;&nbsp;**20.10%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| 0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>2</sup><br>| 0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168% | &nbsp;&nbsp;&nbsp;&nbsp;144% |

---

<sup>1</sup> Returns for periods of less than one year are not annualized. <br> <sup>2</sup> Net expense ratios reflect voluntary waivers, if any.

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

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Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master 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 Small Company Value Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in securities lending income (including from affiliate) (net of fees and rebates) on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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.

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Notes to financial statements (unaudited)

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio'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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $460,790,220 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$151909224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8157893) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains | &nbsp;&nbsp;$143751331 |

---

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 Portfolio'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 Portfolio'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 Portfolio'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.

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34 \| Allspring Small Company Value Portfolio

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of November 30, 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;**Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer discretionary* | &nbsp;&nbsp;$79334654 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$79334654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer staples* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33935369 | &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;33935369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Energy* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28879352 | &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;28879352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financials* | &nbsp;&nbsp;&nbsp;&nbsp;151870781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151870781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health care* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54063015 | &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;54063015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrials* | &nbsp;&nbsp;&nbsp;&nbsp;109062582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109062582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Information technology* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61637539 | &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;61637539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Materials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44324341 | &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;44324341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real estate* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33819404 | &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;33819404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Warrants** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Energy* | &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;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;7614303 | &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;7614303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$604541340** | &nbsp;&nbsp;&nbsp;&nbsp;**$211** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$604541551** |

---

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

For the six months ended November 30, 2022, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory 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 adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Advisory fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $500 million | &nbsp;&nbsp;0.800% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $500 million | &nbsp;&nbsp;0.775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $1 billion | &nbsp;&nbsp;0.750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $1 billion | &nbsp;&nbsp;0.725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $1 billion | &nbsp;&nbsp;0.700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $4 billion | &nbsp;&nbsp;0.680 |

---

For the six months ended November 30, 2022, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

------

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Notes to financial statements (unaudited)

Interfund transactions

The Portfolio 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $298,150,122 and $284,016,527, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Investments. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2022, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;Value of<br> securities on<br> loan | &nbsp;&nbsp;&nbsp;&nbsp;Collateral <br> received<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Net amount |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital Incorporated | &nbsp;&nbsp;$1465274 | &nbsp;&nbsp;&nbsp;&nbsp;$(1465274) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

<sup>1</sup> Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 six months ended November 30, 2022, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in the financials sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

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.

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36 \| Allspring Small Company Value Portfolio

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

Notes to financial statements (unaudited)

10. INDEMNIFICATION

Under the Portfolio'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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio'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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

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Other information (unaudited)

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

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_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 125 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 Endowment (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. 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 | 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, since 2007. 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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40 \| Allspring Small Company Value Fund

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[**Table of Contents**](#job_allsp_df3a6f4d-42e3-4520-bf2c-ad19d03c9f1a_toc)

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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![](g415468imga63169a81.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> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

![](g415468imgca4a490b5.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> **1-800-222-8222** 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-12142022-e3ffrskt 01-23<br> SA286/SAR286 11-22

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![](g417339imge911e08c1.jpg)

Semi-Annual Report

November 30, 2022

Allspring Diversified Large Cap<br> Growth Portfolio

------

Contents

---

| | |
|:---|:---|
| **[Portfolio information](#xx_60379a92-8e36-462d-81b4-ed3bfa1e58ee_1)<br>**  | 2 |
| **[Portfolio of investments](#xx_c4fb6757-108d-4880-a073-b9b3a5f9afb0_1)<br>**  | 3 |
| **[Financial statements](#xx_9b65966c-fca9-4189-90c0-bdf16621d528_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_9b65966c-fca9-4189-90c0-bdf16621d528_1)<br>| 9 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_9b65966c-fca9-4189-90c0-bdf16621d528_2)<br>| 10 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_9b65966c-fca9-4189-90c0-bdf16621d528_3)<br>| 11 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_be43216d-f3f4-4f72-9a4f-e4b5a45b49c6_1)<br>| 12 |
| **[Notes to financial statements](#xx_c1ba075c-5ab3-4d96-a324-29d1d55f25b5_1)<br>**  | 13 |
| **[Other information](#xx_08fa4377-af6e-4a17-b4e9-070770f55ec4_1)<br>**  | 18 |

---

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Allspring Diversified Large Cap Growth Portfolio \| 1

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[**Table of Contents**](#job_diver_de01270c-1b08-4c9a-aa73-91ed11f36b1e_toc)

Portfolio information (unaudited)

#### Investment objective The Portfolio seeks long-term capital appreciation.

---

| | |
|:---|:---|
| **Manager** | Allspring Funds Management, LLC |
| **Subadviser** | Allspring Global Investments, LLC |
| **Portfolio managers** | John R. Campbell, CFA®<sup>‡</sup>, Vince Fioramonti, CFA®<sup>‡</sup>, Robert Gruendyke, CFA®<sup>‡</sup>, CPA, Thomas C. Ognar, CFA®<sup>‡</sup> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;8.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | &nbsp;&nbsp;5.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Incorporated | &nbsp;&nbsp;3.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;MasterCard Incorporated Class A | &nbsp;&nbsp;3.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class A | &nbsp;&nbsp;3.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | &nbsp;&nbsp;2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class C | &nbsp;&nbsp;1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copart Incorporated | &nbsp;&nbsp;1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive Incorporated | &nbsp;&nbsp;1.34 |

---

<sup>1</sup> Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Sector allocation as of November 30, 2022<sup>1</sup>

![](g417339img5bddb5092.jpg)

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

------

‡ CFA® and Chartered
Financial Analyst® are trademarks owned by CFA Institute.

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2 \| Allspring Diversified Large Cap Growth Portfolio

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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Common stocks: 98.27%** |  |  |
| &nbsp;&nbsp;**Communication services: 7.29%** |  |  |
| &nbsp;&nbsp;**Entertainment: 1.36%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard Incorporated | &nbsp;&nbsp;&nbsp; 15571 | &nbsp;&nbsp;$1151475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment Incorporated † | &nbsp;&nbsp;&nbsp; 7115 | &nbsp;&nbsp;&nbsp;&nbsp; 517687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix Incorporated † | &nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp; 232203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software Incorporated † | &nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp;&nbsp; 301217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery Incorporated † | &nbsp;&nbsp;&nbsp; 30021 | &nbsp;&nbsp;&nbsp;&nbsp; 342239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2544821** |
| &nbsp;&nbsp;**Interactive media & services: 5.56%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class A † | &nbsp;&nbsp;&nbsp; 61670 | &nbsp;&nbsp;&nbsp;&nbsp; 6228053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class C † | &nbsp;&nbsp;&nbsp; 36585 | &nbsp;&nbsp;&nbsp;&nbsp; 3711548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Incorporated Class A † | &nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp; 46059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZoomInfo Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 14277 | &nbsp;&nbsp;&nbsp;&nbsp; 408322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10393982** |
| &nbsp;&nbsp;**Wireless telecommunication services: 0.37%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US Incorporated † | &nbsp;&nbsp;&nbsp; 4624 | &nbsp;&nbsp;&nbsp;&nbsp; **700351** |
| &nbsp;&nbsp;**Consumer discretionary: 14.45%** |  |  |
| &nbsp;&nbsp;**Hotels, restaurants & leisure: 2.10%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb Incorporated Class A † | &nbsp;&nbsp;&nbsp; 7248 | &nbsp;&nbsp;&nbsp;&nbsp; 740311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Incorporated † | &nbsp;&nbsp;&nbsp; 1228 | &nbsp;&nbsp;&nbsp;&nbsp; 1997907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Incorporated | &nbsp;&nbsp;&nbsp; 5111 | &nbsp;&nbsp;&nbsp;&nbsp; 728931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | &nbsp;&nbsp;&nbsp; 4554 | &nbsp;&nbsp;&nbsp;&nbsp; 465419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3932568** |
| &nbsp;&nbsp;**Household durables: 1.17%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corporation Class A | &nbsp;&nbsp;&nbsp;13207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup Incorporated | &nbsp;&nbsp;&nbsp;23148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2196538** |
| &nbsp;&nbsp;**Internet & direct marketing retail: 3.93%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Incorporated † | &nbsp;&nbsp;&nbsp;72819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7029946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre Incorporated † | &nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7346481** |
| &nbsp;&nbsp;**Multiline retail: 0.51%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | &nbsp;&nbsp;&nbsp;5657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**945115** |
| &nbsp;&nbsp;**Specialty retail: 4.32%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone Incorporated † | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Below Incorporated † | &nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive Incorporated † | &nbsp;&nbsp;&nbsp;2898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Home Depot Incorporated | &nbsp;&nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TJX Companies Incorporated | &nbsp;&nbsp;&nbsp;20259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Company | &nbsp;&nbsp;&nbsp;2745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty Incorporated † | &nbsp;&nbsp;&nbsp;3913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8092142** |
| &nbsp;&nbsp;**Textiles, apparel & luxury goods: 2.42%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corporation † | &nbsp;&nbsp;&nbsp;3501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396479 |

---

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

------

Allspring Diversified Large Cap Growth Portfolio \| 3

------

[**Table of Contents**](#job_diver_de01270c-1b08-4c9a-aa73-91ed11f36b1e_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Textiles, apparel & luxury goods (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lululemon athletica Incorporated † | &nbsp;&nbsp;&nbsp; 6140 | &nbsp;&nbsp;$2335103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike Incorporated Class B | &nbsp;&nbsp;&nbsp; 7301 | &nbsp;&nbsp;&nbsp;&nbsp; 800847 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4532429** |
| &nbsp;&nbsp;**Consumer staples: 3.13%** |  |  |
| &nbsp;&nbsp;**Beverages: 0.42%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands Incorporated Class A | &nbsp;&nbsp;&nbsp; 3056 | &nbsp;&nbsp;&nbsp;&nbsp; **786462** |
| &nbsp;&nbsp;**Food & staples retailing: 1.83%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp;&nbsp; 2625069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation | &nbsp;&nbsp;&nbsp; 9166 | &nbsp;&nbsp;&nbsp;&nbsp; 792951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3418020** |
| &nbsp;&nbsp;**Food products: 0.77%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Daniels Midland Company | &nbsp;&nbsp;&nbsp; 14747 | &nbsp;&nbsp;&nbsp;&nbsp; **1437833** |
| &nbsp;&nbsp;**Personal products: 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Estee Lauder Companies Incorporated Class A | &nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp;&nbsp; **213390** |
| &nbsp;&nbsp;**Energy: 2.65%** |  |  |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 2.65%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;&nbsp; 10021 | &nbsp;&nbsp;&nbsp;&nbsp; 1836950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp; 13559 | &nbsp;&nbsp;&nbsp;&nbsp; 1674672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | &nbsp;&nbsp;&nbsp; 21117 | &nbsp;&nbsp;&nbsp;&nbsp; 1446937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4958559** |
| &nbsp;&nbsp;**Financials: 8.22%** |  |  |
| &nbsp;&nbsp;**Banks: 1.85%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated | &nbsp;&nbsp;&nbsp; 19175 | &nbsp;&nbsp;&nbsp;&nbsp; 928262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group Incorporated | &nbsp;&nbsp;&nbsp;27101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp;10101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3472558** |
| &nbsp;&nbsp;**Capital markets: 5.69%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Incorporated | &nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group Incorporated | &nbsp;&nbsp;&nbsp;6127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore Partners Incorporated Class A | &nbsp;&nbsp;&nbsp;9440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange Incorporated | &nbsp;&nbsp;&nbsp;5425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Incorporated | &nbsp;&nbsp;&nbsp;2917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings Incorporated | &nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI Incorporated | &nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global Incorporated | &nbsp;&nbsp;&nbsp;1602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corporation | &nbsp;&nbsp;&nbsp;27871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Goldman Sachs Group Incorporated | &nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets Incorporated Class A | &nbsp;&nbsp;&nbsp;13684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtu Financial Incorporated Class A | &nbsp;&nbsp;&nbsp;40967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10640558** |
| &nbsp;&nbsp;**Insurance: 0.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group Incorporated | &nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation | &nbsp;&nbsp;&nbsp;6452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1268716** |

---

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

------

4 \| Allspring Diversified Large Cap Growth Portfolio

------

[**Table of Contents**](#job_diver_de01270c-1b08-4c9a-aa73-91ed11f36b1e_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Health care: 17.01%** |  |  |
| &nbsp;&nbsp;**Biotechnology: 4.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie Incorporated | &nbsp;&nbsp;&nbsp; 7807 | &nbsp;&nbsp;$1258332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Incorporated † | &nbsp;&nbsp;&nbsp; 2523 | &nbsp;&nbsp;&nbsp;&nbsp; 556549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argenx SE † | &nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 473584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Incorporated † | &nbsp;&nbsp;&nbsp; 5787 | &nbsp;&nbsp;&nbsp;&nbsp; 584371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences Incorporated † | &nbsp;&nbsp;&nbsp; 4550 | &nbsp;&nbsp;&nbsp;&nbsp; 578123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Incorporated † | &nbsp;&nbsp;&nbsp; 1752 | &nbsp;&nbsp;&nbsp;&nbsp; 1316978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagen Incorporated † | &nbsp;&nbsp;&nbsp; 2921 | &nbsp;&nbsp;&nbsp;&nbsp; 354580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corporation † | &nbsp;&nbsp;&nbsp; 5959 | &nbsp;&nbsp;&nbsp;&nbsp; 1667865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Incorporated † | &nbsp;&nbsp;&nbsp; 6191 | &nbsp;&nbsp;&nbsp;&nbsp; 1958832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8749214** |
| &nbsp;&nbsp;**Health care equipment & supplies: 4.13%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp; 3064 | &nbsp;&nbsp;&nbsp;&nbsp; 329625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation † | &nbsp;&nbsp;&nbsp; 51994 | &nbsp;&nbsp;&nbsp;&nbsp; 2353768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corporation † | &nbsp;&nbsp;&nbsp; 8914 | &nbsp;&nbsp;&nbsp;&nbsp; 688607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic Incorporated † | &nbsp;&nbsp;&nbsp; 13334 | &nbsp;&nbsp;&nbsp;&nbsp; 1015517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet Corporation † | &nbsp;&nbsp;&nbsp; 2752 | &nbsp;&nbsp;&nbsp;&nbsp; 823866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical Incorporated † | &nbsp;&nbsp;&nbsp; 3387 | &nbsp;&nbsp;&nbsp;&nbsp; 915811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra Incorporated † | &nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 555202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corporation | &nbsp;&nbsp;&nbsp; 4466 | &nbsp;&nbsp;&nbsp;&nbsp; 1044553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7726949** |
| &nbsp;&nbsp;**Health care providers & services: 4.27%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health Incorporated | &nbsp;&nbsp;&nbsp; 3728 | &nbsp;&nbsp;&nbsp;&nbsp; 298874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | &nbsp;&nbsp;&nbsp;14118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health Incorporated | &nbsp;&nbsp;&nbsp;3182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana Incorporated | &nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | &nbsp;&nbsp;&nbsp;7813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4279649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7998564** |
| &nbsp;&nbsp;**Health care technology: 0.46%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Incorporated Class A † | &nbsp;&nbsp;&nbsp;4571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**870136** |
| &nbsp;&nbsp;**Life sciences tools & services: 1.46%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies Incorporated | &nbsp;&nbsp;&nbsp;10833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corporation † | &nbsp;&nbsp;&nbsp;3497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Incorporated | &nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2733990** |
| &nbsp;&nbsp;**Pharmaceuticals: 2.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp;14672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Incorporated | &nbsp;&nbsp;&nbsp;28850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | &nbsp;&nbsp;&nbsp;12007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis Incorporated | &nbsp;&nbsp;&nbsp;2622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3758832** |
| &nbsp;&nbsp;**Industrials: 8.18%** |  |  |
| &nbsp;&nbsp;**Aerospace & defense: 0.53%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation | &nbsp;&nbsp;&nbsp;5473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group Incorporated | &nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**993911** |

---

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

------

Allspring Diversified Large Cap Growth Portfolio \| 5

------

[**Table of Contents**](#job_diver_de01270c-1b08-4c9a-aa73-91ed11f36b1e_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Air freight & logistics: 0.58%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service Incorporated Class B | &nbsp;&nbsp;&nbsp; 5713 | &nbsp;&nbsp;**$1083927** |
| &nbsp;&nbsp;**Building products: 1.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems Incorporated | &nbsp;&nbsp;&nbsp; 7155 | &nbsp;&nbsp;&nbsp;&nbsp; 695895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp; 12615 | &nbsp;&nbsp;&nbsp;&nbsp; 838141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corporation | &nbsp;&nbsp;&nbsp; 19683 | &nbsp;&nbsp;&nbsp;&nbsp; 999503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2533539** |
| &nbsp;&nbsp;**Commercial services & supplies: 1.74%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart Incorporated † | &nbsp;&nbsp;&nbsp; 48876 | &nbsp;&nbsp;&nbsp;&nbsp; **3253187** |
| &nbsp;&nbsp;**Construction & engineering: 1.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group Incorporated | &nbsp;&nbsp;&nbsp; 10942 | &nbsp;&nbsp;&nbsp;&nbsp; 1694913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WillScot Mobile Mini Holdings Corporation † | &nbsp;&nbsp;&nbsp; 4620 | &nbsp;&nbsp;&nbsp;&nbsp; 222730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1917643** |
| &nbsp;&nbsp;**Machinery: 1.21%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corporation | &nbsp;&nbsp;&nbsp; 10174 | &nbsp;&nbsp;&nbsp;&nbsp; 1350293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortive Corporation | &nbsp;&nbsp;&nbsp; 13537 | &nbsp;&nbsp;&nbsp;&nbsp; 914424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2264717** |
| &nbsp;&nbsp;**Road & rail: 1.74%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services Incorporated | &nbsp;&nbsp;&nbsp; 11938 | &nbsp;&nbsp;&nbsp;&nbsp; 2195279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | &nbsp;&nbsp;&nbsp; 4907 | &nbsp;&nbsp;&nbsp;&nbsp; 1066929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3262208** |
| &nbsp;&nbsp;**Information technology: 31.84%** |  |  |
| &nbsp;&nbsp;**Communications equipment: 0.41%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks Incorporated † | &nbsp;&nbsp;&nbsp; 5498 | &nbsp;&nbsp;&nbsp;&nbsp; **765871** |
| &nbsp;&nbsp;**Electronic equipment, instruments & components: 0.50%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies Incorporated † | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble Incorporated † | &nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Corporation Class A † | &nbsp;&nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**941819** |
| &nbsp;&nbsp;**IT services: 5.80%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;4393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates Incorporated | &nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasterCard Incorporated Class A | &nbsp;&nbsp;&nbsp;18808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6703171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings Incorporated † | &nbsp;&nbsp;&nbsp;14931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Incorporated Class A | &nbsp;&nbsp;&nbsp;5519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10844172** |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment: 6.34%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices Incorporated † | &nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro MicroSystems Incorporated † | &nbsp;&nbsp;&nbsp;10791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials Incorporated | &nbsp;&nbsp;&nbsp;9962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Incorporated | &nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enphase Energy Incorporated † | &nbsp;&nbsp;&nbsp;1802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology Incorporated | &nbsp;&nbsp;&nbsp;25718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems Incorporated | &nbsp;&nbsp;&nbsp;2209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;&nbsp;10343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;3316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583085 |

---

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

------

6 \| Allspring Diversified Large Cap Growth Portfolio

------

[**Table of Contents**](#job_diver_de01270c-1b08-4c9a-aa73-91ed11f36b1e_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qorvo Incorporated † | &nbsp;&nbsp;&nbsp; 7736 | &nbsp;&nbsp;$767798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualcomm Incorporated | &nbsp;&nbsp;&nbsp; 18417 | &nbsp;&nbsp;&nbsp;&nbsp; 2329567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11860015** |
| &nbsp;&nbsp;**Software: 13.40%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe Incorporated † | &nbsp;&nbsp;&nbsp; 2301 | &nbsp;&nbsp;&nbsp;&nbsp; 793684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings Incorporated Class A † | &nbsp;&nbsp;&nbsp; 4685 | &nbsp;&nbsp;&nbsp;&nbsp; 551190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Incorporated Class A † | &nbsp;&nbsp;&nbsp; 2720 | &nbsp;&nbsp;&nbsp;&nbsp; 206122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace Incorporated † | &nbsp;&nbsp;&nbsp; 16223 | &nbsp;&nbsp;&nbsp;&nbsp; 628641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corporation † | &nbsp;&nbsp;&nbsp; 841 | &nbsp;&nbsp;&nbsp;&nbsp; 521185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet Incorporated † | &nbsp;&nbsp;&nbsp; 26871 | &nbsp;&nbsp;&nbsp;&nbsp; 1428462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit Incorporated | &nbsp;&nbsp;&nbsp; 2641 | &nbsp;&nbsp;&nbsp;&nbsp; 1076445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;&nbsp; 63049 | &nbsp;&nbsp;&nbsp;&nbsp; 16086322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | &nbsp;&nbsp;&nbsp; 20049 | &nbsp;&nbsp;&nbsp;&nbsp; 1664669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks Incorporated † | &nbsp;&nbsp;&nbsp; 6436 | &nbsp;&nbsp;&nbsp;&nbsp; 1093476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow Incorporated † | &nbsp;&nbsp;&nbsp; 2481 | &nbsp;&nbsp;&nbsp;&nbsp; 1032840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **25083036** |
| &nbsp;&nbsp;**Technology hardware, storage & peripherals: 5.39%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | &nbsp;&nbsp;&nbsp; 68066 | &nbsp;&nbsp;&nbsp;&nbsp; **10075810** |
| &nbsp;&nbsp;**Materials: 3.07%** |  |  |
| &nbsp;&nbsp;**Chemicals: 1.80%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings Incorporated | &nbsp;&nbsp;&nbsp; 12460 | &nbsp;&nbsp;&nbsp;&nbsp; 1348047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp; 6013 | &nbsp;&nbsp;&nbsp;&nbsp; 2023254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3371301** |
| &nbsp;&nbsp;**Metals & mining: 1.27%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corporation | &nbsp;&nbsp;&nbsp;8261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Company | &nbsp;&nbsp;&nbsp;5386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2376745** |
| &nbsp;&nbsp;**Real estate: 2.43%** |  |  |
| &nbsp;&nbsp;**Equity REITs: 1.89%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix Incorporated | &nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corporation | &nbsp;&nbsp;&nbsp;1816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group Incorporated | &nbsp;&nbsp;&nbsp;12324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;&nbsp;38228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3533228** |
| &nbsp;&nbsp;**Real estate management & development: 0.54%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group Incorporated Class A † | &nbsp;&nbsp;&nbsp;12772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1016651** |
| &nbsp;&nbsp;**Total Common stocks (Cost $121,775,137)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**183895988** |

---

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

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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Short-term investments: 1.65%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 1.65%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠ |  | 3.60% | &nbsp;&nbsp;&nbsp;3089046 | &nbsp;&nbsp;**$3089046** |
| &nbsp;&nbsp;**Total Short-term investments (Cost $3,089,046)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3089046** |
| &nbsp;&nbsp;**Total investments in securities (Cost $124,864,183)** | &nbsp;&nbsp;99.92% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;186985034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 146078 |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$187131112** |

---

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

Abbreviations: <br> REIT Real estate investment trust

#### Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Government Money Market Fund Select Class | $6825985 | $19725636 | $(23462575) | $0 | $0 | $3089046 | 3089046 | $41904 |
| &nbsp;&nbsp;**Investments in affiliates no longer<br> held at end of period** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC | &nbsp;&nbsp;&nbsp;&nbsp;100300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326800) | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 <sup>#</sup> |
|  |  |  |  | **$0** | **$0** | **$3089046** |  | **$42612** |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Amount shown represents income before fees and rebates. |

---

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

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Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities, at value (cost $121,775,137)<br>| $183895988 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $3,089,046)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089046 |
| &nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447791 |
| &nbsp;&nbsp; Receivable for dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204097 |
| **Total assets<br>**  | &nbsp;&nbsp;**187636922** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367164 |
| &nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78539 |
| &nbsp;&nbsp; Professional fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28276 |
| &nbsp;&nbsp; Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29985 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**505810** |
| **Total net assets<br>**  | **$187131112** |

---

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

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Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends (net of foreign withholdings taxes of $5,683)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$956853 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41936 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**998789** |
| **Expenses** |  |
| &nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600995 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20789 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28648 |
| &nbsp;&nbsp; Interest holder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**666188** |
| &nbsp;&nbsp; Less: Fee waivers and/or expense reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;(111423) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**554765** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**444024** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized gains on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970733 |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;(1938700) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(967967)** |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;**$(523943)** |

---

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

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Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$444024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$308158 |
| &nbsp;&nbsp; Net realized gains on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35246286 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1938700) | &nbsp;&nbsp;&nbsp;&nbsp;(57276470) |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(523943)** | &nbsp;&nbsp;&nbsp;&nbsp;**(21722026)** |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Transactions in investors' beneficial interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5704113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals<br>| &nbsp;&nbsp;&nbsp;(13738638) | &nbsp;&nbsp;&nbsp;&nbsp;(72417721) |
| **Net decrease in net assets resulting from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(8034525)** | &nbsp;&nbsp;&nbsp;&nbsp;**(67925338)** |
| **Total decrease in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(8558468)** | &nbsp;&nbsp;&nbsp;&nbsp;**(89647364)** |
| **Net assets** |  |  |
| **Beginning of period<br>**  | &nbsp;&nbsp;**195689580** | &nbsp;&nbsp;&nbsp;&nbsp;**285336944** |
| **End of period<br>**  | **$187131112** | &nbsp;&nbsp;**$195689580** |

---

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

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Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Total return<sup>1</sup><br>**  | **(0.47)%** | &nbsp;&nbsp;**(11.89)%** | &nbsp;&nbsp;**35.78%** | &nbsp;&nbsp;**16.10%** | &nbsp;&nbsp;**3.79%** | &nbsp;&nbsp;**24.12%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| 0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>2</sup><br>| 0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| 0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |

---

<sup>1</sup> Returns for periods of less than one year are not annualized. <br> <sup>2</sup> Net expense ratios reflect voluntary waivers, if any.

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

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Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master 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 Diversified Large Cap Growth Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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Notes to financial statements (unaudited)

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange's clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

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.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio'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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $124,821,094 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$67897334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(5733394) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains | &nbsp;&nbsp;$62163940 |

---

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 Portfolio'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 Portfolio'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 Portfolio'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.

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of November 30, 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;**Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Communication services* | &nbsp;&nbsp;$13639154 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$13639154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer discretionary* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27045273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27045273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer staples* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Energy* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15381832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15381832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health care* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31837685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31837685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15309132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15309132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Information technology* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59570723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59570723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Materials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5748046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5748046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real estate* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549879 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;3089046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$186985034** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$186985034** |

---

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

For the six months ended November 30, 2022, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory 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 adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Advisory fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $500 million | &nbsp;&nbsp;0.650% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $500 million | &nbsp;&nbsp;0.625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $1 billion | &nbsp;&nbsp;0.600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $2 billion | &nbsp;&nbsp;0.575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $4 billion | &nbsp;&nbsp;0.550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $4 billion | &nbsp;&nbsp;0.525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $4 billion | &nbsp;&nbsp;0.500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $16 billion | &nbsp;&nbsp;0.475 |

---

For the six months ended November 30, 2022, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual

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Notes to financial statements (unaudited)

rate starting at 0.35% and declining to 0.30% as the average daily net assets of the asset sleeve managed by the Golden Capital team increase and an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of all other asset sleeves increase.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

The Portfolio 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $41,452,090 and $45,429,581, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Investments. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2022, the Portfolio did not have any securities on loan.

7. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 six months ended November 30, 2022, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

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 Portfolio'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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio's

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Notes to financial statements (unaudited)

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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

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Other information (unaudited)

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 Portfolio 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. Interest holders 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 125 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. 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 Endowment (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. 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 | 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, since 2007. 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.

<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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![](g417339imge911e08c1.jpg)

For more information

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

Allspring Funds<br> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

*This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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> **1-800-222-8222**. 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.

