# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-25-193550
**Filing Date:** 2025-9
**Character Count:** 150024
**Document Hash:** cd33447ab638098754ad5aecc3c1f88c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-193550.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001193125-25-193550

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001081400

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 251283406

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

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

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

## Series and Classes Contracts Data

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

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

?xml version='1.0' encoding='ASCII'? N-CSRS

![LOGO](g898803g0827085517991.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSRS

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## Allspring Funds 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)

#### Matthew Prasse

#### Allspring Funds Management, LLC

#### 1415 Vantage Park Drive, 3<sup>rd</sup> 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: December 31
**Registrant is making a filing for 1 of its series:** Allspring Managed Account CoreBuilder<sup>®</sup> Shares - Series M.

#### Date of reporting period: June 30, 2025

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g898803i9ea86267a2c0efaa0692.jpg)

# Semi-Annual Shareholder Report

# June 30, 2025

# Managed Account CoreBuilder<sup>®</sup> Shares - Series M

# WFCMX
This semi-annual shareholder report contains important information about Managed Account CoreBuilder<sup>®</sup> Shares - Series M for the period from January 1, 2025 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-888-877-9275.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Managed Account CoreBuilder<sup>®</sup> Shares - Series M | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund. This commitment has an indefinite term. Without this commitment, the costs shown above would have been higher. See the prospectus for expenses excluded from this commitment.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $746577457 |
| # of portfolio holdings | 441 |
| Portfolio turnover rate | 3% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 12-15-2030 | 1.2 |
| Waller Consolidated Independent School District, 5.00%, 2-15-2045 | 1 |
| County of Broward Port Facilities Revenue Series B AMT, 4.00%, 9-1-2037 | 0.9 |
| San Francisco City & County Airport Commission San Francisco International Airport Series B, 0.50%, 5-1-2058 | 0.9 |
| Wyandotte County-Kansas City Unified Government Sales Tax Revenue CAB, 0.00%, 9-1-2034 | 0.9 |
| Southeast Alabama Gas Supply District Project No. 2, 5.00%, 6-1-2049 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2035 | 0.7 |
| Jacksonville Port Authority Series B, 5.00%, 11-1-2044 | 0.7 |
| Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group Series C, 4.00%, 11-1-2034 | 0.7 |
| Illinois Finance Authority Carle Foundation Obligated Group Series A, 5.00%, 2-15-2045 | 0.7 |

---

## Managed Account CoreBuilder<sup>®</sup> Shares - Series M
Semi-Annual Shareholder Report \| June 30, 2025

## CREDIT QUALITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| AAA/Aaa | 1.5 |
| AA/Aa | 26.8 |
| A/A | 35.1 |
| BBB/Baa | 21.2 |
| BB/Ba | 4.1 |
| Not Rated | 11.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The ratings indicated are from Standard & Poor's, Fitch Ratings Ltd., and/or Moody's Investors Service. The percentage of the Fund's portfolio with the ratings depicted in the chart are calculated based on long-term fixed income investments of the Fund. If the security was rated by all three ratings agencies, the middle rating was used. If rated by two out of the three ratings agencies, the lower was used, and if rated by one of the agencies, that rating was used. Credit quality is subject to change and may have changed since the date specified. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 4.2 |
| 1-3 years | 1.3 |
| 3-5 years | 5.3 |
| 5-10 years | 18.9 |
| 10-20 years | 40.5 |
| 20-30 years | 28.2 |
| 30+ years | 1.6 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### SAR4901 06-25

------

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

(a) The registrant's Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

<u>ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

![](g898803img0137abab1.jpg)

Allspring Managed Account

Allspring Managed Account *CoreBuilder®* Shares – Series M

Long Form Financial Statements

Semi-Annual Report

June 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_POI-PageBlank-9_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_FS-PageBlank-9_1)** |  |
| [Statement of assets and liabilities](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_FS-PageBlank-9_1) | 26 |
| [Statement of operations](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_FS-PageBlank-9_2) | 27 |
| [Statement of changes in net assets](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_FS-PageBlank-9_3) | 28 |
| [Financial highlights](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_FIHI-PageBlank-9_1) | 29 |
| **[Notes to financial statements](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_NTF-PageBlank-9_1)** | 30 |
| **[Other information](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_OI-PageBlank-9_1)** | 34 |
| [Item 8. Changes in and disagreements with accountants](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_OI-PageBlank-9_2) | 35 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_OI-PageBlank-9_2) | 35 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_OI-PageBlank-9_2) | 35 |
| [Item 11. Statement regarding basis for board](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_OI-PageBlank-9_3)['](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_OI-PageBlank-9_3)[s approval of investment](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_OI-PageBlank-9_3)<br> [advisory contract](#xx_744961ea-607b-42b4-ba19-650be3ccc24e_OI-PageBlank-9_3)<br>| 36 |

---

Allspring Managed Account \| 1

------

Portfolio of investments—June 30, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 99.12%** |  |  |  |  |
| **Alabama: 3.60%** |  |  |  |  |
| **Education revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Homewood Educational Building Authority CHF - Horizons II LLC <br> Series C<br>| 5.50<br> %<br>| &nbsp;&nbsp; 10-1-2054 | $795000 | &nbsp;&nbsp; **$802115** |
| **Health revenue: 0.56%** |  |  |  |  |
| Health Care Authority for Baptist Health Series A | 5.00 | &nbsp;&nbsp; 11-15-2033 | 3885000 | &nbsp;&nbsp; **4151260** |
| **Housing revenue: 0.20%** |  |  |  |  |
| Huntsville Public Building Authority | 5.00<br>| &nbsp;&nbsp; 2-1-2052 | 1500000 | &nbsp;&nbsp; **1525718** |
| **Utilities revenue: 2.73%** |  |  |  |  |
| Black Belt Energy Gas District Series Aøø | 5.25 | &nbsp;&nbsp; 5-1-2055 | 1000000 | &nbsp;&nbsp; 1039846 |
| Southeast Alabama Gas Supply District Project No. 1 Series Aøø | 5.00 | &nbsp;&nbsp; 8-1-2054 | 3000000 | &nbsp;&nbsp; 3154155 |
| Southeast Alabama Gas Supply District Project No. 2øø | 5.00 | &nbsp;&nbsp; 6-1-2049 | 6000000 | &nbsp;&nbsp; 6325082 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 2 <br> Series Bøø<br>| 4.00 | &nbsp;&nbsp; 12-1-2051 | 1000000 | &nbsp;&nbsp; 988369 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series Aøø<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 5000000 | &nbsp;&nbsp; 5244647 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 6 <br> Series B (Royal Bank of Canada LIQ)øø<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 1500000 | &nbsp;&nbsp; 1580046 |
| Southeast Energy Authority A Cooperative District Series Aøø | 5.00 | &nbsp;&nbsp; 1-1-2056 | 2000000 | &nbsp;&nbsp; 2040658 |
|  |  |  |  | &nbsp;&nbsp; **20372803** |
|  |  |  |  | &nbsp;&nbsp; **26851896** |
| **Alaska: 0.24%** |  |  |  |  |
| **Health revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2032 | 1740000 | &nbsp;&nbsp; **1828828** |
| **Arizona: 2.34%** |  |  |  |  |
| **Education revenue: 1.69%** |  |  |  |  |
| Arizona IDA Candeo Schools Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2047 | 650000 | &nbsp;&nbsp; 546947 |
| Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | &nbsp;&nbsp; 7-1-2041 | 1000000 | &nbsp;&nbsp; 885379 |
| &nbsp;&nbsp; IDA of the County of Pima American Leadership Academy, Inc. <br> Series 2022144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2031 | 1045000 | &nbsp;&nbsp; 1017607 |
| IDA of the County of Pima Noah Webster Schools-Mesa Series A | 6.75 | &nbsp;&nbsp; 12-15-2033 | 1040000 | &nbsp;&nbsp; 1041114 |
| IDA of the County of Pima Paideia Academies, Inc.144A | 5.00 | &nbsp;&nbsp; 7-1-2025 | 120000 | &nbsp;&nbsp; 120000 |
| IDA of the County of Pima Paideia Academies, Inc.144A | 6.00 | &nbsp;&nbsp; 7-1-2035 | 1475000 | &nbsp;&nbsp; 1475576 |
| IDA of the County of Pima Paideia Academies, Inc.144A | 6.13 | &nbsp;&nbsp; 7-1-2045 | 2000000 | &nbsp;&nbsp; 1992349 |
| La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 4.90 | &nbsp;&nbsp; 6-15-2028 | 645000 | &nbsp;&nbsp; 635610 |
| La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 5.75 | &nbsp;&nbsp; 6-15-2038 | 1000000 | &nbsp;&nbsp; 962269 |
| La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 5.88 | &nbsp;&nbsp; 6-15-2048 | 500000 | &nbsp;&nbsp; 458513 |
| Maricopa County IDA Horizon Community Learning Center, Inc. | 5.00 | &nbsp;&nbsp; 7-1-2035 | 3000000 | &nbsp;&nbsp; 3006538 |
| Sierra Vista IDA American Leadership Academy, Inc.144A | 5.00 | &nbsp;&nbsp; 6-15-2044 | 500000 | &nbsp;&nbsp; 477191 |
|  |  |  |  | &nbsp;&nbsp; **12619093** |

---

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

2 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.13%** |  |  |  |  |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00<br> %<br>| &nbsp;&nbsp; 12-1-2030 | $495000 | &nbsp;&nbsp; $492254 |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2031 | 470000 | &nbsp;&nbsp; 465862 |
|  |  |  |  | &nbsp;&nbsp; **958116** |
| **Industrial development revenue: 0.23%** |  |  |  |  |
| Chandler IDA Intel Corp. AMTøø | 4.00 | &nbsp;&nbsp; 6-1-2049 | 1285000 | &nbsp;&nbsp; 1281960 |
| &nbsp;&nbsp; Maricopa County Pollution Control Corp. Southern California Edison <br> Co.<br>| 2.40 | &nbsp;&nbsp; 6-1-2035 | 500000 | &nbsp;&nbsp; 399458 |
|  |  |  |  | &nbsp;&nbsp; **1681418** |
| **Utilities revenue: 0.29%** |  |  |  |  |
| Salt Verde Financial Corp. | 5.00 | &nbsp;&nbsp; 12-1-2032 | 2055000 | &nbsp;&nbsp; **2183893** |
|  |  |  |  | &nbsp;&nbsp; **17442520** |
| **California: 2.86%** |  |  |  |  |
| **Airport revenue: 1.72%** |  |  |  |  |
| City of Los Angeles Department of Airports Series G AMT | 5.25 | &nbsp;&nbsp; 5-15-2047 | 1000000 | &nbsp;&nbsp; 1010698 |
| Norman Y Mineta San Jose International Airport SJC Series A AMT | 5.00 | &nbsp;&nbsp; 3-1-2033 | 1695000 | &nbsp;&nbsp; 1792259 |
| Norman Y Mineta San Jose International Airport SJC Series A AMT | 5.00 | &nbsp;&nbsp; 3-1-2035 | 1000000 | &nbsp;&nbsp; 1008939 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series B AMT<br>| 5.00 | &nbsp;&nbsp; 5-1-2046 | 2000000 | &nbsp;&nbsp; 1975748 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series B (Barclays Bank plc LOC)ø<br>| 0.50 | &nbsp;&nbsp; 5-1-2058 | 7050000 | &nbsp;&nbsp; 7050000 |
|  |  |  |  | &nbsp;&nbsp; **12837644** |
| **GO revenue: 0.01%** |  |  |  |  |
| Hawthorne School District Series C CAB (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 11-1-2025 | 100000 | &nbsp;&nbsp; **98990** |
| **Health revenue: 0.16%** |  |  |  |  |
| California HFFA Sutter Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2048 | 1200000 | &nbsp;&nbsp; **1189142** |
| **Housing revenue: 0.06%** |  |  |  |  |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 431678 | &nbsp;&nbsp; **432140** |
| **Transportation revenue: 0.27%** |  |  |  |  |
| Riverside County Transportation Commission Series B-1 | 4.00 | &nbsp;&nbsp; 6-1-2046 | 2250000 | &nbsp;&nbsp; **2007940** |
| **Utilities revenue: 0.64%** |  |  |  |  |
| California Community Choice Financing Authority Series Gøø | 5.00 | &nbsp;&nbsp; 11-1-2055 | 1000000 | &nbsp;&nbsp; 1031839 |
| Central Valley Energy Authorityøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 1500000 | &nbsp;&nbsp; 1598840 |
| San Joaquin Valley Clean Energy Authority Series Aøø | 5.50 | &nbsp;&nbsp; 1-1-2056 | 2000000 | &nbsp;&nbsp; 2193378 |
|  |  |  |  | &nbsp;&nbsp; **4824057** |
|  |  |  |  | &nbsp;&nbsp; **21389913** |
| **Colorado: 3.77%** |  |  |  |  |
| **Airport revenue: 0.17%** |  |  |  |  |
| City & County of Denver Airport System Revenue Series B | 5.25 | &nbsp;&nbsp; 11-15-2053 | 1250000 | &nbsp;&nbsp; **1287937** |