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![](g419159imge5a8980f1.jpg)

Semi-Annual Report

November 30, 2022

Allspring<br> Disciplined Large Cap Portfolio

------

Contents

---

| | |
|:---|:---|
| **[Portfolio information](#xx_0d265b3f-93ec-4782-9807-8ef53c2d3e16_1)<br>**  | 2 |
| **[Portfolio of investments](#xx_09ef4963-1e04-47d7-b573-3c3096858943_1)<br>**  | 3 |
| **[Financial statements](#xx_a97c352f-1968-4a41-8d71-a5a53a775b93_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_a97c352f-1968-4a41-8d71-a5a53a775b93_1)<br>| 12 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_a97c352f-1968-4a41-8d71-a5a53a775b93_2)<br>| 13 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_a97c352f-1968-4a41-8d71-a5a53a775b93_3)<br>| 14 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_b6e48bb5-8c73-4275-b633-35eff2e8c475_1)<br>| 15 |
| **[Notes to financial statements](#xx_cea2818a-aee4-4fb8-af28-7309a4ed26b7_1)<br>**  | 16 |
| **[Other information](#xx_48a86b3a-576b-4135-bd9b-322b9da3d729_1)<br>**  | 21 |

---

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Portfolio information (unaudited)

#### Investment objective The Portfolio seeks long-term capital appreciation.

---

| | |
|:---|:---|
| **Manager** | Allspring Funds Management, LLC |
| **Subadviser** | Allspring Global Investments, LLC |
| **Portfolio managers** | Justin P. Carr, CFA®<sup>‡</sup>, Robert M. Wicentowski, CFA®<sup>‡</sup> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | &nbsp;&nbsp;5.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;5.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Incorporated | &nbsp;&nbsp;2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class C | &nbsp;&nbsp;1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class A | &nbsp;&nbsp;1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Incorporated Class B | &nbsp;&nbsp;1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla Motors Incorporated | &nbsp;&nbsp;1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa Incorporated Class A | &nbsp;&nbsp;1.32 |

---

<sup>1</sup> Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Sector allocation as of November 30, 2022<sup>1</sup>

![](g419159img027c9da82.jpg)

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

------

‡ CFA® and Chartered
Financial Analyst® are trademarks owned by CFA Institute.

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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Common stocks: 98.65%** |  |  |
| &nbsp;&nbsp;**Communication services: 6.82%** |  |  |
| &nbsp;&nbsp;**Diversified telecommunication services: 1.12%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Incorporated | &nbsp;&nbsp;&nbsp; 59392 | &nbsp;&nbsp;$1145078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Incorporated | &nbsp;&nbsp;&nbsp; 36502 | &nbsp;&nbsp;&nbsp;&nbsp; 1422848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2567926** |
| &nbsp;&nbsp;**Entertainment: 0.72%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard Incorporated | &nbsp;&nbsp;&nbsp; 8916 | &nbsp;&nbsp;&nbsp;&nbsp; 659338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix Incorporated † | &nbsp;&nbsp;&nbsp; 2121 | &nbsp;&nbsp;&nbsp;&nbsp; 648029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Walt Disney Company † | &nbsp;&nbsp;&nbsp; 3468 | &nbsp;&nbsp;&nbsp;&nbsp; 339413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1646780** |
| &nbsp;&nbsp;**Interactive media & services: 4.37%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class A † | &nbsp;&nbsp;&nbsp; 36885 | &nbsp;&nbsp;&nbsp;&nbsp; 3725016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class C † | &nbsp;&nbsp;&nbsp; 39232 | &nbsp;&nbsp;&nbsp;&nbsp; 3980086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Incorporated Class A † | &nbsp;&nbsp;&nbsp; 16520 | &nbsp;&nbsp;&nbsp;&nbsp; 1951012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinterest Incorporated Class A † | &nbsp;&nbsp;&nbsp; 4503 | &nbsp;&nbsp;&nbsp;&nbsp; 114466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TripAdvisor Incorporated † | &nbsp;&nbsp;&nbsp; 10121 | &nbsp;&nbsp;&nbsp;&nbsp; 206367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9976947** |
| &nbsp;&nbsp;**Media: 0.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation Class A | &nbsp;&nbsp;&nbsp; 28922 | &nbsp;&nbsp;&nbsp;&nbsp; 1059702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Companies Incorporated | &nbsp;&nbsp;&nbsp; 9582 | &nbsp;&nbsp;&nbsp;&nbsp; 329238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1388940** |
| &nbsp;&nbsp;**Consumer discretionary: 9.87%** |  |  |
| &nbsp;&nbsp;**Automobiles: 1.79%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Company | &nbsp;&nbsp;&nbsp;70609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Motors Incorporated † | &nbsp;&nbsp;&nbsp;15946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4086151** |
| &nbsp;&nbsp;**Diversified consumer services: 0.36%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corporation International | &nbsp;&nbsp;&nbsp;11507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**822175** |
| &nbsp;&nbsp;**Hotels, restaurants & leisure: 1.70%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb Incorporated Class A † | &nbsp;&nbsp;&nbsp;1976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp;8486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Incorporated † | &nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants Incorporated | &nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;&nbsp;5098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | &nbsp;&nbsp;&nbsp;5423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3895338** |
| &nbsp;&nbsp;**Household durables: 0.50%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.R. Horton Incorporated | &nbsp;&nbsp;&nbsp;3548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corporation Class A | &nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup Incorporated | &nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1130223** |
| &nbsp;&nbsp;**Internet & direct marketing retail: 2.07%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Incorporated † | &nbsp;&nbsp;&nbsp;49104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4740500** |

---

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

------

Allspring Disciplined Large Cap Portfolio \| 3

------

[**Table of Contents**](#job_disci_64a4c27f-1ed3-4061-a07e-ac219efecf18_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Multiline retail: 0.28%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | &nbsp;&nbsp;&nbsp; 3880 | &nbsp;&nbsp;**$648232** |
| &nbsp;&nbsp;**Specialty retail: 2.47%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation Incorporated † | &nbsp;&nbsp;&nbsp; 2399 | &nbsp;&nbsp;&nbsp;&nbsp; 297260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone Incorporated † | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp; 742752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Company Incorporated | &nbsp;&nbsp;&nbsp; 4467 | &nbsp;&nbsp;&nbsp;&nbsp; 381035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods Incorporated | &nbsp;&nbsp;&nbsp; 1882 | &nbsp;&nbsp;&nbsp;&nbsp; 225050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies Incorporated | &nbsp;&nbsp;&nbsp; 4350 | &nbsp;&nbsp;&nbsp;&nbsp; 924593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Home Depot Incorporated | &nbsp;&nbsp;&nbsp; 6859 | &nbsp;&nbsp;&nbsp;&nbsp; 2222247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty Incorporated † | &nbsp;&nbsp;&nbsp; 1809 | &nbsp;&nbsp;&nbsp;&nbsp; 840896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5633833** |
| &nbsp;&nbsp;**Textiles, apparel & luxury goods: 0.70%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lululemon athletica Incorporated † | &nbsp;&nbsp;&nbsp; 1983 | &nbsp;&nbsp;&nbsp;&nbsp; 754155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike Incorporated Class B | &nbsp;&nbsp;&nbsp; 3013 | &nbsp;&nbsp;&nbsp;&nbsp; 330496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry Incorporated | &nbsp;&nbsp;&nbsp; 9204 | &nbsp;&nbsp;&nbsp;&nbsp; 347635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Armour Incorporated Class A † | &nbsp;&nbsp;&nbsp; 16522 | &nbsp;&nbsp;&nbsp;&nbsp; 165220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1597506** |
| &nbsp;&nbsp;**Consumer staples: 6.21%** |  |  |
| &nbsp;&nbsp;**Beverages: 0.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corporation † | &nbsp;&nbsp;&nbsp; 3170 | &nbsp;&nbsp;&nbsp;&nbsp; 326066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo Incorporated | &nbsp;&nbsp;&nbsp; 3007 | &nbsp;&nbsp;&nbsp;&nbsp; 557829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola Company | &nbsp;&nbsp;&nbsp; 10523 | &nbsp;&nbsp;&nbsp;&nbsp; 669368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1553263** |
| &nbsp;&nbsp;**Food & staples retailing: 2.65%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Companies LLC | &nbsp;&nbsp;&nbsp;8117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp;4251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Company † | &nbsp;&nbsp;&nbsp;5607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kroger Company | &nbsp;&nbsp;&nbsp;18647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Incorporated | &nbsp;&nbsp;&nbsp;15325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6057401** |
| &nbsp;&nbsp;**Food products: 1.34%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Daniels Midland Company | &nbsp;&nbsp;&nbsp;14028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited | &nbsp;&nbsp;&nbsp;5217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Hershey Company | &nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods Incorporated Class A | &nbsp;&nbsp;&nbsp;13884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3067495** |
| &nbsp;&nbsp;**Household products: 0.84%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Procter & Gamble Company | &nbsp;&nbsp;&nbsp;12863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1918645** |
| &nbsp;&nbsp;**Tobacco: 0.70%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group Incorporated | &nbsp;&nbsp;&nbsp;15423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Incorporated | &nbsp;&nbsp;&nbsp;8824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1597891** |
| &nbsp;&nbsp;**Energy: 5.04%** |  |  |
| &nbsp;&nbsp;**Energy equipment & services: 0.18%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company | &nbsp;&nbsp;&nbsp;11137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**421981** |

---

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

------

4 \| Allspring Disciplined Large Cap Portfolio

------

[**Table of Contents**](#job_disci_64a4c27f-1ed3-4061-a07e-ac219efecf18_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 4.86%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;&nbsp; 15520 | &nbsp;&nbsp;$2844971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp; 9773 | &nbsp;&nbsp;&nbsp;&nbsp; 1207063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy Incorporated | &nbsp;&nbsp;&nbsp; 3801 | &nbsp;&nbsp;&nbsp;&nbsp; 562624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources Incorporated | &nbsp;&nbsp;&nbsp; 4845 | &nbsp;&nbsp;&nbsp;&nbsp; 687651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation | &nbsp;&nbsp;&nbsp; 13948 | &nbsp;&nbsp;&nbsp;&nbsp; 591535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 30888 | &nbsp;&nbsp;&nbsp;&nbsp; 3439070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 5216 | &nbsp;&nbsp;&nbsp;&nbsp; 635361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp; 2895 | &nbsp;&nbsp;&nbsp;&nbsp; 313934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | &nbsp;&nbsp;&nbsp; 6127 | &nbsp;&nbsp;&nbsp;&nbsp; 818690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11100899** |
| &nbsp;&nbsp;**Financials: 12.23%** |  |  |
| &nbsp;&nbsp;**Banks: 3.93%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;&nbsp; 43672 | &nbsp;&nbsp;&nbsp;&nbsp; 1652985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp; 13104 | &nbsp;&nbsp;&nbsp;&nbsp; 604750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated | &nbsp;&nbsp;&nbsp; 12093 | &nbsp;&nbsp;&nbsp;&nbsp; 585422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group Incorporated | &nbsp;&nbsp;&nbsp; 10709 | &nbsp;&nbsp;&nbsp;&nbsp; 453847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 20295 | &nbsp;&nbsp;&nbsp;&nbsp; 2804363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular Incorporated | &nbsp;&nbsp;&nbsp; 7769 | &nbsp;&nbsp;&nbsp;&nbsp; 567292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corporation | &nbsp;&nbsp;&nbsp; 30967 | &nbsp;&nbsp;&nbsp;&nbsp; 718744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Bank | &nbsp;&nbsp;&nbsp; 2171 | &nbsp;&nbsp;&nbsp;&nbsp; 302855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp; 23401 | &nbsp;&nbsp;&nbsp;&nbsp; 1062171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;&nbsp; 5007 | &nbsp;&nbsp;&nbsp;&nbsp; 240086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8992515** |
| &nbsp;&nbsp;**Capital markets: 2.38%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation | &nbsp;&nbsp;&nbsp;17190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group Incorporated | &nbsp;&nbsp;&nbsp;2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group Incorporated Class A | &nbsp;&nbsp;&nbsp;8688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group Incorporated | &nbsp;&nbsp;&nbsp;19604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corporation | &nbsp;&nbsp;&nbsp;11516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Carlyle Group Incorporated | &nbsp;&nbsp;&nbsp;7529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corporation | &nbsp;&nbsp;&nbsp;3274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Goldman Sachs Group Incorporated | &nbsp;&nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5447451** |
| &nbsp;&nbsp;**Consumer finance: 0.75%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation | &nbsp;&nbsp;&nbsp;8960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;2217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;14361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1704950** |
| &nbsp;&nbsp;**Diversified financial services: 1.91%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management Incorporated | &nbsp;&nbsp;&nbsp;9395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Incorporated Class B † | &nbsp;&nbsp;&nbsp;11652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4364246** |
| &nbsp;&nbsp;**Insurance: 3.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Limited † | &nbsp;&nbsp;&nbsp;14711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Limited | &nbsp;&nbsp;&nbsp;9306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brighthouse Financial Incorporated † | &nbsp;&nbsp;&nbsp;4025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Limited | &nbsp;&nbsp;&nbsp;2353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Reinsurance Group Limited | &nbsp;&nbsp;&nbsp;3612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corporation | &nbsp;&nbsp;&nbsp;10051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391386 |

---

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

------

Allspring Disciplined Large Cap Portfolio \| 5

------

[**Table of Contents**](#job_disci_64a4c27f-1ed3-4061-a07e-ac219efecf18_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Incorporated | &nbsp;&nbsp;&nbsp; 18477 | &nbsp;&nbsp;$1417186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial Incorporated | &nbsp;&nbsp;&nbsp; 4207 | &nbsp;&nbsp;&nbsp;&nbsp; 454482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America Incorporated | &nbsp;&nbsp;&nbsp; 2320 | &nbsp;&nbsp;&nbsp;&nbsp; 335008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.R. Berkley Corporation | &nbsp;&nbsp;&nbsp; 11983 | &nbsp;&nbsp;&nbsp;&nbsp; 914063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6890802** |
| &nbsp;&nbsp;**Thrifts & mortgage finance: 0.24%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corporation | &nbsp;&nbsp;&nbsp; 39582 | &nbsp;&nbsp;&nbsp;&nbsp; **543461** |
| &nbsp;&nbsp;**Health care: 14.66%** |  |  |
| &nbsp;&nbsp;**Biotechnology: 2.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie Incorporated | &nbsp;&nbsp;&nbsp; 8945 | &nbsp;&nbsp;&nbsp;&nbsp; 1441755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis Incorporated † | &nbsp;&nbsp;&nbsp; 64380 | &nbsp;&nbsp;&nbsp;&nbsp; 1099610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderna Incorporated † | &nbsp;&nbsp;&nbsp; 4036 | &nbsp;&nbsp;&nbsp;&nbsp; 709973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corporation † | &nbsp;&nbsp;&nbsp; 4333 | &nbsp;&nbsp;&nbsp;&nbsp; 1212763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Incorporated † | &nbsp;&nbsp;&nbsp; 4898 | &nbsp;&nbsp;&nbsp;&nbsp; 1549727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6013828** |
| &nbsp;&nbsp;**Health care equipment & supplies: 1.76%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp; 13117 | &nbsp;&nbsp;&nbsp;&nbsp; 1411127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology Incorporated † | &nbsp;&nbsp;&nbsp; 568 | &nbsp;&nbsp;&nbsp;&nbsp; 111703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corporation † | &nbsp;&nbsp;&nbsp; 7174 | &nbsp;&nbsp;&nbsp;&nbsp; 554192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic Incorporated † | &nbsp;&nbsp;&nbsp; 10980 | &nbsp;&nbsp;&nbsp;&nbsp; 836237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical Incorporated † | &nbsp;&nbsp;&nbsp; 3473 | &nbsp;&nbsp;&nbsp;&nbsp; 939064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp; 2056 | &nbsp;&nbsp;&nbsp;&nbsp; 162506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4014829** |
| &nbsp;&nbsp;**Health care providers & services: 4.25%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerisourceBergen Corporation | &nbsp;&nbsp;&nbsp;7627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corporation † | &nbsp;&nbsp;&nbsp;10775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | &nbsp;&nbsp;&nbsp;16660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health Incorporated | &nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;&nbsp;3769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare Incorporated † | &nbsp;&nbsp;&nbsp;3321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | &nbsp;&nbsp;&nbsp;4570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9715742** |
| &nbsp;&nbsp;**Health care technology: 0.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Incorporated Class A † | &nbsp;&nbsp;&nbsp;3714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**706997** |
| &nbsp;&nbsp;**Life sciences tools & services: 1.20%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | &nbsp;&nbsp;&nbsp;5408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Incorporated | &nbsp;&nbsp;&nbsp;2252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2740216** |
| &nbsp;&nbsp;**Pharmaceuticals: 4.51%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp;21641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;&nbsp;2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;19384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Company Incorporated | &nbsp;&nbsp;&nbsp;16993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nektar Therapeutics † | &nbsp;&nbsp;&nbsp;94530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Incorporated | &nbsp;&nbsp;&nbsp;44383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10305196** |

---

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

------

6 \| Allspring Disciplined Large Cap Portfolio

------

[**Table of Contents**](#job_disci_64a4c27f-1ed3-4061-a07e-ac219efecf18_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Industrials: 9.30%** |  |  |
| &nbsp;&nbsp;**Aerospace & defense: 1.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;&nbsp; 3235 | &nbsp;&nbsp;$816482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp; 3429 | &nbsp;&nbsp;&nbsp;&nbsp; 1663717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2480199** |
| &nbsp;&nbsp;**Air freight & logistics: 1.32%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington Incorporated | &nbsp;&nbsp;&nbsp; 6260 | &nbsp;&nbsp;&nbsp;&nbsp; 726536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | &nbsp;&nbsp;&nbsp; 4945 | &nbsp;&nbsp;&nbsp;&nbsp; 901078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service Incorporated Class B | &nbsp;&nbsp;&nbsp; 7298 | &nbsp;&nbsp;&nbsp;&nbsp; 1384650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3012264** |
| &nbsp;&nbsp;**Airlines: 0.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group Incorporated † | &nbsp;&nbsp;&nbsp; 7412 | &nbsp;&nbsp;&nbsp;&nbsp; 351625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Company † | &nbsp;&nbsp;&nbsp; 8838 | &nbsp;&nbsp;&nbsp;&nbsp; 352725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **704350** |
| &nbsp;&nbsp;**Building products: 1.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource Incorporated † | &nbsp;&nbsp;&nbsp; 10187 | &nbsp;&nbsp;&nbsp;&nbsp; 651255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corporation | &nbsp;&nbsp;&nbsp; 15862 | &nbsp;&nbsp;&nbsp;&nbsp; 805472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning Incorporated | &nbsp;&nbsp;&nbsp; 9409 | &nbsp;&nbsp;&nbsp;&nbsp; 835896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2292623** |
| &nbsp;&nbsp;**Commercial services & supplies: 0.73%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart Incorporated † | &nbsp;&nbsp;&nbsp; 9414 | &nbsp;&nbsp;&nbsp;&nbsp; 626596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management Incorporated | &nbsp;&nbsp;&nbsp; 6220 | &nbsp;&nbsp;&nbsp;&nbsp; 1043218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1669814** |
| &nbsp;&nbsp;**Construction & engineering: 0.15%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services Incorporated | &nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**338429** |
| &nbsp;&nbsp;**Electrical equipment: 0.82%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Brands Incorporated | &nbsp;&nbsp;&nbsp;3838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK Incorporated | &nbsp;&nbsp;&nbsp;2503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | &nbsp;&nbsp;&nbsp;2797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corporation | &nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1872601** |
| &nbsp;&nbsp;**Industrial conglomerates: 0.13%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International Incorporated | &nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**292002** |
| &nbsp;&nbsp;**Machinery: 2.07%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corporation | &nbsp;&nbsp;&nbsp;4357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings Incorporated | &nbsp;&nbsp;&nbsp;16295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane Holdings Company | &nbsp;&nbsp;&nbsp;4796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins Incorporated | &nbsp;&nbsp;&nbsp;4770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corporation | &nbsp;&nbsp;&nbsp;2503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on Incorporated | &nbsp;&nbsp;&nbsp;2219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Timken Company | &nbsp;&nbsp;&nbsp;5868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4742387** |
| &nbsp;&nbsp;**Road & rail: 1.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;&nbsp;21450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System Incorporated | &nbsp;&nbsp;&nbsp;4276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399763 |

---

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

------

Allspring Disciplined Large Cap Portfolio \| 7

------

[**Table of Contents**](#job_disci_64a4c27f-1ed3-4061-a07e-ac219efecf18_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Road & rail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider National Incorporated Class B | &nbsp;&nbsp;&nbsp; 33544 | &nbsp;&nbsp;$864093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | &nbsp;&nbsp;&nbsp; 2017 | &nbsp;&nbsp;&nbsp;&nbsp; 438556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2403613** |
| &nbsp;&nbsp;**Trading companies & distributors: 0.64%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals Incorporated † | &nbsp;&nbsp;&nbsp; 2119 | &nbsp;&nbsp;&nbsp;&nbsp; 748071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univar Incorporated † | &nbsp;&nbsp;&nbsp; 5846 | &nbsp;&nbsp;&nbsp;&nbsp; 193678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.W. Grainger Incorporated | &nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp; 518632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1460381** |
| &nbsp;&nbsp;**Information technology: 26.12%** |  |  |
| &nbsp;&nbsp;**Communications equipment: 1.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks Incorporated † | &nbsp;&nbsp;&nbsp; 5975 | &nbsp;&nbsp;&nbsp;&nbsp; 832318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems Incorporated | &nbsp;&nbsp;&nbsp; 45087 | &nbsp;&nbsp;&nbsp;&nbsp; 2241726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3074044** |
| &nbsp;&nbsp;**Electronic equipment, instruments & components: 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil Circuit Incorporated | &nbsp;&nbsp;&nbsp; 9431 | &nbsp;&nbsp;&nbsp;&nbsp; 680824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 2335 | &nbsp;&nbsp;&nbsp;&nbsp; 422378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1103202** |
| &nbsp;&nbsp;**IT services: 4.50%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp; 5396 | &nbsp;&nbsp;&nbsp;&nbsp; 1623818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amdocs Limited | &nbsp;&nbsp;&nbsp; 3893 | &nbsp;&nbsp;&nbsp;&nbsp; 345932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corporation Class A | &nbsp;&nbsp;&nbsp; 9063 | &nbsp;&nbsp;&nbsp;&nbsp; 563809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems Incorporated † | &nbsp;&nbsp;&nbsp; 1137 | &nbsp;&nbsp;&nbsp;&nbsp; 419075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FleetCor Technologies Incorporated † | &nbsp;&nbsp;&nbsp; 4986 | &nbsp;&nbsp;&nbsp;&nbsp; 978253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasterCard Incorporated Class A | &nbsp;&nbsp;&nbsp;6706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings Incorporated † | &nbsp;&nbsp;&nbsp;5763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Incorporated Class A † | &nbsp;&nbsp;&nbsp;2584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Incorporated Class A | &nbsp;&nbsp;&nbsp;13927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX Incorporated † | &nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10287329** |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment: 4.62%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices Incorporated † | &nbsp;&nbsp;&nbsp;5938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials Incorporated | &nbsp;&nbsp;&nbsp;5928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Incorporated | &nbsp;&nbsp;&nbsp;4063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic Incorporated † | &nbsp;&nbsp;&nbsp;2949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enphase Energy Incorporated † | &nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;&nbsp;2879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology Incorporated | &nbsp;&nbsp;&nbsp;8388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology Incorporated | &nbsp;&nbsp;&nbsp;8833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems Incorporated | &nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;&nbsp;14091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor Corporation † | &nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualcomm Incorporated | &nbsp;&nbsp;&nbsp;10866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10556287** |
| &nbsp;&nbsp;**Software: 9.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe Incorporated † | &nbsp;&nbsp;&nbsp;4487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corporation Class A † | &nbsp;&nbsp;&nbsp;1464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bill.com Holdings Incorporated † | &nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems Incorporated † | &nbsp;&nbsp;&nbsp;3041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523174 |

---

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

------

8 \| Allspring Disciplined Large Cap Portfolio

------

[**Table of Contents**](#job_disci_64a4c27f-1ed3-4061-a07e-ac219efecf18_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confluent Incorporated Class A † | &nbsp;&nbsp;&nbsp; 15518 | &nbsp;&nbsp;$357380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Incorporated Class A † | &nbsp;&nbsp;&nbsp; 6251 | &nbsp;&nbsp;&nbsp;&nbsp; 473701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox Incorporated Class A † | &nbsp;&nbsp;&nbsp; 7950 | &nbsp;&nbsp;&nbsp;&nbsp; 187302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet Incorporated † | &nbsp;&nbsp;&nbsp; 16469 | &nbsp;&nbsp;&nbsp;&nbsp; 875492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit Incorporated | &nbsp;&nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp;&nbsp; 376613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;&nbsp; 45577 | &nbsp;&nbsp;&nbsp;&nbsp; 11628513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | &nbsp;&nbsp;&nbsp; 8501 | &nbsp;&nbsp;&nbsp;&nbsp; 705838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycom Software Incorporated † | &nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp;&nbsp; 154630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce.com Incorporated † | &nbsp;&nbsp;&nbsp; 5413 | &nbsp;&nbsp;&nbsp;&nbsp; 867433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SentinelOne Incorporated Class A † | &nbsp;&nbsp;&nbsp; 13449 | &nbsp;&nbsp;&nbsp;&nbsp; 195011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow Incorporated † | &nbsp;&nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp;&nbsp; 306397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys Incorporated † | &nbsp;&nbsp;&nbsp; 2305 | &nbsp;&nbsp;&nbsp;&nbsp; 782640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trade Desk Incorporated † | &nbsp;&nbsp;&nbsp; 5224 | &nbsp;&nbsp;&nbsp;&nbsp; 272379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMware Incorporated Class A † | &nbsp;&nbsp;&nbsp; 4877 | &nbsp;&nbsp;&nbsp;&nbsp; 592507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoom Video Communications Incorporated † | &nbsp;&nbsp;&nbsp; 5956 | &nbsp;&nbsp;&nbsp;&nbsp; 449261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **20599347** |
| &nbsp;&nbsp;**Technology hardware, storage & peripherals: 6.16%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Incorporated | &nbsp;&nbsp;&nbsp; 91262 | &nbsp;&nbsp;&nbsp;&nbsp; 13509514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP Incorporated | &nbsp;&nbsp;&nbsp; 11795 | &nbsp;&nbsp;&nbsp;&nbsp; 354322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage Incorporated Class A † | &nbsp;&nbsp;&nbsp; 7275 | &nbsp;&nbsp;&nbsp;&nbsp; 212357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14076193** |
| &nbsp;&nbsp;**Materials: 2.43%** |  |  |
| &nbsp;&nbsp;**Chemicals: 1.24%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese Corporation Series A | &nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings Incorporated | &nbsp;&nbsp;&nbsp;5025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Incorporated | &nbsp;&nbsp;&nbsp;5344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;9104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olin Corporation | &nbsp;&nbsp;&nbsp;3271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Chemical Corporation | &nbsp;&nbsp;&nbsp;6834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2841550** |
| &nbsp;&nbsp;**Containers & packaging: 0.14%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corporation of America | &nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**316760** |
| &nbsp;&nbsp;**Metals & mining: 0.87%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corporation | &nbsp;&nbsp;&nbsp;4231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Company | &nbsp;&nbsp;&nbsp;3104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics Incorporated | &nbsp;&nbsp;&nbsp;6622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1978506** |
| &nbsp;&nbsp;**Paper & forest products: 0.18%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific Corporation | &nbsp;&nbsp;&nbsp;6638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**423504** |
| &nbsp;&nbsp;**Real estate: 2.94%** |  |  |
| &nbsp;&nbsp;**Equity REITs: 2.94%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Incorporated | &nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities Incorporated | &nbsp;&nbsp;&nbsp;3136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group Incorporated | &nbsp;&nbsp;&nbsp;10835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;3464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage Incorporated | &nbsp;&nbsp;&nbsp;6535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties Incorporated | &nbsp;&nbsp;&nbsp;8301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts Incorporated | &nbsp;&nbsp;&nbsp;12403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234913 |

---

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

------

Allspring Disciplined Large Cap Portfolio \| 9

------

[**Table of Contents**](#job_disci_64a4c27f-1ed3-4061-a07e-ac219efecf18_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Equity REITs (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes Incorporated | &nbsp;&nbsp;&nbsp; 9319 | &nbsp;&nbsp;$304079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Retail Properties Incorporated | &nbsp;&nbsp;&nbsp; 7333 | &nbsp;&nbsp;&nbsp;&nbsp; 339958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis Incorporated | &nbsp;&nbsp;&nbsp; 9516 | &nbsp;&nbsp;&nbsp;&nbsp; 1120890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage Incorporated | &nbsp;&nbsp;&nbsp; 1899 | &nbsp;&nbsp;&nbsp;&nbsp; 565826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corporation | &nbsp;&nbsp;&nbsp; 1441 | &nbsp;&nbsp;&nbsp;&nbsp; 431291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group Incorporated | &nbsp;&nbsp;&nbsp; 4184 | &nbsp;&nbsp;&nbsp;&nbsp; 499737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Store Capital Corporation | &nbsp;&nbsp;&nbsp; 9124 | &nbsp;&nbsp;&nbsp;&nbsp; 291056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6715459** |
| &nbsp;&nbsp;**Utilities: 3.03%** |  |  |
| &nbsp;&nbsp;**Electric utilities: 0.97%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Company Incorporated | &nbsp;&nbsp;&nbsp; 7008 | &nbsp;&nbsp;&nbsp;&nbsp; 678374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avangrid Incorporated | &nbsp;&nbsp;&nbsp; 10512 | &nbsp;&nbsp;&nbsp;&nbsp; 449598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Incorporated | &nbsp;&nbsp;&nbsp; 5801 | &nbsp;&nbsp;&nbsp;&nbsp; 491345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Southern Company | &nbsp;&nbsp;&nbsp; 8860 | &nbsp;&nbsp;&nbsp;&nbsp; 599290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2218607** |
| &nbsp;&nbsp;**Gas utilities: 0.81%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Company | &nbsp;&nbsp;&nbsp; 14715 | &nbsp;&nbsp;&nbsp;&nbsp; 974574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UGI Corporation | &nbsp;&nbsp;&nbsp; 22758 | &nbsp;&nbsp;&nbsp;&nbsp; 879597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1854171** |
| &nbsp;&nbsp;**Independent power & renewable electricity producers: 0.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corporation | &nbsp;&nbsp;&nbsp; 24909 | &nbsp;&nbsp;&nbsp;&nbsp; 720368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Corporation Class A | &nbsp;&nbsp;&nbsp; 9280 | &nbsp;&nbsp;&nbsp;&nbsp; 302621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Energy Corporation | &nbsp;&nbsp;&nbsp; 9511 | &nbsp;&nbsp;&nbsp;&nbsp; 231403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1254392** |
| &nbsp;&nbsp;**Multi-utilities: 0.70%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison Incorporated | &nbsp;&nbsp;&nbsp;1991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | &nbsp;&nbsp;&nbsp;6974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;&nbsp;3617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1605361** |
| &nbsp;&nbsp;**Total Common stocks (Cost $159,649,186)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**225465734** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** |  |  |
| &nbsp;&nbsp;**Short-term investments: 0.95%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 0.95%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠∞ |  | 3.60% | &nbsp;&nbsp;&nbsp;2160965 | &nbsp;&nbsp;&nbsp;&nbsp; **2160965** |
| &nbsp;&nbsp;**Total Short-term investments (Cost $2,160,965)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2160965** |
| &nbsp;&nbsp;**Total investments in securities (Cost $161,810,151)** | &nbsp;&nbsp;99.60% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;227626699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 924204 |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$228550903** |

---

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

Abbreviations: <br> REIT Real estate investment trust

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

------

10 \| Allspring Disciplined Large Cap Portfolio

------

[**Table of Contents**](#job_disci_64a4c27f-1ed3-4061-a07e-ac219efecf18_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

#### Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Government Money Market Fund Select Class | $6635991 | $34683634 | $(39158660) | $0 | $0 | $2160965 | 2160965 | $44724 |
| &nbsp;&nbsp;**Investments in affiliates no longer<br> held at end of period** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC | &nbsp;&nbsp;&nbsp;&nbsp;380600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744875 | &nbsp;&nbsp;&nbsp;&nbsp;(1125475) | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201 <sup>#</sup> |
|  |  |  |  | **$0** | **$0** | **$2160965** |  | **$46925** |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Amount shown represents income before fees and rebates. |

---

#### Futures contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Expiration <br> date** | &nbsp;&nbsp;**Notional <br> cost** | &nbsp;&nbsp;**Notional <br> value** | &nbsp;&nbsp;**Unrealized <br> gains** | &nbsp;&nbsp;**Unrealized <br> losses** |
| &nbsp;&nbsp;**Long** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;E-Mini S&P 500 Index | &nbsp;&nbsp;12 | &nbsp;&nbsp;12-16-2022 | &nbsp;&nbsp;$2291550 | &nbsp;&nbsp;$2448750 | &nbsp;&nbsp;$157200 | &nbsp;&nbsp;$0 |

---

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

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Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities, at value (cost $159,649,186)<br>| $225465734 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $2,160,965)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160965 |
| &nbsp;&nbsp; Cash at broker segregated for futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507600 |
| &nbsp;&nbsp; Receivable for dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429469 |
| &nbsp;&nbsp; Receivable for daily variation margin on open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71555 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 |
| **Total assets<br>**  | &nbsp;&nbsp;**228636611** |
| **Liabilities** |  |
| &nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45262 |
| &nbsp;&nbsp; Professional fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20152 |
| &nbsp;&nbsp; Interest holder report expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10236 |
| &nbsp;&nbsp; Custody and accounting fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9927 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85708** |
| **Total net assets<br>**  | **$228550903** |

---

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

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Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends (net of foreign withholdings taxes of $11,414)<br>| &nbsp;&nbsp;&nbsp;$2226844 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45109 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**2271953** |
| **Expenses** |  |
| &nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297746 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21504 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31798 |
| &nbsp;&nbsp; Interest holder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13951 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4949 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**380827** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**1891126** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;7571751 |
| &nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708748) |
| Net realized gains on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;6863003 |
| Net change in unrealized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;(13273816) |
| &nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259410 |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;(13014406) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;&nbsp;**(6151403)** |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;**$(4260277)** |

---

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

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Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1891126 | &nbsp;&nbsp;&nbsp;&nbsp;$3803635 |
| &nbsp;&nbsp; Net realized gains on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6863003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44875190 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(13014406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38600592) |
| **Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(4260277)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10078233** |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Transactions in investors' beneficial interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;17852326 | &nbsp;&nbsp;&nbsp;&nbsp;116619198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals<br>| &nbsp;&nbsp;&nbsp;(53438533) | &nbsp;&nbsp;&nbsp;&nbsp;(187709657) |
| **Net decrease in net assets resulting from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;**(35586207)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(71090459)** |
| **Total decrease in net assets<br>**  | &nbsp;&nbsp;&nbsp;**(39846484)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(61012226)** |
| **Net assets** |  |  |
| **Beginning of period<br>**  | &nbsp;&nbsp;**268397387** | &nbsp;&nbsp;&nbsp;&nbsp;**329409613** |
| **End of period<br>**  | **$228550903** | &nbsp;&nbsp;**$268397387** |

---

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

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Financial highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019 <sup>1</sup>** |
| &nbsp;&nbsp; **Total return<sup>2</sup><br>**  | **(0.69)%** | &nbsp;&nbsp;**0.87%** | &nbsp;&nbsp;**41.79%** | &nbsp;&nbsp;**11.56%** | &nbsp;&nbsp;**(2.40)%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| 0.32% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| 0.32% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| 1.59% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% |

---

<sup>1</sup> For the period from June 12, 2018 (commencement of operations) to May 31, 2019. <br> <sup>2</sup> Returns for periods of less than one year are not annualized.

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

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Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master 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 Disciplined Large Cap Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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Notes to financial statements (unaudited)

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange's clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

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.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio'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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $161,981,345 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$67934098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(2131544) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains | &nbsp;&nbsp;$65802554 |

---

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 Portfolio'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 Portfolio'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 Portfolio'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.

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of November 30, 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;**Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Communication services* | &nbsp;&nbsp;$15580593 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$15580593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer discretionary* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22553958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22553958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer staples* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14194695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14194695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Energy* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11522880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11522880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27943425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27943425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health care* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33496808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33496808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21268663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21268663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Information technology* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59696402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59696402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Materials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real estate* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Utilities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6932531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6932531 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;2160965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160965 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;227626699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227626699 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Futures contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157200 | &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;157200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$227783899** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$227783899** |

---

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day's variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

For the six months ended November 30, 2022, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory 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 adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Advisory fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $1 billion | &nbsp;&nbsp;0.250% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $4 billion | &nbsp;&nbsp;0.225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $5 billion | &nbsp;&nbsp;0.200 |

---

For the six months ended November 30, 2022, the advisory fee was equivalent to an annual rate of 0.25% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.20% and declining to 0.15% as the average daily net assets of the Portfolio increase.

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Notes to financial statements (unaudited)

Interfund transactions

The Portfolio 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $42,589,921 and $72,398,291, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Investments. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2022, the Portfolio did not have any securities on loan.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2022, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $5,074,502 in long futures contracts during the six months ended November 30, 2022.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

8. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 six months ended November 30, 2022, there were no borrowings by the Portfolio under the agreement.

9. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

10. 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.

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Notes to financial statements (unaudited)

11. INDEMNIFICATION

Under the Portfolio'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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio'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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

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Other information (unaudited)

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 Portfolio 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. Interest holders 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 125 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. 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 Endowment (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. 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 | 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, since 2007. 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.

<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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![](g419159imge5a8980f1.jpg)

For more information

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

Allspring Funds<br> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

*This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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> **1-800-222-8222**. 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.

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![](g428796imgb0e8e5ce1.jpg)

Semi-Annual Report

November 30, 2022

Allspring Disciplined International<br> Developed Markets Portfolio

------

Contents

---

| | |
|:---|:---|
| **[Portfolio information](#xx_b76c6a24-cd9e-4846-9f80-8e4e4e6a3038_1)<br>**  | 2 |
| **[Portfolio of investments](#xx_42a4837a-1a3f-49af-b681-6584af612a3d_1)<br>**  | 3 |
| **[Financial statements](#xx_45b01ac6-3e3a-4f44-a7aa-480223184606_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_45b01ac6-3e3a-4f44-a7aa-480223184606_1)<br>| 16 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_45b01ac6-3e3a-4f44-a7aa-480223184606_2)<br>| 17 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_45b01ac6-3e3a-4f44-a7aa-480223184606_3)<br>| 18 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_955ed6d5-5240-4325-b7db-8aec46a0c224_1)<br>| 19 |
| **[Notes to financial statements](#xx_b71a1dca-593b-4807-814f-2ab24bd9fb26_1)<br>**  | 20 |
| **[Other information](#xx_6ae46640-14b7-47f8-9f68-c3b73ea813d6_1)<br>**  | 26 |

---

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Allspring Disciplined International Developed Markets Portfolio \| 1

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Portfolio information (unaudited)

#### Investment objective The Portfolio seeks long-term capital appreciation.

---

| | |
|:---|:---|
| **Manager** | Allspring Funds Management, LLC |
| **Subadviser** | Allspring Global Investments, LLC |
| **Portfolio managers** | Justin P. Carr, CFA®<sup>‡</sup>, Vince Fioramonti, CFA®<sup>‡</sup> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk AS Class B | &nbsp;&nbsp;1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell plc | &nbsp;&nbsp;1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVMH Moët Hennessy Louis Vuitton SE | &nbsp;&nbsp;1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp;1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SA | &nbsp;&nbsp;0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corporation | &nbsp;&nbsp;0.95 |

---

<sup>1</sup> Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Sector allocation as of November 30, 2022<sup>1</sup>

![](g428796img6adaef962.jpg)

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

&nbsp;&nbsp;Geographic allocation as of November 30, 2022<sup>1</sup>

![](g428796img9b41e7683.jpg)

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

------

‡ CFA® and Chartered
Financial Analyst® are trademarks owned by CFA Institute.

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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Common stocks: 96.64%** |  |  |
| &nbsp;&nbsp;**Australia: 7.53%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aristocrat Leisure Limited (Consumer discretionary, Hotels, restaurants & leisure) | &nbsp;&nbsp;&nbsp; 14741 | &nbsp;&nbsp;$354232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurizon Holdings Limited (Industrials, Road & rail) | &nbsp;&nbsp;&nbsp; 54907 | &nbsp;&nbsp;&nbsp;&nbsp; 142707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Limited (Financials, Banks) | &nbsp;&nbsp;&nbsp; 40916 | &nbsp;&nbsp;&nbsp;&nbsp; 690855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Billiton Limited (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp; 29037 | &nbsp;&nbsp;&nbsp;&nbsp; 901754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Group Limited (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp; 19728 | &nbsp;&nbsp;&nbsp;&nbsp; 627179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueScope Steel Limited (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp; 17294 | &nbsp;&nbsp;&nbsp;&nbsp; 208443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brambles Limited (Industrials, Commercial services & supplies) | &nbsp;&nbsp;&nbsp; 17823 | &nbsp;&nbsp;&nbsp;&nbsp; 147429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coles Group Limited (Consumer staples, Food & staples retailing) | &nbsp;&nbsp;&nbsp; 17935 | &nbsp;&nbsp;&nbsp;&nbsp; 207141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia (Financials, Banks) | &nbsp;&nbsp;&nbsp; 17946 | &nbsp;&nbsp;&nbsp;&nbsp; 1322569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Limited (Health care, Biotechnology) | &nbsp;&nbsp;&nbsp; 4776 | &nbsp;&nbsp;&nbsp;&nbsp; 981270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexus Property Group (Real estate, Equity REITs) | &nbsp;&nbsp;&nbsp; 13450 | &nbsp;&nbsp;&nbsp;&nbsp; 73842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortescue Metals Group Limited (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp; 18036 | &nbsp;&nbsp;&nbsp;&nbsp; 240053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodman Group (Real estate, Equity REITs) | &nbsp;&nbsp;&nbsp; 10095 | &nbsp;&nbsp;&nbsp;&nbsp; 133556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Group Limited (Financials, Capital markets) | &nbsp;&nbsp;&nbsp; 4892 | &nbsp;&nbsp;&nbsp;&nbsp; 601625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank Limited (Financials, Banks) | &nbsp;&nbsp;&nbsp; 34772 | &nbsp;&nbsp;&nbsp;&nbsp; 748430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qantas Airways Limited (Industrials, Airlines) † | &nbsp;&nbsp;&nbsp; 34514 | &nbsp;&nbsp;&nbsp;&nbsp; 148225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto Limited (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp; 3744 | &nbsp;&nbsp;&nbsp;&nbsp; 279507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scentre Group (Real estate, Equity REITs) | &nbsp;&nbsp;&nbsp; 107100 | &nbsp;&nbsp;&nbsp;&nbsp; 218451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonic Healthcare Limited (Health care, Health care providers & services) | &nbsp;&nbsp;&nbsp; 5636 | &nbsp;&nbsp;&nbsp;&nbsp; 124494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South32 Limited (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp; 69532 | &nbsp;&nbsp;&nbsp;&nbsp; 193127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockland Corporation Limited (Real estate, Equity REITs) | &nbsp;&nbsp;&nbsp; 55584 | &nbsp;&nbsp;&nbsp;&nbsp; 145123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suncorp Group Limited (Financials, Insurance) | &nbsp;&nbsp;&nbsp; 24424 | &nbsp;&nbsp;&nbsp;&nbsp; 198761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transurban Group (Industrials, Transportation infrastructure) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wesfarmers Limited (Consumer discretionary, Multiline retail) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westpac Banking Corporation (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodside Energy Group Limited (Energy, Oil, gas & consumable fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woolworths Group Limited (Consumer staples, Food & staples retailing) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10873208** |
| &nbsp;&nbsp;**Austria: 0.21%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMV AG (Energy, Oil, gas & consumable fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**301060** |
| &nbsp;&nbsp;**Belgium: 0.50%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA (Consumer staples, Beverages) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBC Group NV (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Umicore SA (Materials, Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**724289** |
| &nbsp;&nbsp;**Denmark: 2.92%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.P. Moller - Maersk AS Class B (Industrials, Marine) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlsberg AS Class B (Consumer staples, Beverages) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151698 |

---

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

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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Denmark: (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coloplast AS Class B (Health care, Health care equipment & supplies) | &nbsp;&nbsp;&nbsp; 1198 | &nbsp;&nbsp;$141624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSV Panalpina AS (Industrials, Air freight & logistics) | &nbsp;&nbsp;&nbsp; 3859 | &nbsp;&nbsp;&nbsp;&nbsp; 617414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genmab AS (Health care, Biotechnology) † | &nbsp;&nbsp;&nbsp; 1102 | &nbsp;&nbsp;&nbsp;&nbsp; 510661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk AS Class B (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp; 17664 | &nbsp;&nbsp;&nbsp;&nbsp; 2215738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind System AS Class A (Industrials, Electrical equipment) | &nbsp;&nbsp;&nbsp; 5722 | &nbsp;&nbsp;&nbsp;&nbsp; 148670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William Demant Holding AS (Health care, Health care equipment & supplies) † | &nbsp;&nbsp;&nbsp; 5880 | &nbsp;&nbsp;&nbsp;&nbsp; 167956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4217021** |
| &nbsp;&nbsp;**Finland: 1.09%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elisa Oyj (Communication services, Diversified telecommunication services) | &nbsp;&nbsp;&nbsp; 2523 | &nbsp;&nbsp;&nbsp;&nbsp; 131239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kesko Oyj Class B (Consumer staples, Food & staples retailing) | &nbsp;&nbsp;&nbsp; 6151 | &nbsp;&nbsp;&nbsp;&nbsp; 132219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kone Oyj Class B (Industrials, Machinery) | &nbsp;&nbsp;&nbsp; 3184 | &nbsp;&nbsp;&nbsp;&nbsp; 159233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neste Oil Oyj (Energy, Oil, gas & consumable fuels) | &nbsp;&nbsp;&nbsp; 1919 | &nbsp;&nbsp;&nbsp;&nbsp; 99052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nokia Oyj (Information technology, Communications equipment) | &nbsp;&nbsp;&nbsp; 41717 | &nbsp;&nbsp;&nbsp;&nbsp; 205536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank Abp (Financials, Banks) | &nbsp;&nbsp;&nbsp; 40038 | &nbsp;&nbsp;&nbsp;&nbsp; 420759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sampo Oyj Class A (Financials, Insurance) | &nbsp;&nbsp;&nbsp; 3316 | &nbsp;&nbsp;&nbsp;&nbsp; 167933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stora Enso Oyj (Materials, Paper & forest products) | &nbsp;&nbsp;&nbsp; 17230 | &nbsp;&nbsp;&nbsp;&nbsp; 253473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1569444** |
| &nbsp;&nbsp;**France: 11.41%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Liquide SA (Materials, Chemicals) | &nbsp;&nbsp;&nbsp; 3757 | &nbsp;&nbsp;&nbsp;&nbsp; 546986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amundi SA (Financials, Capital markets) | &nbsp;&nbsp;&nbsp; 3070 | &nbsp;&nbsp;&nbsp;&nbsp; 172749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkema SA (Materials, Chemicals) | &nbsp;&nbsp;&nbsp; 1508 | &nbsp;&nbsp;&nbsp;&nbsp; 134079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AXA SA (Financials, Insurance) | &nbsp;&nbsp;&nbsp; 14352 | &nbsp;&nbsp;&nbsp;&nbsp; 405710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA (Financials, Banks) | &nbsp;&nbsp;&nbsp; 14026 | &nbsp;&nbsp;&nbsp;&nbsp; 788149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capgemini SE (Information technology, IT services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrefour SA (Consumer staples, Food & staples retailing) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compagnie de Saint-Gobain SA (Industrials, Building products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compagnie Generale des Etablissements Michelin SCA (Consumer discretionary, Auto components) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole SA (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone SA (Consumer staples, Food products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dassault Avation SA (Industrials, Aerospace & defense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dassault Systèmes SE (Information technology, Software) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edenred Group SE (Information technology, IT services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eiffage SA (Industrials, Construction & engineering) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engie SA (Utilities, Multi-utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essilor International SA (Consumer discretionary, Textiles, apparel & luxury goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hermes International SA (Consumer discretionary, Textiles, apparel & luxury goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kering SA (Consumer discretionary, Textiles, apparel & luxury goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Francaise des Jeux SA (Consumer discretionary, Hotels, restaurants & leisure) 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legrand SA (Industrials, Electrical equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'Oréal SA (Consumer staples, Personal products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moët Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & luxury goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165119 |

---

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

------

4 \| Allspring Disciplined International Developed Markets Portfolio

------

[**Table of Contents**](#job_disci_e78cfa18-b317-4a08-98e8-4e223099f139_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**France: (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange SA (Communication services, Diversified telecommunication services) | &nbsp;&nbsp;&nbsp; 23772 | &nbsp;&nbsp;$241551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pernod-Ricard SA (Consumer staples, Beverages) | &nbsp;&nbsp;&nbsp; 2925 | &nbsp;&nbsp;&nbsp;&nbsp; 580278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe SA (Communication services, Media) | &nbsp;&nbsp;&nbsp; 5149 | &nbsp;&nbsp;&nbsp;&nbsp; 338889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safran SA (Industrials, Aerospace & defense) | &nbsp;&nbsp;&nbsp; 3606 | &nbsp;&nbsp;&nbsp;&nbsp; 445650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanofi SA (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp; 10926 | &nbsp;&nbsp;&nbsp;&nbsp; 986938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE (Industrials, Electrical equipment) | &nbsp;&nbsp;&nbsp; 5206 | &nbsp;&nbsp;&nbsp;&nbsp; 768792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale SA (Financials, Banks) | &nbsp;&nbsp;&nbsp; 7685 | &nbsp;&nbsp;&nbsp;&nbsp; 193424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleperformance SE (Industrials, Professional services) | &nbsp;&nbsp;&nbsp; 1201 | &nbsp;&nbsp;&nbsp;&nbsp; 274166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thales SA (Industrials, Aerospace & defense) | &nbsp;&nbsp;&nbsp; 1946 | &nbsp;&nbsp;&nbsp;&nbsp; 248942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total SA (Energy, Oil, gas & consumable fuels) « | &nbsp;&nbsp;&nbsp; 22745 | &nbsp;&nbsp;&nbsp;&nbsp; 1421564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veolia Environnement SA (Utilities, Multi-utilities) | &nbsp;&nbsp;&nbsp; 5303 | &nbsp;&nbsp;&nbsp;&nbsp; 137252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci SA (Industrials, Construction & engineering) | &nbsp;&nbsp;&nbsp; 5422 | &nbsp;&nbsp;&nbsp;&nbsp; 547436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vivendi SE (Communication services, Media) | &nbsp;&nbsp;&nbsp; 15069 | &nbsp;&nbsp;&nbsp;&nbsp; 135628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16472783** |
| &nbsp;&nbsp;**Germany: 7.21%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | &nbsp;&nbsp;&nbsp; 784 | &nbsp;&nbsp;&nbsp;&nbsp; 101064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz AG (Financials, Insurance) | &nbsp;&nbsp;&nbsp; 4119 | &nbsp;&nbsp;&nbsp;&nbsp; 879248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASF SE (Materials, Chemicals) | &nbsp;&nbsp;&nbsp; 10223 | &nbsp;&nbsp;&nbsp;&nbsp; 520508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer AG (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp; 12097 | &nbsp;&nbsp;&nbsp;&nbsp; 702072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Consumer discretionary, Automobiles) | &nbsp;&nbsp;&nbsp; 4908 | &nbsp;&nbsp;&nbsp;&nbsp; 445640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beiersdorf AG (Consumer staples, Personal products) | &nbsp;&nbsp;&nbsp; 2123 | &nbsp;&nbsp;&nbsp;&nbsp; 230883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Holding AG (Industrials, Machinery) † | &nbsp;&nbsp;&nbsp; 5156 | &nbsp;&nbsp;&nbsp;&nbsp; 169955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG (Financials, Capital markets) | &nbsp;&nbsp;&nbsp; 18486 | &nbsp;&nbsp;&nbsp;&nbsp; 196475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG (Financials, Capital markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG (Industrials, Airlines) † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Post AG (Industrials, Air freight & logistics) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG (Communication services, Diversified telecommunication services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.ON SE (Utilities, Multi-utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellofresh SE (Consumer staples, Food & staples retailing) † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infineon Technologies AG (Information technology, Semiconductors & semiconductor equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEG Immobilien AG (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercedes Benz Group AG (Consumer discretionary, Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck KGaA (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puma AG Rudolf Dassler Sport (Consumer discretionary, Textiles, apparel & luxury goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWE AG (Utilities, Independent power & renewable electricity producers) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP SE (Information technology, Software) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens AG (Industrials, Industrial conglomerates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Healthineers AG (Health care, Health care equipment & supplies) 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Internet AG (Communication services, Diversified telecommunication services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10417490** |

---

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

------

Allspring Disciplined International Developed Markets Portfolio \| 5

------

[**Table of Contents**](#job_disci_e78cfa18-b317-4a08-98e8-4e223099f139_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Hong Kong: 2.66%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIA Group Limited (Financials, Insurance) | &nbsp;&nbsp;&nbsp; 105400 | &nbsp;&nbsp;$1070295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOC Hong Kong (Holdings) Limited (Financials, Banks) | &nbsp;&nbsp;&nbsp; 97500 | &nbsp;&nbsp;&nbsp;&nbsp; 311219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CK Asset Holdings Limited (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 227449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Limited (Consumer discretionary, Hotels, restaurants & leisure) | &nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 97271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henderson Land Development Company Limited (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 197792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Limited (Financials, Capital markets) | &nbsp;&nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp;&nbsp; 453235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Land Holdings Limited (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp; 44240 | &nbsp;&nbsp;&nbsp;&nbsp; 178504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jardine Matheson Holdings Limited (Industrials, Industrial conglomerates) | &nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp; 184182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New World Development Company Limited (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 123725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sino Land Company (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 135076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SITC International Holdings Incorporated (Industrials, Marine) | &nbsp;&nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 204089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Limited (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 205076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swire Pacific Limited Class A (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp; 137539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Techtronic Industries Company Limited (Industrials, Machinery) | &nbsp;&nbsp;&nbsp; 11500 | &nbsp;&nbsp;&nbsp;&nbsp; 140187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WH Group Limited (Consumer staples, Food products) 144A | &nbsp;&nbsp;&nbsp; 296500 | &nbsp;&nbsp;&nbsp;&nbsp; 173724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3839363** |
| &nbsp;&nbsp;**Ireland: 0.41%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH plc (Materials, Construction materials) | &nbsp;&nbsp;&nbsp; 7894 | &nbsp;&nbsp;&nbsp;&nbsp; 317351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCC plc (Industrials, Industrial conglomerates) | &nbsp;&nbsp;&nbsp; 5279 | &nbsp;&nbsp;&nbsp;&nbsp; 281119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **598470** |
| &nbsp;&nbsp;**Israel: 0.72%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azrieli Group Limited (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp; 1698 | &nbsp;&nbsp;&nbsp;&nbsp; 121818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Hapoalim BM (Financials, Banks) | &nbsp;&nbsp;&nbsp; 15600 | &nbsp;&nbsp;&nbsp;&nbsp; 151674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check Point Software Technologies Limited (Information technology, Software) † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nice Systems Limited ADR (Information technology, Software) † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1033587** |
| &nbsp;&nbsp;**Italy: 1.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assicurazioni Generali SpA (Financials, Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel SpA (Utilities, Electric utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eni SpA (Energy, Oil, gas & consumable fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moncler SpA (Consumer discretionary, Textiles, apparel & luxury goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poste Italiane SpA (Financials, Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prysmian SpA (Industrials, Electrical equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220678 |