---

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

Allspring Managed Account \| 3

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.05%** |  |  |  |  |
| Colorado ECFA Community Leadership Academy, Inc. | 7.00<br> %<br>| &nbsp;&nbsp; 8-1-2033 | $335000 | &nbsp;&nbsp; **$335729** |
| **GO revenue: 1.38%** |  |  |  |  |
| Aviation Station North Metropolitan District No. 2 Series A | 5.00 | &nbsp;&nbsp; 12-1-2039 | 750000 | &nbsp;&nbsp; 733436 |
| Aviation Station North Metropolitan District No. 2 Series A | 5.00 | &nbsp;&nbsp; 12-1-2048 | 850000 | &nbsp;&nbsp; 783429 |
| Broadway Station Metropolitan District No. 3 Series A | 5.00 | &nbsp;&nbsp; 12-1-2039 | 748000 | &nbsp;&nbsp; 629146 |
| Canyons Metropolitan District No. 5 Series B | 6.50 | &nbsp;&nbsp; 12-15-2054 | 500000 | &nbsp;&nbsp; 498598 |
| Rampart Range Metropolitan District No. 5 | 4.00 | &nbsp;&nbsp; 12-1-2036 | 1000000 | &nbsp;&nbsp; 930967 |
| Southlands Metropolitan District No. 1 Series A-2 | 5.00 | &nbsp;&nbsp; 12-1-2047 | 650000 | &nbsp;&nbsp; 601228 |
| Thompson Crossing Metropolitan District No. 4 | 5.00 | &nbsp;&nbsp; 12-1-2039 | 1400000 | &nbsp;&nbsp; 1373248 |
| Weld County School District No. RE-4 | 5.00 | &nbsp;&nbsp; 12-1-2041 | 4500000 | &nbsp;&nbsp; 4735949 |
|  |  |  |  | &nbsp;&nbsp; **10286001** |
| **Health revenue: 1.00%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority AdventHealth Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2043 | 2000000 | &nbsp;&nbsp; 1784985 |
| &nbsp;&nbsp; Colorado Health Facilities Authority CommonSpirit Health Obligated <br> Group<br>| 5.50 | &nbsp;&nbsp; 11-1-2047 | 1000000 | &nbsp;&nbsp; 1025653 |
| &nbsp;&nbsp; Colorado Health Facilities Authority CommonSpirit Health Obligated <br> Group Series A-2<br>| 5.00 | &nbsp;&nbsp; 8-1-2044 | 3000000 | &nbsp;&nbsp; 2954577 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Intermountain Healthcare <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 5-15-2052 | 2000000 | &nbsp;&nbsp; 1726459 |
|  |  |  |  | &nbsp;&nbsp; **7491674** |
| **Industrial development revenue: 0.34%** |  |  |  |  |
| Denver Convention Center Hotel Authority | 5.00 | &nbsp;&nbsp; 12-1-2033 | 2500000 | &nbsp;&nbsp; **2525223** |
| **Miscellaneous revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Science & Technology Park Metropolitan District No. 1 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2054 | 1200000 | &nbsp;&nbsp; 1159207 |
| Westminster Public Schools COP (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2048 | 1500000 | &nbsp;&nbsp; 1502091 |
|  |  |  |  | &nbsp;&nbsp; **2661298** |
| **Utilities revenue: 0.47%** |  |  |  |  |
| Public Authority for Colorado Energy | 6.50 | &nbsp;&nbsp; 11-15-2038 | 3000000 | &nbsp;&nbsp; **3526148** |
|  |  |  |  | &nbsp;&nbsp; **28114010** |
| **Connecticut: 1.45%** |  |  |  |  |
| **Education revenue: 0.69%** |  |  |  |  |
| Connecticut State HEFA Fairfield University Series Q-1 | 5.00 | &nbsp;&nbsp; 7-1-2046 | 5130000 | &nbsp;&nbsp; **5131896** |
| **GO revenue: 0.28%** |  |  |  |  |
| City of Bridgeport Series A | 5.00 | &nbsp;&nbsp; 6-1-2035 | 1000000 | &nbsp;&nbsp; 1062965 |
| Town of Hamden Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 8-1-2039 | 500000 | &nbsp;&nbsp; 488834 |
| Town of Hamden Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2035 | 500000 | &nbsp;&nbsp; 533763 |
|  |  |  |  | &nbsp;&nbsp; **2085562** |
| **Health revenue: 0.48%** |  |  |  |  |
| Connecticut State HEFA Nuvance Health Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2041 | 860000 | &nbsp;&nbsp; 787067 |

---

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

4 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| Connecticut State HEFA Stamford Hospital Obligated Group Series M | 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2040 | $2150000 | &nbsp;&nbsp; $1974358 |
| &nbsp;&nbsp; Stamford Housing Authority TJH Senior Living LLC Obligated Group <br> Series 2025D<br>| 5.50 | &nbsp;&nbsp; 10-1-2035 | 800000 | &nbsp;&nbsp; 816635 |
|  |  |  |  | &nbsp;&nbsp; **3578060** |
|  |  |  |  | &nbsp;&nbsp; **10795518** |
| **District of Columbia: 0.30%** |  |  |  |  |
| **Airport revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2046 | 1500000 | &nbsp;&nbsp; 1500316 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.25 | &nbsp;&nbsp; 10-1-2048 | 715000 | &nbsp;&nbsp; 725084 |
|  |  |  |  | &nbsp;&nbsp; **2225400** |
| **Florida: 8.84%** |  |  |  |  |
| **Airport revenue: 3.62%** |  |  |  |  |
| County of Broward Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2036 | 4500000 | &nbsp;&nbsp; 4502974 |
| County of Broward Port Facilities Revenue Series B AMT | 4.00 | &nbsp;&nbsp; 9-1-2037 | 7490000 | &nbsp;&nbsp; 7069418 |
| County of Miami-Dade Aviation Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2049 | 3000000 | &nbsp;&nbsp; 2947222 |
| County of Miami-Dade Seaport Department Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2052 | 3000000 | &nbsp;&nbsp; 2960500 |
| County of Miami-Dade Seaport Department Series B-1 AMT | 4.00 | &nbsp;&nbsp; 10-1-2046 | 1500000 | &nbsp;&nbsp; 1284267 |
| Jacksonville Port Authority Series B | 5.00 | &nbsp;&nbsp; 11-1-2040 | 2625000 | &nbsp;&nbsp; 2693738 |
| Jacksonville Port Authority Series B | 5.00 | &nbsp;&nbsp; 11-1-2044 | 5500000 | &nbsp;&nbsp; 5564969 |
|  |  |  |  | &nbsp;&nbsp; **27023088** |
| **Education revenue: 0.76%** |  |  |  |  |
| &nbsp;&nbsp; Capital Projects Finance Authority IPS Enterprises, Inc. Projects <br> Series A144A<br>| 7.00 | &nbsp;&nbsp; 6-15-2030 | 1500000 | &nbsp;&nbsp; 1545227 |
| &nbsp;&nbsp; Capital Trust Authority Independence Classical Academy Obligated <br> Group Series A144A<br>| 7.00 | &nbsp;&nbsp; 6-15-2044 | 1000000 | &nbsp;&nbsp; 953980 |
| &nbsp;&nbsp; Florida Development Finance Corp. Cornerstone Charter Academy, <br> Inc. Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 10-1-2042 | 500000 | &nbsp;&nbsp; 471541 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority Jacksonville <br> University Series A-1144A<br>| 4.50 | &nbsp;&nbsp; 6-1-2033 | 1300000 | &nbsp;&nbsp; 1224703 |
| Miami-Dade County IDA Youth Co-Op, Inc. Series A144A | 5.75 | &nbsp;&nbsp; 9-15-2035 | 1500000 | &nbsp;&nbsp; 1500253 |
|  |  |  |  | &nbsp;&nbsp; **5695704** |
| **Health revenue: 2.89%** |  |  |  |  |
| &nbsp;&nbsp; City of Atlantic Beach Naval Continuing Care Retirement Foundation <br> Obligated Group Series B<br>| 5.63 | &nbsp;&nbsp; 11-15-2043 | 1500000 | &nbsp;&nbsp; 1500252 |
| City of Jacksonville Genesis Health, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 11-1-2045 | 1500000 | &nbsp;&nbsp; 1276837 |
| City of Tampa BayCare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 1750000 | &nbsp;&nbsp; 1517298 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2030 | 225000 | &nbsp;&nbsp; 243013 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 450000 | &nbsp;&nbsp; 484339 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 250000 | &nbsp;&nbsp; 267321 |

---

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

Allspring Managed Account \| 5

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2033 | $250000 | &nbsp;&nbsp; $265372 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 475000 | &nbsp;&nbsp; 498887 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2036 | 475000 | &nbsp;&nbsp; 496551 |
| &nbsp;&nbsp; Florida Development Finance Corp. Health Sciences Center, Inc. <br> Obligated Group Series A<br>| 5.25 | &nbsp;&nbsp; 8-1-2049 | 4000000 | &nbsp;&nbsp; 4016313 |
| Hillsborough County IDA BayCare Obligated Group Series C | 4.13 | &nbsp;&nbsp; 11-15-2051 | 2000000 | &nbsp;&nbsp; 1751016 |
| Holmes County Hospital Corp. | 6.00 | &nbsp;&nbsp; 11-1-2038 | 250000 | &nbsp;&nbsp; 215721 |
| Lee County IDA Shell Point Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2044 | 1000000 | &nbsp;&nbsp; 989047 |
| Lee County IDA Shell Point Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2049 | 2000000 | &nbsp;&nbsp; 1920839 |
| Lee County IDA Shell Point Obligated Group Series A | 5.25 | &nbsp;&nbsp; 11-15-2054 | 2000000 | &nbsp;&nbsp; 1964479 |
| Lee County IDA Shell Point Obligated Group Series B-2 | 4.38 | &nbsp;&nbsp; 11-15-2029 | 775000 | &nbsp;&nbsp; 777619 |
| Sarasota County Public Hospital District Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2052 | 1250000 | &nbsp;&nbsp; 1249356 |
| South Broward Hospital District Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-1-2044 | 2440000 | &nbsp;&nbsp; 2166200 |
|  |  |  |  | &nbsp;&nbsp; **21600460** |
| **Miscellaneous revenue: 0.24%** |  |  |  |  |
| County of Broward Tourist Development Tax Revenue | 4.00 | &nbsp;&nbsp; 9-1-2047 | 1000000 | &nbsp;&nbsp; 855870 |
| &nbsp;&nbsp; Julington Creek Plantation Community Development District <br> Series 2023 Assessment (AG Insured)<br>| 4.63 | &nbsp;&nbsp; 5-1-2054 | 1000000 | &nbsp;&nbsp; 923864 |
|  |  |  |  | &nbsp;&nbsp; **1779734** |
| **Resource recovery revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Florida Development Finance Corp. GFL Solid Waste Southeast LLC <br> Series A AMT144Aøø<br>| 4.38 | &nbsp;&nbsp; 10-1-2054 | 1700000 | &nbsp;&nbsp; **1693270** |
| **Transportation revenue: 0.67%** |  |  |  |  |
| County of Miami-Dade Rickenbacker Causeway Revenue | 5.00 | &nbsp;&nbsp; 10-1-2029 | 500000 | &nbsp;&nbsp; 500600 |
| County of Miami-Dade Rickenbacker Causeway Revenue | 5.00 | &nbsp;&nbsp; 10-1-2030 | 550000 | &nbsp;&nbsp; 550619 |
| Sunshine Skyway Bridge Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2037 | 4000000 | &nbsp;&nbsp; 3982714 |
|  |  |  |  | &nbsp;&nbsp; **5033933** |
| **Utilities revenue: 0.07%** |  |  |  |  |
| City of Lakeland Department of Electric Utilities | 5.00 | &nbsp;&nbsp; 10-1-2048 | 500000 | &nbsp;&nbsp; **519366** |
| **Water & sewer revenue: 0.36%** |  |  |  |  |
| County of Orange Water Utility System Revenue | 5.00 | &nbsp;&nbsp; 10-1-2040 | 1090000 | &nbsp;&nbsp; 1146977 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2038 | 1455000 | &nbsp;&nbsp; 1530911 |
|  |  |  |  | &nbsp;&nbsp; **2677888** |
|  |  |  |  | &nbsp;&nbsp; **66023443** |
| **Georgia: 4.22%** |  |  |  |  |
| **Airport revenue: 0.40%** |  |  |  |  |
| City of Atlanta Department of Aviation Series C AMT | 5.00 | &nbsp;&nbsp; 7-1-2048 | 3000000 | &nbsp;&nbsp; **2994212** |