---

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

------

6 \| Allspring Disciplined International Developed Markets Portfolio

------

[**Table of Contents**](#job_disci_e78cfa18-b317-4a08-98e8-4e223099f139_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Italy: (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snam SpA (Utilities, Gas utilities) | &nbsp;&nbsp;&nbsp; 66513 | &nbsp;&nbsp;$339529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA (Financials, Banks) | &nbsp;&nbsp;&nbsp; 15887 | &nbsp;&nbsp;&nbsp;&nbsp; 216983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2421053** |
| &nbsp;&nbsp;**Japan: 21.33%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantest Corporation (Information technology, Semiconductors & semiconductor equipment) | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 204188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astellas Pharma Incorporated (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 325702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bandai Namco Holdings Incorporated (Consumer discretionary, Leisure products) | &nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 205407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgestone Corporation (Consumer discretionary, Auto components) | &nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 282903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brother Industries Limited (Information technology, Technology hardware, storage & peripherals) | &nbsp;&nbsp;&nbsp; 14200 | &nbsp;&nbsp;&nbsp;&nbsp; 230625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canon Incorporated (Information technology, Technology hardware, storage & peripherals) « | &nbsp;&nbsp;&nbsp; 14700 | &nbsp;&nbsp;&nbsp;&nbsp; 343608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Company Limited (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 186414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings Incorporated (Financials, Insurance) | &nbsp;&nbsp;&nbsp; 16100 | &nbsp;&nbsp;&nbsp;&nbsp; 298626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiichi Sankyo Company Limited (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp; 15600 | &nbsp;&nbsp;&nbsp;&nbsp; 516681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daikin Industries Limited (Industrials, Building products) | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 296858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiwa House Industry Company Limited (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp;&nbsp; 145083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DENSO Corporation (Consumer discretionary, Auto components) | &nbsp;&nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp;&nbsp; 204168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentsu Incorporated (Communication services, Media) | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 58289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FANUC Corporation (Industrials, Machinery) | &nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 315758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fast Retailing Company Limited (Consumer discretionary, Specialty retail) | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 356783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FUJIFILM Holdings Incorporated (Information technology, Technology hardware, storage & peripherals) | &nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 242065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fujitsu Limited (Information technology, IT services) | &nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 176403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hirose Electric Company Limited (Information technology, Electronic equipment, instruments & components) | &nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 147221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hitachi Limited (Industrials, Industrial conglomerates) | &nbsp;&nbsp;&nbsp; 8300 | &nbsp;&nbsp;&nbsp;&nbsp; 443879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Company Limited (Consumer discretionary, Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoshizaki Electric Company Limited (Industrials, Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya Corporation (Health care, Health care equipment & supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ibiden Company Limited (Information technology, Electronic equipment, instruments & components) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inpex Holdings Incorporated (Energy, Oil, gas & consumable fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Isuzu Motors Limited (Consumer discretionary, Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itochu Corporation (Industrials, Trading companies & distributors) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itochu Techno-Solutions Corporation (Information technology, IT services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Post Holdings (Financials, Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Post Insurance Company Limited (Financials, Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Tobacco Incorporated (Consumer staples, Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kao Corporation (Consumer staples, Personal products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176099 |

---

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

------

Allspring Disciplined International Developed Markets Portfolio \| 7

------

[**Table of Contents**](#job_disci_e78cfa18-b317-4a08-98e8-4e223099f139_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Japan: (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KDDI Corporation (Communication services, Wireless telecommunication services) | &nbsp;&nbsp;&nbsp; 15200 | &nbsp;&nbsp;$452117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyence Corporation (Information technology, Electronic equipment, instruments & components) | &nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 803951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kintetsu Group Holdings Company Limited (Industrials, Road & rail) | &nbsp;&nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 146539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirin Holdings Company Limited (Consumer staples, Beverages) | &nbsp;&nbsp;&nbsp; 9700 | &nbsp;&nbsp;&nbsp;&nbsp; 153120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Komatsu Limited (Industrials, Machinery) | &nbsp;&nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp;&nbsp; 230002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Konami Holdings Corporation (Communication services, Entertainment) | &nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp; 136559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M3 Incorporated (Health care, Health care technology) | &nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 172495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marubeni Corporation (Industrials, Trading companies & distributors) | &nbsp;&nbsp;&nbsp; 37300 | &nbsp;&nbsp;&nbsp;&nbsp; 421951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Corporation (Industrials, Trading companies & distributors) | &nbsp;&nbsp;&nbsp; 22800 | &nbsp;&nbsp;&nbsp;&nbsp; 767885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Electric Corporation (Industrials, Electrical equipment) | &nbsp;&nbsp;&nbsp; 14100 | &nbsp;&nbsp;&nbsp;&nbsp; 141307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Estate Company Limited (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp; 23300 | &nbsp;&nbsp;&nbsp;&nbsp; 329009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Limited (Industrials, Machinery) | &nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp; 151251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified financial services) | &nbsp;&nbsp;&nbsp; 30300 | &nbsp;&nbsp;&nbsp;&nbsp; 144562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui & Company Limited (Industrials, Trading companies & distributors) | &nbsp;&nbsp;&nbsp; 23400 | &nbsp;&nbsp;&nbsp;&nbsp; 679155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Company Limited (Real estate, Real estate management & development) | &nbsp;&nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp;&nbsp; 145966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings Incorporated (Financials, Insurance) | &nbsp;&nbsp;&nbsp; 6100 | &nbsp;&nbsp;&nbsp;&nbsp; 181056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murata Manufacturing Company Limited (Information technology, Electronic equipment, instruments & components) | &nbsp;&nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp;&nbsp; 202957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEC Corporation (Information technology, IT services) | &nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp;&nbsp; 238524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexon Company Limited (Communication services, Entertainment) | &nbsp;&nbsp;&nbsp; 12100 | &nbsp;&nbsp;&nbsp;&nbsp; 256426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nidec Corporation (Industrials, Electrical equipment) | &nbsp;&nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 258188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo Company Limited (Communication services, Entertainment) | &nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 686033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corporation (Communication services, Diversified telecommunication services) | &nbsp;&nbsp;&nbsp; 10400 | &nbsp;&nbsp;&nbsp;&nbsp; 288381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nippon Yusen Kabushiki Kaisha (Industrials, Marine) | &nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 189205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Company Limited (Consumer discretionary, Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nisshin Seifun Group Incorporated (Consumer staples, Food products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nitto Denko Corporation (Materials, Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Research Institute Limited (Information technology, IT services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTT Data Corporation (Information technology, IT services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBIC Company Limited (Information technology, IT services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Corporation (Health care, Health care equipment & supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ono Pharmaceutical Company Limited (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORIX Corporation (Financials, Diversified financial services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otsuka Corporation (Information technology, IT services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185119 |

---

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

------

8 \| Allspring Disciplined International Developed Markets Portfolio

------

[**Table of Contents**](#job_disci_e78cfa18-b317-4a08-98e8-4e223099f139_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Japan: (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otsuka Holdings Company Limited (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp;$236458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panasonic Corporation (Consumer discretionary, Household durables) | &nbsp;&nbsp;&nbsp; 30500 | &nbsp;&nbsp;&nbsp;&nbsp; 284799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persol Holdings Company Limited (Industrials, Professional services) | &nbsp;&nbsp;&nbsp; 6400 | &nbsp;&nbsp;&nbsp;&nbsp; 148769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recruit Holdings Company Limited (Industrials, Professional services) | &nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp; 566217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics Corporation (Information technology, Semiconductors & semiconductor equipment) † | &nbsp;&nbsp;&nbsp; 20400 | &nbsp;&nbsp;&nbsp;&nbsp; 200077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohm Company Limited (Information technology, Semiconductors & semiconductor equipment) | &nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 216733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secom Company Limited (Industrials, Commercial services & supplies) | &nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 173110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seiko Epson Corporation (Information technology, Technology hardware, storage & peripherals) | &nbsp;&nbsp;&nbsp; 10300 | &nbsp;&nbsp;&nbsp;&nbsp; 162084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sekisui Chemical Company Limited (Consumer discretionary, Household durables) | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 70717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sekisui House Limited (Consumer discretionary, Household durables) | &nbsp;&nbsp;&nbsp; 31200 | &nbsp;&nbsp;&nbsp;&nbsp; 584179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seven & I Holdings Company Limited (Consumer staples, Food & staples retailing) | &nbsp;&nbsp;&nbsp; 8100 | &nbsp;&nbsp;&nbsp;&nbsp; 329581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shimano Incorporated (Consumer discretionary, Leisure products) | &nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 224557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Company Limited (Materials, Chemicals) | &nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp;&nbsp; 815253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC Corporation (Industrials, Machinery) | &nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 319417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank Group Corporation (Communication services, Wireless telecommunication services) | &nbsp;&nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp;&nbsp; 473240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sompo Holdings Incorporated (Financials, Insurance) | &nbsp;&nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp;&nbsp; 255832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony Corporation (Consumer discretionary, Household durables) | &nbsp;&nbsp;&nbsp; 12700 | &nbsp;&nbsp;&nbsp;&nbsp; 1052069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Square Enix Company Limited (Communication services, Entertainment) | &nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 144494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subaru Corporation (Consumer discretionary, Automobiles) | &nbsp;&nbsp;&nbsp; 11500 | &nbsp;&nbsp;&nbsp;&nbsp; 196970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumco Corporation (Information technology, Semiconductors & semiconductor equipment) | &nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 134654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Corporation (Industrials, Trading companies & distributors) | &nbsp;&nbsp;&nbsp; 27400 | &nbsp;&nbsp;&nbsp;&nbsp; 449203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Company Limited (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp;&nbsp; 222609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Incorporated (Financials, Banks) | &nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 71276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzuki Motor Corporation (Consumer discretionary, Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysmex Corporation (Health care, Health care equipment & supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T&D Holdings Incorporated (Financials, Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taisei Corporation (Industrials, Construction & engineering) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Company Limited (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TDK Corporation (Information technology, Electronic equipment, instruments & components) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terumo Corporation (Health care, Health care equipment & supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokio Marine Holdings Incorporated (Financials, Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron Limited (Information technology, Semiconductors & semiconductor equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509057 |

---

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

------

Allspring Disciplined International Developed Markets Portfolio \| 9

------

[**Table of Contents**](#job_disci_e78cfa18-b317-4a08-98e8-4e223099f139_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Japan: (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyo Gas Company Limited (Utilities, Gas utilities) | &nbsp;&nbsp;&nbsp; 13300 | &nbsp;&nbsp;$244654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tosoh Corporation (Materials, Chemicals) | &nbsp;&nbsp;&nbsp; 15900 | &nbsp;&nbsp;&nbsp;&nbsp; 188781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corporation (Consumer discretionary, Automobiles) | &nbsp;&nbsp;&nbsp; 93200 | &nbsp;&nbsp;&nbsp;&nbsp; 1372062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Tsusho Corporation (Industrials, Trading companies & distributors) | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 193014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trend Micro Incorporated (Information technology, Software) | &nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 230828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unicharm Corporation (Consumer staples, Household products) | &nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 133901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USS Company Limited (Consumer discretionary, Specialty retail) | &nbsp;&nbsp;&nbsp; 12700 | &nbsp;&nbsp;&nbsp;&nbsp; 213445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yahoo! Japan Corporation (Communication services, Interactive media & services) | &nbsp;&nbsp;&nbsp; 68300 | &nbsp;&nbsp;&nbsp;&nbsp; 187958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yamaha Motor Company Limited (Consumer discretionary, Automobiles) | &nbsp;&nbsp;&nbsp; 9200 | &nbsp;&nbsp;&nbsp;&nbsp; 230458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **30799124** |
| &nbsp;&nbsp;**Luxembourg: 0.45%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcelorMittal SA (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp; 9583 | &nbsp;&nbsp;&nbsp;&nbsp; 262757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurofins Scientific SE (Health care, Life sciences tools & services) | &nbsp;&nbsp;&nbsp; 2633 | &nbsp;&nbsp;&nbsp;&nbsp; 182772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenaris SA (Energy, Energy equipment & services) | &nbsp;&nbsp;&nbsp; 11827 | &nbsp;&nbsp;&nbsp;&nbsp; 205309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **650838** |
| &nbsp;&nbsp;**Netherlands: 5.62%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen NV (Information technology, IT services) † | &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp; 280407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus SE (Industrials, Aerospace & defense) | &nbsp;&nbsp;&nbsp; 4476 | &nbsp;&nbsp;&nbsp;&nbsp; 513825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;argenx SE (Health care, Biotechnology) † | &nbsp;&nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp;&nbsp; 213295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV (Information technology, Semiconductors & semiconductor equipment) | &nbsp;&nbsp;&nbsp; 4164 | &nbsp;&nbsp;&nbsp;&nbsp; 2542204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial NV (Industrials, Machinery) | &nbsp;&nbsp;&nbsp; 10254 | &nbsp;&nbsp;&nbsp;&nbsp; 165262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari NV Holding Company (Consumer discretionary, Automobiles) | &nbsp;&nbsp;&nbsp; 698 | &nbsp;&nbsp;&nbsp;&nbsp; 155795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heineken Holding NV (Consumer staples, Beverages) | &nbsp;&nbsp;&nbsp; 1871 | &nbsp;&nbsp;&nbsp;&nbsp; 141650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heineken NV (Consumer staples, Beverages) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV (Consumer staples, Food & staples retailing) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Philips NV (Health care, Health care equipment & supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NN Group NV (Financials, Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCI NV (Materials, Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosus NV (Consumer discretionary, Internet & direct marketing retail) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qiagen NV (Health care, Life sciences tools & services) † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randstad Holdings NV (Industrials, Professional services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stellantis NV (Consumer discretionary, Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STMicroelectronics NV (Information technology, Semiconductors & semiconductor equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group NV (Communication services, Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolters Kluwer NV (Communication services, Media) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8114695** |

---

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

------

10 \| Allspring Disciplined International Developed Markets Portfolio

------

[**Table of Contents**](#job_disci_e78cfa18-b317-4a08-98e8-4e223099f139_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Norway: 1.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNB Bank ASA (Financials, Banks) | &nbsp;&nbsp;&nbsp; 16982 | &nbsp;&nbsp;$331593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinor ASA (Energy, Oil, gas & consumable fuels) | &nbsp;&nbsp;&nbsp; 14279 | &nbsp;&nbsp;&nbsp;&nbsp; 549896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mowi ASA (Consumer staples, Food products) | &nbsp;&nbsp;&nbsp; 10391 | &nbsp;&nbsp;&nbsp;&nbsp; 162836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norsk Hydro ASA (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp; 19750 | &nbsp;&nbsp;&nbsp;&nbsp; 148720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla ASA (Consumer staples, Food products) | &nbsp;&nbsp;&nbsp; 25603 | &nbsp;&nbsp;&nbsp;&nbsp; 182559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salmar ASA (Consumer staples, Food products) | &nbsp;&nbsp;&nbsp; 3966 | &nbsp;&nbsp;&nbsp;&nbsp; 139799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1515403** |
| &nbsp;&nbsp;**Portugal: 0.19%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energias de Portugal SA (Utilities, Electric utilities) | &nbsp;&nbsp;&nbsp; 29707 | &nbsp;&nbsp;&nbsp;&nbsp; 140961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeronimo Martins SA (Consumer staples, Food & staples retailing) | &nbsp;&nbsp;&nbsp; 6334 | &nbsp;&nbsp;&nbsp;&nbsp; 141321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **282282** |
| &nbsp;&nbsp;**Singapore: 1.41%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Limited (Financials, Banks) | &nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 651969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genting Singapore Limited (Consumer discretionary, Hotels, restaurants & leisure) | &nbsp;&nbsp;&nbsp; 343000 | &nbsp;&nbsp;&nbsp;&nbsp; 223867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Limited Class A (Industrials, Road & rail) † | &nbsp;&nbsp;&nbsp; 21778 | &nbsp;&nbsp;&nbsp;&nbsp; 65770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corporation Limited (Financials, Banks) | &nbsp;&nbsp;&nbsp; 45400 | &nbsp;&nbsp;&nbsp;&nbsp; 418437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea Limited ADR (Communication services, Entertainment) † | &nbsp;&nbsp;&nbsp; 4183 | &nbsp;&nbsp;&nbsp;&nbsp; 244162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore Airlines Limited (Industrials, Airlines) † | &nbsp;&nbsp;&nbsp; 35200 | &nbsp;&nbsp;&nbsp;&nbsp; 142809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Limited (Financials, Banks) | &nbsp;&nbsp;&nbsp; 6800 | &nbsp;&nbsp;&nbsp;&nbsp; 156791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmar International Limited (Consumer staples, Food products) | &nbsp;&nbsp;&nbsp; 45400 | &nbsp;&nbsp;&nbsp;&nbsp; 137722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2041527** |
| &nbsp;&nbsp;**Spain: 2.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amadeus IT Holding SA Class A (Information technology, IT services) † | &nbsp;&nbsp;&nbsp; 2433 | &nbsp;&nbsp;&nbsp;&nbsp; 131546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander Central Hispano SA (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;159116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CaixaBank SA (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;113365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enagás SA (Utilities, Gas utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endesa SA (Utilities, Electric utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola SA (Utilities, Electric utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA (Consumer discretionary, Specialty retail) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Eléctrica Corporacion SA (Utilities, Electric utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repsol SA (Energy, Oil, gas & consumable fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefónica SA (Communication services, Diversified telecommunication services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3686038** |
| &nbsp;&nbsp;**Sweden: 3.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assa Abloy AB Class B (Industrials, Building products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Copco AB Class A (Industrials, Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epiroc AB Class A (Industrials, Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT AB (Financials, Capital markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ericsson LM Class B (Information technology, Communications equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolution Gaming Group AB (Consumer discretionary, Hotels, restaurants & leisure) 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228360 |

---

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

------

Allspring Disciplined International Developed Markets Portfolio \| 11

------

[**Table of Contents**](#job_disci_e78cfa18-b317-4a08-98e8-4e223099f139_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Sweden: (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastighets AB (Real estate, Real estate management & development) † | &nbsp;&nbsp;&nbsp; 28485 | &nbsp;&nbsp;$128055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getinge AB Class B (Health care, Health care equipment & supplies) | &nbsp;&nbsp;&nbsp; 4439 | &nbsp;&nbsp;&nbsp;&nbsp; 103750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hennes & Mauritz AB Class B (Consumer discretionary, Specialty retail) | &nbsp;&nbsp;&nbsp; 10813 | &nbsp;&nbsp;&nbsp;&nbsp; 121240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexagon AB Class B (Information technology, Electronic equipment, instruments & components) | &nbsp;&nbsp;&nbsp; 7898 | &nbsp;&nbsp;&nbsp;&nbsp; 90316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holmen AB Class B (Materials, Paper & forest products) | &nbsp;&nbsp;&nbsp; 3463 | &nbsp;&nbsp;&nbsp;&nbsp; 143154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrivarden AB Class A (Financials, Diversified financial services) | &nbsp;&nbsp;&nbsp; 6068 | &nbsp;&nbsp;&nbsp;&nbsp; 156603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indutrade AB (Industrials, Machinery) | &nbsp;&nbsp;&nbsp; 6542 | &nbsp;&nbsp;&nbsp;&nbsp; 140915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor AB (Financials, Diversified financial services) | &nbsp;&nbsp;&nbsp; 7515 | &nbsp;&nbsp;&nbsp;&nbsp; 139861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinnevik AB (Financials, Diversified financial services) † | &nbsp;&nbsp;&nbsp; 6086 | &nbsp;&nbsp;&nbsp;&nbsp; 93815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifco publ AB (Industrials, Industrial conglomerates) | &nbsp;&nbsp;&nbsp; 8229 | &nbsp;&nbsp;&nbsp;&nbsp; 142543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nibe Industrier AB (Industrials, Building products) | &nbsp;&nbsp;&nbsp; 14809 | &nbsp;&nbsp;&nbsp;&nbsp; 139811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB Class A (Financials, Banks) | &nbsp;&nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp;&nbsp; 425485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skanska AB Class B (Industrials, Construction & engineering) | &nbsp;&nbsp;&nbsp; 9069 | &nbsp;&nbsp;&nbsp;&nbsp; 147637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedbank AB Class A (Financials, Banks) | &nbsp;&nbsp;&nbsp; 21606 | &nbsp;&nbsp;&nbsp;&nbsp; 351602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedish Match AB (Consumer staples, Tobacco) | &nbsp;&nbsp;&nbsp; 16557 | &nbsp;&nbsp;&nbsp;&nbsp; 181799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volvo AB Class B (Industrials, Machinery) | &nbsp;&nbsp;&nbsp; 10981 | &nbsp;&nbsp;&nbsp;&nbsp; 201739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4327263** |
| &nbsp;&nbsp;**Switzerland: 8.92%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon Incorporated (Health care, Health care equipment & supplies) | &nbsp;&nbsp;&nbsp; 4560 | &nbsp;&nbsp;&nbsp;&nbsp; 314456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Sprungli AG (Participation Certificates) (Consumer staples, Food products) | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 294541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compagnie Financière Richemont SA (Consumer discretionary, Textiles, apparel & luxury goods) | &nbsp;&nbsp;&nbsp; 5445 | &nbsp;&nbsp;&nbsp;&nbsp; 721833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG (Financials, Capital markets) | &nbsp;&nbsp;&nbsp; 15029 | &nbsp;&nbsp;&nbsp;&nbsp; 45970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Givaudan SA (Materials, Chemicals) | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 158892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG (Industrials, Marine) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LafargeHolcim Limited (Materials, Construction materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Logitech International SA (Information technology, Technology hardware, storage & peripherals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG (Health care, Life sciences tools & services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle SA (Consumer staples, Food products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis AG (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG (Financials, Capital markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG (Bearer Shares) (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) (Industrials, Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sika AG (Materials, Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonova Holding AG (Health care, Health care equipment & supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straumann Holding AG (Health care, Health care equipment & supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Life Holding AG (Financials, Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swisscom AG (Communication services, Diversified telecommunication services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Swatch Group AG (Bearer Shares) (Consumer discretionary, Textiles, apparel & luxury goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG (Financials, Capital markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603329 |

---

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

------

12 \| Allspring Disciplined International Developed Markets Portfolio

------

[**Table of Contents**](#job_disci_e78cfa18-b317-4a08-98e8-4e223099f139_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Switzerland: (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VAT Group AG (Industrials, Machinery) | &nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;$145743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurich Insurance Group AG (Financials, Insurance) | &nbsp;&nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp;&nbsp; 475632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12883470** |
| &nbsp;&nbsp;**United Kingdom: 15.75%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Group plc (Financials, Capital markets) | &nbsp;&nbsp;&nbsp; 13279 | &nbsp;&nbsp;&nbsp;&nbsp; 218166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American plc (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp; 12691 | &nbsp;&nbsp;&nbsp;&nbsp; 527630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Group plc (Industrials, Trading companies & distributors) | &nbsp;&nbsp;&nbsp; 5707 | &nbsp;&nbsp;&nbsp;&nbsp; 348325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated British Foods plc (Consumer staples, Food products) | &nbsp;&nbsp;&nbsp; 3904 | &nbsp;&nbsp;&nbsp;&nbsp; 74874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp; 15934 | &nbsp;&nbsp;&nbsp;&nbsp; 2156518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Trader Group plc (Communication services, Interactive media & services) 144A | &nbsp;&nbsp;&nbsp; 26852 | &nbsp;&nbsp;&nbsp;&nbsp; 185368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems plc (Industrials, Aerospace & defense) | &nbsp;&nbsp;&nbsp; 35468 | &nbsp;&nbsp;&nbsp;&nbsp; 351266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc (Financials, Banks) | &nbsp;&nbsp;&nbsp; 116985 | &nbsp;&nbsp;&nbsp;&nbsp; 228831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP plc (Energy, Oil, gas & consumable fuels) | &nbsp;&nbsp;&nbsp; 201684 | &nbsp;&nbsp;&nbsp;&nbsp; 1204403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco plc (Consumer staples, Tobacco) | &nbsp;&nbsp;&nbsp; 29968 | &nbsp;&nbsp;&nbsp;&nbsp; 1228748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BT Group plc (Communication services, Diversified telecommunication services) | &nbsp;&nbsp;&nbsp; 99891 | &nbsp;&nbsp;&nbsp;&nbsp; 146991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunzl plc (Industrials, Trading companies & distributors) | &nbsp;&nbsp;&nbsp; 8450 | &nbsp;&nbsp;&nbsp;&nbsp; 312506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burberry Group plc (Consumer discretionary, Textiles, apparel & luxury goods) | &nbsp;&nbsp;&nbsp; 6702 | &nbsp;&nbsp;&nbsp;&nbsp; 177133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola European Partners plc (Consumer staples, Beverages) | &nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 140689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group plc (Consumer discretionary, Hotels, restaurants & leisure) | &nbsp;&nbsp;&nbsp; 15482 | &nbsp;&nbsp;&nbsp;&nbsp; 352958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo plc (Consumer staples, Beverages) | &nbsp;&nbsp;&nbsp; 27738 | &nbsp;&nbsp;&nbsp;&nbsp; 1280997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entain plc (Consumer discretionary, Hotels, restaurants & leisure) | &nbsp;&nbsp;&nbsp; 8934 | &nbsp;&nbsp;&nbsp;&nbsp; 152948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian Group Limited plc (Industrials, Professional services) | &nbsp;&nbsp;&nbsp; 6013 | &nbsp;&nbsp;&nbsp;&nbsp; 212747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson plc (Industrials, Trading companies & distributors) | &nbsp;&nbsp;&nbsp; 2811 | &nbsp;&nbsp;&nbsp;&nbsp; 318686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glencore plc (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp;&nbsp;123705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK plc (Health care, Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haleon plc (Consumer staples, Personal products) † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;196792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Tobacco Group plc (Consumer staples, Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Informa plc (Communication services, Media) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD Sports Fashion plc (Consumer discretionary, Specialty retail) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group plc (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;942132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group plc (Financials, Capital markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Grid plc (Utilities, Multi-utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group plc (Financials, Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential plc (Financials, Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc (Consumer staples, Household products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX plc (Industrials, Professional services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rentokil Initial plc (Industrials, Commercial services & supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto plc (Materials, Metals & mining) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings plc (Industrials, Aerospace & defense) † | &nbsp;&nbsp;&nbsp;&nbsp;129801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schroders plc (Financials, Capital markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segro plc (Real estate, Equity REITs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186801 |

---

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

------

Allspring Disciplined International Developed Markets Portfolio \| 13

------

[**Table of Contents**](#job_disci_e78cfa18-b317-4a08-98e8-4e223099f139_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**United Kingdom: (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell plc (Energy, Oil, gas & consumable fuels) | &nbsp;&nbsp;&nbsp; 75044 | &nbsp;&nbsp;$2196223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew plc (Health care, Health care equipment & supplies) | &nbsp;&nbsp;&nbsp; 10897 | &nbsp;&nbsp;&nbsp;&nbsp; 143635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSE plc (Utilities, Electric utilities) | &nbsp;&nbsp;&nbsp; 21560 | &nbsp;&nbsp;&nbsp;&nbsp; 447167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered plc (Financials, Banks) | &nbsp;&nbsp;&nbsp; 29105 | &nbsp;&nbsp;&nbsp;&nbsp; 216804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesco plc (Consumer staples, Food & staples retailing) | &nbsp;&nbsp;&nbsp; 67124 | &nbsp;&nbsp;&nbsp;&nbsp; 184943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever plc (Consumer staples, Personal products) | &nbsp;&nbsp;&nbsp; 8371 | &nbsp;&nbsp;&nbsp;&nbsp; 419807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever plc (London Exchange) (Consumer staples, Personal products) | &nbsp;&nbsp;&nbsp; 18754 | &nbsp;&nbsp;&nbsp;&nbsp; 937721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group plc (Communication services, Wireless telecommunication services) | &nbsp;&nbsp;&nbsp; 364733 | &nbsp;&nbsp;&nbsp;&nbsp; 404001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitbread plc (Consumer discretionary, Hotels, restaurants & leisure) | &nbsp;&nbsp;&nbsp; 6764 | &nbsp;&nbsp;&nbsp;&nbsp; 213603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPP plc (Communication services, Media) | &nbsp;&nbsp;&nbsp; 17142 | &nbsp;&nbsp;&nbsp;&nbsp; 180157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **22737288** |
| &nbsp;&nbsp;**United States: 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Incorporated (Information technology, IT services) † | &nbsp;&nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp;&nbsp; **51352** |
| &nbsp;&nbsp;**Total Common stocks (Cost $121,588,435)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**139557048** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend <br> yield** |  |  |
| &nbsp;&nbsp;**Preferred stocks: 0.42%** |  |  |  |
| &nbsp;&nbsp;**Germany: 0.42%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henkel AG & Company KGaA (Consumer staples, Household products) | 2.82% | &nbsp;&nbsp;&nbsp; 2757 | &nbsp;&nbsp;&nbsp;&nbsp; 197198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen AG ADR (Consumer discretionary, Automobiles) | 5.33 | &nbsp;&nbsp;&nbsp; 2739 | &nbsp;&nbsp;&nbsp;&nbsp; 404579 |
| &nbsp;&nbsp;**Total Preferred stocks (Cost $762,228)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **601777** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Expiration <br> date** |  |  |
| &nbsp;&nbsp;**Rights: 0.00%** |  |  |  |
| &nbsp;&nbsp;**Switzerland: 0.00%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG (Financials, Capital markets) † | &nbsp;&nbsp;12-7-2022 | &nbsp;&nbsp;&nbsp; 15344 | &nbsp;&nbsp;&nbsp;&nbsp; **1427** |
| &nbsp;&nbsp;**Total Rights (Cost $0)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1427** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** |  |  |
| &nbsp;&nbsp;**Short-term investments: 1.38%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 1.38%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠∞ |  | 3.60 | &nbsp;&nbsp;&nbsp; 175067 | &nbsp;&nbsp;&nbsp;&nbsp; 175067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC ♠∩∞ |  | 3.90 | &nbsp;&nbsp;&nbsp;1815934 | &nbsp;&nbsp;&nbsp;&nbsp; 1815934 |
| &nbsp;&nbsp;**Total Short-term investments (Cost $1,990,947)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1991001** |
| &nbsp;&nbsp;**Total investments in securities (Cost $124,341,610)** | &nbsp;&nbsp;98.44% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;142151253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2252757 |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$144404010** |

---

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

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Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | |
|:---|:---|
| † | Non-income-earning security |
| 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. |
| « | All or a portion of this security is on loan. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

Abbreviations: <br> ADR American depositary receipt <br> REIT Real estate investment trust

#### Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Government Money Market Fund Select Class | $1578533 | $10362000 | $(11765466) | &nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;$175067 | &nbsp;&nbsp;&nbsp;&nbsp;175067 | $28524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC | &nbsp;&nbsp;&nbsp;4760248 | &nbsp;&nbsp;&nbsp;&nbsp;4687190 | &nbsp;&nbsp;&nbsp;&nbsp;(7631537) | &nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;1815934 | 1815934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6899 <sup>#</sup> |
|  |  |  |  | **$(21)** | **$54** | **$1991001** |  | **$35423** |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Amount shown represents income before fees and rebates. |

---

#### Futures contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Expiration <br> date** | &nbsp;&nbsp;**Notional <br> cost** | &nbsp;&nbsp;**Notional <br> value** | &nbsp;&nbsp;**Unrealized <br> gains** | &nbsp;&nbsp;**Unrealized <br> losses** |
| &nbsp;&nbsp;**Long** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EAFE Index | &nbsp;&nbsp;30 | &nbsp;&nbsp;12-16-2022 | &nbsp;&nbsp;$2912793 | &nbsp;&nbsp;$2969700 | &nbsp;&nbsp;$56907 | &nbsp;&nbsp;$0 |

---

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

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Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities (including $1,729,038 of securities loaned), at value (cost $122,350,663)<br>| $140160252 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $1,990,947)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991001 |
| &nbsp;&nbsp; Cash at broker segregated for futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185068 |
| &nbsp;&nbsp; Foreign currency, at value (cost $120,824)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122332 |
| &nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2807141 |
| &nbsp;&nbsp; Receivable for dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999182 |
| &nbsp;&nbsp; Receivable for daily variation margin on open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55252 |
| &nbsp;&nbsp; Receivable for securities lending income, net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 |
| **Total assets<br>**  | &nbsp;&nbsp;**146321716** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable upon receipt of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815901 |
| &nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29078 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72727 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1917706** |
| **Total net assets<br>**  | **$144404010** |

---

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

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16 \| Allspring Disciplined International Developed Markets Portfolio

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Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends (net of foreign withholdings taxes of $127,988)<br>| &nbsp;&nbsp;$1386895 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31772 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;**1418667** |
| **Expenses** |  |
| &nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178932 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70873 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34340 |
| &nbsp;&nbsp; Interest holder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9785 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47633 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**352442** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;**1066225** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized losses on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;(5518833) |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
| &nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;(293572) |
| Net realized losses on investments<br>| &nbsp;&nbsp;(5812426) |
| Net change in unrealized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;1306818 |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47348 |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1354220 |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;**(4458206)** |
| **Net decrease in net assets resulting from operations<br>**  | **$(3391981)** |

---

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

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Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1066225 | &nbsp;&nbsp;&nbsp;&nbsp;$4763503 |
| &nbsp;&nbsp; Net realized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(5812426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6847953 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354220 | &nbsp;&nbsp;&nbsp;&nbsp;(28734281) |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(3391981)** | &nbsp;&nbsp;&nbsp;&nbsp;**(17122825)** |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Transactions in investors' beneficial interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7788250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals<br>| &nbsp;&nbsp;&nbsp;(19906714) | &nbsp;&nbsp;&nbsp;&nbsp;(28522295) |
| **Net decrease in net assets resulting from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;**(12118464)** | &nbsp;&nbsp;&nbsp;&nbsp;**(27599878)** |
| **Total decrease in net assets<br>**  | &nbsp;&nbsp;&nbsp;**(15510445)** | &nbsp;&nbsp;&nbsp;&nbsp;**(44722703)** |
| **Net assets** |  |  |
| **Beginning of period<br>**  | &nbsp;&nbsp;**159914455** | &nbsp;&nbsp;&nbsp;&nbsp;**204637158** |
| **End of period<br>**  | **$144404010** | &nbsp;&nbsp;**$159914455** |

---

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

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18 \| Allspring Disciplined International Developed Markets Portfolio

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Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Total return<sup>1</sup><br>**  | **(1.76)%** | &nbsp;&nbsp;**(9.56)%** | &nbsp;&nbsp;**39.97%** | &nbsp;&nbsp;**1.76%** | &nbsp;&nbsp;**(0.14)%** | &nbsp;&nbsp;**9.46%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| 0.49% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>2</sup><br>| 0.49% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| 1.49% | &nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;127% | &nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;71% |

---

<sup>1</sup> Returns for periods of less than one year are not annualized. <br> <sup>2</sup> Net expense ratios reflect voluntary waivers, if any.

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

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Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master 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 Disciplined International Developed Markets Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Allspring Global Investments Pricing Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2022, such fair value pricing was used in pricing certain foreign securities.

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. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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, 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.

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Allspring Global Investments Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign

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Notes to financial statements (unaudited)

exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange's clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

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.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

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Notes to financial statements (unaudited)

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio'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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $125,300,708 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$24411582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(7985582) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains | &nbsp;&nbsp;$16426000 |

---

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 Portfolio'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 Portfolio'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 Portfolio'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.

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of November 30, 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;**Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Australia* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$10873208 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$10873208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Austria* | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Belgium* | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Denmark* | &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;&nbsp;&nbsp;&nbsp;&nbsp;4217021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Finland* | &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;&nbsp;&nbsp;&nbsp;&nbsp;1569444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*France* | &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;&nbsp;&nbsp;16472783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16472783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Germany* | &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;&nbsp;&nbsp;10417490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10417490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Hong Kong* | &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;&nbsp;&nbsp;&nbsp;&nbsp;3839363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Ireland* | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Israel* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Italy* | &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;&nbsp;&nbsp;&nbsp;&nbsp;2421053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Japan* | &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;&nbsp;&nbsp;30799124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30799124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Luxembourg* | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Netherlands* | &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;&nbsp;&nbsp;&nbsp;&nbsp;8114695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8114695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Norway* | &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;&nbsp;&nbsp;&nbsp;&nbsp;1515403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Portugal* | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Singapore* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Spain* | &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;&nbsp;&nbsp;&nbsp;&nbsp;3686038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Sweden* | &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;&nbsp;&nbsp;&nbsp;&nbsp;4327263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Switzerland* | &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;&nbsp;&nbsp;12883470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12883470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*United Kingdom* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22596599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22737288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*United States* | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Germany* | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rights** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Switzerland* | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 |
| &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;1991001 | &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;&nbsp;&nbsp;1991001 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2722956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139428297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142151253 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Futures contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56907 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$2779863** | &nbsp;&nbsp;&nbsp;&nbsp;**$139428297** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$142208160** |

---

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day's variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

For the six months ended November 30, 2022, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory 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 adviser is responsible for implementing investment policies and guidelines and for supervising the

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Notes to financial statements (unaudited)

subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Advisory fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $1 billion | &nbsp;&nbsp;0.250% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $4 billion | &nbsp;&nbsp;0.225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $5 billion | &nbsp;&nbsp;0.200 |

---

For the six months ended November 30, 2022, the advisory fee was equivalent to an annual rate of 0.25% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.20% and declining to 0.15% as the average daily net assets of the Portfolio increase.

Interfund transactions

The Portfolio 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $26,326,871 and $37,849,902, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Investments. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2022, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;Value of<br> securities on<br> loan | &nbsp;&nbsp;&nbsp;&nbsp;Collateral <br> received<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Net amount |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Securities Coproration | &nbsp;&nbsp;&nbsp;$325089 | &nbsp;&nbsp;&nbsp;&nbsp;$(325089) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;1403949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1403949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

<sup>1</sup> Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2022, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $3,095,171 in long futures contracts during the six months ended November 30, 2022.

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24 \| Allspring Disciplined International Developed Markets Portfolio

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Notes to financial statements (unaudited)

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

8. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 six months ended November 30, 2022, there were no borrowings by the Portfolio under the agreement.

9. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in Europe. A fund that invests a substantial portion of its assets in any country or geographic region will be more vulnerable than a fund that invests its assets more broadly to the economic, financial, political or other developments affecting that country or region. Such developments may have a significant impact on the Portfolio's investment performance causing such performance to be more volatile than the investment performance of a more geographically diversified fund.

10. 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.

11. INDEMNIFICATION

Under the Portfolio'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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio'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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

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Other information (unaudited)

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 Portfolio 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. Interest holders 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 125 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. 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 Endowment (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. 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 | 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, since 2007. 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.

<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.

------

Allspring Disciplined International Developed Markets Portfolio \| 29

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[**Table of Contents**](#job_disci_e78cfa18-b317-4a08-98e8-4e223099f139_toc)

![](g428796imgb0e8e5ce1.jpg)

For more information

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

Allspring Funds<br> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

*This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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> **1-800-222-8222**. 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.

------

![](g427633img8bb6a52e1.jpg)

Semi-Annual Report

November 30, 2022

Allspring<br> Large Company Value Portfolio

------

Contents

---

| | |
|:---|:---|
| **[Portfolio information](#xx_0bc24ad5-b145-4b4b-80c4-37ff46984fbe_1)<br>**  | 2 |
| **[Portfolio of investments](#xx_70cf47b0-ecda-46a5-9eba-8e42e7d151e0_1)<br>**  | 3 |
| **[Financial statements](#xx_d3d09f3d-bffd-4718-b3c0-b294ade09d0c_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_d3d09f3d-bffd-4718-b3c0-b294ade09d0c_1)<br>| 9 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_d3d09f3d-bffd-4718-b3c0-b294ade09d0c_2)<br>| 10 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_d3d09f3d-bffd-4718-b3c0-b294ade09d0c_3)<br>| 11 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_224ce6f5-87e7-497f-9046-dc09b966c875_1)<br>| 12 |
| **[Notes to financial statements](#xx_6672535f-c1f8-431c-a876-55a775616c46_1)<br>**  | 13 |
| **[Other information](#xx_4251d141-02bf-4847-a939-fd3e3e4d5b8e_1)<br>**  | 18 |

---

------

Allspring Large Company Value Portfolio \| 1

------

[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Portfolio information (unaudited)

#### Investment objective The Portfolio seeks long-term capital appreciation.

---

| | |
|:---|:---|
| **Manager** | Allspring Funds Management, LLC |
| **Subadviser** | Allspring Global Investments, LLC |
| **Portfolio managers** | Ryan Brown, CFA®<sup>‡</sup>, Harindra de Silva, Ph.D., CFA®<sup>‡</sup> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;3.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;3.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Incorporated | &nbsp;&nbsp;2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global Incorporated | &nbsp;&nbsp;2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences Incorporated | &nbsp;&nbsp;2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart Incorporated | &nbsp;&nbsp;2.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pfizer Incorporated | &nbsp;&nbsp;2.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | &nbsp;&nbsp;2.14 |

---

<sup>1</sup> Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Sector allocation as of November 30, 2022<sup>1</sup>

![](g427633imgf21fb26e2.jpg)

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

------

‡ CFA® and Chartered
Financial Analyst® are trademarks owned by CFA Institute.

------

2 \| Allspring Large Company Value Portfolio

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[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Common stocks: 98.61%** |  |  |
| &nbsp;&nbsp;**Communication services: 5.13%** |  |  |
| &nbsp;&nbsp;**Diversified telecommunication services: 1.66%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Incorporated | &nbsp;&nbsp;&nbsp; 106446 | &nbsp;&nbsp;$2052279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Incorporated | &nbsp;&nbsp;&nbsp; 30594 | &nbsp;&nbsp;&nbsp;&nbsp; 1192554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3244833** |
| &nbsp;&nbsp;**Entertainment: 0.66%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Walt Disney Company † | &nbsp;&nbsp;&nbsp; 13108 | &nbsp;&nbsp;&nbsp;&nbsp; **1282880** |
| &nbsp;&nbsp;**Interactive media & services: 0.60%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Incorporated Class C † | &nbsp;&nbsp;&nbsp; 11032 | &nbsp;&nbsp;&nbsp;&nbsp; 1119196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Incorporated Class A † | &nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp; 49602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1168798** |
| &nbsp;&nbsp;**Media: 1.41%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation Class A | &nbsp;&nbsp;&nbsp; 75163 | &nbsp;&nbsp;&nbsp;&nbsp; **2753972** |
| &nbsp;&nbsp;**Wireless telecommunication services: 0.80%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US Incorporated † | &nbsp;&nbsp;&nbsp; 10317 | &nbsp;&nbsp;&nbsp;&nbsp; **1562613** |
| &nbsp;&nbsp;**Consumer discretionary: 5.22%** |  |  |
| &nbsp;&nbsp;**Automobiles: 2.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Company | &nbsp;&nbsp;&nbsp; 16784 | &nbsp;&nbsp;&nbsp;&nbsp; 233298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Company | &nbsp;&nbsp;&nbsp; 90285 | &nbsp;&nbsp;&nbsp;&nbsp; 3661960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3895258** |
| &nbsp;&nbsp;**Distributors: 0.26%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corporation | &nbsp;&nbsp;&nbsp; 9421 | &nbsp;&nbsp;&nbsp;&nbsp; **511843** |
| &nbsp;&nbsp;**Hotels, restaurants & leisure: 1.84%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Incorporated † | &nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International Incorporated Class A | &nbsp;&nbsp;&nbsp;6425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;&nbsp;6135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3586841** |
| &nbsp;&nbsp;**Internet & direct marketing retail: 0.16%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Incorporated † | &nbsp;&nbsp;&nbsp;3197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**308638** |
| &nbsp;&nbsp;**Multiline retail: 0.96%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's Incorporated | &nbsp;&nbsp;&nbsp;35632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | &nbsp;&nbsp;&nbsp;6262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1883544** |
| &nbsp;&nbsp;**Consumer staples: 8.43%** |  |  |
| &nbsp;&nbsp;**Beverages: 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola Company | &nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66600** |
| &nbsp;&nbsp;**Food & staples retailing: 3.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp;3768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kroger Company | &nbsp;&nbsp;&nbsp;2480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Incorporated | &nbsp;&nbsp;&nbsp;33002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7184050** |

---

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

------

Allspring Large Company Value Portfolio \| 3

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[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Food products: 0.78%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods Incorporated | &nbsp;&nbsp;&nbsp; 4913 | &nbsp;&nbsp;$286330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company Incorporated | &nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp; 66866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International Incorporated Class A | &nbsp;&nbsp;&nbsp; 17173 | &nbsp;&nbsp;&nbsp;&nbsp; 1161067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1514263** |
| &nbsp;&nbsp;**Household products: 0.77%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Procter & Gamble Company | &nbsp;&nbsp;&nbsp; 10111 | &nbsp;&nbsp;&nbsp;&nbsp; **1508157** |
| &nbsp;&nbsp;**Tobacco: 3.17%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group Incorporated | &nbsp;&nbsp;&nbsp; 87794 | &nbsp;&nbsp;&nbsp;&nbsp; 4089445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Incorporated | &nbsp;&nbsp;&nbsp; 21051 | &nbsp;&nbsp;&nbsp;&nbsp; 2098153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6187598** |
| &nbsp;&nbsp;**Energy: 7.99%** |  |  |
| &nbsp;&nbsp;**Energy equipment & services: 0.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nextier Oilfield Solutions Incorporated † | &nbsp;&nbsp;&nbsp; 17459 | &nbsp;&nbsp;&nbsp;&nbsp; 177907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Limited | &nbsp;&nbsp;&nbsp; 8048 | &nbsp;&nbsp;&nbsp;&nbsp; 414874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **592781** |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 7.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;&nbsp; 8912 | &nbsp;&nbsp;&nbsp;&nbsp; 1633659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek US Holdings Incorporated | &nbsp;&nbsp;&nbsp; 64705 | &nbsp;&nbsp;&nbsp;&nbsp; 2004561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 67111 | &nbsp;&nbsp;&nbsp;&nbsp; 7472139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Corporation | &nbsp;&nbsp;&nbsp; 13492 | &nbsp;&nbsp;&nbsp;&nbsp; 1941634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 1708 | &nbsp;&nbsp;&nbsp;&nbsp; 208051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp; 16026 | &nbsp;&nbsp;&nbsp;&nbsp; 1737859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14997903** |
| &nbsp;&nbsp;**Financials: 18.02%** |  |  |
| &nbsp;&nbsp;**Banks: 7.90%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;&nbsp;170587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6456718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp;33493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Incorporated | &nbsp;&nbsp;&nbsp;16777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | &nbsp;&nbsp;&nbsp;32387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15423714** |
| &nbsp;&nbsp;**Capital markets: 4.52%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation | &nbsp;&nbsp;&nbsp;17860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group Incorporated | &nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange Incorporated | &nbsp;&nbsp;&nbsp;3573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | &nbsp;&nbsp;&nbsp;7472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global Incorporated | &nbsp;&nbsp;&nbsp;14785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8819262** |
| &nbsp;&nbsp;**Consumer finance: 0.39%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company | &nbsp;&nbsp;&nbsp;2719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Corporation | &nbsp;&nbsp;&nbsp;19698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**772414** |
| &nbsp;&nbsp;**Diversified financial services: 0.94%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Incorporated Class B † | &nbsp;&nbsp;&nbsp;5055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial Incorporation Class A | &nbsp;&nbsp;&nbsp;5891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1830552** |

---

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

------

4 \| Allspring Large Company Value Portfolio

------

[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Insurance: 4.10%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFLAC Incorporated | &nbsp;&nbsp;&nbsp; 16386 | &nbsp;&nbsp;$1178645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | &nbsp;&nbsp;&nbsp; 20951 | &nbsp;&nbsp;&nbsp;&nbsp; 4171554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Limited | &nbsp;&nbsp;&nbsp; 1683 | &nbsp;&nbsp;&nbsp;&nbsp; 369570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loews Corporation | &nbsp;&nbsp;&nbsp; 5789 | &nbsp;&nbsp;&nbsp;&nbsp; 336630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America Incorporated | &nbsp;&nbsp;&nbsp; 13462 | &nbsp;&nbsp;&nbsp;&nbsp; 1943913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8000312** |
| &nbsp;&nbsp;**Thrifts & mortgage finance: 0.17%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group Limited | &nbsp;&nbsp;&nbsp; 8113 | &nbsp;&nbsp;&nbsp;&nbsp; **325250** |
| &nbsp;&nbsp;**Health care: 17.56%** |  |  |
| &nbsp;&nbsp;**Biotechnology: 3.89%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics Incorporated † | &nbsp;&nbsp;&nbsp; 82308 | &nbsp;&nbsp;&nbsp;&nbsp; 995927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen Incorporated † | &nbsp;&nbsp;&nbsp; 3917 | &nbsp;&nbsp;&nbsp;&nbsp; 1195351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences Incorporated | &nbsp;&nbsp;&nbsp; 58198 | &nbsp;&nbsp;&nbsp;&nbsp; 5111530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Incorporated † | &nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp; 113588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIR Biotechnology Incorporated † | &nbsp;&nbsp;&nbsp; 6021 | &nbsp;&nbsp;&nbsp;&nbsp; 169913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7586309** |
| &nbsp;&nbsp;**Health care equipment & supplies: 2.15%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International Incorporated | &nbsp;&nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp;&nbsp; 29791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp; 19074 | &nbsp;&nbsp;&nbsp;&nbsp; 1507609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Incorporated | &nbsp;&nbsp;&nbsp; 22140 | &nbsp;&nbsp;&nbsp;&nbsp; 2659014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4196414** |
| &nbsp;&nbsp;**Health care providers & services: 5.09%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AdaptHealth Corporation † | &nbsp;&nbsp;&nbsp; 1274 | &nbsp;&nbsp;&nbsp;&nbsp; 28423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Corporation | &nbsp;&nbsp;&nbsp;9547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | &nbsp;&nbsp;&nbsp;12986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health Incorporated | &nbsp;&nbsp;&nbsp;2492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare Incorporated | &nbsp;&nbsp;&nbsp;3477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana Incorporated | &nbsp;&nbsp;&nbsp;5914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9928651** |
| &nbsp;&nbsp;**Life sciences tools & services: 2.25%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abcellera Biologics Incorporated † | &nbsp;&nbsp;&nbsp;6667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies Incorporated | &nbsp;&nbsp;&nbsp;2669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings Incorporated † | &nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qiagen NV † | &nbsp;&nbsp;&nbsp;53761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syneos Health Incorporated † | &nbsp;&nbsp;&nbsp;28002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4394149** |
| &nbsp;&nbsp;**Pharmaceuticals: 4.18%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;4506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Company | &nbsp;&nbsp;&nbsp;68118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Incorporated | &nbsp;&nbsp;&nbsp;91443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Incorporated † | &nbsp;&nbsp;&nbsp;25231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8170677** |
| &nbsp;&nbsp;**Industrials: 9.26%** |  |  |
| &nbsp;&nbsp;**Aerospace & defense: 3.07%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;&nbsp;12953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269208 |

---

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

------

Allspring Large Company Value Portfolio \| 5

------

[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Aerospace & defense (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corporation | &nbsp;&nbsp;&nbsp; 3297 | &nbsp;&nbsp;$1758257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corporation | &nbsp;&nbsp;&nbsp; 9837 | &nbsp;&nbsp;&nbsp;&nbsp; 971109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5998574** |
| &nbsp;&nbsp;**Air freight & logistics: 2.33%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | &nbsp;&nbsp;&nbsp; 6615 | &nbsp;&nbsp;&nbsp;&nbsp; 1205385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service Incorporated Class B | &nbsp;&nbsp;&nbsp; 17675 | &nbsp;&nbsp;&nbsp;&nbsp; 3353478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4558863** |
| &nbsp;&nbsp;**Building products: 0.42%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corporation | &nbsp;&nbsp;&nbsp; 18473 | &nbsp;&nbsp;&nbsp;&nbsp; **818723** |
| &nbsp;&nbsp;**Construction & engineering: 0.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group Incorporated | &nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp; **89068** |
| &nbsp;&nbsp;**Electrical equipment: 0.30%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | &nbsp;&nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp;&nbsp; 90551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric plc | &nbsp;&nbsp;&nbsp; 5293 | &nbsp;&nbsp;&nbsp;&nbsp; 211773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Company | &nbsp;&nbsp;&nbsp; 20130 | &nbsp;&nbsp;&nbsp;&nbsp; 278801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **581125** |
| &nbsp;&nbsp;**Industrial conglomerates: 0.94%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Company | &nbsp;&nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp;&nbsp; 620780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | &nbsp;&nbsp;&nbsp; 7812 | &nbsp;&nbsp;&nbsp;&nbsp; 671598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International Incorporated | &nbsp;&nbsp;&nbsp; 2443 | &nbsp;&nbsp;&nbsp;&nbsp; 536361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1828739** |
| &nbsp;&nbsp;**Machinery: 1.81%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings Incorporated | &nbsp;&nbsp;&nbsp; 1561 | &nbsp;&nbsp;&nbsp;&nbsp; 69933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex Corporation | &nbsp;&nbsp;&nbsp;75369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3530124** |
| &nbsp;&nbsp;**Professional services: 0.16%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics Incorporated | &nbsp;&nbsp;&nbsp;1701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**312491** |
| &nbsp;&nbsp;**Road & rail: 0.19%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | &nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RXO Incorporated † | &nbsp;&nbsp;&nbsp;16781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**368600** |
| &nbsp;&nbsp;**Information technology: 10.27%** |  |  |
| &nbsp;&nbsp;**Communications equipment: 2.26%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems Incorporated | &nbsp;&nbsp;&nbsp;49430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Holdings Incorporated † | &nbsp;&nbsp;&nbsp;218975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4402158** |
| &nbsp;&nbsp;**Electronic equipment, instruments & components: 2.50%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corporation † | &nbsp;&nbsp;&nbsp;37589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vishay Intertechnology Incorporated | &nbsp;&nbsp;&nbsp;103928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4878758** |
| &nbsp;&nbsp;**IT services: 0.93%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings Incorporated † | &nbsp;&nbsp;&nbsp;18419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444234 |

---

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

------

6 \| Allspring Large Company Value Portfolio

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[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**IT services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneCo Limited Class A † | &nbsp;&nbsp;&nbsp; 23766 | &nbsp;&nbsp;$277587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Incorporated Class A | &nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp;&nbsp; 92659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1814480** |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment: 2.22%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation | &nbsp;&nbsp;&nbsp; 29281 | &nbsp;&nbsp;&nbsp;&nbsp; 880480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology Incorporated | &nbsp;&nbsp;&nbsp; 13762 | &nbsp;&nbsp;&nbsp;&nbsp; 793379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions Incorporated | &nbsp;&nbsp;&nbsp; 26807 | &nbsp;&nbsp;&nbsp;&nbsp; 2563285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments Incorporated | &nbsp;&nbsp;&nbsp; 543 | &nbsp;&nbsp;&nbsp;&nbsp; 97990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4335134** |
| &nbsp;&nbsp;**Software: 2.16%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe Incorporated † | &nbsp;&nbsp;&nbsp; 7296 | &nbsp;&nbsp;&nbsp;&nbsp; 2516609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk Incorporated † | &nbsp;&nbsp;&nbsp; 2722 | &nbsp;&nbsp;&nbsp;&nbsp; 549708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce.com Incorporated † | &nbsp;&nbsp;&nbsp; 7222 | &nbsp;&nbsp;&nbsp;&nbsp; 1157326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4223643** |
| &nbsp;&nbsp;**Technology hardware, storage & peripherals: 0.20%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Company | &nbsp;&nbsp;&nbsp; 23543 | &nbsp;&nbsp;&nbsp;&nbsp; **395052** |
| &nbsp;&nbsp;**Materials: 4.78%** |  |  |
| &nbsp;&nbsp;**Chemicals: 3.96%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals Incorporated | &nbsp;&nbsp;&nbsp; 10995 | &nbsp;&nbsp;&nbsp;&nbsp; 3410209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp; 12828 | &nbsp;&nbsp;&nbsp;&nbsp; 4316360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7726569** |
| &nbsp;&nbsp;**Containers & packaging: 0.73%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O-I Glass Incorporated † | &nbsp;&nbsp;&nbsp; 87118 | &nbsp;&nbsp;&nbsp;&nbsp; **1429606** |
| &nbsp;&nbsp;**Metals & mining: 0.09%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Metallurgical Resource Incorporated | &nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**177737** |
| &nbsp;&nbsp;**Real estate: 4.95%** |  |  |
| &nbsp;&nbsp;**Equity REITs: 4.95%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Incorporated | &nbsp;&nbsp;&nbsp;5437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Class A | &nbsp;&nbsp;&nbsp;12212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DiamondRock Hospitality | &nbsp;&nbsp;&nbsp;47929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix Incorporated | &nbsp;&nbsp;&nbsp;2314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes Incorporated | &nbsp;&nbsp;&nbsp;31018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis Incorporated | &nbsp;&nbsp;&nbsp;7399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | &nbsp;&nbsp;&nbsp;65619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;&nbsp;10243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9656363** |
| &nbsp;&nbsp;**Utilities: 7.00%** |  |  |
| &nbsp;&nbsp;**Electric utilities: 4.72%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corporation | &nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | &nbsp;&nbsp;&nbsp;33961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Incorporated | &nbsp;&nbsp;&nbsp;67954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5755704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9208925** |