---

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

6 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Development Authority of Cobb County Northwest Classical <br> Academy, Inc. Series A144A<br>| 6.00<br> %<br>| &nbsp;&nbsp; 6-15-2043 | $500000 | &nbsp;&nbsp; $492017 |
| &nbsp;&nbsp; Senoia Development Authority Georgia Charter Educational <br> Foundation, Inc. Obligated Group Series A144A<br>| 6.25 | &nbsp;&nbsp; 7-1-2044 | 1000000 | &nbsp;&nbsp; 919875 |
|  |  |  |  | &nbsp;&nbsp; **1411892** |
| **Health revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Development Authority for Fulton County WellStar Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2042 | 1000000 | &nbsp;&nbsp; **1003291** |
| **Housing revenue: 0.34%** |  |  |  |  |
| Georgia HFA Series A | 4.70 | &nbsp;&nbsp; 12-1-2054 | 2600000 | &nbsp;&nbsp; **2498897** |
| **Industrial development revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Development Authority Tuff Yamacraw LLC Series A (Ambac <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2027 | 50000 | &nbsp;&nbsp; 51044 |
| &nbsp;&nbsp; George L Smith II Congress Center Authority Signia Hotel <br> Management LLC Series B144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 1000000 | &nbsp;&nbsp; 895145 |
|  |  |  |  | &nbsp;&nbsp; **946189** |
| **Miscellaneous revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Brookhaven Urban Redevelopment Agency Special Service Tax <br> District Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2044 | 1800000 | &nbsp;&nbsp; **1698644** |
| **Tax revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District Gulch <br> Area Series A144A<br>| 5.00 | &nbsp;&nbsp; 4-1-2034 | 500000 | &nbsp;&nbsp; 500983 |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District Gulch <br> Area Series A144A<br>| 5.50 | &nbsp;&nbsp; 4-1-2039 | 500000 | &nbsp;&nbsp; 502944 |
|  |  |  |  | &nbsp;&nbsp; **1003927** |
| **Utilities revenue: 2.67%** |  |  |  |  |
| Main Street Natural Gas, Inc. Series Aøø | 5.00 | &nbsp;&nbsp; 6-1-2053 | 5000000 | &nbsp;&nbsp; 5241394 |
| Main Street Natural Gas, Inc. Series Aøø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 1000000 | &nbsp;&nbsp; 1056716 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 7-1-2053 | 1000000 | &nbsp;&nbsp; 1053615 |
| Main Street Natural Gas, Inc. Series Cøø | 4.00 | &nbsp;&nbsp; 5-1-2052 | 1500000 | &nbsp;&nbsp; 1507887 |
| Main Street Natural Gas, Inc. Series Døø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 2000000 | &nbsp;&nbsp; 2104030 |
| Main Street Natural Gas, Inc. Series E-1øø | 5.00 | &nbsp;&nbsp; 12-1-2053 | 3000000 | &nbsp;&nbsp; 3160946 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2036 | 800000 | &nbsp;&nbsp; 828391 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2064 | 4000000 | &nbsp;&nbsp; 4002324 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2044 | 1000000 | &nbsp;&nbsp; 1005403 |
|  |  |  |  | &nbsp;&nbsp; **19960706** |
|  |  |  |  | &nbsp;&nbsp; **31517758** |
| **Guam: 0.17%** |  |  |  |  |
| **Airport revenue: 0.05%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2036 | 370000 | &nbsp;&nbsp; **385954** |

---

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

Allspring Managed Account \| 7

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue: 0.12%** |  |  |  |  |
| Territory of Guam Series F | 4.00<br> %<br>| &nbsp;&nbsp; 1-1-2042 | $1000000 | &nbsp;&nbsp; $**885176** |
|  |  |  |  | &nbsp;&nbsp; **1271130** |
| **Hawaii: 0.27%** |  |  |  |  |
| **Airport revenue: 0.27%** |  |  |  |  |
| State of Hawaii Airports System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2048 | 2000000 | &nbsp;&nbsp; **1979983** |
| **Idaho: 0.48%** |  |  |  |  |
| **Education revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Housing & Finance Association Arts Charter School, Inc. <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2036 | 800000 | &nbsp;&nbsp; 797578 |
| &nbsp;&nbsp; Idaho Housing & Finance Association Legacy Public Charter School, <br> Inc. Series A<br>| 5.85 | &nbsp;&nbsp; 5-1-2033 | 305000 | &nbsp;&nbsp; 305222 |
|  |  |  |  | &nbsp;&nbsp; **1102800** |
| **Health revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Health Facilities Authority Trinity Health Corp. Obligated Group <br> Series D<br>| 4.00 | &nbsp;&nbsp; 12-1-2043 | 2710000 | &nbsp;&nbsp; **2451168** |
|  |  |  |  | &nbsp;&nbsp; **3553968** |
| **Illinois: 12.37%** |  |  |  |  |
| **Airport revenue: 0.84%** |  |  |  |  |
| Chicago O'Hare International Airport Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2048 | 2000000 | &nbsp;&nbsp; 1967044 |
| Chicago O'Hare International Airport Series B | 4.00 | &nbsp;&nbsp; 1-1-2044 | 2000000 | &nbsp;&nbsp; 1773082 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Transportation Infrastructure <br> Purpose Obligated Group AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2038 | 500000 | &nbsp;&nbsp; 503641 |
| &nbsp;&nbsp; Illinois Finance Authority Centerpoint Joliet Terminal Railroad LLC <br> AMT144Aøø%%<br>| 4.80 | &nbsp;&nbsp; 12-1-2043 | 2000000 | &nbsp;&nbsp; 2024709 |
|  |  |  |  | &nbsp;&nbsp; **6268476** |
| **Education revenue: 0.82%** |  |  |  |  |
| Illinois Finance Authority Chicago School - California, Inc. | 5.25 | &nbsp;&nbsp; 4-1-2041 | 1740000 | &nbsp;&nbsp; 1762615 |
| Illinois Finance Authority University of Chicago Series A | 5.25 | &nbsp;&nbsp; 5-15-2048 | 1475000 | &nbsp;&nbsp; 1512336 |
| Illinois Finance Authority Wesleyan University | 5.00 | &nbsp;&nbsp; 9-1-2036 | 2345000 | &nbsp;&nbsp; 2360039 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2031 | 450000 | &nbsp;&nbsp; 463922 |
|  |  |  |  | &nbsp;&nbsp; **6098912** |
| **GO revenue: 5.27%** |  |  |  |  |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.75 | &nbsp;&nbsp; 4-1-2048 | 1500000 | &nbsp;&nbsp; 1551257 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2035 | 4250000 | &nbsp;&nbsp; 4311198 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2038 | 4105000 | &nbsp;&nbsp; 4090394 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2042 | 2000000 | &nbsp;&nbsp; 1875681 |
| Chicago Board of Education Series D | 5.00 | &nbsp;&nbsp; 12-1-2046 | 4150000 | &nbsp;&nbsp; 3755843 |
| Chicago Board of Education Series H | 5.00 | &nbsp;&nbsp; 12-1-2036 | 1000000 | &nbsp;&nbsp; 972873 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2030 | 1000000 | &nbsp;&nbsp; 1006177 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2031 | 1000000 | &nbsp;&nbsp; 1005595 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2032 | 1225000 | &nbsp;&nbsp; 1231351 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2035 | 1000000 | &nbsp;&nbsp; 1003559 |
| Chicago Park District Series E | 5.00 | &nbsp;&nbsp; 11-15-2029 | 1735000 | &nbsp;&nbsp; 1762886 |

---

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

8 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| City of Chicago CAB (NPFGC Insured)¤ | 0.00<br> %<br>| &nbsp;&nbsp; 1-1-2031 | $800000 | &nbsp;&nbsp; $650213 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2045 | 5000000 | &nbsp;&nbsp; 4714082 |
| City of Chicago Series A | 5.25 | &nbsp;&nbsp; 1-1-2045 | 1000000 | &nbsp;&nbsp; 972537 |
| City of Chicago Series E | 6.00 | &nbsp;&nbsp; 1-1-2042 | 1170000 | &nbsp;&nbsp; 1240074 |
| County of Will | 4.00 | &nbsp;&nbsp; 11-15-2047 | 1645000 | &nbsp;&nbsp; 1457452 |
| Metropolitan Water Reclamation District of Greater Chicago Series C | 5.00 | &nbsp;&nbsp; 12-1-2045 | 1000000 | &nbsp;&nbsp; 1015182 |
| State of Illinois Series B | 5.00 | &nbsp;&nbsp; 10-1-2031 | 2000000 | &nbsp;&nbsp; 2138420 |
| &nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way <br> Series B CAB (BAM Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2027 | 1030000 | &nbsp;&nbsp; 978577 |
| &nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way <br> Series B CAB (BAM Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2028 | 475000 | &nbsp;&nbsp; 436106 |
| &nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way <br> Series B CAB (BAM Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2033 | 1625000 | &nbsp;&nbsp; 1210959 |
| &nbsp;&nbsp; Will County Community Unit School District No. 201-U Crete-Monee <br> Series B (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 1-1-2032 | 715000 | &nbsp;&nbsp; 724361 |
| &nbsp;&nbsp; Will County Community Unit School District No. 201-U Crete-Monee <br> Series B (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 1-1-2033 | 745000 | &nbsp;&nbsp; 750902 |
| &nbsp;&nbsp; Will County Community Unit School District No. 201-U Crete-Monee <br> Series B (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 1-1-2035 | 475000 | &nbsp;&nbsp; 476644 |
|  |  |  |  | &nbsp;&nbsp; **39332323** |
| **Health revenue: 1.91%** |  |  |  |  |
| Illinois Finance Authority Carle Foundation Obligated Group Series A | 4.00 | &nbsp;&nbsp; 8-15-2048 | 1750000 | &nbsp;&nbsp; 1483336 |
| Illinois Finance Authority Carle Foundation Obligated Group Series A | 5.00 | &nbsp;&nbsp; 2-15-2045 | 5350000 | &nbsp;&nbsp; 5279406 |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series C (JPMorgan Chase Bank N.A. SPA)ø<br>| 4.00 | &nbsp;&nbsp; 8-15-2049 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; Illinois Finance Authority OSF Healthcare System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2045 | 1750000 | &nbsp;&nbsp; 1718161 |
| &nbsp;&nbsp; Illinois Finance Authority University of Chicago Medical Center <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2047 | 3000000 | &nbsp;&nbsp; 2964061 |
| Illinois Finance Authority University of Illinois | 4.00 | &nbsp;&nbsp; 10-1-2050 | 1000000 | &nbsp;&nbsp; 827160 |
|  |  |  |  | &nbsp;&nbsp; **14272124** |
| **Housing revenue: 1.66%** |  |  |  |  |
| Illinois Sports Facilities Authority | 5.00 | &nbsp;&nbsp; 6-15-2029 | 1000000 | &nbsp;&nbsp; 1039825 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2042 | 750000 | &nbsp;&nbsp; 671015 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 6-15-2029 | 1950000 | &nbsp;&nbsp; 1694651 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2030 | 11000000 | &nbsp;&nbsp; 9000110 |
|  |  |  |  | &nbsp;&nbsp; **12405601** |
| **Tax revenue: 0.89%** |  |  |  |  |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2037 | 1625000 | &nbsp;&nbsp; 1704060 |
| Illinois Sports Facilities Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2028 | 1500000 | &nbsp;&nbsp; 1502988 |