---

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

------

Allspring Large Company Value Portfolio \| 7

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[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Gas utilities: 2.28%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corporation | &nbsp;&nbsp;&nbsp; 33795 | &nbsp;&nbsp;$4062159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corporation Class A | &nbsp;&nbsp;&nbsp; 8536 | &nbsp;&nbsp;&nbsp;&nbsp; 400168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4462327** |
| &nbsp;&nbsp;**Total Common stocks (Cost $177,010,463)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**192495335** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** |  |  |
| &nbsp;&nbsp;**Short-term investments: 0.90%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 0.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠∞ |  | 3.60% | &nbsp;&nbsp;&nbsp;1759868 | &nbsp;&nbsp;&nbsp;&nbsp; **1759868** |
| &nbsp;&nbsp;**Total Short-term investments (Cost $1,759,868)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1759868** |
| &nbsp;&nbsp;**Total investments in securities (Cost $178,770,331)** | &nbsp;&nbsp;99.51% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;194255203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 957206 |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$195212409** |

---

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

Abbreviations: <br> REIT Real estate investment trust

#### Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Government Money Market Fund Select Class | $4485592 | $20389218 | $(23114942) | $0 | $0 | $1759868 | 1759868 | $35962 |
| &nbsp;&nbsp;**Investments in affiliates no longer<br> held at end of period** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;1007825 | &nbsp;&nbsp;&nbsp;&nbsp;(1007825) | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 <sup>#</sup> |
|  |  |  |  | **$0** | **$0** | **$1759868** |  | **$36767** |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Amount shown represents income before fees and rebates. |

---

#### Futures contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Expiration <br> date** | &nbsp;&nbsp;**Notional <br> cost** | &nbsp;&nbsp;**Notional <br> value** | &nbsp;&nbsp;**Unrealized <br> gains** | &nbsp;&nbsp;**Unrealized <br> losses** |
| &nbsp;&nbsp;**Long** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;E-Mini S&P 500 Index | &nbsp;&nbsp;11 | &nbsp;&nbsp;12-16-2022 | &nbsp;&nbsp;$2113632 | &nbsp;&nbsp;$2244688 | &nbsp;&nbsp;$131056 | &nbsp;&nbsp;$0 |

---

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

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8 \| Allspring Large Company Value Portfolio

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[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities, at value (cost $177,010,463)<br>| $192495335 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $1,759,868)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759868 |
| &nbsp;&nbsp; Cash at broker segregated for futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 |
| &nbsp;&nbsp; Receivable for dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459055 |
| &nbsp;&nbsp; Receivable for daily variation margin on open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65588 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7415 |
| **Total assets<br>**  | &nbsp;&nbsp;**195322261** |
| **Liabilities** |  |
| &nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53779 |
| &nbsp;&nbsp; Professional fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37013 |
| &nbsp;&nbsp; Custody and accounting fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11559 |
| &nbsp;&nbsp; Interest holder report expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6818 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**109852** |
| **Total net assets<br>**  | **$195212409** |

---

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

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Allspring Large Company Value Portfolio \| 9

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[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Dividends (net of foreign withholdings taxes of $573)<br>| &nbsp;&nbsp;&nbsp;$2392904 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36463 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**2429367** |
| **Expenses** |  |
| &nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343095 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12782 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48487 |
| &nbsp;&nbsp; Interest holder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9375 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5063 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**429681** |
| &nbsp;&nbsp; Less: Fee waivers and/or expense reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37572) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**392109** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**2037258** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized losses on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;(13192785) |
| &nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129899) |
| Net realized losses on investments<br>| &nbsp;&nbsp;(13322684) |
| Net change in unrealized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;9978490 |
| &nbsp;&nbsp; Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214553 |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;10193043 |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;&nbsp;**(3129641)** |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;**$(1092383)** |

---

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

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10 \| Allspring Large Company Value Portfolio

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[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2037258 | &nbsp;&nbsp;&nbsp;&nbsp;$4064788 |
| &nbsp;&nbsp; Net realized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(13322684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19263042 |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;10193043 | &nbsp;&nbsp;&nbsp;&nbsp;(16094863) |
| **Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(1092383)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7232967** |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Transactions in investors' beneficial interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals<br>| &nbsp;&nbsp;&nbsp;(21686231) | &nbsp;&nbsp;&nbsp;&nbsp;(81048833) |
| **Net decrease in net assets resulting from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;**(20370533)** | &nbsp;&nbsp;&nbsp;&nbsp;**(80172351)** |
| **Total decrease in net assets<br>**  | &nbsp;&nbsp;&nbsp;**(21462916)** | &nbsp;&nbsp;&nbsp;&nbsp;**(72939384)** |
| **Net assets** |  |  |
| **Beginning of period<br>**  | &nbsp;&nbsp;**216675325** | &nbsp;&nbsp;&nbsp;&nbsp;**289614709** |
| **End of period<br>**  | **$195212409** | &nbsp;&nbsp;**$216675325** |

---

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

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Allspring Large Company Value Portfolio \| 11

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[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Total return<sup>1</sup><br>**  | **(0.05)%** | &nbsp;&nbsp;**2.39%** | &nbsp;&nbsp;**51.44%** | &nbsp;&nbsp;**(0.09)%** | &nbsp;&nbsp;**(0.94)%** | &nbsp;&nbsp;**9.80%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| 0.44% | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>2</sup><br>| 0.40% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| 2.08% | &nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;200% | &nbsp;&nbsp;&nbsp;399% | &nbsp;&nbsp;&nbsp;&nbsp;482% | &nbsp;&nbsp;&nbsp;&nbsp;335% | &nbsp;&nbsp;&nbsp;&nbsp;246% | &nbsp;&nbsp;&nbsp;244% |

---

<sup>1</sup> Returns for periods of less than one year are not annualized. <br> <sup>2</sup> Net expense ratios reflect voluntary waivers, if any.

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

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12 \| Allspring Large Company Value Portfolio

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Notes to financial statements (unaudited)

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1. ORGANIZATION

Allspring Master 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 Large Company Value Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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Notes to financial statements (unaudited)

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Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange's clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

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.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio'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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $181,176,436 and the unrealized gains (losses) consisted of:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;$18629900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(5420077) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains | &nbsp;&nbsp;$13209823 |

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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 Portfolio'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 Portfolio'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 Portfolio'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.

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14 \| Allspring Large Company Value Portfolio

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[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

Notes to financial statements (unaudited)

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The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of November 30, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| | &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;**Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Communication services* | &nbsp;&nbsp;$10013096 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$10013096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer discretionary* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10186124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10186124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer staples* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16460668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16460668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Energy* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15590684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15590684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35171504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35171504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health care* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34276200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34276200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18086307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18086307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Information technology* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20049225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20049225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Materials* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9333912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9333912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real estate* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9656363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9656363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Utilities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13671252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13671252 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;1759868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759868 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;194255203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194255203 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Futures contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131056 | &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;131056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$194386259** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$194386259** |

---

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day's variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

For the six months ended November 30, 2022, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory 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 adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Advisory fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $1 billion | &nbsp;&nbsp;0.350% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $4 billion | &nbsp;&nbsp;0.325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $5 billion | &nbsp;&nbsp;0.300 |

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For the six months ended November 30, 2022, the advisory fee was equivalent to an annual rate of 0.35% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments

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Notes to financial statements (unaudited)

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Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Portfolio increase.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

The Portfolio 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2022 were $386,684,478 and $402,261,561, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Investments. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2022, the Portfolio did not have any securities on loan.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2022, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $3,773,694 in long futures contracts during the six months ended November 30, 2022.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

8. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 six months ended November 30, 2022, there were no borrowings by the Portfolio under the agreement.

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.

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Notes to financial statements (unaudited)

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10. INDEMNIFICATION

Under the Portfolio'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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio'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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

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Other information (unaudited)

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 Portfolio 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. Interest holders 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 125 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. 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

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| | | | |
|:---|:---|:---|:---|
| &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 Endowment (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. 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 | 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)

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| | | | |
|:---|:---|:---|:---|
| &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, since 2007. 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 |

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\* 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>

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| | | |
|:---|:---|:---|
| &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. |

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<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.

<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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Allspring Large Company Value Portfolio \| 21

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[**Table of Contents**](#job_large_7ceccb75-1dfd-4441-9b53-47b28db8aa33_toc)

![](g427633img8bb6a52e1.jpg)

For more information

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

Allspring Funds<br> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

*This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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> **1-800-222-8222**. 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.

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![](g622550img269ed05f1.jpg)

Semi-Annual Report

November 30, 2022

Allspring<br> Managed Fixed Income Portfolio

------

Contents

---

| | |
|:---|:---|
| **[Portfolio information](#xx_5e314e62-c297-4f04-ae45-5d1b1ec25f25_1)<br>**  | 2 |
| **[Portfolio of investments](#xx_ac37d0ea-196e-4043-b897-ebb07f2e7041_1)<br>**  | 3 |
| **[Financial statements](#xx_29412e1b-c0ab-4034-8550-fb47e0c1a648_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_29412e1b-c0ab-4034-8550-fb47e0c1a648_1)<br>| 23 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_29412e1b-c0ab-4034-8550-fb47e0c1a648_2)<br>| 24 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_29412e1b-c0ab-4034-8550-fb47e0c1a648_3)<br>| 25 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_e881b13b-4d76-4761-af16-eb4c61cabb22_1)<br>| 26 |
| **[Notes to financial statements](#xx_987c3acf-37c9-44d8-a33d-7f241987bdc0_1)<br>**  | 27 |
| **[Other information](#xx_3daa7440-8768-402a-9b25-03895adecd4d_1)<br>**  | 32 |

---

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Allspring Managed Fixed Income Portfolio \| 1

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio information (unaudited)

#### Investment objective The Portfolio seeks consistent fixed-income returns.

---

| | |
|:---|:---|
| **Manager** | Allspring Funds Management, LLC |
| **Subadviser** | Galliard Capital Management, LLC |
| **Portfolio managers** | Andrea Johnson, CFA®<sup>‡</sup>, Brandon Kanz, CFA®<sup>‡</sup> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> | &nbsp;&nbsp;Ten largest holdings (%) as of November 30, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond, 2.38%, 11-15-2049 | &nbsp;&nbsp;2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 4.50%, 1-1-2051 | &nbsp;&nbsp;1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 4.00%, 8-1-2051 | &nbsp;&nbsp;1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond, 1.38%, 11-15-2040 | &nbsp;&nbsp;1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 2.50%, 1-1-2052 | &nbsp;&nbsp;1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Series 2013-C17 Class A4, 4.02%, 12-15-2046 | &nbsp;&nbsp;1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 2.50%, 1-1-2052 | &nbsp;&nbsp;1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C20 Class A5, 3.80%, 7-15-2047 | &nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 4.25%, 10-15-2025 | &nbsp;&nbsp;0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 2.50%, 1-1-2052 | &nbsp;&nbsp;0.87 |

---

<sup>1</sup> Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified.

&nbsp;&nbsp;Portfolio allocation as of November 30, 2022<sup>1</sup>

![](g622550img077930732.jpg)

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

------

‡ CFA® and Chartered
Financial Analyst® are trademarks owned by CFA Institute.

------

2 \| Allspring Managed Fixed Income Portfolio

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Agency securities: 24.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | $&nbsp;&nbsp;&nbsp; 904525 | &nbsp;&nbsp;$751191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | &nbsp;&nbsp;&nbsp; 1558382 | &nbsp;&nbsp;&nbsp;&nbsp; 1292472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.00 | &nbsp;&nbsp;11-25-2059 | &nbsp;&nbsp;&nbsp; 933892 | &nbsp;&nbsp;&nbsp;&nbsp; 773603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | &nbsp;&nbsp;&nbsp; 2985831 | &nbsp;&nbsp;&nbsp;&nbsp; 2569032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2052 | &nbsp;&nbsp;&nbsp; 3648769 | &nbsp;&nbsp;&nbsp;&nbsp; 3143609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2046 | &nbsp;&nbsp;&nbsp; 292419 | &nbsp;&nbsp;&nbsp;&nbsp; 264745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2046 | &nbsp;&nbsp;&nbsp; 342756 | &nbsp;&nbsp;&nbsp;&nbsp; 310389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2049 | &nbsp;&nbsp;&nbsp; 1313855 | &nbsp;&nbsp;&nbsp;&nbsp; 1175519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2043 | &nbsp;&nbsp;&nbsp; 371808 | &nbsp;&nbsp;&nbsp;&nbsp; 351101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2044 | &nbsp;&nbsp;&nbsp; 234507 | &nbsp;&nbsp;&nbsp;&nbsp; 221301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2046 | &nbsp;&nbsp;&nbsp; 150034 | &nbsp;&nbsp;&nbsp;&nbsp; 140589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2047 | &nbsp;&nbsp;&nbsp; 900838 | &nbsp;&nbsp;&nbsp;&nbsp; 843381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2047 | &nbsp;&nbsp;&nbsp; 180888 | &nbsp;&nbsp;&nbsp;&nbsp; 169408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2047 | &nbsp;&nbsp;&nbsp; 694043 | &nbsp;&nbsp;&nbsp;&nbsp; 649562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2048 | &nbsp;&nbsp;&nbsp; 729409 | &nbsp;&nbsp;&nbsp;&nbsp; 679718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2049 | &nbsp;&nbsp;&nbsp; 185117 | &nbsp;&nbsp;&nbsp;&nbsp; 171565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2044 | &nbsp;&nbsp;&nbsp; 285020 | &nbsp;&nbsp;&nbsp;&nbsp; 279767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2044 | &nbsp;&nbsp;&nbsp; 153522 | &nbsp;&nbsp;&nbsp;&nbsp; 150122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2048 | &nbsp;&nbsp;&nbsp; 780735 | &nbsp;&nbsp;&nbsp;&nbsp; 756921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2048 | &nbsp;&nbsp;&nbsp; 1100117 | &nbsp;&nbsp;&nbsp;&nbsp; 1091471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2048 | &nbsp;&nbsp;&nbsp; 976711 | &nbsp;&nbsp;&nbsp;&nbsp; 969790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2048 | &nbsp;&nbsp;&nbsp; 1660697 | &nbsp;&nbsp;&nbsp;&nbsp; 1648930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series 2018-3 Class MA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-25-2057 | &nbsp;&nbsp;&nbsp; 2840545 | &nbsp;&nbsp;&nbsp;&nbsp; 2708991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Series 2019-3 Class M55D | 4.00 | &nbsp;&nbsp;10-25-2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Structured Pass-Through Securities Series T-20 Class A6 øø | 7.99 | &nbsp;&nbsp;&nbsp;&nbsp;9-25-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC Structured Pass-Through Securities Series T-58 Class 4A | 7.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-25-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 1.47 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2029 | &nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | &nbsp;&nbsp;&nbsp;&nbsp;2160976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2051 | &nbsp;&nbsp;&nbsp;&nbsp;2424588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;3762145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;4696224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;4987896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4297021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2049 | &nbsp;&nbsp;&nbsp;&nbsp;1280197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2049 | &nbsp;&nbsp;&nbsp;&nbsp;1097261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.29 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2026 | &nbsp;&nbsp;&nbsp;&nbsp;1442354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.33 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68529 |

---

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

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Allspring Managed Fixed Income Portfolio \| 3

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Agency securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2046 | $&nbsp;&nbsp;&nbsp; 189878 | &nbsp;&nbsp;$177713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2046 | &nbsp;&nbsp;&nbsp; 263195 | &nbsp;&nbsp;&nbsp;&nbsp; 246250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2047 | &nbsp;&nbsp;&nbsp; 1284230 | &nbsp;&nbsp;&nbsp;&nbsp; 1201152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2040 | &nbsp;&nbsp;&nbsp; 110413 | &nbsp;&nbsp;&nbsp;&nbsp; 105844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2041 | &nbsp;&nbsp;&nbsp; 155792 | &nbsp;&nbsp;&nbsp;&nbsp; 149347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2046 | &nbsp;&nbsp;&nbsp; 179268 | &nbsp;&nbsp;&nbsp;&nbsp; 174507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2049 | &nbsp;&nbsp;&nbsp; 470911 | &nbsp;&nbsp;&nbsp;&nbsp; 452838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2051 | &nbsp;&nbsp;&nbsp; 6310931 | &nbsp;&nbsp;&nbsp;&nbsp; 6017593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2052 | &nbsp;&nbsp;&nbsp; 760509 | &nbsp;&nbsp;&nbsp;&nbsp; 721992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2052 | &nbsp;&nbsp;&nbsp; 659903 | &nbsp;&nbsp;&nbsp;&nbsp; 626011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2056 | &nbsp;&nbsp;&nbsp; 286882 | &nbsp;&nbsp;&nbsp;&nbsp; 277110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2048 | &nbsp;&nbsp;&nbsp; 679251 | &nbsp;&nbsp;&nbsp;&nbsp; 672779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2051 | &nbsp;&nbsp;&nbsp; 7009174 | &nbsp;&nbsp;&nbsp;&nbsp; 6947029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2052 | &nbsp;&nbsp;&nbsp; 566873 | &nbsp;&nbsp;&nbsp;&nbsp; 555852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2052 | &nbsp;&nbsp;&nbsp; 2447152 | &nbsp;&nbsp;&nbsp;&nbsp; 2399576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2056 | &nbsp;&nbsp;&nbsp; 225093 | &nbsp;&nbsp;&nbsp;&nbsp; 225038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2056 | &nbsp;&nbsp;&nbsp; 209576 | &nbsp;&nbsp;&nbsp;&nbsp; 209784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2056 | &nbsp;&nbsp;&nbsp; 287666 | &nbsp;&nbsp;&nbsp;&nbsp; 287595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2033 | &nbsp;&nbsp;&nbsp; 57018 | &nbsp;&nbsp;&nbsp;&nbsp; 58793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2036 | &nbsp;&nbsp;&nbsp; 25294 | &nbsp;&nbsp;&nbsp;&nbsp; 24916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2052 | &nbsp;&nbsp;&nbsp; 2127976 | &nbsp;&nbsp;&nbsp;&nbsp; 2134067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2052 | &nbsp;&nbsp;&nbsp; 1005292 | &nbsp;&nbsp;&nbsp;&nbsp; 1032041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA %% | 5.50 | &nbsp;&nbsp;12-13-2052 | &nbsp;&nbsp;&nbsp; 1810000 | &nbsp;&nbsp;&nbsp;&nbsp; 1830547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2002-90 Class A2 | 6.50 | &nbsp;&nbsp;11-25-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2002-T4 Class A2 | 7.00 | &nbsp;&nbsp;12-25-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2002-W4 Class A4 | 6.25 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2003-W4 Class 3A | 5.09 | &nbsp;&nbsp;10-25-2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2004-T2 Class 1A1 | 6.00 | &nbsp;&nbsp;11-25-2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2004-T3 Class A1 | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;2-25-2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2004-W01 Class 2A2 | 7.00 | &nbsp;&nbsp;12-25-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2004-W11 Class 1A3 | 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA Series 2004-W8 Class 3A | 7.50 | &nbsp;&nbsp;&nbsp;&nbsp;6-25-2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 6.50 | &nbsp;&nbsp;10-15-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 6.50 | &nbsp;&nbsp;11-15-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 6.50 | &nbsp;&nbsp;12-15-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 6.50 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA | 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2006-20B Class 1 | 5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2006-20H Class 1 | 5.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2007-20J Class 1 | 5.57 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2013-20A Class 1 | 2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2013-20J Class 1 | 3.37 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2014-10A Class 1 | 3.19 | &nbsp;&nbsp;&nbsp;&nbsp;3-10-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2014-10B Class 1 | 3.02 | &nbsp;&nbsp;&nbsp;&nbsp;9-10-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2014-20A Class 1 | 3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2015-10B Class 1 | 2.83 | &nbsp;&nbsp;&nbsp;&nbsp;9-10-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2015-20C Class 1 | 2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2015-20E Class 1 | 2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2015-20F Class 1 | 2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2017-10A Class 1 | 2.85 | &nbsp;&nbsp;&nbsp;&nbsp;3-10-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2017-20F Class 1 | 2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2018-10B Class 1 | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;9-10-2028 | &nbsp;&nbsp;&nbsp;&nbsp;2246438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2018-20E Class 1 | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2038 | &nbsp;&nbsp;&nbsp;&nbsp;1408100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2018-20G Class 1 | 3.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2038 | &nbsp;&nbsp;&nbsp;&nbsp;1787666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2018-20H Class 1 | 3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2038 | &nbsp;&nbsp;&nbsp;&nbsp;2388083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283218 |

---

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

------

4 \| Allspring Managed Fixed Income Portfolio

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Agency securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2018-20K Class 1 | 3.87% | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2038 | $&nbsp;&nbsp;&nbsp; 1564907 | &nbsp;&nbsp;$1513246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Series 2022-25G Class 1 | 3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2047 | &nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 1857131 |
| &nbsp;&nbsp;**Total Agency securities (Cost $97,947,820)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **90007462** |
| &nbsp;&nbsp;**Asset-backed securities: 1.32%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +1.35%) 144A± | 5.37 | &nbsp;&nbsp;&nbsp;&nbsp;7-26-2066 | &nbsp;&nbsp;&nbsp; 265548 | &nbsp;&nbsp;&nbsp;&nbsp; 255958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust Series 2018-2A Class A (1 Month LIBOR +0.80%) 144A± | 4.82 | &nbsp;&nbsp;&nbsp;&nbsp;9-25-2068 | &nbsp;&nbsp;&nbsp; 1923090 | &nbsp;&nbsp;&nbsp;&nbsp; 1834774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2021-1 Class A 144A | 1.37 | &nbsp;&nbsp;10-17-2033 | &nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC Series 2017-AA Class A5 144A | 2.68 | &nbsp;&nbsp;&nbsp;&nbsp;7-16-2027 | &nbsp;&nbsp;&nbsp; 144499 | &nbsp;&nbsp;&nbsp;&nbsp; 143324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust Series 2003-10A Class A4 (3 Month LIBOR +0.67%) 144A± | 3.96 | &nbsp;&nbsp;12-17-2068 | &nbsp;&nbsp;&nbsp; 1197473 | &nbsp;&nbsp;&nbsp;&nbsp; 1120509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Student Loan Corporation Series 2014-1 Class B (1 Month LIBOR +1.50%) ± | 5.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2035 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 487072 |
| &nbsp;&nbsp;**Total Asset-backed securities (Cost $5,236,771)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4929572** |
| &nbsp;&nbsp;**Corporate bonds and notes: 39.73%** |  |  |  |  |
| &nbsp;&nbsp;**Communication services: 2.42%** |  |  |  |  |
| &nbsp;&nbsp;**Diversified telecommunication services: 1.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Incorporated | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2032 | &nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 364497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Incorporated | 2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2031 | &nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 449709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Incorporated | 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2046 | &nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA Incorporated | 2.40 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2029 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 127389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA Incorporated | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2029 | &nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 773125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Incorporated | 2.10 | &nbsp;&nbsp;&nbsp;&nbsp;3-22-2028 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 437464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Incorporated | 2.36 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2032 | &nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 377283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Incorporated | 4.81 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2039 | &nbsp;&nbsp;&nbsp; 1228000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139081 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4781780** |
| &nbsp;&nbsp;**Entertainment: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software Incorporated | 3.70 | &nbsp;&nbsp;&nbsp;&nbsp;4-14-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;1-13-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464631 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**635373** |
| &nbsp;&nbsp;**Media: 0.97%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC 144A | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC 144A | 5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC | 4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation | 5.50 | &nbsp;&nbsp;11-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Media Corporation | 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magallanes Incorporated 144A | 4.28 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764099 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3634601** |
| &nbsp;&nbsp;**Consumer discretionary: 3.92%** |  |  |  |  |
| &nbsp;&nbsp;**Auto components: 0.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Incorporated 144A | 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**996817** |
| &nbsp;&nbsp;**Automobiles: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Company | 5.60 | &nbsp;&nbsp;10-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480556 |

---

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

------

Allspring Managed Fixed Income Portfolio \| 5

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Automobiles (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Incorporated 144A | 2.85% | &nbsp;&nbsp;&nbsp;&nbsp;9-26-2024 | $&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;$287390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Incorporated 144A | 4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-8-2029 | &nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 351357 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1119303** |
| &nbsp;&nbsp;**Diversified consumer services: 2.54%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke University | 3.20 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2038 | &nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 964534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corporation | 4.85 | &nbsp;&nbsp;10-11-2029 | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 243601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Hopkins University | 2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2060 | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 115234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Institute of Technology | 3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2038 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 455255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Institute of Technology | 4.68 | &nbsp;&nbsp;12-31-2099 | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 108436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Institute of Technology | 7.25 | &nbsp;&nbsp;&nbsp;&nbsp;11-2-2096 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 692492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern University | 3.69 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2038 | &nbsp;&nbsp;&nbsp; 1915000 | &nbsp;&nbsp;&nbsp;&nbsp; 1675165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Fellows of Harvard College | 3.62 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2037 | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 241314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Fellows of Harvard College | 4.88 | &nbsp;&nbsp;10-15-2040 | &nbsp;&nbsp;&nbsp; 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 184257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Fellows of Harvard College | 5.63 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2038 | &nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 565050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Princeton University | 5.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2039 | &nbsp;&nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp;&nbsp; 1797692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corporation International | 4.63 | &nbsp;&nbsp;12-15-2027 | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 420390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corporation International | 7.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2027 | &nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 351585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Southern California | 3.03 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2039 | &nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 995926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington University | 4.35 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2122 | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 666730 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9477661** |
| &nbsp;&nbsp;**Hotels, restaurants & leisure: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;3-12-2030 | &nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; **118433** |
| &nbsp;&nbsp;**Specialty retail: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foot Locker Incorporated 144A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies Incorporated | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies Incorporated | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies Incorporated | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278404 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1120379** |
| &nbsp;&nbsp;**Textiles, apparel & luxury goods: 0.49%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HanesBrands Incorporated 144A | 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The William Carter Company 144A | 5.63 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolverine World Wide Company 144A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1832914** |
| &nbsp;&nbsp;**Consumer staples: 0.80%** |  |  |  |  |
| &nbsp;&nbsp;**Beverages: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Incorporated | 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**834760** |
| &nbsp;&nbsp;**Food products: 0.46%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Eleven Incorporated 144A | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;2-10-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients Incorporated 144A | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingredion Incorporated | 2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International Incorporated | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-17-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198047 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1725324** |
| &nbsp;&nbsp;**Household products: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Company | 5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**422604** |

---

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

------

6 \| Allspring Managed Fixed Income Portfolio

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Energy: 4.45%** |  |  |  |  |
| &nbsp;&nbsp;**Energy equipment & services: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company | 2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2030 | $&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;**$708894** |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 4.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corporation 144A« | 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2030 | &nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 435679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apache Corporation | 4.38 | &nbsp;&nbsp;10-15-2028 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 89750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets plc | 2.72 | &nbsp;&nbsp;&nbsp;&nbsp;1-12-2032 | &nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 787895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Partners LP | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2026 | &nbsp;&nbsp;&nbsp; 247000 | &nbsp;&nbsp;&nbsp;&nbsp; 217978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2029 | &nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 803250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy Incorporated 144A | 3.90 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2027 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 471807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enable Midstream Partners | 4.95 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2028 | &nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 760903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP | 4.85 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2026 | &nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 410650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 4.15 | &nbsp;&nbsp;10-16-2028 | &nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 247880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Gas Transmission Company 144A | 4.35 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2025 | &nbsp;&nbsp;&nbsp; 1521000 | &nbsp;&nbsp;&nbsp;&nbsp; 1479322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC 144A | 2.60 | &nbsp;&nbsp;10-15-2025 | &nbsp;&nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 780233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfstream Natural Gas System LLC 144A | 6.19 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2025 | &nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 211755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Corporation | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2027 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corporation | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2030 | &nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 807585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magellan Midstream Partners LP | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2026 | &nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation | 5.13 | &nbsp;&nbsp;12-15-2026 | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 800779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP | 4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2027 | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1431689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuStar Logistics LP | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2026 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 581472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline LP | 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2044 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 465834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline LP | 4.90 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2045 | &nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 63072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corporation | 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corporation | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Company LLC | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Company LLC | 7.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2026 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Operating LP | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Partners LP | 4.65 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208393 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15925048** |
| &nbsp;&nbsp;**Financials: 8.24%** |  |  |  |  |
| &nbsp;&nbsp;**Banks: 4.65%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (U.S. SOFR +0.96%) ± | 1.73 | &nbsp;&nbsp;&nbsp;&nbsp;7-22-2027 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (U.S. SOFR +1.37%) ± | 1.92 | &nbsp;&nbsp;10-24-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (3 Month LIBOR +1.51%) ± | 3.71 | &nbsp;&nbsp;&nbsp;&nbsp;4-24-2028 | &nbsp;&nbsp;&nbsp;&nbsp;1440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (U.S. SOFR +2.16%) ± | 5.02 | &nbsp;&nbsp;&nbsp;&nbsp;7-22-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation (U.S. SOFR +1.21%) ± | 2.57 | &nbsp;&nbsp;10-20-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated (U.S. SOFR +0.77%) ± | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1-28-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated (U.S. SOFR +1.18%) ± | 2.52 | &nbsp;&nbsp;&nbsp;&nbsp;11-3-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated (U.S. SOFR +2.11%) ± | 2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-3-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated (U.S. SOFR +1.35%) ± | 3.06 | &nbsp;&nbsp;&nbsp;&nbsp;1-25-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated (U.S. SOFR +1.28%) ± | 3.07 | &nbsp;&nbsp;&nbsp;&nbsp;2-24-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated (3 Month LIBOR +1.39%) ± | 3.67 | &nbsp;&nbsp;&nbsp;&nbsp;7-24-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Incorporated (U.S. SOFR +2.09%) ± | 4.91 | &nbsp;&nbsp;&nbsp;&nbsp;5-24-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp (U.S. SOFR +1.66%) ± | 4.34 | &nbsp;&nbsp;&nbsp;&nbsp;4-25-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp (U.S. SOFR +2.13%) ± | 4.77 | &nbsp;&nbsp;&nbsp;&nbsp;7-28-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp (U.S. SOFR +2.19%) ± | 6.36 | &nbsp;&nbsp;10-27-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares Incorporated (U.S. SOFR +2.05%) ± | 5.02 | &nbsp;&nbsp;&nbsp;&nbsp;5-17-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank | 5.65 | &nbsp;&nbsp;&nbsp;&nbsp;1-10-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +0.77%) ± | 1.47 | &nbsp;&nbsp;&nbsp;&nbsp;9-22-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +1.89%) ± | 2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271187 |

---

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

------

Allspring Managed Fixed Income Portfolio \| 7

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Banks (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +1.25%) ± | 2.58% | &nbsp;&nbsp;&nbsp;&nbsp;4-22-2032 | $&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;$89153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +1.26%) ± | 2.96 | &nbsp;&nbsp;&nbsp;&nbsp;1-25-2033 | &nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 321544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (3 Month LIBOR +1.34%) ± | 3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2028 | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (3 Month LIBOR +1.26%) ± | 4.20 | &nbsp;&nbsp;&nbsp;&nbsp;7-23-2029 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 564231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (U.S. SOFR +1.56%) ± | 4.32 | &nbsp;&nbsp;&nbsp;&nbsp;4-26-2028 | &nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 249180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company (3 Month LIBOR +1.33%) ± | 4.45 | &nbsp;&nbsp;&nbsp;&nbsp;12-5-2029 | &nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 446721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Bank NA | 3.90 | &nbsp;&nbsp;&nbsp;&nbsp;4-13-2029 | &nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 375744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-6-2027 | &nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 610382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp (U.S. SOFR +2.06%) ± | 4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2033 | &nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 388508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank (U.S. SOFR +1.78%) ± | 4.55 | &nbsp;&nbsp;&nbsp;&nbsp;8-16-2028 | &nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 162693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank | 4.05 | &nbsp;&nbsp;&nbsp;&nbsp;7-26-2028 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 940976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank (U.S. SOFR +2.14%) ± | 6.04 | &nbsp;&nbsp;10-28-2033 | &nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 273119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corporation | 1.80 | &nbsp;&nbsp;&nbsp;&nbsp;8-12-2028 | &nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 459494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation (U.S. SOFR +1.37%) ± | 4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-6-2028 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation (3 Month LIBOR +0.98%) ± | 4.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2027 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 372806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation (U.S. SOFR +2.30%) ± | 6.12 | &nbsp;&nbsp;10-28-2033 | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 189663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp (U.S. SOFR +1.02%) ± | 2.68 | &nbsp;&nbsp;&nbsp;&nbsp;1-27-2033 | &nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 465216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp (U.S. SOFR +1.66%) ± | 4.55 | &nbsp;&nbsp;&nbsp;&nbsp;7-22-2028 | &nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 312726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp (U.S. SOFR +2.09%) ± | 5.85 | &nbsp;&nbsp;10-21-2033 | &nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 166833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company (U.S. SOFR +1.50%) ± | 3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-2-2033 | &nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 581689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company (U.S. SOFR +1.51%) ± | 3.53 | &nbsp;&nbsp;&nbsp;&nbsp;3-24-2028 | &nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 668805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company (U.S. SOFR +2.10%) ± | 4.90 | &nbsp;&nbsp;&nbsp;&nbsp;7-25-2033 | &nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 568503 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17370501** |
| &nbsp;&nbsp;**Capital markets: 1.83%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation (U.S. SOFR +1.42%) ± | 4.29 | &nbsp;&nbsp;&nbsp;&nbsp;6-13-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation (U.S. SOFR +1.76%) ± | 4.60 | &nbsp;&nbsp;&nbsp;&nbsp;7-26-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation (U.S. SOFR +1.80%) ± | 5.80 | &nbsp;&nbsp;10-25-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation | 2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-3-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Capital II (3 Month LIBOR +0.77%) ± | 4.00 | &nbsp;&nbsp;12-29-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Incorporated (U.S. SOFR +0.91%) ± | 1.95 | &nbsp;&nbsp;10-21-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Incorporated (U.S. SOFR +1.11%) ± | 2.64 | &nbsp;&nbsp;&nbsp;&nbsp;2-24-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Incorporated (U.S. SOFR +1.85%) ± | 3.62 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;1720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Incorporated (3 Month LIBOR +1.30%) ± | 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (U.S. SOFR +1.00%) ± | 2.48 | &nbsp;&nbsp;&nbsp;&nbsp;1-21-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (U.S. SOFR +2.08%) ± | 4.89 | &nbsp;&nbsp;&nbsp;&nbsp;7-20-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (U.S. SOFR +0.86%) ± | 1.51 | &nbsp;&nbsp;&nbsp;&nbsp;7-20-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI Incorporated 144A | 4.00 | &nbsp;&nbsp;11-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation (U.S. SOFR +1.00%) ± | 2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-7-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation (U.S. SOFR +1.73%) ± | 4.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-4-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation (U.S. SOFR +1.61%) ± | 4.42 | &nbsp;&nbsp;&nbsp;&nbsp;5-13-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86088 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6824083** |
| &nbsp;&nbsp;**Consumer finance: 1.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company | 4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-3-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company (U.S. SOFR +1.76%) ± | 4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-3-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corporation | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;1-12-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Company (U.S. SOFR +1.79%) ± | 3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Company (U.S. SOFR +2.37%) ± | 5.27 | &nbsp;&nbsp;&nbsp;&nbsp;5-10-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Ameria Finance Incorporated 144A | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-4-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Finance North America LLC 144A | 2.00 | &nbsp;&nbsp;12-14-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Finance North America LLC 144A | 2.38 | &nbsp;&nbsp;12-14-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Company LLC | 4.95 | &nbsp;&nbsp;&nbsp;&nbsp;5-28-2027 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135644 |

---

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

------

8 \| Allspring Managed Fixed Income Portfolio

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Consumer finance (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Company | 2.40% | &nbsp;&nbsp;10-15-2028 | $&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;$316681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Company | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-6-2029 | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 164877 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4293792** |
| &nbsp;&nbsp;**Insurance: 0.57%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AON Corporation | 2.85 | &nbsp;&nbsp;&nbsp;&nbsp;5-28-2027 | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 165355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Life Global Funding 144A | 5.55 | &nbsp;&nbsp;10-28-2027 | &nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 596688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Incorporated | 2.38 | &nbsp;&nbsp;12-15-2031 | &nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 414106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NLV Financial Corporation 144A | 7.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2033 | &nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 632322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mutual Life 144A | 3.45 | &nbsp;&nbsp;&nbsp;&nbsp;3-30-2051 | &nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 331943 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2140414** |
| &nbsp;&nbsp;**Mortgage REITs: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas Realty LP | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2025 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; **143918** |
| &nbsp;&nbsp;**Health care: 3.44%** |  |  |  |  |
| &nbsp;&nbsp;**Biotechnology: 0.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie Incorporated | 4.55 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2035 | &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; **1141414** |
| &nbsp;&nbsp;**Health care equipment & supplies: 0.99%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International Incorporated | 1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2027 | &nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 231696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International Incorporated | 2.27 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2028 | &nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 976270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Company | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;8-22-2032 | &nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 247542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Healthcare USA Holding LLC 144A | 5.86 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2030 | &nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 393940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Healthcare USA Holding LLC 144A | 5.91 | &nbsp;&nbsp;11-22-2032 | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 252043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic Incorporated 144A | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2029 | &nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 443698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic Incorporated 144A | 4.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2028 | &nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 550494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleflex Incorporated 144A | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleflex Incorporated | 4.63 | &nbsp;&nbsp;11-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141801 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3701734** |
| &nbsp;&nbsp;**Health care providers & services: 1.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advocate Health Corporation | 4.27 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BayCare Health System Incorporated | 3.83 | &nbsp;&nbsp;11-15-2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland Clinic Foundation | 4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;8-21-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;3-25-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | 5.05 | &nbsp;&nbsp;&nbsp;&nbsp;3-25-2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inova Health System | 4.07 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Foundation Hospitals | 3.27 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Memorial Sloan Kettering Cancer Center | 4.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationwide Children Hospital | 4.56 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Memorial Hospital | 2.63 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NYU Hospitals Center | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OhioHealth Corporation | 2.83 | &nbsp;&nbsp;11-15-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OhioHealth Corporation | 3.04 | &nbsp;&nbsp;11-15-2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatrix Medical Group 144A« | 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Presbyterian Healthcare Services | 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Incorporated | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WakeMed Health & Hospitals | 3.29 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190805 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4617624** |

---

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

------

Allspring Managed Fixed Income Portfolio \| 9

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Health care technology: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Incorporated 144A | 5.00% | &nbsp;&nbsp;10-15-2026 | $&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;**$428313** |
| &nbsp;&nbsp;**Life sciences tools & services: 0.43%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies Incorporated | 2.75 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2029 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 524911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories Incorporated 144A | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2028 | &nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 679813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perkinelmer Incorporated | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2028 | &nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 407615 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1612339** |
| &nbsp;&nbsp;**Pharmaceuticals: 0.36%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer US Finance LLC 144A | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;10-8-2024 | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 232085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer US Finance LLC 144A | 4.38 | &nbsp;&nbsp;12-15-2028 | &nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110632 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1342717** |
| &nbsp;&nbsp;**Industrials: 3.70%** |  |  |  |  |
| &nbsp;&nbsp;**Aerospace & defense: 0.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexcel Corporation | 4.20 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2027 | &nbsp;&nbsp;&nbsp; 1302000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog Incorporated 144A | 4.25 | &nbsp;&nbsp;12-15-2027 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 628250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corporation | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2030 | &nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 302286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corporation | 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2032 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 205147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boeing Company | 2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2027 | &nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 758851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boeing Company | 5.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2030 | &nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 151223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boeing Company | 5.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2040 | &nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 104816 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3362232** |
| &nbsp;&nbsp;**Air freight & logistics: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fedex Corporation | 3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2035 | &nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 240329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fedex Corporation | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2030 | &nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 619945 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**860274** |
| &nbsp;&nbsp;**Building products: 0.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegion U.S. Holding Company | 5.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Home | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International Incorporated | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corporation | 6.50 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masonite International Company 144A | 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462134 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1947162** |
| &nbsp;&nbsp;**Chemicals: 0.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems LLC 144A« | 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GrafTech International Incorporated 144A | 4.63 | &nbsp;&nbsp;12-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533600 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1147901** |
| &nbsp;&nbsp;**Commercial services & supplies: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors Incorporated 144A | 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stericycle Incorporated 144A | 3.88 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878700 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1278625** |
| &nbsp;&nbsp;**Electrical equipment: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corporation | 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188778 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**897088** |

---

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

------

10 \| Allspring Managed Fixed Income Portfolio

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Industrial conglomerates: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies Incorporated | 2.95% | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2029 | $&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;**$411474** |
| &nbsp;&nbsp;**Machinery: 0.49%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products Incorporated 144A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2029 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 602116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corporation | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2030 | &nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 410928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corporation | 4.60 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2028 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 189079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker Hannifin Corporation | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2029 | &nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 475654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker Incorporated | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2032 | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 154093 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1831870** |
| &nbsp;&nbsp;**Professional services: 0.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax Incorporated | 2.35 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2031 | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 139358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax Incorporated | 5.10 | &nbsp;&nbsp;12-15-2027 | &nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 138050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relx Capital Incorporated | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-22-2030 | &nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 60783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relx Capital Incorporated | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-18-2029 | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 225503 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **563694** |
| &nbsp;&nbsp;**Road & rail: 0.41%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington North Santa Fe Company | 4.45 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2053 | &nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 192209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | 5.10 | &nbsp;&nbsp;12-31-2049 | &nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 635427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System Incorporated | 2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2027 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 269611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | 3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2029 | &nbsp;&nbsp;&nbsp; 441000 | &nbsp;&nbsp;&nbsp;&nbsp; 420888 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1518135** |
| &nbsp;&nbsp;**Information technology: 2.21%** |  |  |  |  |
| &nbsp;&nbsp;**Electronic equipment, instruments & components: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation | 2.20 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2031 | &nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 385070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil Incorporated | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;1-12-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838762 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1223832** |
| &nbsp;&nbsp;**IT services: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services Incorporated | 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner Incorporated 144A | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisign Incorporated | 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293745 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**842503** |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment: 0.89%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices Incorporated 144A | 3.45 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-5-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Tencor Corporation | 4.65 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology Incorporated | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology Incorporated | 6.75 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor Corporation 144A | 3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155171 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3322883** |
| &nbsp;&nbsp;**Software: 0.37%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corporation 144A | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 2.30 | &nbsp;&nbsp;&nbsp;&nbsp;3-25-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 6.15 | &nbsp;&nbsp;&nbsp;&nbsp;11-9-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167040 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1400949** |

---

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

------

Allspring Managed Fixed Income Portfolio \| 11

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Technology hardware, storage & peripherals: 0.39%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP Incorporated | 1.45% | &nbsp;&nbsp;&nbsp;&nbsp;6-17-2026 | $&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;$307601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP Incorporated | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2029 | &nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 246735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP Incorporated | 4.90 | &nbsp;&nbsp;10-15-2025 | &nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 374570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSMC Arizona Corporation | 1.75 | &nbsp;&nbsp;10-25-2026 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 532927 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1461833** |
| &nbsp;&nbsp;**Materials: 3.87%** |  |  |  |  |
| &nbsp;&nbsp;**Chemicals: 2.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corporation | 5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2032 | &nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 182600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashland LLC 144A | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2031 | &nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 700760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holding LLC | 6.17 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2027 | &nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 822149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours Incorporated | 4.73 | &nbsp;&nbsp;11-15-2028 | &nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 926792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab Incorporated | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2028 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMC Corporation | 3.20 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2026 | &nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingevity Corporation 144A | 3.88 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2028 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 170500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Company | 4.05 | &nbsp;&nbsp;11-15-2027 | &nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries Incorporated | 2.55 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2030 | &nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 649390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International Incorporated | 4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2029 | &nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 390555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Company | 4.50 | &nbsp;&nbsp;10-15-2029 | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 98100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Company | 5.25 | &nbsp;&nbsp;12-15-2026 | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 764192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sherwin-Williams Company | 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2029 | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 395536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sherwin-Williams Company | 3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2025 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline Incorporated 144A | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2030 | &nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 699774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WR Grace Holding LLC 144A | 5.63 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2024 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195512 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8330603** |
| &nbsp;&nbsp;**Construction materials: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials Incorporated | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**233726** |
| &nbsp;&nbsp;**Containers & packaging: 0.98%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corporation | 3.13 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging International Company 144A | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging International Company 144A | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging International Company | 4.13 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corporation of America | 3.00 | &nbsp;&nbsp;12-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corporation 144A | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings Incorporated | 4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westrock Company | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wrkco Incorporated | 3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515730 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3669340** |
| &nbsp;&nbsp;**Metals & mining: 0.42%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan Incorporated | 4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Mining Corporation | 2.60 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuCor Corporation | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;5-23-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205132 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1552850** |
| &nbsp;&nbsp;**Paper & forest products: 0.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Paper Corporation 144A | 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**679069** |
| &nbsp;&nbsp;**Real estate: 2.31%** |  |  |  |  |
| &nbsp;&nbsp;**Equity REITs: 2.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Incorporated | 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235302 |

---

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

------

12 \| Allspring Managed Fixed Income Portfolio

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Equity REITs (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Incorporated | 3.95% | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2027 | $&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;$229920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Properties LP | 2.75 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2026 | &nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 707677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CubeSmart LP | 2.25 | &nbsp;&nbsp;12-15-2028 | &nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 132122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust LP « | 4.45 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2028 | &nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 486271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCP Incorporated | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2029 | &nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 502304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties Incorporated | 2.13 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2028 | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 33711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties Incorporated | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2031 | &nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 160800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts Incorporated | 3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2024 | &nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 258269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corporation | 4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2033 | &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 121582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2027 | &nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 803183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 4.20 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2028 | &nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 151904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Retail Properties Incorporated | 4.30 | &nbsp;&nbsp;10-15-2028 | &nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 345422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis LP | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;6-30-2026 | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1426429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis LP | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2028 | &nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 220141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | 5.63 | &nbsp;&nbsp;10-13-2032 | &nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 340965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR Incorporated | 3.20 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2030 | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 301164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas Realty LP | 3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2027 | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1412631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower Incorporated | 2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2029 | &nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 155425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower Incorporated | 2.75 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2032 | &nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 254128 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8279350** |
| &nbsp;&nbsp;**Real estate management & development: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage LP | 3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2029 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; **360355** |
| &nbsp;&nbsp;**Utilities: 4.37%** |  |  |  |  |
| &nbsp;&nbsp;**Electric utilities: 2.91%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Indiana 144A | 5.65 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Transmission System Incorporated 144A | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Edison Company | 3.85 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy South Carolina Incorporated | 2.30 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 6.05 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy Metro Incorporated | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy Missouri West Incorporated 144A | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Power & Light Company | 2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-3-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITC Holdings Corporation | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;6-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidAmerican Energy Holdings Company | 5.80 | &nbsp;&nbsp;10-15-2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Operating Partners LP | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Operating Partners LP 144A | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Operating Partners LP 144A | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern States Power Company of Minnesota | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern States Power Company of Minnesota | 5.35 | &nbsp;&nbsp;&nbsp;&nbsp;11-1-2039 | &nbsp;&nbsp;&nbsp;&nbsp;1580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oncor Electric Delivery 144A | 4.55 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Electric & Gas Company | 5.70 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rochester Gas & Electric Corporation 144A | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern California Edison Company | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Company 144A | 3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tuscon Electric Power Company | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Light & Power Company | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341948 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10862781** |
| &nbsp;&nbsp;**Gas utilities: 0.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriGas Partners LP | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;5-20-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436500 |

---

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

------

Allspring Managed Fixed Income Portfolio \| 13

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Gas utilities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriGas Partners LP | 5.88% | &nbsp;&nbsp;&nbsp;&nbsp;8-20-2026 | $&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;$476250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boardwalk Pipelines Company | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2032 | &nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 524138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy Incorporated | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2030 | &nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 263423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy Incorporated « | 4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-1-2032 | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 232268 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1932579** |
| &nbsp;&nbsp;**Multi-utilities: 0.94%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corporation | 4.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2033 | &nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 626983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumers Energy Company | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2032 | &nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 497999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2032 | &nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 634267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Gas & Electric Company | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3-15-2032 | &nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 422528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Infrastructure 144A | 3.25 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2032 | &nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 663491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group Incorporated | 2.20 | &nbsp;&nbsp;12-15-2028 | &nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 669965 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3515233** |
| &nbsp;&nbsp;**Total Corporate bonds and notes (Cost $164,592,997)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**148437081** |
| &nbsp;&nbsp;**Municipal obligations: 8.71%** |  |  |  |  |
| &nbsp;&nbsp;**Alabama: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Special Obligation Revenue Taxable Series B | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9-1-2029 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; **820630** |
| &nbsp;&nbsp;**Arizona: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yuma AZ Pledged Revenue Obligations Series 2021 | 2.10 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2030 | &nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; **337146** |
| &nbsp;&nbsp;**California: 1.61%** |  |  |  |  |
| &nbsp;&nbsp;**GO revenue: 1.51%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alameda County CA Series A | 3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell Union High School District | 2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Desert Community College District | 2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxnard Union High School District | 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Community College District | 2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Community College District Series B | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2033 | &nbsp;&nbsp;&nbsp;&nbsp;1935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Ramon Valley Unified School District | 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santa Monica California Community College District Election 2016 Series B1 | 4.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solano California Community College District Series B | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771807 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5638959** |
| &nbsp;&nbsp;**Tax revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Jose CA RDA Senior Taxable Refunding Bonds Series A-T | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**389423** |
| &nbsp;&nbsp;**Florida: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;**Water & sewer revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Water Pollution Control Financing Corporation Series A | 2.60 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2030 | &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1011156** |
| &nbsp;&nbsp;**Georgia: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;**GO revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherokee County GA School System Build America Bonds | 5.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**516273** |

---

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

------

14 \| Allspring Managed Fixed Income Portfolio

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Tax revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metro Atlanta Rapid Transit Authority Sales Tax Refunding Bond Series 2021D | 2.64% | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2035 | $&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;**$620640** |
| &nbsp;&nbsp;**Hawaii: 0.39%** |  |  |  |  |
| &nbsp;&nbsp;**GO revenue: 0.39%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaii State Taxable Series FZ | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2031 | &nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 595271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaii State Taxable Series GD | 2.52 | &nbsp;&nbsp;10-1-2035 | &nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 853354 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1448625** |
| &nbsp;&nbsp;**Idaho: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Building Authority State Office Campus Project Series B | 3.28 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2028 | &nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; **161465** |
| &nbsp;&nbsp;**Indiana: 0.43%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Notre Dame Taxable Bond Series 2010 | 4.90 | &nbsp;&nbsp;&nbsp;&nbsp;3-1-2041 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; **394161** |
| &nbsp;&nbsp;**Health revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Community Foundation | 3.63 | &nbsp;&nbsp;&nbsp;&nbsp;3-1-2039 | &nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; **969541** |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indianapolis IN Local Public Improvement Bonds Series A-2 | 6.00 | &nbsp;&nbsp;1-15-2040 | &nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; **257583** |
| &nbsp;&nbsp;**Louisiana: 0.45%** |  |  |  |  |
| &nbsp;&nbsp;**Tax revenue: 0.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority Taxable Louisiana Utilities Restoration | 4.28 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2036 | &nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1275053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Louisiana Gasoline & Fuels Tax Revenue | 2.80 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2035 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 399888 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1674941** |
| &nbsp;&nbsp;**Massachusetts: 0.54%** |  |  |  |  |
| &nbsp;&nbsp;**GO revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andover MA Taxable Pension Bonds | 2.52 | &nbsp;&nbsp;11-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**438760** |
| &nbsp;&nbsp;**Tax revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Special Obligation Revenue Bonds Series 2022A | 3.77 | &nbsp;&nbsp;7-15-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts State Taxable Consolidated Loan Series E | 5.46 | &nbsp;&nbsp;12-1-2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525603 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1328102** |
| &nbsp;&nbsp;**Water & sewer revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Series C | 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;8-1-2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**234314** |
| &nbsp;&nbsp;**Michigan: 0.47%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Michigan Taxable Bond General Series A | 4.45 | &nbsp;&nbsp;&nbsp;&nbsp;4-1-2122 | &nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**988750** |
| &nbsp;&nbsp;**Health revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Trinity Health Credit Group Series T | 3.08 | &nbsp;&nbsp;12-1-2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**779818** |

---

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

------

Allspring Managed Fixed Income Portfolio \| 15

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Mississippi: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 (1 Month LIBOR +0.68%) ± | 4.27% | &nbsp;&nbsp;10-25-2035 | $&nbsp;&nbsp;&nbsp; 224961 | &nbsp;&nbsp;**$220361** |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Series E | 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;10-1-2035 | &nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; **1039948** |
| &nbsp;&nbsp;**New Jersey: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson County NJ Improvement Authority Hudson County Lease Project (AGM Insured) | 7.40 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2025 | &nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; **436179** |
| &nbsp;&nbsp;**New York: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;**GO revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Refunding Bond Series B | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2030 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; **435851** |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Taxable Bonds Series 2010C | 5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-1-2040 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; **259855** |
| &nbsp;&nbsp;**North Dakota: 0.15%** |  |  |  |  |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Dakota Public Finance Authority Series 2021 | 2.68 | &nbsp;&nbsp;&nbsp;&nbsp;12-1-2035 | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; **575014** |
| &nbsp;&nbsp;**Ohio: 0.21%** |  |  |  |  |
| &nbsp;&nbsp;**GO revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio State Refunding Taxable Bond Common Schools Higher Education | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2034 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; **221165** |
| &nbsp;&nbsp;**Health revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Hospital Facility Refunding Bond Cleveland Clinic | 3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-1-2042 | &nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; **566049** |
| &nbsp;&nbsp;**Oklahoma: 0.60%** |  |  |  |  |
| &nbsp;&nbsp;**Utilities revenue: 0.43%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Development Finance Authority Ratepayer-backed Bond Oklahoma Gas and Electric Company Series 2022 | 4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-1-2044 | &nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Development Finance Authority Ratepayer-backed Bond Oklahoma Gas and Electric Company Series 2022 | 4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Development Finance Authority Ratepayer-backed Bond Oklahoma Gas and Electric Company Series 2022 | 4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-1-2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343339 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1602192** |
| &nbsp;&nbsp;**Water & sewer revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Water Resources Board Refunding Bond Series 2019 (Credit Enhancement Reserve Fund Insured) | 2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-1-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**644094** |
| &nbsp;&nbsp;**Oregon: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon State Taxable Bond Higher Education Series A | 5.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-1-2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**530277** |