---

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

Allspring Managed Account \| 9

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| Illinois Sports Facilities Authority (AG Insured) | 5.25<br> %<br>| &nbsp;&nbsp; 6-15-2031 | $2500000 | &nbsp;&nbsp; $2504770 |
| Sales Tax Securitization Corp. Series A | 4.00 | &nbsp;&nbsp; 1-1-2038 | 1000000 | &nbsp;&nbsp; 954535 |
|  |  |  |  | &nbsp;&nbsp; **6666353** |
| **Transportation revenue: 0.70%** |  |  |  |  |
| Illinois State Toll Highway Authority Series A | 4.00 | &nbsp;&nbsp; 1-1-2046 | 2000000 | &nbsp;&nbsp; 1776172 |
| Illinois State Toll Highway Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2045 | 3450000 | &nbsp;&nbsp; 3479968 |
|  |  |  |  | &nbsp;&nbsp; **5256140** |
| **Water & sewer revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue Series A (AG <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 1-1-2048 | 1000000 | &nbsp;&nbsp; 1031080 |
| City of Chicago Waterworks Revenue Series 2017-2 (AG Insured) | 5.00 | &nbsp;&nbsp; 11-1-2037 | 1000000 | &nbsp;&nbsp; 1016260 |
|  |  |  |  | &nbsp;&nbsp; **2047340** |
|  |  |  |  | &nbsp;&nbsp; **92347269** |
| **Indiana: 1.34%** |  |  |  |  |
| **Education revenue: 0.19%** |  |  |  |  |
| Indiana Finance Authority DePauw University Series A | 5.00 | &nbsp;&nbsp; 7-1-2047 | 1500000 | &nbsp;&nbsp; **1425071** |
| **Health revenue: 0.72%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group <br> Series C<br>| 4.00 | &nbsp;&nbsp; 11-1-2034 | 5360000 | &nbsp;&nbsp; **5371157** |
| **Industrial development revenue: 0.43%** |  |  |  |  |
| City of Valparaiso Pratt Paper LLC AMT144A | 4.88 | &nbsp;&nbsp; 1-1-2044 | 2225000 | &nbsp;&nbsp; 2138450 |
| Indianapolis Local Public Improvement Bond Bank Series E | 5.75 | &nbsp;&nbsp; 3-1-2043 | 1000000 | &nbsp;&nbsp; 1037411 |
|  |  |  |  | &nbsp;&nbsp; **3175861** |
|  |  |  |  | &nbsp;&nbsp; **9972089** |
| **Kansas: 0.87%** |  |  |  |  |
| **Tax revenue: 0.87%** |  |  |  |  |
| &nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Sales Tax <br> Revenue CAB144A¤<br>| 0.00 | &nbsp;&nbsp; 9-1-2034 | 12265000 | &nbsp;&nbsp; **6505206** |
| **Kentucky: 1.23%** |  |  |  |  |
| **Health revenue: 0.55%** |  |  |  |  |
| County of Warren Bowling Green Community Hospital Corp. | 5.25 | &nbsp;&nbsp; 4-1-2054 | 3000000 | &nbsp;&nbsp; 3039988 |
| &nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government Norton <br> Healthcare Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2039 | 1000000 | &nbsp;&nbsp; 1041959 |
|  |  |  |  | &nbsp;&nbsp; **4081947** |
| **Housing revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Kentucky State Property & Building Commission Project No. 124 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2039 | 2325000 | &nbsp;&nbsp; **2414882** |
| **Transportation revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series B <br> CAB¤<br>| 0.00 | &nbsp;&nbsp; 7-1-2029 | 1400000 | &nbsp;&nbsp; **1181635** |

---

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

10 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.20%** |  |  |  |  |
| Paducah Electric Plant Board Series A (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2035 | $1510000 | &nbsp;&nbsp; $**1536896** |
|  |  |  |  | &nbsp;&nbsp; **9215360** |
| **Louisiana: 0.76%** |  |  |  |  |
| **Airport revenue: 0.09%** |  |  |  |  |
| Port New Orleans Board of Commissioners Series E AMT | 5.00 | &nbsp;&nbsp; 4-1-2038 | 640000 | &nbsp;&nbsp; **653557** |
| **Industrial development revenue: 0.13%** |  |  |  |  |
| Parish of St. John the Baptist Marathon Oil Corp. Series A-3øø | 2.20 | &nbsp;&nbsp; 6-1-2037 | 1000000 | &nbsp;&nbsp; **987347** |
| **Tax revenue: 0.27%** |  |  |  |  |
| Ernest N Morial New Orleans Exhibition Hall Authority | 5.25 | &nbsp;&nbsp; 7-15-2048 | 2000000 | &nbsp;&nbsp; **2034941** |
| **Water & sewer revenue: 0.27%** |  |  |  |  |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2034 | 500000 | &nbsp;&nbsp; 504333 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2035 | 500000 | &nbsp;&nbsp; 502294 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2036 | 565000 | &nbsp;&nbsp; 566603 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2037 | 415000 | &nbsp;&nbsp; 412645 |
|  |  |  |  | &nbsp;&nbsp; **1985875** |
|  |  |  |  | &nbsp;&nbsp; **5661720** |
| **Maryland: 1.51%** |  |  |  |  |
| **Airport revenue: 0.25%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. Air Cargo Obligated Group <br> AMT<br>| 4.00 | &nbsp;&nbsp; 7-1-2039 | 1100000 | &nbsp;&nbsp; 1009138 |
| &nbsp;&nbsp; Maryland Economic Development Corp. Air Cargo Obligated Group <br> AMT<br>| 4.00 | &nbsp;&nbsp; 7-1-2044 | 750000 | &nbsp;&nbsp; 637153 |
| &nbsp;&nbsp; Maryland Economic Development Corp. Air Cargo Obligated Group <br> AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 220000 | &nbsp;&nbsp; 232151 |
|  |  |  |  | &nbsp;&nbsp; **1878442** |
| **Education revenue: 0.39%** |  |  |  |  |
| &nbsp;&nbsp; County of Prince George's Chesapeake Lighthouse Charter School <br> Obligated Group Series A-2øø<br>| 6.00 | &nbsp;&nbsp; 8-1-2048 | 2780000 | &nbsp;&nbsp; **2888929** |
| **GO revenue: 0.26%** |  |  |  |  |
| County of Baltimore | 4.00 | &nbsp;&nbsp; 3-1-2042 | 2000000 | &nbsp;&nbsp; **1930787** |
| **Health revenue: 0.61%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Adventist <br> Healthcare Obligated Group Series B<br>| 4.00 | &nbsp;&nbsp; 1-1-2051 | 5000000 | &nbsp;&nbsp; 4077688 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Frederick <br> Health, Inc. Obligated Group<br>| 4.00 | &nbsp;&nbsp; 7-1-2040 | 550000 | &nbsp;&nbsp; 501206 |
|  |  |  |  | &nbsp;&nbsp; **4578894** |
|  |  |  |  | &nbsp;&nbsp; **11277052** |
| **Massachusetts: 1.17%** |  |  |  |  |
| **Airport revenue: 0.27%** |  |  |  |  |
| Massachusetts Port Authority Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2041 | 2000000 | &nbsp;&nbsp; **2054268** |

---

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

Allspring Managed Account \| 11

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.90%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Beth Israel Lahey <br> Health Obligated Group Series F<br>| 5.00<br> %<br>| &nbsp;&nbsp; 8-15-2045 | $2000000 | &nbsp;&nbsp; $1954280 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Mass General Brigham, <br> Inc. Series D<br>| 5.00 | &nbsp;&nbsp; 7-1-2054 | 3000000 | &nbsp;&nbsp; 3002231 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency UMass Memorial Health <br> Care Obligated Group Series L<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 1785000 | &nbsp;&nbsp; 1752116 |
|  |  |  |  | &nbsp;&nbsp; **6708627** |
|  |  |  |  | &nbsp;&nbsp; **8762895** |
| **Michigan: 3.16%** |  |  |  |  |
| **Health revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority McLaren Health Care Corp. Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2047 | 1500000 | &nbsp;&nbsp; 1306368 |
| &nbsp;&nbsp; Michigan Finance Authority Trinity Health Corp. Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-1-2049 | 1165000 | &nbsp;&nbsp; 991478 |
|  |  |  |  | &nbsp;&nbsp; **2297846** |
| **Miscellaneous revenue: 0.97%** |  |  |  |  |
| Michigan Finance Authority County of Wayne | 4.00 | &nbsp;&nbsp; 11-1-2048 | 2000000 | &nbsp;&nbsp; 1720595 |
| &nbsp;&nbsp; Michigan Finance Authority Detroit Public Lighting Authority Utility <br> Users Tax Revenue Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2039 | 4000000 | &nbsp;&nbsp; 4002207 |
| &nbsp;&nbsp; Michigan Finance Authority Detroit Public Lighting Authority Utility <br> Users Tax Revenue Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 1500000 | &nbsp;&nbsp; 1500237 |
|  |  |  |  | &nbsp;&nbsp; **7223039** |
| **Utilities revenue: 0.42%** |  |  |  |  |
| Lansing Board of Water & Light Series A | 5.25 | &nbsp;&nbsp; 7-1-2054 | 3000000 | &nbsp;&nbsp; **3117918** |
| **Water & sewer revenue: 1.46%** |  |  |  |  |
| &nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue <br> Series C<br>| 5.00 | &nbsp;&nbsp; 7-1-2036 | 2891000 | &nbsp;&nbsp; 2919227 |
| Great Lakes Water Authority Water Supply System Revenue Series D | 4.00 | &nbsp;&nbsp; 7-1-2032 | 4000000 | &nbsp;&nbsp; 4014689 |
| &nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue Series D <br> (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2033 | 4000000 | &nbsp;&nbsp; 4020342 |
|  |  |  |  | &nbsp;&nbsp; **10954258** |
|  |  |  |  | &nbsp;&nbsp; **23593061** |
| **Minnesota: 0.10%** |  |  |  |  |
| **Airport revenue: 0.09%** |  |  |  |  |
| Minneapolis-St. Paul Metropolitan Airports Commission Series B AMT | 5.25 | &nbsp;&nbsp; 1-1-2047 | 650000 | &nbsp;&nbsp; **657472** |
| **Education revenue: 0.01%** |  |  |  |  |
| City of Independence Beacon Academy Series A | 4.25 | &nbsp;&nbsp; 7-1-2026 | 80000 | &nbsp;&nbsp; **79414** |
|  |  |  |  | &nbsp;&nbsp; **736886** |

---

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

12 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Mississippi: 0.50%** |  |  |  |  |
| **Miscellaneous revenue: 0.50%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Development Bank City of Jackson Water & Sewer System <br> Revenue (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 9-1-2030 | $670000 | &nbsp;&nbsp; $670773 |
| Mississippi Development Bank City of Jackson Series A | 5.00 | &nbsp;&nbsp; 3-1-2026 | 3050000 | &nbsp;&nbsp; 3070872 |
|  |  |  |  | &nbsp;&nbsp; **3741645** |
| **Missouri: 0.66%** |  |  |  |  |
| **Miscellaneous revenue: 0.66%** |  |  |  |  |
| Kansas City IDA Airport Revenue Series B AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2049 | 5000000 | &nbsp;&nbsp; **4946967** |
| **Nevada: 0.95%** |  |  |  |  |
| **GO revenue: 0.77%** |  |  |  |  |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2035 | 2000000 | &nbsp;&nbsp; 2004421 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2040 | 750000 | &nbsp;&nbsp; 713756 |
| County of Clark Series A | 5.00 | &nbsp;&nbsp; 5-1-2048 | 3000000 | &nbsp;&nbsp; 3004681 |
|  |  |  |  | &nbsp;&nbsp; **5722858** |
| **Industrial development revenue: 0.07%** |  |  |  |  |
| County of Clark Southern California Edison Co. | 2.10 | &nbsp;&nbsp; 6-1-2031 | 600000 | &nbsp;&nbsp; **524859** |
| **Utilities revenue: 0.11%** |  |  |  |  |
| County of Washoe Sierra Pacific Power Co. Series Føø | 4.13 | &nbsp;&nbsp; 3-1-2036 | 850000 | &nbsp;&nbsp; **851728** |
|  |  |  |  | &nbsp;&nbsp; **7099445** |
| **New Hampshire: 0.56%** |  |  |  |  |
| **Housing revenue: 0.24%** |  |  |  |  |
| New Hampshire Business Finance Authority Class A Series 1-A | 4.13 | &nbsp;&nbsp; 1-20-2034 | 1830182 | &nbsp;&nbsp; **1809580** |
| **Resource recovery revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority United Illuminating Co. <br> Series A<br>| 4.50 | &nbsp;&nbsp; 10-1-2033 | 1000000 | &nbsp;&nbsp; **1023622** |
| **Water & sewer revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority Pennichuck Water Works, <br> Inc. Series A AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2027 | 845000 | &nbsp;&nbsp; 851447 |
| &nbsp;&nbsp; New Hampshire Business Finance Authority Pennichuck Water Works, <br> Inc. Series A AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 480000 | &nbsp;&nbsp; 483662 |
|  |  |  |  | &nbsp;&nbsp; **1335109** |
|  |  |  |  | &nbsp;&nbsp; **4168311** |
| **New Jersey: 3.11%** |  |  |  |  |
| **Education revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University Series A <br> (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2041 | 530000 | &nbsp;&nbsp; 495936 |
| &nbsp;&nbsp; New Jersey EDA Hatikvah International Academy Charter School <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 200000 | &nbsp;&nbsp; 200658 |
| &nbsp;&nbsp; New Jersey EDA Hatikvah International Academy Charter School <br> Series A144A<br>| 5.25 | &nbsp;&nbsp; 7-1-2037 | 1500000 | &nbsp;&nbsp; 1423881 |
|  |  |  |  | &nbsp;&nbsp; **2120475** |

---

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

Allspring Managed Account \| 13

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 1.79%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey EDA Motor Vehicle Surcharge Revenue Series A (NPFGC <br> Insured)<br>| 5.25<br> %<br>| &nbsp;&nbsp; 7-1-2026 | $205000 | &nbsp;&nbsp; $208798 |
| New Jersey EDA Portal North Bridge Project Series A | 5.25 | &nbsp;&nbsp; 11-1-2041 | 2000000 | &nbsp;&nbsp; 2083901 |
| &nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency Single-Family Home <br> Mortgage Series B AMT<br>| 3.30 | &nbsp;&nbsp; 10-1-2025 | 3375000 | &nbsp;&nbsp; 3371012 |
| &nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency Single-Family Home <br> Mortgage Series B AMT<br>| 3.45 | &nbsp;&nbsp; 10-1-2026 | 1495000 | &nbsp;&nbsp; 1497935 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2031 | 2500000 | &nbsp;&nbsp; 1999045 |
| New Jersey TTFA Series A | 4.00 | &nbsp;&nbsp; 6-15-2042 | 750000 | &nbsp;&nbsp; 687263 |
| New Jersey TTFA Series A-1 | 5.00 | &nbsp;&nbsp; 6-15-2029 | 2000000 | &nbsp;&nbsp; 2032580 |
| New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp; 6-15-2045 | 1500000 | &nbsp;&nbsp; 1494473 |
|  |  |  |  | &nbsp;&nbsp; **13375007** |
| **Tax revenue: 0.46%** |  |  |  |  |
| New Jersey TTFA Series AA | 4.00 | &nbsp;&nbsp; 6-15-2039 | 2250000 | &nbsp;&nbsp; 2131687 |
| New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp; 6-15-2040 | 1250000 | &nbsp;&nbsp; 1283224 |
|  |  |  |  | &nbsp;&nbsp; **3414911** |
| **Transportation revenue: 0.14%** |  |  |  |  |
| South Jersey Transportation Authority Series A | 5.25 | &nbsp;&nbsp; 11-1-2052 | 1000000 | &nbsp;&nbsp; **1022346** |
| **Water & sewer revenue: 0.44%** |  |  |  |  |
| &nbsp;&nbsp; Jersey City Municipal Utilities Authority Water Fund Series C (AG <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 10-15-2054 | 2000000 | &nbsp;&nbsp; 2074383 |
| New Jersey EDA American Water Co., Inc. Series A AMTøø | 2.20 | &nbsp;&nbsp; 10-1-2039 | 1350000 | &nbsp;&nbsp; 1222898 |
|  |  |  |  | &nbsp;&nbsp; **3297281** |
|  |  |  |  | &nbsp;&nbsp; **23230020** |
| **New York: 10.18%** |  |  |  |  |
| **Airport revenue: 2.74%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.63 | &nbsp;&nbsp; 4-1-2040 | 500000 | &nbsp;&nbsp; 513874 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 6.00 | &nbsp;&nbsp; 4-1-2035 | 500000 | &nbsp;&nbsp; 543877 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2033 | 1000000 | &nbsp;&nbsp; 1068252 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2034 | 2000000 | &nbsp;&nbsp; 2124483 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK Millennium <br> Partners LLC Series A AMT<br>| 5.50 | &nbsp;&nbsp; 12-31-2054 | 3500000 | &nbsp;&nbsp; 3525847 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 5.50 | &nbsp;&nbsp; 6-30-2060 | 2285000 | &nbsp;&nbsp; 2284685 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK NTO LLC AMT (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 6-30-2054 | 5000000 | &nbsp;&nbsp; 4844099 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A AMT (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2032 | 2000000 | &nbsp;&nbsp; 2000148 |

---

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

14 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2046 | $2665000 | &nbsp;&nbsp; $2580167 |
| Port Authority of New York & New Jersey Series 221 AMT | 4.00 | &nbsp;&nbsp; 7-15-2040 | 1000000 | &nbsp;&nbsp; 941729 |
|  |  |  |  | &nbsp;&nbsp; **20427161** |
| **Education revenue: 2.47%** |  |  |  |  |
| Babylon L D Corp. II Series A | 6.65 | &nbsp;&nbsp; 2-1-2053 | 3500000 | &nbsp;&nbsp; 3421558 |
| &nbsp;&nbsp; Build NYC Resource Corp. Success Academy Charter Schools, Inc. <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2042 | 1175000 | &nbsp;&nbsp; 1061323 |
| &nbsp;&nbsp; Build NYC Resource Corp. Success Academy Charter Schools, Inc. <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2043 | 880000 | &nbsp;&nbsp; 788905 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 4.45 | &nbsp;&nbsp; 2-1-2041 | 1155000 | &nbsp;&nbsp; 918920 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 4.60 | &nbsp;&nbsp; 2-1-2051 | 1915000 | &nbsp;&nbsp; 1389837 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 6.24 | &nbsp;&nbsp; 2-1-2047 | 3500000 | &nbsp;&nbsp; 3324047 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series B<br>| 5.66 | &nbsp;&nbsp; 2-1-2044 | 4585000 | &nbsp;&nbsp; 4114715 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Evergreen Charter <br> School, Inc. Series A<br>| 5.25 | &nbsp;&nbsp; 6-15-2042 | 1500000 | &nbsp;&nbsp; 1498687 |
| &nbsp;&nbsp; New York State Dormitory Authority Icahn School of Medicine at <br> Mount Sinai Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2040 | 1565000 | &nbsp;&nbsp; 1562115 |
| Troy Capital Resource Corp. | 4.00 | &nbsp;&nbsp; 9-1-2032 | 350000 | &nbsp;&nbsp; 354511 |
|  |  |  |  | &nbsp;&nbsp; **18434618** |
| **GO revenue: 0.33%** |  |  |  |  |
| City of New York Series G-2 (Bank of America N.A. SPA)ø | 4.05 | &nbsp;&nbsp; 2-1-2055 | 2500000 | &nbsp;&nbsp; **2500000** |
| **Health revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Broome County Local Development Corp. United Health Services <br> Hospitals Obligated Group (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 4-1-2038 | 1250000 | &nbsp;&nbsp; **1189970** |
| **Industrial development revenue: 1.33%** |  |  |  |  |
| New York Liberty Development Corp. One Bryant Park LLC Class 3 | 2.80 | &nbsp;&nbsp; 9-15-2069 | 1000000 | &nbsp;&nbsp; 911745 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2031 | 1135000 | &nbsp;&nbsp; 1158034 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2034 | 2000000 | &nbsp;&nbsp; 2027282 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2035 | 3500000 | &nbsp;&nbsp; 3557580 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 2290000 | &nbsp;&nbsp; 2277505 |
|  |  |  |  | &nbsp;&nbsp; **9932146** |
| **Miscellaneous revenue: 0.28%** |  |  |  |  |
| Suffolk Regional Off-Track Betting Corp. | 6.00 | &nbsp;&nbsp; 12-1-2053 | 1000000 | &nbsp;&nbsp; 1021170 |
| Western Regional Off-Track Betting Corp.144A | 4.13 | &nbsp;&nbsp; 12-1-2041 | 1250000 | &nbsp;&nbsp; 1081985 |
|  |  |  |  | &nbsp;&nbsp; **2103155** |

---

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

Allspring Managed Account \| 15

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 1.68%** |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series C<br>| 4.00<br> %<br>| &nbsp;&nbsp; 3-15-2042 | $3000000 | &nbsp;&nbsp; $2765634 |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series E<br>| 4.00 | &nbsp;&nbsp; 3-15-2043 | 1500000 | &nbsp;&nbsp; 1367544 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series E-1<br>| 4.00 | &nbsp;&nbsp; 2-1-2041 | 2000000 | &nbsp;&nbsp; 1837043 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 3-15-2043 | 2350000 | &nbsp;&nbsp; 2374635 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series E<br>| 4.00 | &nbsp;&nbsp; 3-15-2042 | 1500000 | &nbsp;&nbsp; 1389289 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue Series A-2 | 5.25 | &nbsp;&nbsp; 5-15-2064 | 2715000 | &nbsp;&nbsp; 2786962 |
|  |  |  |  | &nbsp;&nbsp; **12521107** |
| **Transportation revenue: 1.09%** |  |  |  |  |
| Metropolitan Transportation Authority Series C-1 | 5.00 | &nbsp;&nbsp; 11-15-2034 | 3000000 | &nbsp;&nbsp; 3084866 |
| Metropolitan Transportation Authority Series C-1 | 5.25 | &nbsp;&nbsp; 11-15-2030 | 2000000 | &nbsp;&nbsp; 2010446 |
| Metropolitan Transportation Authority Series C-1 | 5.25 | &nbsp;&nbsp; 11-15-2031 | 3000000 | &nbsp;&nbsp; 3013676 |
|  |  |  |  | &nbsp;&nbsp; **8108988** |
| **Utilities revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; New York State Energy Research & Development Authority Electric & <br> Gas Corp. Series C<br>| 4.00 | &nbsp;&nbsp; 4-1-2034 | 750000 | &nbsp;&nbsp; **750577** |
|  |  |  |  | &nbsp;&nbsp; **75967722** |
| **North Carolina: 0.19%** |  |  |  |  |
| **Transportation revenue: 0.19%** |  |  |  |  |
| North Carolina Turnpike Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2054 | 1425000 | &nbsp;&nbsp; **1429934** |
| **North Dakota: 0.09%** |  |  |  |  |
| **Health revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; City of Grand Forks Altru Health System Obligated Group Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2048 | 700000 | &nbsp;&nbsp; **702996** |
| **Ohio: 2.55%** |  |  |  |  |
| **Airport revenue: 0.15%** |  |  |  |  |
| Columbus Regional Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2040 | 1100000 | &nbsp;&nbsp; **1118504** |
| **Education revenue: 0.31%** |  |  |  |  |
| Port of Greater Cincinnati Development Authorityøø | 4.38 | &nbsp;&nbsp; 6-15-2056 | 2340000 | &nbsp;&nbsp; **2306823** |
| **Health revenue: 0.94%** |  |  |  |  |
| &nbsp;&nbsp; City of Middleburg Heights Southwest General Health Center <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2041 | 2000000 | &nbsp;&nbsp; 1797309 |
| &nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority Centers for Dialysis Care <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2037 | 2700000 | &nbsp;&nbsp; 2703302 |
| County of Lucas Promedica Healthcare Obligated Group Series A | 5.25 | &nbsp;&nbsp; 11-15-2048 | 750000 | &nbsp;&nbsp; 722155 |
| &nbsp;&nbsp; County of Montgomery Premier Health Partners Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2039 | 2000000 | &nbsp;&nbsp; 1829179 |
|  |  |  |  | &nbsp;&nbsp; **7051945** |

---

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

16 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.55%** |  |  |  |  |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 12-31-2029 | $2070000 | &nbsp;&nbsp; $2071839 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2035 | 2000000 | &nbsp;&nbsp; 2000930 |
|  |  |  |  | &nbsp;&nbsp; **4072769** |
| **Industrial development revenue: 0.26%** |  |  |  |  |
| Ohio Air Quality Development Authority Valley Electric Corp. Series A | 2.88 | &nbsp;&nbsp; 2-1-2026 | 2000000 | &nbsp;&nbsp; **1981549** |
| **Transportation revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Summit County Development Finance Authority University of Akron <br> Parking Project<br>| 5.75 | &nbsp;&nbsp; 12-1-2053 | 1000000 | &nbsp;&nbsp; **1028353** |
| **Utilities revenue: 0.20%** |  |  |  |  |
| Ohio Air Quality Development Authority Valley Electric Corp. Series A | 3.25 | &nbsp;&nbsp; 9-1-2029 | 1500000 | &nbsp;&nbsp; **1465819** |
|  |  |  |  | &nbsp;&nbsp; **19025762** |
| **Oklahoma: 1.82%** |  |  |  |  |
| **Airport revenue: 0.79%** |  |  |  |  |
| Oklahoma City Airport Trust AMT | 5.00 | &nbsp;&nbsp; 7-1-2037 | 3805000 | &nbsp;&nbsp; 3850717 |
| Tulsa Airports Improvement Trust Series A AMT (AG Insured) | 5.25 | &nbsp;&nbsp; 6-1-2048 | 2000000 | &nbsp;&nbsp; 2007717 |
|  |  |  |  | &nbsp;&nbsp; **5858434** |
| **Housing revenue: 1.03%** |  |  |  |  |
| &nbsp;&nbsp; Custer County EDA Independent School District No. 7 Thomas-Fay-<br> Custer<br>| 4.00 | &nbsp;&nbsp; 12-1-2031 | 3250000 | &nbsp;&nbsp; 3318677 |
| &nbsp;&nbsp; Garfield County Educational Facilities Authority Independent School <br> District No. 57 Enid Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 1895000 | &nbsp;&nbsp; 1931308 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2030 | 2000000 | &nbsp;&nbsp; 2008313 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2040 | 500000 | &nbsp;&nbsp; 450421 |
|  |  |  |  | &nbsp;&nbsp; **7708719** |
|  |  |  |  | &nbsp;&nbsp; **13567153** |
| **Oregon: 0.30%** |  |  |  |  |
| **Airport revenue: 0.27%** |  |  |  |  |
| Port of Portland Airport Revenue Series 30A AMT | 5.25 | &nbsp;&nbsp; 7-1-2054 | 2000000 | &nbsp;&nbsp; **2036006** |
| **Health revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Astoria Hospital Facilities Authority Columbia Lutheran Charities <br> Obligated Group<br>| 5.25 | &nbsp;&nbsp; 8-1-2054 | 250000 | &nbsp;&nbsp; **242293** |
|  |  |  |  | &nbsp;&nbsp; **2278299** |
| **Pennsylvania: 8.01%** |  |  |  |  |
| **Airport revenue: 1.06%** |  |  |  |  |
| Allegheny County Airport Authority Series A AMT (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2046 | 3715000 | &nbsp;&nbsp; 3227058 |
| City of Philadelphia Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2042 | 2500000 | &nbsp;&nbsp; 2492793 |
| City of Philadelphia Airport Revenue Series C AMT | 4.00 | &nbsp;&nbsp; 7-1-2036 | 1630000 | &nbsp;&nbsp; 1591245 |
| City of Philadelphia Airport Revenue Series C AMT | 4.00 | &nbsp;&nbsp; 7-1-2040 | 655000 | &nbsp;&nbsp; 602217 |
|  |  |  |  | &nbsp;&nbsp; **7913313** |

---

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

Allspring Managed Account \| 17

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.74%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2035 | $2000000 | &nbsp;&nbsp; $2040812 |
| Philadelphia IDA Frankford Valley Foundation for Literacy144A | 4.50 | &nbsp;&nbsp; 6-15-2034 | 750000 | &nbsp;&nbsp; 734826 |
| Philadelphia IDA Southwest Leadership Academy Series A | 6.47 | &nbsp;&nbsp; 11-1-2037 | 2285000 | &nbsp;&nbsp; 2018654 |
| Philadelphia IDA Tacony Academy Charter School144A | 5.38 | &nbsp;&nbsp; 6-15-2038 | 750000 | &nbsp;&nbsp; 737490 |
|  |  |  |  | &nbsp;&nbsp; **5531782** |
| **GO revenue: 1.13%** |  |  |  |  |
| Armstrong School District Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 3-15-2037 | 1000000 | &nbsp;&nbsp; 994618 |
| School District of Philadelphia Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2040 | 1000000 | &nbsp;&nbsp; 950630 |
| School District of Philadelphia Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2041 | 1500000 | &nbsp;&nbsp; 1406668 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2030 | 1000000 | &nbsp;&nbsp; 1019352 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2036 | 3000000 | &nbsp;&nbsp; 3054599 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2037 | 1000000 | &nbsp;&nbsp; 1017165 |
|  |  |  |  | &nbsp;&nbsp; **8443032** |
| **Health revenue: 1.35%** |  |  |  |  |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2035 | 450000 | &nbsp;&nbsp; 441418 |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2036 | 900000 | &nbsp;&nbsp; 875783 |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2037 | 2285000 | &nbsp;&nbsp; 2205264 |
| &nbsp;&nbsp; General Authority of Southcentral Pennsylvania WellSpan Health <br> Obligated Group Series E (U.S. Bank N.A. SPA)ø<br>| 3.70 | &nbsp;&nbsp; 6-1-2035 | 2050000 | &nbsp;&nbsp; 2050000 |
| &nbsp;&nbsp; Northampton County General Purpose Authority St. Luke's Hospital <br> Obligated Group Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-15-2049 | 3645000 | &nbsp;&nbsp; 3610947 |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 4.00 | &nbsp;&nbsp; 4-15-2045 | 1000000 | &nbsp;&nbsp; 874480 |
|  |  |  |  | &nbsp;&nbsp; **10057892** |
| **Housing revenue: 2.48%** |  |  |  |  |
| &nbsp;&nbsp; Chester County IDA University Student Housing LLC Series A (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2048 | 2500000 | &nbsp;&nbsp; 2156233 |
| Pennsylvania EDFA Bridges Finco LP | 5.00 | &nbsp;&nbsp; 12-31-2034 | 5000000 | &nbsp;&nbsp; 5016818 |
| &nbsp;&nbsp; Pennsylvania EDFA Commonwealth of Pennsylvania Motor License <br> Fund AMT<br>| 5.25 | &nbsp;&nbsp; 6-30-2053 | 3430000 | &nbsp;&nbsp; 3430711 |
| Pennsylvania Housing Finance Agency | 4.45 | &nbsp;&nbsp; 10-1-2044 | 1000000 | &nbsp;&nbsp; 963225 |
| Philadelphia Municipal Authority | 5.00 | &nbsp;&nbsp; 4-1-2033 | 2355000 | &nbsp;&nbsp; 2408066 |
| State Public School Building Authority School District of Philadelphia | 5.00 | &nbsp;&nbsp; 6-1-2036 | 4525000 | &nbsp;&nbsp; 4538457 |
|  |  |  |  | &nbsp;&nbsp; **18513510** |
| **Miscellaneous revenue: 0.20%** |  |  |  |  |
| Philadelphia IDA | 5.00 | &nbsp;&nbsp; 12-1-2037 | 1500000 | &nbsp;&nbsp; **1528976** |
| **Tax revenue: 0.14%** |  |  |  |  |
| Southeastern Pennsylvania Transportation Authority | 5.25 | &nbsp;&nbsp; 6-1-2047 | 1000000 | &nbsp;&nbsp; **1036494** |
| **Tobacco revenue: 0.13%** |  |  |  |  |
| Commonwealth Financing Authority (AG Insured) | 4.00 | &nbsp;&nbsp; 6-1-2039 | 1000000 | &nbsp;&nbsp; **934209** |
| **Transportation revenue: 0.78%** |  |  |  |  |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2041 | 1500000 | &nbsp;&nbsp; 1403058 |

---

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

18 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue**(continued) |  |  |  |  |
| Pennsylvania EDFA Parking System Revenue Series A (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2038 | $1360000 | &nbsp;&nbsp; $1412571 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 12-1-2043 | 1115000 | &nbsp;&nbsp; 1121653 |
| Pennsylvania Turnpike Commission Series A | 4.00 | &nbsp;&nbsp; 12-1-2045 | 1000000 | &nbsp;&nbsp; 901979 |
| Pennsylvania Turnpike Commission Series A-1 | 5.00 | &nbsp;&nbsp; 12-1-2047 | 1000000 | &nbsp;&nbsp; 1002654 |
|  |  |  |  | &nbsp;&nbsp; **5841915** |
|  |  |  |  | &nbsp;&nbsp; **59801123** |
| **South Carolina: 0.02%** |  |  |  |  |
| **Resource recovery revenue: 0.02%** |  |  |  |  |
| South Carolina Jobs-EDA RePower South Berkeley LLC† | 8.00 | &nbsp;&nbsp; 12-6-2029 | 115000 | &nbsp;&nbsp; 92000 |
| South Carolina Jobs-EDA RePower South Berkeley LLC AMT144A♦‡† | 6.00 | &nbsp;&nbsp; 2-1-2035 | 1500000 | &nbsp;&nbsp; 75000 |
|  |  |  |  | &nbsp;&nbsp; **167000** |
| **Tennessee: 0.72%** |  |  |  |  |
| **Health revenue: 0.34%** |  |  |  |  |
| &nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board Erlanger <br> Health Obligated Group<br>| 5.25 | &nbsp;&nbsp; 12-1-2049 | 2500000 | &nbsp;&nbsp; **2513844** |
| **Housing revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Knox County Health Educational & Housing Facility Board Provident <br> Group - UTK Properties LLC Series A-1 (BAM Insured)<br>| 5.50 | &nbsp;&nbsp; 7-1-2059 | 1750000 | &nbsp;&nbsp; **1786228** |
| **Utilities revenue: 0.14%** |  |  |  |  |
| Tennergy Corp. Series Aøø | 5.50 | &nbsp;&nbsp; 10-1-2053 | 1000000 | &nbsp;&nbsp; **1049563** |
|  |  |  |  | &nbsp;&nbsp; **5349635** |
| **Texas: 5.64%** |  |  |  |  |
| **Airport revenue: 0.95%** |  |  |  |  |
| City of Austin Airport System Revenue AMT | 5.00 | &nbsp;&nbsp; 11-15-2044 | 2500000 | &nbsp;&nbsp; 2483633 |
| Dallas Fort Worth International Airport Series B | 4.00 | &nbsp;&nbsp; 11-1-2045 | 2400000 | &nbsp;&nbsp; 2192779 |
| Port Authority of Houston of Harris County | 4.00 | &nbsp;&nbsp; 10-1-2039 | 2500000 | &nbsp;&nbsp; 2397864 |
|  |  |  |  | &nbsp;&nbsp; **7074276** |
| **Education revenue: 1.56%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 4.75 | &nbsp;&nbsp; 6-15-2049 | 915000 | &nbsp;&nbsp; 819387 |
| Arlington Higher Education Finance Corp. Leadership Prep School | 4.25 | &nbsp;&nbsp; 6-15-2059 | 1100000 | &nbsp;&nbsp; 975607 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. LTTS Charter School, Inc. <br> Series A<br>| 7.13 | &nbsp;&nbsp; 3-1-2044 | 1250000 | &nbsp;&nbsp; 1227231 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. School of Excellence in <br> Education Series A144A<br>| 6.00 | &nbsp;&nbsp; 2-15-2042 | 250000 | &nbsp;&nbsp; 238920 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. International Leadership of <br> Texas, Inc. Series A<br>| 5.50 | &nbsp;&nbsp; 8-15-2035 | 2000000 | &nbsp;&nbsp; 2005687 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. International Leadership of <br> Texas, Inc. Series A<br>| 5.75 | &nbsp;&nbsp; 8-15-2038 | 1000000 | &nbsp;&nbsp; 1003144 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. International Leadership of <br> Texas, Inc. Series D<br>| 6.00 | &nbsp;&nbsp; 8-15-2038 | 2500000 | &nbsp;&nbsp; 2508519 |

---

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

Allspring Managed Account \| 19

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. International Leadership of <br> Texas, Inc. Series D<br>| 6.13<br> %<br>| &nbsp;&nbsp; 8-15-2048 | $2250000 | &nbsp;&nbsp; $2258006 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. Valor Texas Education <br> Foundation Series A144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2048 | 650000 | &nbsp;&nbsp; 610732 |
|  |  |  |  | &nbsp;&nbsp; **11647233** |
| **GO revenue: 1.62%** |  |  |  |  |
| City of Palestine (AG Insured) | 4.00 | &nbsp;&nbsp; 2-15-2051 | 3625000 | &nbsp;&nbsp; 3055523 |
| City of Port Isabel144A | 5.10 | &nbsp;&nbsp; 2-15-2049 | 445000 | &nbsp;&nbsp; 412682 |
| City of Waco Series A | 5.00 | &nbsp;&nbsp; 2-1-2049 | 850000 | &nbsp;&nbsp; 864408 |
| Waller Consolidated Independent School District (BAM Insured)## | 5.00 | &nbsp;&nbsp; 2-15-2045 | 7610000 | &nbsp;&nbsp; 7810793 |
|  |  |  |  | &nbsp;&nbsp; **12143406** |
| **Health revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Greater Texas Cultural Education Facilities Finance Corp. Texas <br> Biomedical Research Institute Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2041 | 1310000 | &nbsp;&nbsp; **1322567** |
| **Industrial development revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2039 | 1000000 | &nbsp;&nbsp; **955484** |
| **Resource recovery revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Bø<br>| 4.00 | &nbsp;&nbsp; 4-1-2040 | 2000000 | &nbsp;&nbsp; **2000000** |
| **Tax revenue: 0.24%** |  |  |  |  |
| City of Dallas Fair Park Venue Project144Aøø | 6.25 | &nbsp;&nbsp; 8-15-2053 | 730000 | &nbsp;&nbsp; 730226 |
| &nbsp;&nbsp; Old Spanish Trail-Alemda Corridors RDA City of Houston <br> Reinvestment Zone No. 7 (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 9-1-2035 | 1070000 | &nbsp;&nbsp; 1045404 |
|  |  |  |  | &nbsp;&nbsp; **1775630** |
| **Transportation revenue: 0.53%** |  |  |  |  |
| Central Texas Regional Mobility Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2049 | 1000000 | &nbsp;&nbsp; 1005019 |
| Central Texas Regional Mobility Authority Series B | 4.00 | &nbsp;&nbsp; 1-1-2038 | 550000 | &nbsp;&nbsp; 538344 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 4.00 | &nbsp;&nbsp; 12-31-2037 | 2500000 | &nbsp;&nbsp; 2413931 |
|  |  |  |  | &nbsp;&nbsp; **3957294** |
| **Water & sewer revenue: 0.17%** |  |  |  |  |
| Upper Trinity Regional Water District (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2028 | 750000 | &nbsp;&nbsp; 758261 |
| Upper Trinity Regional Water District (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2029 | 500000 | &nbsp;&nbsp; 505354 |
|  |  |  |  | &nbsp;&nbsp; **1263615** |
|  |  |  |  | &nbsp;&nbsp; **42139505** |
| **Utah: 2.02%** |  |  |  |  |
| **Airport revenue: 0.48%** |  |  |  |  |
| City of Salt Lake City Airport Revenue Series A AMT | 5.25 | &nbsp;&nbsp; 7-1-2048 | 2575000 | &nbsp;&nbsp; 2590427 |
| City of Salt Lake City Airport Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2043 | 1000000 | &nbsp;&nbsp; 1003748 |
|  |  |  |  | &nbsp;&nbsp; **3594175** |

---

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

20 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.90%** |  |  |  |  |
| &nbsp;&nbsp; Utah Charter School Finance Authority Early Light Academy, <br> Inc.144A<br>| 4.50<br> %<br>| &nbsp;&nbsp; 7-15-2027 | $175000 | &nbsp;&nbsp; $174091 |
| &nbsp;&nbsp; Utah Charter School Finance Authority Freedom Academy <br> Foundation144A<br>| 5.25 | &nbsp;&nbsp; 6-15-2037 | 3000000 | &nbsp;&nbsp; 2842035 |
| &nbsp;&nbsp; Utah Charter School Finance Authority Freedom Academy <br> Foundation144A<br>| 5.38 | &nbsp;&nbsp; 6-15-2048 | 1500000 | &nbsp;&nbsp; 1316235 |
| &nbsp;&nbsp; Utah Charter School Finance Authority Summit Academy, Inc. <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-15-2039 | 1550000 | &nbsp;&nbsp; 1574215 |
| &nbsp;&nbsp; Utah Charter School Finance Authority Wallace Stegner Academy <br> Series A144A<br>| 3.63 | &nbsp;&nbsp; 6-15-2029 | 200000 | &nbsp;&nbsp; 191485 |
| &nbsp;&nbsp; Utah Charter School Finance Authority Wallace Stegner Academy <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2039 | 675000 | &nbsp;&nbsp; 629935 |
|  |  |  |  | &nbsp;&nbsp; **6727996** |
| **Health revenue: 0.36%** |  |  |  |  |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2045 | 3000000 | &nbsp;&nbsp; **2672596** |
| **Housing revenue: 0.14%** |  |  |  |  |
| Utah Housing Corp. Series C (GNMA / FNMA / FHLMC Insured) | 6.00 | &nbsp;&nbsp; 7-1-2054 | 980000 | &nbsp;&nbsp; **1071327** |
| **Miscellaneous revenue: 0.14%** |  |  |  |  |
| Point Phase 1 Public Infrastructure District No. 1 Series A-1%% | 5.88 | &nbsp;&nbsp; 3-1-2045 | 1000000 | &nbsp;&nbsp; **1015942** |
|  |  |  |  | &nbsp;&nbsp; **15082036** |
| **Virginia: 0.38%** |  |  |  |  |
| **Health revenue: 0.32%** |  |  |  |  |
| Fairfax County IDA Inova Health System Obligated Group | 4.13 | &nbsp;&nbsp; 5-15-2054 | 1300000 | &nbsp;&nbsp; 1143545 |
| Fairfax County IDA Inova Health System Obligated Group | 5.00 | &nbsp;&nbsp; 5-15-2051 | 1000000 | &nbsp;&nbsp; 1022631 |
| Roanoke County EDA Friendship Foundationøø | 5.50 | &nbsp;&nbsp; 9-1-2058 | 230000 | &nbsp;&nbsp; 225351 |
|  |  |  |  | &nbsp;&nbsp; **2391527** |
| **Transportation revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Virginia Small Business Financing Authority 95 Express Lanes LLC <br> AMT<br>| 4.00 | &nbsp;&nbsp; 1-1-2040 | 500000 | &nbsp;&nbsp; **454376** |
|  |  |  |  | &nbsp;&nbsp; **2845903** |
| **Washington: 4.31%** |  |  |  |  |
| **Airport revenue: 1.68%** |  |  |  |  |
| Port of Seattle AMT | 4.00 | &nbsp;&nbsp; 4-1-2044 | 3500000 | &nbsp;&nbsp; 2997399 |
| Port of Seattle AMT | 5.00 | &nbsp;&nbsp; 4-1-2044 | 3000000 | &nbsp;&nbsp; 2967042 |
| Port of Seattle Series B AMT | 5.00 | &nbsp;&nbsp; 8-1-2047 | 1000000 | &nbsp;&nbsp; 993023 |
| Port of Seattle Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2049 | 4000000 | &nbsp;&nbsp; 4095935 |
| Port of Seattle Series C AMT | 5.00 | &nbsp;&nbsp; 8-1-2046 | 1500000 | &nbsp;&nbsp; 1477166 |
|  |  |  |  | &nbsp;&nbsp; **12530565** |
| **GO revenue: 1.29%** |  |  |  |  |
| Grant County Public Hospital District No. 2 | 5.00 | &nbsp;&nbsp; 12-1-2038 | 1500000 | &nbsp;&nbsp; 1502851 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2035 | 5500000 | &nbsp;&nbsp; 5595022 |

---

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

Allspring Managed Account \| 21

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| King County Public Hospital District No. 1 | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2036 | $475000 | &nbsp;&nbsp; $482812 |
| Port of Seattle Series B AMT | 5.00 | &nbsp;&nbsp; 6-1-2049 | 2000000 | &nbsp;&nbsp; 2023303 |
|  |  |  |  | &nbsp;&nbsp; **9603988** |
| **Health revenue: 1.34%** |  |  |  |  |
| Jefferson County Public Hospital District No. 2 Series A | 6.63 | &nbsp;&nbsp; 12-1-2043 | 2250000 | &nbsp;&nbsp; 2271239 |
| Skagit County Public Hospital District No. 1 | 5.50 | &nbsp;&nbsp; 12-1-2039 | 1000000 | &nbsp;&nbsp; 1053928 |
| Skagit County Public Hospital District No. 1 | 5.50 | &nbsp;&nbsp; 12-1-2043 | 1000000 | &nbsp;&nbsp; 1026594 |
| Skagit County Public Hospital District No. 1 | 5.50 | &nbsp;&nbsp; 12-1-2044 | 1000000 | &nbsp;&nbsp; 1023936 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson Cancer <br> Center<br>| 5.00 | &nbsp;&nbsp; 1-1-2029 | 1300000 | &nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson Cancer <br> Center Obligated Group<br>| 5.00 | &nbsp;&nbsp; 9-1-2036 | 365000 | &nbsp;&nbsp; 384408 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson Cancer <br> Center Obligated Group<br>| 5.00 | &nbsp;&nbsp; 9-1-2037 | 670000 | &nbsp;&nbsp; 700520 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Seattle Children's <br> Hospital Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2045 | 2500000 | &nbsp;&nbsp; 2260152 |
|  |  |  |  | &nbsp;&nbsp; **10020777** |
|  |  |  |  | &nbsp;&nbsp; **32155330** |
| **West Virginia: 0.19%** |  |  |  |  |
| **Housing revenue: 0.19%** |  |  |  |  |
| West Virginia Housing Development Fund Series A | 4.40 | &nbsp;&nbsp; 11-1-2044 | 1500000 | &nbsp;&nbsp; **1419564** |
| **Wisconsin: 5.87%** |  |  |  |  |
| **Airport revenue: 0.34%** |  |  |  |  |
| PFA Transportation Infrastructure Purpose Obligated Group Series C | 5.00 | &nbsp;&nbsp; 7-1-2042 | 2585000 | &nbsp;&nbsp; **2554465** |
| **Education revenue: 2.07%** |  |  |  |  |
| PFA Carolina International School Series A144A | 7.20 | &nbsp;&nbsp; 8-1-2048 | 1000000 | &nbsp;&nbsp; 1000694 |
| PFA Contemporary Science Center, Inc. Series A144A | 4.38 | &nbsp;&nbsp; 7-1-2025 | 80000 | &nbsp;&nbsp; 80000 |
| PFA Contemporary Science Center, Inc. Series A144A | 5.38 | &nbsp;&nbsp; 7-1-2035 | 1730000 | &nbsp;&nbsp; 1730119 |
| PFA Contemporary Science Center, Inc. Series A144A | 5.63 | &nbsp;&nbsp; 7-1-2045 | 1790000 | &nbsp;&nbsp; 1751438 |
| PFA Estancia Valley Classical Academy Series A144A | 4.00 | &nbsp;&nbsp; 7-1-2041 | 3895000 | &nbsp;&nbsp; 2954369 |
| PFA Founders Academy of Las Vegas Series A144A | 6.38 | &nbsp;&nbsp; 7-1-2043 | 300000 | &nbsp;&nbsp; 302875 |
| PFA Founders Academy of Las Vegas Series A144A | 6.63 | &nbsp;&nbsp; 7-1-2053 | 600000 | &nbsp;&nbsp; 605565 |
| PFA Mater Academy of Nevada Series A144A | 5.00 | &nbsp;&nbsp; 12-15-2044 | 690000 | &nbsp;&nbsp; 627837 |
| PFA Pine Lake Preparatory, Inc.144A | 4.95 | &nbsp;&nbsp; 3-1-2030 | 1370000 | &nbsp;&nbsp; 1370476 |
| PFA University of Kansas | 5.00 | &nbsp;&nbsp; 3-1-2046 | 5000000 | &nbsp;&nbsp; 5015604 |
|  |  |  |  | &nbsp;&nbsp; **15438977** |
| **Health revenue: 1.35%** |  |  |  |  |
| Wisconsin HEFA Ascension Health Credit Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 980000 | &nbsp;&nbsp; 917474 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2037 | 500000 | &nbsp;&nbsp; 529347 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2038 | 685000 | &nbsp;&nbsp; 719230 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series B | 5.25 | &nbsp;&nbsp; 12-1-2048 | 1000000 | &nbsp;&nbsp; 1020208 |
| Wisconsin HEFA Children's Hospital of Wisconsin Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2050 | 2145000 | &nbsp;&nbsp; 1823644 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 2-15-2034 | 700000 | &nbsp;&nbsp; 706039 |

---

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

22 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series A (AG Insured)<br>| 4.00<br> %<br>| &nbsp;&nbsp; 2-15-2035 | $500000 | &nbsp;&nbsp; $502838 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 2-15-2036 | 600000 | &nbsp;&nbsp; 601870 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 2-15-2037 | 550000 | &nbsp;&nbsp; 547507 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 1050000 | &nbsp;&nbsp; 1052636 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2038 | 750000 | &nbsp;&nbsp; 755280 |
| &nbsp;&nbsp; Wisconsin HEFA St. John's Communities, Inc. Obligated Group <br> Series B<br>| 4.00 | &nbsp;&nbsp; 9-15-2036 | 525000 | &nbsp;&nbsp; 490701 |
| &nbsp;&nbsp; Wisconsin HEFA St. John's Communities, Inc. Obligated Group <br> Series B<br>| 4.00 | &nbsp;&nbsp; 9-15-2041 | 510000 | &nbsp;&nbsp; 444867 |
|  |  |  |  | &nbsp;&nbsp; **10111641** |
| **Housing revenue: 0.31%** |  |  |  |  |
| PFA City of Boynton Beach | 5.00 | &nbsp;&nbsp; 7-1-2041 | 2280000 | &nbsp;&nbsp; **2307547** |
| **Industrial development revenue: 0.42%** |  |  |  |  |
| PFA Customer Facility Charge-SA LLC Series B144A | 5.50 | &nbsp;&nbsp; 2-1-2042 | 1500000 | &nbsp;&nbsp; 1522089 |
| PFA UNC Charlotte Marriott Hotel & Conference Center Series A144A | 4.00 | &nbsp;&nbsp; 9-1-2041 | 2000000 | &nbsp;&nbsp; 1578830 |
|  |  |  |  | &nbsp;&nbsp; **3100919** |
| **Miscellaneous revenue: 0.38%** |  |  |  |  |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2045 | 5000000 | &nbsp;&nbsp; 1828600 |
| &nbsp;&nbsp; Wisconsin HEFA Forensic Science & Protective Medicine <br> Collaboration, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 1000000 | &nbsp;&nbsp; 1015067 |
|  |  |  |  | &nbsp;&nbsp; **2843667** |
| **Tax revenue: 1.00%** |  |  |  |  |
| Village of Mount Pleasant Tax Increment District No. 5 Series A | 5.00 | &nbsp;&nbsp; 4-1-2043 | 5000000 | &nbsp;&nbsp; 5067750 |
| Village of Mount Pleasant Tax Increment District No. 5 Series A | 5.00 | &nbsp;&nbsp; 4-1-2048 | 2090000 | &nbsp;&nbsp; 2090805 |
| &nbsp;&nbsp; Village of Mount Pleasant Tax Increment District No. 5 Series A (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 4-1-2048 | 330000 | &nbsp;&nbsp; 330967 |
|  |  |  |  | &nbsp;&nbsp; **7489522** |
|  |  |  |  | &nbsp;&nbsp; **43846738** |
| **Total municipal obligations (Cost $776,522,207)** |  |  |  | &nbsp;&nbsp; **740030993** |

---

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

Allspring Managed Account \| 23

------

Portfolio of investments—June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 0.20%** |  |  |  |  |
| **Investment companies: 0.20%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.26<br> %<br>| 1458220 | &nbsp;&nbsp; **$1458220** |
| **Total short-term investments (Cost $1,458,220)** |  |  |  | &nbsp;&nbsp; **1458220** |
| **Total investments in securities (Cost $777,980,427)** | 99.32<br> %<br>|  |  | &nbsp;&nbsp; 741489213 |
| Other assets and liabilities, net | 0.68 |  |  | &nbsp;&nbsp; 5088244 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$746577457** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| %% | The security is purchased on a when-issued basis. |
| † | Non-income-earning security |
| ♦ | The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| ‡ | Security is valued using significant unobservable inputs. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| CAB | Capital appreciation bond |
| CHF | Collegiate Housing Foundation |
| COP | Certificate of participation |
| ECFA | Educational & Cultural Facilities Authority |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| HFA | Housing Finance Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| NTO | New Terminal One |
| PFA | Public Finance Authority |
| RDA | Redevelopment Authority |
| SPA | Standby purchase agreement |
| TTFA | Transportation Trust Fund Authority |

---

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

24 \| Allspring Managed Account

------

Portfolio of investments—June 30, 2025 (unaudited)

**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<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $668857 | $68103292 | $(67313929)<br>| $0 | $0 | $1458220 | 1458220 | $43794 |

---

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

Allspring Managed Account \| 25

------

Statement of assets and liabilities—June 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $776,522,207) | $740030993 |
| Investments in affiliated securities, at value (cost $1,458,220) | 1458220 |
| Cash | 1134856 |
| Receivable for interest | 9416124 |
| Receivable for investments sold | 280000 |
| Receivable for Fund shares sold | 196377 |
| Receivable from manager | 3635 |
| **Total assets** | **752520205** |
| Liabilities |  |
| Payable for when-issued transactions | 3000000 |
| Dividends payable | 2531714 |
| Payable for Fund shares redeemed | 399436 |
| Accrued expenses and other liabilities | 11598 |
| **Total liabilities** | **5942748** |
| **Total net assets**  | **$746577457** |
| Net assets consist of |  |
| Paid-in capital | $813527456 |
| Total distributable loss | (66949999)<br>|
| **Total net assets** | **$746577457** |
| Computation of net asset value per share |  |
| Net assets | $746577457 |
| Shares outstanding<sup>1</sup> <br>| 68065100 |
| Net asset value per share | $10.97 |

---

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

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

26 \| Allspring Managed Account

------

Statement of operations—six months ended June 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $15250393 |
| Income from affiliated securities | 43794 |
| **Total investment income** | **15294187** |
| Expenses |  |
| Custody and accounting fees | 13252 |
| Professional fees | 899 |
| Registration fees | 40997 |
| Shareholder report expenses | 8326 |
| Trustees' fees and expenses | 7315 |
| Other fees and expenses | 10304 |
| **Total expenses** | **81093** |
| Less: Fee waivers and/or expense reimbursements | (81093)<br>|
| **Net expenses** | **0** |
| **Net investment income** | **15294187** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments** | **(543251)**<br>|
| **Net change in unrealized gains (losses) on investments** | **(17047772)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(17591023)**<br>|
| **Net decrease in net assets resulting from operations** | **$(2296836)**<br>|

---

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

Allspring Managed Account \| 27

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> June 30, 2025<br> (unaudited) | <br>Six months ended<br> June 30, 2025<br> (unaudited) | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $15294187 |  | &nbsp;&nbsp; $30123462 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; (543251)<br>|  | &nbsp;&nbsp; 413595 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (17047772)<br>|  | &nbsp;&nbsp; (4272470)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(2296836)**<br>|  | &nbsp;&nbsp; **26264587** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  | &nbsp;&nbsp; (15385620)<br>|  | &nbsp;&nbsp; (30246130)<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold | 10937953 | &nbsp;&nbsp; 121299924 | &nbsp;&nbsp; 27344942 | &nbsp;&nbsp; 308349440 |
| Payment for shares redeemed | (10779919)<br>| &nbsp;&nbsp; (119371431)<br>| &nbsp;&nbsp; (17532570)<br>| &nbsp;&nbsp; (197763355)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **1928493** |  | &nbsp;&nbsp; **110586085** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(15753963)**<br>|  | &nbsp;&nbsp; **106604542** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **762331420** |  | &nbsp;&nbsp; **655726878** |
| **End of period** |  | &nbsp;&nbsp; **$746577457** |  | &nbsp;&nbsp; **$762331420** |

---

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

28 \| Allspring Managed Account

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>June 30, 2025 <br>(unaudited) | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
|  | Six months ended <br>June 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$11.23** | &nbsp;&nbsp; **$11.29** | &nbsp;&nbsp; **$10.99** | &nbsp;&nbsp; **$12.42** | &nbsp;&nbsp; **$12.47** | &nbsp;&nbsp; **$12.36** |
| Net investment income | 0.22 <br><sup>1</sup><br>| 0.45 <br><sup>1</sup><br>| 0.42 <br><sup>1</sup><br>| 0.39 | 0.39 | 0.40 |
| Net realized and unrealized gains (losses) on investments | (0.26)<br>| &nbsp;&nbsp; (0.06)<br>| 0.30 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (0.05)<br>| 0.11 |
| Total from investment operations | (0.04)<br>| 0.39 | 0.72 | &nbsp;&nbsp; (1.04)<br>| 0.34 | 0.51 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.22)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.40)<br>|
| **Net asset value, end of period** | **$10.97** | &nbsp;&nbsp; **$11.23** | &nbsp;&nbsp; **$11.29** | &nbsp;&nbsp; **$10.99** | &nbsp;&nbsp; **$12.42** | &nbsp;&nbsp; **$12.47** |
| **Total return**<sup>2</sup> <br>| **(0.31)%**<br>| **3.50%**<br>| **6.74%**<br>| &nbsp;&nbsp; **(8.37)%**<br>| **2.73%**<br>| **4.19%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.02<br> %<br>| 0.05<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.02<br> %<br>| 0.03<br> %<br>|
| Net expenses | 0.00 %<sup>3</sup><br>| 0.00 %<sup>3</sup><br>| 0.00 %<sup>3</sup><br>| 0.00 %<sup>3</sup><br>| 0.00 %<sup>3</sup><br>| 0.00 %<sup>3</sup><br>|
| Net investment income | 4.09<br> %<br>| 3.96<br> %<br>| 3.82<br> %<br>| 3.47<br> %<br>| 3.10<br> %<br>| 3.23<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 3<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 19<br> %<br>|
| Net assets, end of period (000s omitted) | $746577 | &nbsp;&nbsp; $762331 | &nbsp;&nbsp; $655727 | &nbsp;&nbsp; $695152 | &nbsp;&nbsp; $888728 | &nbsp;&nbsp; $868571 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>3</sup> The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term. 

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

Allspring Managed Account \| 29

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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.

When-issued transactions

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

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 and on a specified date. The Fund 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 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 received 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.

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.

30 \| Allspring Managed Account

------

Notes to financial statements (unaudited)

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.

Interest earned on cash balances held at the custodian is recorded as interest income.

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

Federal and other taxes

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

The Fund's income and federal excise tax returns and all financial records supporting those returns for the 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 June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $778,293,119 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $2517039 |
| Gross unrealized losses | &nbsp;&nbsp; (39320945)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(36803906)**<br>|

---

As of December 31, 2024, the Fund had capital loss carryforwards which consisted of $13,109,216 in short-term capital losses and $16,501,184 in long-term capital losses.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $739955993 | &nbsp;&nbsp;&nbsp; $75000 | &nbsp;&nbsp;&nbsp; $740030993 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 1458220 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1458220 |
| **Total assets** | &nbsp;&nbsp; **$1458220** | &nbsp;&nbsp;&nbsp; **$739955993** | &nbsp;&nbsp;&nbsp; **$75000** | &nbsp;&nbsp;&nbsp; **$741489213** |

---

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

Allspring Managed Account \| 31

------

Notes to financial statements (unaudited)

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $1,500,000, $33,184,025 and $47,401 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended June 30, 2025.

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 June 30, 2025 were $21,411,799 and $26,526,973, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 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 based on the unused balance is allocated to each participating fund.

For the six months ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of June 30, 2025, Allspring Funds Management or one of its affiliates owned 29% of the Fund.

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.

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is

32 \| Allspring Managed Account

------

Notes to financial statements (unaudited)

defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Allspring Managed Account \| 33

------

Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, 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. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

34 \| Allspring Managed Account

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Managed Account \| 35

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Managed Account CoreBuilder® Shares – Series M (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the absence of compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

36 \| Allspring Managed Account

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board received and considered information regarding the "zero fee and expense" structure of the Fund. Specifically, the Board noted that the Fund's gross operating expense ratio and each of its various components, including management fees, administration fees, custody fees, Rule 12b-1 fees, and other fees, were zero. The Board also noted Allspring Funds Management's representations that the Fund is a special purpose mutual fund for use exclusively within Allspring Funds Management's separately managed account ("SMA") advisory business and, as such, Allspring Funds Management would assume and pay or reimburse the Fund under an Expense Assumption Agreement all of the ordinary operating expenses of the Fund, excluding portfolio transaction or other investment related costs, fees payable for services provided by the Fund's securities lending agent, interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. The Board further noted that Allspring Funds Management is paid a negotiated fee by each SMA sponsor, and that the fee level is identical for all sponsors of SMAs that invest in the Fund.

The Board noted that it had previously reviewed and considered the Fund's performance, including in the context of the Fund's role as part of a larger SMA portfolio. In light of the Fund's unique fee and distribution structure and special purpose of the Fund, the Board did not conduct a comparative fee review relative to a peer group or universe. The Board took into account the performance information, the fee and distribution structure, and special purpose of the Fund in deciding to re-approve the Advisory Agreements for the Fund.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered that the contractual investment management fee rate payable by the Fund to Allspring Funds Management for investment advisory services and fund administration services (the "Management Agreement Rate") was zero, and also reviewed and considered that the Fund's other expenses would normally be zero, because of Allspring Funds Management's commitment to assume and pay or reimburse all of the ordinary operating expenses of the Fund under an Expense Assumption Agreement. The Board also considered that the fee rate payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services was also zero, and that any sub-advisory fees would be paid from the fees Allspring Funds Management receives from SMA sponsors and not by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the absence of any compensation payable by the Fund to Allspring Funds Management pursuant to the Management Agreement and by Allspring Funds Management to the Sub-Adviser, in each case, was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

The Board acknowledged that Allspring Funds Management does not earn any fee revenue directly from the Fund, given its zero fee structure. Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

In light of the unique fee structure and special purpose of the Fund, the Board did not conduct an analysis of economies of scale in the context of reviewing the Fund's Advisory Agreements.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund.

The Board received and considered information about payments that Allspring Funds Management would receive from the SMA sponsors. The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized.

Allspring Managed Account \| 37

------

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the absence of any compensation payable by the Fund to Allspring Funds Management and by Allspring Funds Management to the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

38 \| Allspring Managed Account

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![](g898803img0137abab1.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

Attn: Managed Account Services

P.O. Box 1450

Milwaukee, WI 53201

Website: **allspringglobal.com**

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

![](g898803img9b42e2542.gif)

*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* ***1-888-877-9275*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS4901 06-25**

------

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

------

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u>

The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 13. PORTFOLIO MANAGERS OF</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u>

Not applicable.

<u>ITEM 15. 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 16. CONTROLS AND PROCEDURES</u> 

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

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during 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 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d898803dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d898803dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |

---

 <br> Date: August 22, 2025

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

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| Date: August 22, 2025 | Date: August 22, 2025 |
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |

---

 <br> Date: August 22, 2025

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g898803g0827085517991.jpg)

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

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Managed Account CoreBuilder<sup>®</sup> Shares - Series M;

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 control over financial reporting that occurred during 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 control 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 control over financial reporting.

---

| |
|:---|
|  Date: August 22, 2025 |
|  /s/ John Kenney |
|  John Kenney |
|  President (Principal Executive Officer) |
|  Allspring Funds Trust |

---

------

![LOGO](g898803g0827085517991.jpg)

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

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Managed Account CoreBuilder<sup>®</sup> Shares - Series M;

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 control over financial reporting that occurred during 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 control 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 control over financial reporting.

---

| |
|:---|
|  Date: August 22, 2025 |
|  /s/ Jeremy DePalma |
|  Jeremy DePalma |
|  Treasurer (Principal Financial Officer) |
|  Allspring Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g898803g0827085517991.jpg)

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended June 30, 2025 (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: August 22, 2025

---

| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Funds Trust |

---

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

------

![LOGO](g898803g0827085517991.jpg)

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended June 30, 2025 (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: August 22, 2025

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| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds 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.