---

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

------

16 \| Allspring Managed Fixed Income Portfolio

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Pennsylvania: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Education Authority Class A (1 Month LIBOR +1.15%) 144A± | 5.17% | &nbsp;&nbsp;9-25-2065 | $&nbsp;&nbsp;&nbsp; 607901 | &nbsp;&nbsp;$599434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Pittsburgh Series A | 3.65 | &nbsp;&nbsp;9-15-2036 | &nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 613384 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1212818** |
| &nbsp;&nbsp;**Rhode Island: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Student Loan Authority Class A-1 (1 Month LIBOR +0.90%) ± | 4.04 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2031 | &nbsp;&nbsp;&nbsp; 1325444 | &nbsp;&nbsp;&nbsp;&nbsp; **1322846** |
| &nbsp;&nbsp;**Texas: 0.71%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Texas Build America Bonds Series A | 5.26 | &nbsp;&nbsp;&nbsp;&nbsp;7-1-2039 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 600151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Texas Build America Bonds Series D | 5.13 | &nbsp;&nbsp;8-15-2042 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 155424 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **755575** |
| &nbsp;&nbsp;**GO revenue: 0.51%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hidalgo County TX Refunding Bonds Series 2018C | 4.04 | &nbsp;&nbsp;8-15-2030 | &nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1212120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houston TX Pension Obligation Bonds Series 2017 | 3.73 | &nbsp;&nbsp;&nbsp;&nbsp;3-1-2030 | &nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 104019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stafford TX Municipal School District Refunding Bond Series B | 3.08 | &nbsp;&nbsp;8-15-2041 | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 574668 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1890807** |
| &nbsp;&nbsp;**Vermont: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;**Housing revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermont Housing Finance Agency | 3.80 | &nbsp;&nbsp;11-1-2037 | &nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; **94357** |
| &nbsp;&nbsp;**Virginia: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;**Education revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Virginia Build America Bonds | 6.20 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2039 | &nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 247769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Virginia Revenue Bond Series C | 4.18 | &nbsp;&nbsp;&nbsp;&nbsp;9-1-2117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201577 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**449346** |
| &nbsp;&nbsp;**Housing revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Housing Development Authority | 3.10 | &nbsp;&nbsp;6-25-2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74132** |
| &nbsp;&nbsp;**Washington: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;**GO revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County WA Build America Bonds Series B | 6.05 | &nbsp;&nbsp;12-1-2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County WA Public Hospital District | 2.70 | &nbsp;&nbsp;12-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722707 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1097092** |
| &nbsp;&nbsp;**West Virginia: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;**Tax revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio County WV Special District Excise Tax Series A | 8.25 | &nbsp;&nbsp;&nbsp;&nbsp;3-1-2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**406103** |
| &nbsp;&nbsp;**Wisconsin: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;**GO revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin State Taxable Refunding Bond Series 2 | 2.61 | &nbsp;&nbsp;&nbsp;&nbsp;5-1-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**196828** |

---

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

------

Allspring Managed Fixed Income Portfolio \| 17

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Miscellaneous revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin State Taxable Refunding Bond Series 4 | 2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-1-2035 | $&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;**$501369** |
| &nbsp;&nbsp;**Total Municipal obligations (Cost $38,242,125)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **32542545** |
| &nbsp;&nbsp;**Non-agency mortgage-backed securities: 8.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3 | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;9-10-2047 | &nbsp;&nbsp;&nbsp; 195511 | &nbsp;&nbsp;&nbsp;&nbsp; 192247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class ASB | 3.62 | &nbsp;&nbsp;10-10-2046 | &nbsp;&nbsp;&nbsp; 87450 | &nbsp;&nbsp;&nbsp;&nbsp; 86607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±± | 4.19 | &nbsp;&nbsp;11-10-2046 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 586722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Pass-Through Certificate Series 2014-CR17 Class A5 | 3.98 | &nbsp;&nbsp;&nbsp;&nbsp;5-10-2047 | &nbsp;&nbsp;&nbsp; 1795000 | &nbsp;&nbsp;&nbsp;&nbsp; 1745261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Pass-Through Certificate Series 2014-CR21 Class A3 | 3.53 | &nbsp;&nbsp;12-10-2047 | &nbsp;&nbsp;&nbsp; 2649561 | &nbsp;&nbsp;&nbsp;&nbsp; 2539257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Pass-Through Certificate Series 2014-UBS5 Class A4 | 3.84 | &nbsp;&nbsp;&nbsp;&nbsp;9-10-2047 | &nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 597725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Mortgage Securities Trust Series 2013-GC14 Class A5 | 4.24 | &nbsp;&nbsp;&nbsp;&nbsp;8-10-2046 | &nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 606937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Mortgage Securities Trust Series 2013-GC16 Class A4 | 4.27 | &nbsp;&nbsp;11-10-2046 | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 344858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Mortgage Securities Trust Series 2014-GC26 Class A5 | 3.63 | &nbsp;&nbsp;11-10-2047 | &nbsp;&nbsp;&nbsp; 2565000 | &nbsp;&nbsp;&nbsp;&nbsp; 2453799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C19 Class A4 | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2047 | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 438231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C20 Class A5 | 3.80 | &nbsp;&nbsp;&nbsp;&nbsp;7-15-2047 | &nbsp;&nbsp;&nbsp; 4065000 | &nbsp;&nbsp;&nbsp;&nbsp; 3932867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-GC26 Class A4 | 3.49 | &nbsp;&nbsp;&nbsp;&nbsp;1-15-2048 | &nbsp;&nbsp;&nbsp; 1338000 | &nbsp;&nbsp;&nbsp;&nbsp; 1278347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;4-15-2047 | &nbsp;&nbsp;&nbsp; 125164 | &nbsp;&nbsp;&nbsp;&nbsp; 123311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19 Class A4 | 3.53 | &nbsp;&nbsp;12-15-2047 | &nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1708492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Business Investment Company Series 2021-10A Class 1 | 1.67 | &nbsp;&nbsp;&nbsp;&nbsp;3-10-2031 | &nbsp;&nbsp;&nbsp; 573781 | &nbsp;&nbsp;&nbsp;&nbsp; 490580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Business Investment Company Series 2021-10B Class 1 | 1.30 | &nbsp;&nbsp;&nbsp;&nbsp;9-10-2031 | &nbsp;&nbsp;&nbsp; 1662124 | &nbsp;&nbsp;&nbsp;&nbsp; 1452795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Business Investment Company Series 2022-10A Class 1 | 2.94 | &nbsp;&nbsp;&nbsp;&nbsp;3-10-2032 | &nbsp;&nbsp;&nbsp; 3495722 | &nbsp;&nbsp;&nbsp;&nbsp; 3210866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust Series 2018-3 Class A1 144A | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;5-25-2058 | &nbsp;&nbsp;&nbsp; 1079330 | &nbsp;&nbsp;&nbsp;&nbsp; 1016767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust Series 2019-4 Class A1 144A | 2.90 | &nbsp;&nbsp;10-25-2059 | &nbsp;&nbsp;&nbsp; 1289933 | &nbsp;&nbsp;&nbsp;&nbsp; 1187327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Series 2013-C17 Class A4 | 4.02 | &nbsp;&nbsp;12-15-2046 | &nbsp;&nbsp;&nbsp; 4370000 | &nbsp;&nbsp;&nbsp;&nbsp; 4282713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Series 2014-C20 Class A5 | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2047 | &nbsp;&nbsp;&nbsp;&nbsp;1876047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821153 |
| &nbsp;&nbsp;**Total Non-agency mortgage-backed securities (Cost $31,669,110)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30096862** |
| &nbsp;&nbsp;**U.S. Treasury securities: 8.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2040 | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 1.38 | &nbsp;&nbsp;11-15-2040 | &nbsp;&nbsp;&nbsp;&nbsp;6905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2041 | &nbsp;&nbsp;&nbsp;&nbsp;1460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2051 | &nbsp;&nbsp;&nbsp;&nbsp;2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2052 | &nbsp;&nbsp;&nbsp;&nbsp;1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.38 | &nbsp;&nbsp;11-15-2049 | &nbsp;&nbsp;&nbsp;10063000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7521306 |

---

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

------

18 \| Allspring Managed Fixed Income Portfolio

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**U.S. Treasury securities (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.38% | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2051 | $&nbsp;&nbsp;&nbsp; 1185000 | &nbsp;&nbsp;$881251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;5-15-2052 | &nbsp;&nbsp;&nbsp; 2968000 | &nbsp;&nbsp;&nbsp;&nbsp; 2467150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2052 | &nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 916188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;2-29-2024 | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 721699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.88 | &nbsp;&nbsp;11-15-2051 | &nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 578703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2042 | &nbsp;&nbsp;&nbsp; 2855000 | &nbsp;&nbsp;&nbsp;&nbsp; 2220989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;8-15-2042 | &nbsp;&nbsp;&nbsp; 1810000 | &nbsp;&nbsp;&nbsp;&nbsp; 1655867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.00 | &nbsp;&nbsp;11-15-2042 | &nbsp;&nbsp;&nbsp; 1133000 | &nbsp;&nbsp;&nbsp;&nbsp; 1138311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.25 | &nbsp;&nbsp;10-15-2025 | &nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 3663402 |
| &nbsp;&nbsp;**Total U.S. Treasury securities (Cost $42,391,940)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **32162199** |
| &nbsp;&nbsp;**Yankee corporate bonds and notes: 7.34%** |  |  |  |  |
| &nbsp;&nbsp;**Consumer discretionary: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;**Automobiles: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Company Limited | 2.97 | &nbsp;&nbsp;&nbsp;&nbsp;3-10-2032 | &nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; **296426** |
| &nbsp;&nbsp;**Energy: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;**Oil, gas & consumable fuels: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets plc | 3.28 | &nbsp;&nbsp;&nbsp;&nbsp;9-19-2027 | &nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 146585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos Company | 2.29 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2024 | &nbsp;&nbsp;&nbsp; 41250 | &nbsp;&nbsp;&nbsp;&nbsp; 40458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos Company | 2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2-15-2024 | &nbsp;&nbsp;&nbsp; 86250 | &nbsp;&nbsp;&nbsp;&nbsp; 84910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos Company | 6.38 | &nbsp;&nbsp;&nbsp;&nbsp;1-23-2045 | &nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 662580 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **934533** |
| &nbsp;&nbsp;**Financials: 4.28%** |  |  |  |  |
| &nbsp;&nbsp;**Banks: 3.43%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal « | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-8-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal | 4.70 | &nbsp;&nbsp;&nbsp;&nbsp;9-14-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 1.30 | &nbsp;&nbsp;&nbsp;&nbsp;9-15-2026 | &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-2-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 4.50 | &nbsp;&nbsp;12-16-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA (3 Month LIBOR +1.11%) 144A± | 2.82 | &nbsp;&nbsp;11-19-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA 144A | 4.40 | &nbsp;&nbsp;&nbsp;&nbsp;8-14-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE SA 144A« | 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;7-19-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA (1 Year Treasury Constant Maturity +1.00%) 144A± | 1.34 | &nbsp;&nbsp;&nbsp;&nbsp;6-24-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA (1 Year Treasury Constant Maturity +0.73%) 144A± | 1.98 | &nbsp;&nbsp;12-15-2027 | &nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc (U.S. SOFR +1.41%) ± | 2.87 | &nbsp;&nbsp;11-22-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc (3 Month LIBOR +1.35%) ± | 4.29 | &nbsp;&nbsp;&nbsp;&nbsp;9-12-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc (3 Month LIBOR +1.53%) ± | 4.58 | &nbsp;&nbsp;&nbsp;&nbsp;6-19-2029 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.75%) ± | 1.54 | &nbsp;&nbsp;&nbsp;&nbsp;7-20-2027 | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.83%) ± | 2.34 | &nbsp;&nbsp;&nbsp;&nbsp;1-19-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.97%) ± | 2.49 | &nbsp;&nbsp;10-13-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +2.13%) ± | 5.13 | &nbsp;&nbsp;&nbsp;&nbsp;7-20-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank | 3.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-9-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;11-2-2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | 4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-3-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Incorporated | 1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-8-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392016 |

---

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

------

Allspring Managed Fixed Income Portfolio \| 19

------

[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Banks (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Incorporated | 1.90% | &nbsp;&nbsp;9-17-2028 | $&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;$547146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Incorporated | 2.17 | &nbsp;&nbsp;1-14-2027 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 177579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD Bank National Association | 2.45 | &nbsp;&nbsp;1-12-2032 | &nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 186767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto Dominion Bank | 1.25 | &nbsp;&nbsp;9-10-2026 | &nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 993218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto Dominion Bank | 3.20 | &nbsp;&nbsp;3-10-2032 | &nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 354316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto Dominion Bank | 4.46 | &nbsp;&nbsp;&nbsp;&nbsp;6-8-2032 | &nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 220009 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12830413** |
| &nbsp;&nbsp;**Capital markets: 0.80%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG (3 Month LIBOR +1.41%) 144A± | 3.87 | &nbsp;&nbsp;1-12-2029 | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG 144A | 4.25 | &nbsp;&nbsp;3-23-2028 | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1399491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG (1 Year Treasury Constant Maturity +2.40%) 144A± | 4.99 | &nbsp;&nbsp;&nbsp;&nbsp;8-5-2033 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 232918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG (1 Year Treasury Constant Maturity +1.10%) 144A± | 2.75 | &nbsp;&nbsp;2-11-2033 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 156037 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2986543** |
| &nbsp;&nbsp;**Diversified financial services: 0.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTT Finance Corporation 144A | 4.37 | &nbsp;&nbsp;7-27-2027 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; **197226** |
| &nbsp;&nbsp;**Health care: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;**Pharmaceuticals: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance BV | 3.15 | &nbsp;&nbsp;10-1-2026 | &nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; **848065** |
| &nbsp;&nbsp;**Industrials: 1.26%** |  |  |  |  |
| &nbsp;&nbsp;**Aerospace & defense: 0.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer Netherlands Finance BV | 5.05 | &nbsp;&nbsp;6-15-2025 | &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; **1162128** |
| &nbsp;&nbsp;**Electrical equipment: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies BV 144A | 4.00 | &nbsp;&nbsp;4-15-2029 | &nbsp;&nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 813807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies BV 144A | 5.63 | &nbsp;&nbsp;11-1-2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264428 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1078235** |
| &nbsp;&nbsp;**Machinery: 0.54%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial NV | 4.50 | &nbsp;&nbsp;8-15-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Finance 144A | 1.70 | &nbsp;&nbsp;3-11-2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies plc | 3.80 | &nbsp;&nbsp;3-21-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862259 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024426** |
| &nbsp;&nbsp;**Road & rail: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway Company | 2.45 | &nbsp;&nbsp;12-2-2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**433358** |
| &nbsp;&nbsp;**Information technology: 0.73%** |  |  |  |  |
| &nbsp;&nbsp;**Semiconductors & semiconductor equipment: 0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP BV | 2.65 | &nbsp;&nbsp;2-15-2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP BV | 5.00 | &nbsp;&nbsp;1-15-2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104581 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**787638** |
| &nbsp;&nbsp;**Software: 0.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian Finance plc 144A | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;2-1-2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OpenText Corporation 144A%% | 6.90 | &nbsp;&nbsp;12-1-2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550688 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1024009** |

---

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

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20 \| Allspring Managed Fixed Income Portfolio

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> rate** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Technology hardware, storage & peripherals: 0.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate HDD | 3.13% | &nbsp;&nbsp;7-15-2029 | $&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;$291057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSMC Global Limited 144A | 1.25 | &nbsp;&nbsp;4-23-2026 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 620452 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **911509** |
| &nbsp;&nbsp;**Materials: 0.51%** |  |  |  |  |
| &nbsp;&nbsp;**Chemicals: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien Limited | 2.95 | &nbsp;&nbsp;5-13-2030 | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; **154636** |
| &nbsp;&nbsp;**Metals & mining: 0.47%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital plc 144A | 4.75 | &nbsp;&nbsp;4-10-2027 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 961194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South23 Treasury Limited 144A | 4.35 | &nbsp;&nbsp;4-14-2032 | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 780287 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1741481** |
| &nbsp;&nbsp;**Total Yankee corporate bonds and notes (Cost $30,791,188)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **27410626** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Yield** | &nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;**Short-term investments: 2.50%** |  |  |  |  |
| &nbsp;&nbsp;**Investment companies: 2.50%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund Select Class ♠∞## |  | 3.60 | &nbsp;&nbsp;&nbsp; 7065985 | &nbsp;&nbsp;&nbsp;&nbsp; 7065985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC ♠∩∞ |  | 3.90 | &nbsp;&nbsp;&nbsp; 2257497 | &nbsp;&nbsp;&nbsp;&nbsp; 2257497 |
| &nbsp;&nbsp;**Total Short-term investments (Cost $9,323,427)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9323482** |
| &nbsp;&nbsp;**Total investments in securities (Cost $420,195,378)** | 100.36% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;374909829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | &nbsp;&nbsp;&nbsp;(0.36) |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1342541) |
| &nbsp;&nbsp;**Total net assets** | **100.00%** |  |  | &nbsp;&nbsp;**$373567288** |

---

---

| | |
|:---|:---|
| 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. |
| 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 coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
| ## | All or a portion of this security is segregated for when-issued securities. |
| « | All or a portion of this security is on loan. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| %% | The security is purchased on a when-issued basis. |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AGM | &nbsp;&nbsp;&nbsp;Assured Guaranty Municipal |
| FHLMC | &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation |
| FNMA | &nbsp;&nbsp;&nbsp;Federal National Mortgage Association |
| GNMA | &nbsp;&nbsp;&nbsp;Government National Mortgage Association |
| GO | &nbsp;&nbsp;&nbsp;General obligation |
| LIBOR | &nbsp;&nbsp;&nbsp;London Interbank Offered Rate |
| RDA | &nbsp;&nbsp;&nbsp;Redevelopment Authority |
| REIT | &nbsp;&nbsp;&nbsp;Real estate investment trust |
| SBA | &nbsp;&nbsp;&nbsp;Small Business Authority |
| SOFR | &nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate |

---

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

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Portfolio of investments—November 30, 2022 (unaudited)

------

#### Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 Government Money Market Fund Select Class | $3324978 | $53695711 | $(49954704) | &nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | $7065985 | 7065985 | $60058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Cash Investments LLC | &nbsp;&nbsp;&nbsp;&nbsp;479633 | &nbsp;&nbsp;&nbsp;&nbsp;8443236 | &nbsp;&nbsp;&nbsp;&nbsp;(6665374) | &nbsp;&nbsp;&nbsp;&nbsp;(53) | &nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;2257497 | 2257497 | &nbsp;&nbsp;&nbsp;&nbsp;12352 <sup>#</sup> |
|  |  |  |  | **$(53)** | **$55** | **$9323482** |  | **$72410** |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Amount shown represents income before fees and rebates. |

---

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

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22 \| Allspring Managed Fixed Income Portfolio

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Statement of assets and liabilities—November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp; Investments in unaffiliated securities (including $2,214,857 of securities loaned), at value (cost $410,871,951)<br>| $365586347 |
| &nbsp;&nbsp; Investments in affiliated securities, at value (cost $9,323,427)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9323482 |
| &nbsp;&nbsp; Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
| &nbsp;&nbsp; Receivable for interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994822 |
| &nbsp;&nbsp; Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396861 |
| &nbsp;&nbsp; Receivable for securities lending income, net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 |
| &nbsp;&nbsp; Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 |
| **Total assets<br>**  | &nbsp;&nbsp;**378304297** |
| **Liabilities** |  |
| &nbsp;&nbsp; Payable for when-issued transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334613 |
| &nbsp;&nbsp; Payable upon receipt of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257495 |
| &nbsp;&nbsp; Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102552 |
| &nbsp;&nbsp; Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42349 |
| **Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4737009** |
| **Total net assets<br>**  | **$373567288** |

---

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

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Statement of operations—six months ended November 30, 2022 (unaudited)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp; Interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6887612 |
| &nbsp;&nbsp; Income from affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66690 |
| **Total investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**6954302** |
| **Expenses** |  |
| &nbsp;&nbsp; Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775905 |
| &nbsp;&nbsp; Custody and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21660 |
| &nbsp;&nbsp; Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46549 |
| &nbsp;&nbsp; Interest holder report expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15895 |
| &nbsp;&nbsp; Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| &nbsp;&nbsp; Other fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15644 |
| **Total expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**886532** |
| &nbsp;&nbsp; Less: Fee waivers and/or expense reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132352) |
| **Net expenses<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**754180** |
| **Net investment income<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**6200122** |
| **Realized and unrealized gains (losses) on investments** |  |
| Net realized losses on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;(4627028) |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) |
| Net realized losses on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(4627081) |
| Net change in unrealized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities<br>| &nbsp;&nbsp;(17905666) |
| &nbsp;&nbsp; Affiliated securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;(17905611) |
| **Net realized and unrealized gains (losses) on investments<br>**  | &nbsp;&nbsp;**(22532692)** |
| **Net decrease in net assets resulting from operations<br>**  | **$(16332570)** |

---

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

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24 \| Allspring Managed Fixed Income Portfolio

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> May 31, 2022** |
| **Operations** |  |  |
| &nbsp;&nbsp; Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6200122 | &nbsp;&nbsp;$12188105 |
| &nbsp;&nbsp; Net realized losses on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(4627081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1161647) |
| &nbsp;&nbsp; Net change in unrealized gains (losses) on investments<br>| &nbsp;&nbsp;&nbsp;(17905611) | &nbsp;&nbsp;&nbsp;&nbsp;(48938887) |
| **Net decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;**(16332570)** | &nbsp;&nbsp;&nbsp;&nbsp;**(37912429)** |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Transactions in investors' beneficial interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7744137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43182233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals<br>| &nbsp;&nbsp;&nbsp;(35729198) | &nbsp;&nbsp;&nbsp;&nbsp;(83560206) |
| **Net decrease in net assets resulting from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;**(27985061)** | &nbsp;&nbsp;&nbsp;&nbsp;**(40377973)** |
| **Total decrease in net assets<br>**  | &nbsp;&nbsp;&nbsp;**(44317631)** | &nbsp;&nbsp;&nbsp;&nbsp;**(78290402)** |
| **Net assets** |  |  |
| **Beginning of period<br>**  | &nbsp;&nbsp;**417884919** | &nbsp;&nbsp;&nbsp;&nbsp;**496175321** |
| **End of period<br>**  | **$373567288** | &nbsp;&nbsp;**$417884919** |

---

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

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** | &nbsp;&nbsp;**Year ended May 31** |
|  | **Six months ended<br> November 30, 2022<br> (unaudited)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp; **Total return<sup>1</sup><br>**  | **(3.95)%** | &nbsp;&nbsp;**(8.13)%** | &nbsp;&nbsp;**2.52%** | &nbsp;&nbsp;**7.51%** | &nbsp;&nbsp;**7.22%** | &nbsp;&nbsp;**0.05%** |
| &nbsp;&nbsp;**Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<br>| 0.46% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;0.44% | &nbsp;&nbsp;0.42% | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>2</sup><br>| 0.39% | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<br>| 3.20% | &nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;2.49% | &nbsp;&nbsp;3.10% | &nbsp;&nbsp;3.24% | &nbsp;&nbsp;3.09% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;232% | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Returns for periods of less than one year are not annualized. <br> <sup>2</sup> Net expense ratios reflect voluntary waivers, if any.

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

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26 \| Allspring Managed Fixed Income Portfolio

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master 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 Fixed Income Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, 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 Portfolio 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. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Notes to financial statements (unaudited)

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio 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. Paydown gains and losses are included in interest income.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio'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 November 30, 2022, the aggregate cost of all investments for federal income tax purposes was $420,461,635 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$775537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized losses | &nbsp;&nbsp;&nbsp;&nbsp;(46327343) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized losses | &nbsp;&nbsp;$(45551806) |

---

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 Portfolio'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 Portfolio'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 Portfolio'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.

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28 \| Allspring Managed Fixed Income Portfolio

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[**Table of Contents**](#job_manag_719ee8dd-5291-4870-bf64-f6916498ab06_toc)

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of November 30, 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;**Agency securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$90007462 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$90007462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset-backed securities** | &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;&nbsp;&nbsp;&nbsp;&nbsp;4929572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate bonds and notes** | &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;148437081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148437081 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32542545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32542545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-agency mortgage-backed securities** | &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;&nbsp;&nbsp;30096862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30096862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Treasury securities** | &nbsp;&nbsp;&nbsp;&nbsp;32162199 | &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;32162199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Yankee corporate bonds and notes** | &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;&nbsp;&nbsp;27410626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27410626 |
| &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;&nbsp;&nbsp;&nbsp;9323482 | &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;&nbsp;&nbsp;9323482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$41485681** | &nbsp;&nbsp;&nbsp;&nbsp;**$333424148** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$374909829** |

---

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

For the six months ended November 30, 2022, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory 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 adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average daily net assets | &nbsp;&nbsp;Advisory fee |
| &nbsp;&nbsp;&nbsp;&nbsp;First $500 million | &nbsp;&nbsp;0.400% |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $500 million | &nbsp;&nbsp;0.375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $2 billion | &nbsp;&nbsp;0.350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $2 billion | &nbsp;&nbsp;0.325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Next $5 billion | &nbsp;&nbsp;0.300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over $10 billion | &nbsp;&nbsp;0.290 |

---

For the six months ended November 30, 2022, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Galliard Capital Management, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Portfolio increase.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

The Portfolio 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.

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Allspring Managed Fixed Income Portfolio \| 29

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Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;U.S. <br> government | &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. <br> government |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28136878 | &nbsp;&nbsp;&nbsp;&nbsp;$50139830 | &nbsp;&nbsp;&nbsp;&nbsp;$27945692 | &nbsp;&nbsp;&nbsp;&nbsp;$64209878 |

---

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2022, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;Value of<br> securities on<br> loan | &nbsp;&nbsp;&nbsp;&nbsp;Collateral <br> received<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Net amount |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital Incorporated | &nbsp;&nbsp;$223677 | &nbsp;&nbsp;&nbsp;&nbsp;$(223677) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Securities Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Company LLC | &nbsp;&nbsp;&nbsp;&nbsp;335594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;366192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scotia Capital (USA) Incorporated | &nbsp;&nbsp;&nbsp;&nbsp;918057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(918057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;343212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

<sup>1</sup> Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 six months ended November 30, 2022, there were no borrowings by the Portfolio under the agreement.

8. 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.

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30 \| Allspring Managed Fixed Income Portfolio

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Notes to financial statements (unaudited)

9. INDEMNIFICATION

Under the Portfolio'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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio'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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

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Other information (unaudited)

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 Portfolio 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. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

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32 \| Allspring Managed Fixed Income Portfolio

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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 125 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. 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 Endowment (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. 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 | 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, since 2007. 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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34 \| Allspring Managed Fixed Income Portfolio

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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.

<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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![](g622550img269ed05f1.jpg)

For more information

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

Allspring Funds<br> P.O. Box 219967<br> Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-222-8222**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-800-260-5969**

*This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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> **1-800-222-8222**. 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.

------

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

<u>ITEM 6.</u> <u>INVESTMENTS</u> 

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

---

| | |
|:---|:---|
| <u>ITEM 10.</u> | <u>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.</u> <u>CONTROLS AND PROCEDURES</u> 

(a) The President and Treasurer have concluded that the Allspring Master 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.</u> <u>DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 13.</u> <u>EXHIBITS</u> 

(a)(1) Not applicable.

[(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d417339dex99cert.htm)

[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d417339dex99906cert.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 Master Trust | Allspring Master Trust |
| By: | /s/ Andrew Owen |
|  | Andrew Owen |
|  | President |
| Date: | January 26, 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 Master Trust | Allspring Master Trust |
| By: | /s/ Andrew Owen |
|  | Andrew Owen |
|  | President |
| Date: | January 26, 2023 |
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer |
| Date: | January 26, 2023 |

---

## Ex-99.Cert

![LOGO](g417339g28e91.jpg)

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

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Master Trust on behalf of the following series: Allspring C&B Large Cap Value Portfolio, Allspring Emerging Growth Portfolio, Allspring Small Company Growth Portfolio, Allspring Small Company Value Portfolio, Allspring Core Bond Portfolio, Allspring Real Return Portfolio, Allspring Disciplined Large Cap Portfolio, Allspring Diversified Large Cap Growth Portfolio, Allspring Disciplined International Developed Markets Portfolio, Allspring Large Company Value Portfolio and Allspring Managed Fixed Income Portfolio;

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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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 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 and material weaknesses 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

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&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: January 26, 2023

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| |
|:---|
| /s/ Andrew Owen |
| Andrew Owen |
| President |
| Allspring Master Trust |

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Exhibit 99.CERT

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![LOGO](g417339g28e91.jpg)

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

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Master Trust on behalf of the following series: Allspring C&B Large Cap Value Portfolio, Allspring Emerging Growth Portfolio, Allspring Small Company Growth Portfolio, Allspring Small Company Value Portfolio, Allspring Core Bond Portfolio, Allspring Real Return Portfolio, Allspring Disciplined Large Cap Portfolio, Allspring Diversified Large Cap Growth Portfolio, Allspring Disciplined International Developed Markets Portfolio, Allspring Large Company Value Portfolio and Allspring Managed Fixed Income Portfolio;

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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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

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5. The registrant's other certifying officers and I have disclosed 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 and material weaknesses 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: January 26, 2023

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

---

Exhibit 99.CERT

## Exhibit 99.906

![LOGO](g417339g28e91.jpg)

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Master Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended November 30, 2022 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, 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: January 26, 2023

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

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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-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

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![LOGO](g417339g28e91.jpg)

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Master Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended November 30, 2022 the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, 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: January 26, 2023

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| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer |
|  | Allspring Master 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-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT