# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-26-087797
**Filing Date:** 2026-3
**Character Count:** 169206
**Document Hash:** c6b6cd53a23804845398f157ec8b098b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-087797.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001193125-26-087797

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 26713065

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4255

**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-CSR

![LOGO](g46940g0227115608376.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### 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: December 31, 2025

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g46940i96a2b03e08036b999986.jpg)

Annual Shareholder Report

# December 31, 2025

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

# WFCMX
This annual shareholder report contains important information about Managed Account CoreBuilder<sup>®</sup> Shares - Series M for the period from January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
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% |

---

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.

## How did the Fund perform last year and what affected its performance?
The U.S. economy continued its resilience in 2025, with 4.3% growth in real gross domestic product and a 4.6% unemployment rate. Inflation remains above the Federal Reserve's (Fed's) target while cracks in the labor market make it more difficult to balance its dual mandate. Nevertheless, the Fed prioritized growth by lowering interest rates three times, totaling 0.75%. The Bloomberg Municipal Bond Index posted a 4.25% annual total return. The Bloomberg High Yield Municipal Index returned 2.46%.

The Fund underperformed its benchmark. Top contributors to relative performance included overweights to A-rated bonds and underweights to AAA-rated bonds; overweights to the industrial development revenue/pollution control revenue and transportation sectors; and underweights to the pre-refunded, electric, water and sewer, and special tax sectors. A modest overweight to shorter call bonds and our coupon stack were positive.

Detractors included duration and yield curve positioning; an underweight to bonds of 4 to 12 years, an overweight to bonds longer than 17 years; and an underweight to the state general obligation and housing sectors. Overall security selection modestly detracted.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g46940i71694627522430ed8fbd.jpg)

---

| | | |
|:---|:---|:---|
| | **Managed Account CoreBuilder<sup>®</sup> Shares - Series M** | **Bloomberg Municipal Bond Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $10069 | $10119 |
| **2/29/2016** | $10044 | $10135 |
| **3/31/2016** | $10113 | $10167 |
| **4/30/2016** | $10216 | $10242 |
| **5/31/2016** | $10250 | $10270 |
| **6/30/2016** | $10360 | $10433 |
| **7/31/2016** | $10360 | $10440 |
| **8/31/2016** | $10401 | $10454 |
| **9/30/2016** | $10384 | $10401 |
| **10/31/2016** | $10315 | $10292 |
| **11/30/2016** | $9836 | $9908 |
| **12/31/2016** | $9925 | $10025 |
| **1/31/2017** | $9954 | $10091 |
| **2/28/2017** | $10035 | $10161 |
| **3/31/2017** | $10082 | $10183 |
| **4/30/2017** | $10163 | $10257 |
| **5/31/2017** | $10315 | $10420 |
| **6/30/2017** | $10299 | $10382 |
| **7/31/2017** | $10398 | $10466 |
| **8/31/2017** | $10524 | $10546 |
| **9/30/2017** | $10508 | $10492 |
| **10/31/2017** | $10537 | $10518 |
| **11/30/2017** | $10512 | $10462 |
| **12/31/2017** | $10622 | $10571 |
| **1/31/2018** | $10527 | $10447 |
| **2/28/2018** | $10514 | $10415 |
| **3/31/2018** | $10563 | $10454 |
| **4/30/2018** | $10559 | $10416 |
| **5/31/2018** | $10700 | $10536 |
| **6/30/2018** | $10704 | $10545 |
| **7/31/2018** | $10745 | $10570 |
| **8/31/2018** | $10768 | $10597 |
| **9/30/2018** | $10718 | $10529 |
| **10/31/2018** | $10659 | $10464 |
| **11/30/2018** | $10766 | $10580 |
| **12/31/2018** | $10901 | $10707 |
| **1/31/2019** | $10989 | $10787 |
| **2/28/2019** | $11069 | $10845 |
| **3/31/2019** | $11260 | $11017 |
| **4/30/2019** | $11311 | $11058 |
| **5/31/2019** | $11474 | $11211 |
| **6/30/2019** | $11525 | $11252 |
| **7/31/2019** | $11613 | $11343 |
| **8/31/2019** | $11795 | $11521 |
| **9/30/2019** | $11723 | $11429 |
| **10/31/2019** | $11736 | $11450 |
| **11/30/2019** | $11778 | $11478 |
| **12/31/2019** | $11819 | $11513 |
| **1/31/2020** | $12033 | $11720 |
| **2/29/2020** | $12209 | $11871 |
| **3/31/2020** | $11511 | $11441 |
| **4/30/2020** | $11321 | $11297 |
| **5/31/2020** | $11651 | $11656 |
| **6/30/2020** | $11819 | $11752 |
| **7/31/2020** | $12016 | $11950 |
| **8/31/2020** | $12018 | $11894 |
| **9/30/2020** | $12031 | $11897 |
| **10/31/2020** | $12014 | $11861 |
| **11/30/2020** | $12203 | $12040 |
| **12/31/2020** | $12314 | $12113 |
| **1/31/2021** | $12426 | $12191 |
| **2/28/2021** | $12230 | $11997 |
| **3/31/2021** | $12322 | $12071 |
| **4/30/2021** | $12445 | $12172 |
| **5/31/2021** | $12507 | $12208 |
| **6/30/2021** | $12559 | $12242 |
| **7/31/2021** | $12651 | $12344 |
| **8/31/2021** | $12623 | $12298 |
| **9/30/2021** | $12534 | $12209 |
| **10/31/2021** | $12526 | $12174 |
| **11/30/2021** | $12639 | $12277 |
| **12/31/2021** | $12651 | $12297 |
| **1/31/2022** | $12348 | $11961 |
| **2/28/2022** | $12269 | $11918 |
| **3/31/2022** | $11923 | $11531 |
| **4/30/2022** | $11607 | $11212 |
| **5/31/2022** | $11734 | $11379 |
| **6/30/2022** | $11520 | $11193 |
| **7/31/2022** | $11801 | $11488 |
| **8/31/2022** | $11565 | $11237 |
| **9/30/2022** | $11182 | $10805 |
| **10/31/2022** | $11060 | $10715 |
| **11/30/2022** | $11578 | $11217 |
| **12/31/2022** | $11593 | $11249 |
| **1/31/2023** | $11902 | $11572 |
| **2/28/2023** | $11685 | $11310 |
| **3/31/2023** | $11891 | $11561 |
| **4/30/2023** | $11917 | $11535 |
| **5/31/2023** | $11848 | $11435 |
| **6/30/2023** | $11950 | $11549 |
| **7/31/2023** | $11987 | $11595 |
| **8/31/2023** | $11864 | $11428 |
| **9/30/2023** | $11567 | $11093 |
| **10/31/2023** | $11399 | $10999 |
| **11/30/2023** | $12092 | $11697 |
| **12/31/2023** | $12374 | $11969 |
| **1/31/2024** | $12392 | $11908 |
| **2/29/2024** | $12433 | $11923 |
| **3/31/2024** | $12463 | $11923 |
| **4/30/2024** | $12372 | $11775 |
| **5/31/2024** | $12380 | $11740 |
| **6/30/2024** | $12567 | $11920 |
| **7/31/2024** | $12675 | $12029 |
| **8/31/2024** | $12762 | $12124 |
| **9/30/2024** | $12895 | $12244 |
| **10/31/2024** | $12745 | $12065 |
| **11/30/2024** | $12935 | $12274 |
| **12/31/2024** | $12807 | $12095 |
| **1/31/2025** | $12838 | $12156 |
| **2/28/2025** | $12973 | $12276 |
| **3/31/2025** | $12787 | $12068 |
| **4/30/2025** | $12704 | $11971 |
| **5/31/2025** | $12666 | $11978 |
| **6/30/2025** | $12767 | $12053 |
| **7/31/2025** | $12706 | $12029 |
| **8/31/2025** | $12831 | $12133 |
| **9/30/2025** | $13133 | $12414 |
| **10/31/2025** | $13271 | $12568 |
| **11/30/2025** | $13315 | $12597 |
| **12/31/2025** | $13337 | $12608 |

---

# Managed Account CoreBuilder<sup>®</sup> Shares - Series M
Annual Shareholder Report \| December 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Managed Account CoreBuilder<sup>®</sup> Shares - Series M | 4.14 | 1.61 | 2.92 |
| Bloomberg Municipal Bond Index | 4.25 | 0.8 | 2.34 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $770913135 |
| # of portfolio holdings | 455 |
| Portfolio turnover rate | 11% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 1.6 |
| AA/Aa | 26.5 |
| A/A | 37.2 |
| BBB/Baa | 18.0 |
| BB/Ba | 4.6 |
| B | 0.1 |
| Not Rated | 12.0 |

---

---

| | |
|:---|:---|
| 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. |

---

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

---

| | |
|:---|:---|
| 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 | 1 |
| 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 |
| Jacksonville Port Authority Series B, 5.00%, 11-1-2044 | 0.7 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2035 | 0.7 |
| Chicago Transit Authority Sales Tax Receipts Fund Series A, 5.00%, 12-1-2049 | 0.7 |
| Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group Series C, 4.00%, 11-1-2034 | 0.7 |
| Southeast Energy Authority A Cooperative District Series E, 5.00%, 10-1-2030 | 0.7 |
| Kentucky Public Energy Authority Series C, 5.00%, 5-1-2036 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 15.6 |
| 1-3 years | 11.0 |
| 3-5 years | 15.4 |
| 5-10 years | 36.2 |
| 10-20 years | 16.4 |
| 20-30 years | 5.1 |
| 30+ years | 0.3 |

---

Significant fund changes

This is a summary of certain changes and planned changes to the Fund since January 1, 2025.

Effective November 1, 2025, Terry Goode was no longer a portfolio manager of the Fund.

## 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

#### AR4901 12-25

------

#### ITEM 2. CODE OF ETHICS
(a) As of the end of the period covered by the report, Allspring Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended<br>December 31, 2025** | **Fiscal year ended<br>December 31, 2024** |
|  Audit fees | $60260 | $58790 |
|  Audit-related fees |  |  |
|  Tax fees <sup>(1)</sup> |  | $2290 |
|  All other fees |  |  |
|  | $60260 | $61080 |

---

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

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

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

(e)(2) Not applicable.

------

(f) Not applicable.

(g) Not applicable.

(h) Not applicable.

(i) Not applicable.

(j) 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.

------

![](g46940img824284e31.jpg)

Allspring Managed Account

Allspring Managed Account *CoreBuilder®* Shares – Series M

Long Form Financial Statements

Annual Report

December 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_POI-PageBlank-9_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_FS-PageBlank-9_1)** |  |
| [Statement of assets and liabilities](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_FS-PageBlank-9_1) | 26 |
| [Statement of operations](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_FS-PageBlank-9_2) | 27 |
| [Statement of changes in net assets](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_FS-PageBlank-9_3) | 28 |
| [Financial highlights](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_FIHI-PageBlank-9_1) | 29 |
| **[Notes to financial statements](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_NTF-PageBlank-9_1)** | 30 |
| **[Report of independent registered public accounting firm](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_AUD-PageBlank-9_1)** | 34 |
| **[Other information](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_OI-PageBlank-9_1)** | 35 |
| [Item 8. Changes in and disagreements with accountants](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_OI-PageBlank-9_2) | 36 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_OI-PageBlank-9_2) | 36 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_OI-PageBlank-9_2) | 36 |
| [Item 11. Statement regarding basis for board](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_OI-PageBlank-9_2)['](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_OI-PageBlank-9_2)[s approval of investment](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_OI-PageBlank-9_2)<br> [advisory contract](#xx_7863935b-5495-4c0c-b307-8bc73d05530c_OI-PageBlank-9_2)<br>| 36 |

---

Allspring Managed Account \| 1

------

Portfolio of investments—December 31, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 99.04%** |  |  |  |  |
| **Alabama: 5.41%** |  |  |  |  |
| **Education revenue: 0.10%** |  |  |  |  |
| &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; **$801843** |
| **Health revenue: 0.55%** |  |  |  |  |
| Health Care Authority for Baptist Health Series A | 5.00 | &nbsp;&nbsp; 11-15-2033 | 3885000 | &nbsp;&nbsp; **4242141** |
| **Housing revenue: 0.20%** |  |  |  |  |
| Huntsville Public Building Authority | 5.00 | &nbsp;&nbsp; 2-1-2052 | 1500000 | &nbsp;&nbsp; **1534119** |
| **Utilities revenue: 4.56%** |  |  |  |  |
| Black Belt Energy Gas District Series Aøø | 5.25 | &nbsp;&nbsp; 5-1-2055 | 1000000 | &nbsp;&nbsp; 1086065 |
| Black Belt Energy Gas District Series B | 5.00 | &nbsp;&nbsp; 10-1-2035 | 5000000 | &nbsp;&nbsp; 5150065 |
| Black Belt Energy Gas District Series Eøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 1600000 | &nbsp;&nbsp; 1711033 |
| Southeast Alabama Gas Supply District Project No. 1 Series Aøø | 5.00 | &nbsp;&nbsp; 8-1-2054 | 3000000 | &nbsp;&nbsp; 3220525 |
| Southeast Alabama Gas Supply District Project No. 2øø | 5.00 | &nbsp;&nbsp; 6-1-2049 | 6000000 | &nbsp;&nbsp; 6437727 |
| &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; 1010111 |
| &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; 5268393 |
| &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; 1586064 |
| Southeast Energy Authority A Cooperative District Series Aøø | 5.00 | &nbsp;&nbsp; 1-1-2056 | 2000000 | &nbsp;&nbsp; 2083851 |
| Southeast Energy Authority A Cooperative District Series E | 5.00 | &nbsp;&nbsp; 10-1-2030 | 5000000 | &nbsp;&nbsp; 5371724 |
| Southeast Energy Authority A Cooperative District Series F | 5.25 | &nbsp;&nbsp; 11-1-2035 | 2000000 | &nbsp;&nbsp; 2235272 |
|  |  |  |  | &nbsp;&nbsp; **35160830** |
|  |  |  |  | &nbsp;&nbsp; **41738933** |
| **Alaska: 0.54%** |  |  |  |  |
| **Airport revenue: 0.17%** |  |  |  |  |
| Alaska Railroad Corp. AMT (AG Insured) | 5.50 | &nbsp;&nbsp; 10-1-2043 | 1200000 | &nbsp;&nbsp; **1296057** |
| **Health revenue: 0.37%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2039 | 1000000 | &nbsp;&nbsp; 985866 |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2032 | 1740000 | &nbsp;&nbsp; 1843717 |
|  |  |  |  | &nbsp;&nbsp; **2829583** |
|  |  |  |  | &nbsp;&nbsp; **4125640** |
| **Arizona: 2.62%** |  |  |  |  |
| **Education revenue: 1.98%** |  |  |  |  |
| Arizona IDA Candeo Schools Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2047 | 650000 | &nbsp;&nbsp; 570909 |
| Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | &nbsp;&nbsp; 7-1-2041 | 1000000 | &nbsp;&nbsp; 920036 |
| Glendale IDA Midwestern University Obligated Group | 5.00 | &nbsp;&nbsp; 5-15-2044 | 1625000 | &nbsp;&nbsp; 1716242 |
| &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; 1037520 |
| IDA of the County of Pima Noah Webster Schools-Mesa Series A | 6.75 | &nbsp;&nbsp; 12-15-2033 | 950000 | &nbsp;&nbsp; 951146 |

---

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

2 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| IDA of the County of Pima Paideia Academies, Inc.144A | 6.00<br> %<br>| &nbsp;&nbsp; 7-1-2035 | $1475000 | &nbsp;&nbsp; $1475687 |
| IDA of the County of Pima Paideia Academies, Inc.144A | 6.13 | &nbsp;&nbsp; 7-1-2045 | 2000000 | &nbsp;&nbsp; 1974863 |
| La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 4.90 | &nbsp;&nbsp; 6-15-2028 | 645000 | &nbsp;&nbsp; 639359 |
| La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 5.75 | &nbsp;&nbsp; 6-15-2038 | 1000000 | &nbsp;&nbsp; 998463 |
| La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 5.88 | &nbsp;&nbsp; 6-15-2048 | 500000 | &nbsp;&nbsp; 468018 |
| Maricopa County IDA Horizon Community Learning Center, Inc. | 5.00 | &nbsp;&nbsp; 7-1-2035 | 3000000 | &nbsp;&nbsp; 3009113 |
| Sierra Vista IDA American Leadership Academy, Inc.144A | 5.00 | &nbsp;&nbsp; 6-15-2044 | 500000 | &nbsp;&nbsp; 474382 |
| Sierra Vista IDA Wake Preparatory Academy | 6.25 | &nbsp;&nbsp; 6-15-2045 | 1000000 | &nbsp;&nbsp; 1020628 |
|  |  |  |  | &nbsp;&nbsp; **15256366** |
| **Health revenue: 0.13%** |  |  |  |  |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2030 | 495000 | &nbsp;&nbsp; 497576 |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2031 | 470000 | &nbsp;&nbsp; 472280 |
|  |  |  |  | &nbsp;&nbsp; **969856** |
| **Industrial development revenue: 0.22%** |  |  |  |  |
| Chandler IDA Intel Corp. AMTøø | 4.00 | &nbsp;&nbsp; 6-1-2049 | 1285000 | &nbsp;&nbsp; 1302729 |
| &nbsp;&nbsp; Maricopa County Pollution Control Corp. Southern California Edison <br> Co.<br>| 2.40 | &nbsp;&nbsp; 6-1-2035 | 500000 | &nbsp;&nbsp; 427268 |
|  |  |  |  | &nbsp;&nbsp; **1729997** |
| **Utilities revenue: 0.29%** |  |  |  |  |
| Salt Verde Financial Corp. | 5.00 | &nbsp;&nbsp; 12-1-2032 | 2055000 | &nbsp;&nbsp; **2237354** |
|  |  |  |  | &nbsp;&nbsp; **20193573** |
| **California: 1.88%** |  |  |  |  |
| **Airport revenue: 0.76%** |  |  |  |  |
| City of Los Angeles Department of Airports Series G AMT | 5.25 | &nbsp;&nbsp; 5-15-2047 | 1000000 | &nbsp;&nbsp; 1038632 |
| Norman Y Mineta San Jose International Airport SJC Series A AMT | 5.00 | &nbsp;&nbsp; 3-1-2033 | 1695000 | &nbsp;&nbsp; 1840636 |
| Norman Y Mineta San Jose International Airport SJC Series A AMT | 5.00 | &nbsp;&nbsp; 3-1-2035 | 1000000 | &nbsp;&nbsp; 1015618 |
| &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; 2000701 |
|  |  |  |  | &nbsp;&nbsp; **5895587** |
| **Health revenue: 0.16%** |  |  |  |  |
| California HFFA Sutter Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2048 | 1200000 | &nbsp;&nbsp; **1209790** |
| **Housing revenue: 0.06%** |  |  |  |  |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 426754 | &nbsp;&nbsp; **437284** |
| **Transportation revenue: 0.26%** |  |  |  |  |
| Riverside County Transportation Commission Series B-1 | 4.00 | &nbsp;&nbsp; 6-1-2046 | 2250000 | &nbsp;&nbsp; **2038686** |
| **Utilities revenue: 0.64%** |  |  |  |  |
| California Community Choice Financing Authority Series Gøø | 5.00 | &nbsp;&nbsp; 11-1-2055 | 1000000 | &nbsp;&nbsp; 1040481 |

---

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

Allspring Managed Account \| 3

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| Central Valley Energy Authorityøø | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2055 | $1500000 | &nbsp;&nbsp; $1633942 |
| San Joaquin Valley Clean Energy Authority Series Aøø | 5.50 | &nbsp;&nbsp; 1-1-2056 | 2000000 | &nbsp;&nbsp; 2257974 |
|  |  |  |  | &nbsp;&nbsp; **4932397** |
|  |  |  |  | &nbsp;&nbsp; **14513744** |
| **Colorado: 3.75%** |  |  |  |  |
| **Airport revenue: 0.17%** |  |  |  |  |
| City & County of Denver Airport System Revenue Series B | 5.25 | &nbsp;&nbsp; 11-15-2053 | 1250000 | &nbsp;&nbsp; **1316331** |
| **Education revenue: 0.04%** |  |  |  |  |
| Colorado ECFA Community Leadership Academy, Inc. | 7.00 | &nbsp;&nbsp; 8-1-2033 | 310000 | &nbsp;&nbsp; **310724** |
| **GO revenue: 1.38%** |  |  |  |  |
| Aviation Station North Metropolitan District No. 2 Series A | 5.00 | &nbsp;&nbsp; 12-1-2039 | 750000 | &nbsp;&nbsp; 753523 |
| Aviation Station North Metropolitan District No. 2 Series A | 5.00 | &nbsp;&nbsp; 12-1-2048 | 850000 | &nbsp;&nbsp; 837791 |
| Broadway Station Metropolitan District No. 3 Series A | 5.00 | &nbsp;&nbsp; 12-1-2039 | 748000 | &nbsp;&nbsp; 667072 |
| Canyons Metropolitan District No. 5 Series B | 6.50 | &nbsp;&nbsp; 12-15-2054 | 500000 | &nbsp;&nbsp; 498855 |
| Rampart Range Metropolitan District No. 5 | 4.00 | &nbsp;&nbsp; 12-1-2036 | 1000000 | &nbsp;&nbsp; 952303 |
| Southlands Metropolitan District No. 1 Series A-2 | 5.00 | &nbsp;&nbsp; 12-1-2047 | 650000 | &nbsp;&nbsp; 630669 |
| Thompson Crossing Metropolitan District No. 4 | 5.00 | &nbsp;&nbsp; 12-1-2039 | 1400000 | &nbsp;&nbsp; 1407912 |
| Weld County School District No. RE-4 | 5.00 | &nbsp;&nbsp; 12-1-2041 | 4500000 | &nbsp;&nbsp; 4881704 |
|  |  |  |  | &nbsp;&nbsp; **10629829** |
| **Health revenue: 1.01%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority AdventHealth Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2043 | 2000000 | &nbsp;&nbsp; 1886915 |
| &nbsp;&nbsp; Colorado Health Facilities Authority CommonSpirit Health Obligated <br> Group<br>| 5.50 | &nbsp;&nbsp; 11-1-2047 | 1000000 | &nbsp;&nbsp; 1051257 |
| &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; 3043644 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Intermountain Healthcare <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 5-15-2052 | 2000000 | &nbsp;&nbsp; 1827094 |
|  |  |  |  | &nbsp;&nbsp; **7808910** |
| **Industrial development revenue: 0.33%** |  |  |  |  |
| Denver Convention Center Hotel Authority | 5.00 | &nbsp;&nbsp; 12-1-2033 | 2500000 | &nbsp;&nbsp; **2527608** |
| **Miscellaneous revenue: 0.35%** |  |  |  |  |
| &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; 1209205 |
| Westminster Public Schools COP (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2048 | 1500000 | &nbsp;&nbsp; 1523569 |
|  |  |  |  | &nbsp;&nbsp; **2732774** |
| **Utilities revenue: 0.47%** |  |  |  |  |
| Public Authority for Colorado Energy | 6.50 | &nbsp;&nbsp; 11-15-2038 | 3000000 | &nbsp;&nbsp; **3622177** |
|  |  |  |  | &nbsp;&nbsp; **28948353** |

---

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

4 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Connecticut: 1.43%** |  |  |  |  |
| **Education revenue: 0.67%** |  |  |  |  |
| Connecticut State HEFA Fairfield University Series Q-1 | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2046 | $5130000 | &nbsp;&nbsp; **$5145354** |
| **GO revenue: 0.27%** |  |  |  |  |
| City of Bridgeport Series A | 5.00 | &nbsp;&nbsp; 6-1-2035 | 1000000 | &nbsp;&nbsp; 1081676 |
| Town of Hamden Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 8-1-2039 | 500000 | &nbsp;&nbsp; 508263 |
| Town of Hamden Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2035 | 500000 | &nbsp;&nbsp; 542113 |
|  |  |  |  | &nbsp;&nbsp; **2132052** |
| **Health revenue: 0.49%** |  |  |  |  |
| Connecticut State HEFA Nuvance Health Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2041 | 860000 | &nbsp;&nbsp; 833459 |
| Connecticut State HEFA Stamford Hospital Obligated Group Series M | 4.00 | &nbsp;&nbsp; 7-1-2040 | 2150000 | &nbsp;&nbsp; 2099047 |
| &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; 839290 |
|  |  |  |  | &nbsp;&nbsp; **3771796** |
|  |  |  |  | &nbsp;&nbsp; **11049202** |
| **District of Columbia: 0.34%** |  |  |  |  |
| **Airport revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2046 | 1500000 | &nbsp;&nbsp; 1529802 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.25 | &nbsp;&nbsp; 10-1-2048 | 715000 | &nbsp;&nbsp; 740844 |
|  |  |  |  | &nbsp;&nbsp; **2270646** |
| **Water & sewer revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Water & Sewer Authority Series B-2 (TD Bank N.A. <br> SPA)ø<br>| 2.50 | &nbsp;&nbsp; 10-1-2054 | 370000 | &nbsp;&nbsp; **370000** |
|  |  |  |  | &nbsp;&nbsp; **2640646** |
| **Florida: 9.57%** |  |  |  |  |
| **Airport revenue: 3.92%** |  |  |  |  |
| County of Broward Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2036 | 4500000 | &nbsp;&nbsp; 4503554 |
| County of Broward Port Facilities Revenue AMT | 5.50 | &nbsp;&nbsp; 9-1-2050 | 1000000 | &nbsp;&nbsp; 1061941 |
| County of Broward Port Facilities Revenue Series B AMT | 4.00 | &nbsp;&nbsp; 9-1-2037 | 7490000 | &nbsp;&nbsp; 7531919 |
| County of Miami-Dade Aviation Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2049 | 3000000 | &nbsp;&nbsp; 3015609 |
| County of Miami-Dade Seaport Department Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2052 | 3000000 | &nbsp;&nbsp; 3044585 |
| County of Miami-Dade Seaport Department Series B-1 AMT | 4.00 | &nbsp;&nbsp; 10-1-2046 | 1500000 | &nbsp;&nbsp; 1347247 |
| Greater Orlando Aviation Authority United Airlines, Inc. AMT | 5.25 | &nbsp;&nbsp; 11-1-2035 | 1250000 | &nbsp;&nbsp; 1335634 |
| Jacksonville Port Authority Series B | 5.00 | &nbsp;&nbsp; 11-1-2040 | 2625000 | &nbsp;&nbsp; 2728645 |
| Jacksonville Port Authority Series B | 5.00 | &nbsp;&nbsp; 11-1-2044 | 5500000 | &nbsp;&nbsp; 5638220 |
|  |  |  |  | &nbsp;&nbsp; **30207354** |
| **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; 1546843 |
| &nbsp;&nbsp; Capital Trust Authority Independence Classical Academy Obligated <br> Group Series A144A<br>| 7.00 | &nbsp;&nbsp; 6-15-2044 | 1000000 | &nbsp;&nbsp; 1011125 |

---

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

Allspring Managed Account \| 5

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Florida Development Finance Corp. Cornerstone Charter Academy, <br> Inc. Obligated Group144A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2042 | $500000 | &nbsp;&nbsp; $489778 |
| &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; 1280017 |
| Miami-Dade County IDA Youth Co-Op, Inc. Series A144A | 5.75 | &nbsp;&nbsp; 9-15-2035 | 1500000 | &nbsp;&nbsp; 1500827 |
|  |  |  |  | &nbsp;&nbsp; **5828590** |
| **Health revenue: 3.14%** |  |  |  |  |
| &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; 1500936 |
| City of Jacksonville Genesis Health, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 11-1-2045 | 1500000 | &nbsp;&nbsp; 1359852 |
| City of Tampa BayCare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 1750000 | &nbsp;&nbsp; 1554879 |
| &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; 242527 |
| &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; 489685 |
| &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; 270665 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2033 | 250000 | &nbsp;&nbsp; 269083 |
| &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; 508510 |
| &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; 506841 |
| &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; 4111865 |
| &nbsp;&nbsp; Florida Local Government Finance Commission Ponte Vedra Pine <br> Co. LLC Obligated Group Series B-3144A<br>| 4.20 | &nbsp;&nbsp; 11-15-2030 | 1000000 | &nbsp;&nbsp; 1006220 |
| Hillsborough County IDA BayCare Obligated Group Series C | 4.13 | &nbsp;&nbsp; 11-15-2051 | 2000000 | &nbsp;&nbsp; 1852625 |
| Holmes County Hospital Corp. | 6.00 | &nbsp;&nbsp; 11-1-2038 | 250000 | &nbsp;&nbsp; 215024 |
| Lee County IDA Shell Point Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2044 | 1000000 | &nbsp;&nbsp; 1004754 |
| Lee County IDA Shell Point Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2049 | 2000000 | &nbsp;&nbsp; 1969464 |
| Lee County IDA Shell Point Obligated Group Series A | 5.25 | &nbsp;&nbsp; 11-15-2054 | 2000000 | &nbsp;&nbsp; 2013837 |
| Lee County IDA Shell Point Obligated Group Series B-2 | 4.38 | &nbsp;&nbsp; 11-15-2029 | 775000 | &nbsp;&nbsp; 779092 |
| North Broward Hospital District Series B | 5.00 | &nbsp;&nbsp; 1-1-2048 | 1070000 | &nbsp;&nbsp; 1067160 |
| Sarasota County Public Hospital District Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2052 | 1250000 | &nbsp;&nbsp; 1267782 |
| South Broward Hospital District Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-1-2044 | 2440000 | &nbsp;&nbsp; 2229655 |
|  |  |  |  | &nbsp;&nbsp; **24220456** |
| **Miscellaneous revenue: 0.44%** |  |  |  |  |
| County of Broward Tourist Development Tax Revenue | 4.00 | &nbsp;&nbsp; 9-1-2047 | 1000000 | &nbsp;&nbsp; 901123 |
| &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; 968764 |
| &nbsp;&nbsp; Village Community Development District No. 16 Series 2025 Special <br> Assessment<br>| 4.88 | &nbsp;&nbsp; 5-1-2045 | 1500000 | &nbsp;&nbsp; 1503929 |
|  |  |  |  | &nbsp;&nbsp; **3373816** |

---

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

6 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Resource recovery revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Florida Development Finance Corp. GFL Solid Waste Southeast LLC <br> Series A AMT144Aøø<br>| 4.38<br> %<br>| &nbsp;&nbsp; 10-1-2054 | $1700000 | &nbsp;&nbsp; **$1719746** |
| **Transportation revenue: 0.66%** |  |  |  |  |
| County of Miami-Dade Rickenbacker Causeway Revenue | 5.00 | &nbsp;&nbsp; 10-1-2029 | 500000 | &nbsp;&nbsp; 500761 |
| County of Miami-Dade Rickenbacker Causeway Revenue | 5.00 | &nbsp;&nbsp; 10-1-2030 | 550000 | &nbsp;&nbsp; 550825 |
| Sunshine Skyway Bridge Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2037 | 4000000 | &nbsp;&nbsp; 4069523 |
|  |  |  |  | &nbsp;&nbsp; **5121109** |
| **Utilities revenue: 0.07%** |  |  |  |  |
| City of Lakeland Department of Electric Utilities | 5.00 | &nbsp;&nbsp; 10-1-2048 | 500000 | &nbsp;&nbsp; **540476** |
| **Water & sewer revenue: 0.36%** |  |  |  |  |
| County of Orange Water Utility System Revenue | 5.00 | &nbsp;&nbsp; 10-1-2040 | 1090000 | &nbsp;&nbsp; 1170242 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2038 | 1455000 | &nbsp;&nbsp; 1576605 |
|  |  |  |  | &nbsp;&nbsp; **2746847** |
|  |  |  |  | &nbsp;&nbsp; **73758394** |
| **Georgia: 4.50%** |  |  |  |  |
| **Airport revenue: 0.40%** |  |  |  |  |
| City of Atlanta Department of Aviation Series C AMT | 5.00 | &nbsp;&nbsp; 7-1-2048 | 3000000 | &nbsp;&nbsp; **3060293** |
| **Education revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Development Authority of Cobb County Northwest Classical <br> Academy, Inc. Series A144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2043 | 500000 | &nbsp;&nbsp; 503455 |
| &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; 901045 |
|  |  |  |  | &nbsp;&nbsp; **1404500** |
| **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; **1010723** |
| **Housing revenue: 0.34%** |  |  |  |  |
| Georgia HFA Series A | 4.70 | &nbsp;&nbsp; 12-1-2054 | 2600000 | &nbsp;&nbsp; **2600305** |
| **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; 50753 |
| &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; 949707 |
|  |  |  |  | &nbsp;&nbsp; **1000460** |
| **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; **1788813** |

---

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

Allspring Managed Account \| 7

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District Gulch <br> Area Series A144A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 4-1-2034 | $500000 | &nbsp;&nbsp; $510177 |
| &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; 515312 |
|  |  |  |  | &nbsp;&nbsp; **1025489** |
| **Utilities revenue: 2.96%** |  |  |  |  |
| Main Street Natural Gas, Inc. Series Aøø | 5.00 | &nbsp;&nbsp; 6-1-2053 | 5000000 | &nbsp;&nbsp; 5271299 |
| Main Street Natural Gas, Inc. Series Aøø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 1000000 | &nbsp;&nbsp; 1074379 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 7-1-2053 | 1000000 | &nbsp;&nbsp; 1055369 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 2500000 | &nbsp;&nbsp; 2661893 |
| Main Street Natural Gas, Inc. Series Cøø | 4.00 | &nbsp;&nbsp; 5-1-2052 | 1500000 | &nbsp;&nbsp; 1527777 |
| Main Street Natural Gas, Inc. Series Døø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 2000000 | &nbsp;&nbsp; 2116066 |
| Main Street Natural Gas, Inc. Series E-1øø | 5.00 | &nbsp;&nbsp; 12-1-2053 | 3000000 | &nbsp;&nbsp; 3210365 |
| &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; 833291 |
| &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; 4042750 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2044 | 1000000 | &nbsp;&nbsp; 1012826 |
|  |  |  |  | &nbsp;&nbsp; **22806015** |
|  |  |  |  | &nbsp;&nbsp; **34696598** |
| **Guam: 0.18%** |  |  |  |  |
| **Airport revenue: 0.05%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2036 | 370000 | &nbsp;&nbsp; **403982** |
| **Miscellaneous revenue: 0.13%** |  |  |  |  |
| Territory of Guam Series F | 4.00 | &nbsp;&nbsp; 1-1-2042 | 1000000 | &nbsp;&nbsp; **964159** |
|  |  |  |  | &nbsp;&nbsp; **1368141** |
| **Hawaii: 0.26%** |  |  |  |  |
| **Airport revenue: 0.26%** |  |  |  |  |
| State of Hawaii Airports System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2048 | 2000000 | &nbsp;&nbsp; **2013088** |
| **Idaho: 0.48%** |  |  |  |  |
| **Education revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Housing & Finance Association Arts Charter School, Inc. <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2036 | 800000 | &nbsp;&nbsp; 800226 |
| &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; 305297 |
|  |  |  |  | &nbsp;&nbsp; **1105523** |
| **Health revenue: 0.34%** |  |  |  |  |
| &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; **2606803** |
|  |  |  |  | &nbsp;&nbsp; **3712326** |

---

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

8 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Illinois: 9.94%** |  |  |  |  |
| **Airport revenue: 0.84%** |  |  |  |  |
| Chicago O'Hare International Airport Series A AMT | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2048 | $2000000 | &nbsp;&nbsp; $2000049 |
| Chicago O'Hare International Airport Series B | 4.00 | &nbsp;&nbsp; 1-1-2044 | 2000000 | &nbsp;&nbsp; 1864176 |
| &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; 508619 |
| &nbsp;&nbsp; Illinois Finance Authority Centerpoint Joliet Terminal Railroad LLC <br> AMT144Aøø<br>| 4.80 | &nbsp;&nbsp; 12-1-2043 | 2000000 | &nbsp;&nbsp; 2064469 |
|  |  |  |  | &nbsp;&nbsp; **6437313** |
| **Education revenue: 0.80%** |  |  |  |  |
| Illinois Finance Authority Chicago School - California, Inc. | 5.25 | &nbsp;&nbsp; 4-1-2041 | 1740000 | &nbsp;&nbsp; 1807808 |
| Illinois Finance Authority University of Chicago Series A | 5.25 | &nbsp;&nbsp; 5-15-2048 | 1475000 | &nbsp;&nbsp; 1547266 |
| Illinois Finance Authority Wesleyan University | 5.00 | &nbsp;&nbsp; 9-1-2036 | 2345000 | &nbsp;&nbsp; 2363544 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2031 | 450000 | &nbsp;&nbsp; 471996 |
|  |  |  |  | &nbsp;&nbsp; **6190614** |
| **GO revenue: 4.86%** |  |  |  |  |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.75 | &nbsp;&nbsp; 4-1-2048 | 1500000 | &nbsp;&nbsp; 1574212 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2035 | 4250000 | &nbsp;&nbsp; 4258817 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2038 | 4105000 | &nbsp;&nbsp; 4086550 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2042 | 2000000 | &nbsp;&nbsp; 1933996 |
| Chicago Board of Education Series D | 5.00 | &nbsp;&nbsp; 12-1-2046 | 4150000 | &nbsp;&nbsp; 3790833 |
| Chicago Board of Education Series H | 5.00 | &nbsp;&nbsp; 12-1-2036 | 1000000 | &nbsp;&nbsp; 989339 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2030 | 1000000 | &nbsp;&nbsp; 1000000 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2031 | 1000000 | &nbsp;&nbsp; 1000000 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2032 | 1225000 | &nbsp;&nbsp; 1225000 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2035 | 1000000 | &nbsp;&nbsp; 1000000 |
| Chicago Park District Series E | 5.00 | &nbsp;&nbsp; 11-15-2029 | 1735000 | &nbsp;&nbsp; 1756789 |
| City of Chicago CAB (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 1-1-2031 | 800000 | &nbsp;&nbsp; 673492 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2045 | 5000000 | &nbsp;&nbsp; 4737879 |
| City of Chicago Series A | 5.25 | &nbsp;&nbsp; 1-1-2045 | 1000000 | &nbsp;&nbsp; 976940 |
| City of Chicago Series E | 6.00 | &nbsp;&nbsp; 1-1-2042 | 1170000 | &nbsp;&nbsp; 1254605 |
| County of Will | 4.00 | &nbsp;&nbsp; 11-15-2047 | 1645000 | &nbsp;&nbsp; 1517169 |
| Metropolitan Water Reclamation District of Greater Chicago Series C | 5.00 | &nbsp;&nbsp; 12-1-2045 | 1000000 | &nbsp;&nbsp; 1002919 |
| &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; 996540 |
| &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; 444798 |
| &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; 1268891 |
| &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; 730987 |
| &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; 760547 |
| &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; 483448 |
|  |  |  |  | &nbsp;&nbsp; **37463751** |

---

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

Allspring Managed Account \| 9

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.94%** |  |  |  |  |
| Illinois Finance Authority Carle Foundation Obligated Group Series A | 4.00<br> %<br>| &nbsp;&nbsp; 8-15-2048 | $1750000 | &nbsp;&nbsp; $1568495 |
| &nbsp;&nbsp; Illinois Finance Authority OSF Healthcare System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2045 | 1750000 | &nbsp;&nbsp; 1749992 |
| &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; 3060020 |
| Illinois Finance Authority University of Illinois | 4.00 | &nbsp;&nbsp; 10-1-2050 | 1000000 | &nbsp;&nbsp; 864262 |
|  |  |  |  | &nbsp;&nbsp; **7242769** |
| **Housing revenue: 0.45%** |  |  |  |  |
| Illinois Sports Facilities Authority | 5.00 | &nbsp;&nbsp; 6-15-2029 | 1000000 | &nbsp;&nbsp; 1044782 |
| &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; 715053 |
| &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; 1746386 |
|  |  |  |  | &nbsp;&nbsp; **3506221** |
| **Tax revenue: 1.08%** |  |  |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund Series A | 5.00 | &nbsp;&nbsp; 12-1-2049 | 5360000 | &nbsp;&nbsp; 5553494 |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2037 | 1625000 | &nbsp;&nbsp; 1747025 |
| Sales Tax Securitization Corp. Series A | 4.00 | &nbsp;&nbsp; 1-1-2038 | 1000000 | &nbsp;&nbsp; 1002389 |
|  |  |  |  | &nbsp;&nbsp; **8302908** |
| **Transportation revenue: 0.70%** |  |  |  |  |
| Illinois State Toll Highway Authority Series A | 4.00 | &nbsp;&nbsp; 1-1-2046 | 2000000 | &nbsp;&nbsp; 1835980 |
| Illinois State Toll Highway Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2045 | 3450000 | &nbsp;&nbsp; 3567536 |
|  |  |  |  | &nbsp;&nbsp; **5403516** |
| **Water & sewer revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue Series A (AG <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 1-1-2048 | 1000000 | &nbsp;&nbsp; 1030946 |
| City of Chicago Waterworks Revenue Series 2017-2 (AG Insured) | 5.00 | &nbsp;&nbsp; 11-1-2037 | 1000000 | &nbsp;&nbsp; 1025172 |
|  |  |  |  | &nbsp;&nbsp; **2056118** |
|  |  |  |  | &nbsp;&nbsp; **76603210** |
| **Indiana: 1.32%** |  |  |  |  |
| **Education revenue: 0.19%** |  |  |  |  |
| Indiana Finance Authority DePauw University Series A | 5.00 | &nbsp;&nbsp; 7-1-2047 | 1500000 | &nbsp;&nbsp; **1477892** |
| **Health revenue: 0.70%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group <br> Series C<br>| 4.00 | &nbsp;&nbsp; 11-1-2034 | 5360000 | &nbsp;&nbsp; **5425272** |
| **Industrial development revenue: 0.43%** |  |  |  |  |
| City of Valparaiso Pratt Paper LLC AMT144A | 4.88 | &nbsp;&nbsp; 1-1-2044 | 2225000 | &nbsp;&nbsp; 2227493 |
| Indianapolis Local Public Improvement Bond Bank Series E | 5.75 | &nbsp;&nbsp; 3-1-2043 | 1000000 | &nbsp;&nbsp; 1059651 |
|  |  |  |  | &nbsp;&nbsp; **3287144** |
|  |  |  |  | &nbsp;&nbsp; **10190308** |

---

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

10 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Kansas: 0.90%** |  |  |  |  |
| **Tax revenue: 0.90%** |  |  |  |  |
| &nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Sales Tax <br> Revenue CAB144A¤<br>| 0.00<br> %<br>| &nbsp;&nbsp; 9-1-2034 | $12265000 | &nbsp;&nbsp; $**6939985** |
| **Kentucky: 1.91%** |  |  |  |  |
| **Health revenue: 0.54%** |  |  |  |  |
| County of Warren Bowling Green Community Hospital Corp. | 5.25 | &nbsp;&nbsp; 4-1-2054 | 3000000 | &nbsp;&nbsp; 3110014 |
| &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; 1090836 |
|  |  |  |  | &nbsp;&nbsp; **4200850** |
| **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; **2481979** |
| **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; **1209895** |
| **Utilities revenue: 0.89%** |  |  |  |  |
| Kentucky Public Energy Authority Series C | 5.00 | &nbsp;&nbsp; 5-1-2036 | 5000000 | &nbsp;&nbsp; 5310223 |
| Paducah Electric Plant Board Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2035 | 1510000 | &nbsp;&nbsp; 1525851 |
|  |  |  |  | &nbsp;&nbsp; **6836074** |
|  |  |  |  | &nbsp;&nbsp; **14728798** |
| **Louisiana: 0.98%** |  |  |  |  |
| **Airport revenue: 0.09%** |  |  |  |  |
| Port New Orleans Board of Commissioners Series E AMT | 5.00 | &nbsp;&nbsp; 4-1-2038 | 640000 | &nbsp;&nbsp; **665662** |
| **Industrial development revenue: 0.23%** |  |  |  |  |
| Parish of St. James NuStar Logistics LPøø | 3.70 | &nbsp;&nbsp; 8-1-2041 | 750000 | &nbsp;&nbsp; 759559 |
| Parish of St. John the Baptist Marathon Oil Corp. Series A-3øø | 2.20 | &nbsp;&nbsp; 6-1-2037 | 1000000 | &nbsp;&nbsp; 996849 |
|  |  |  |  | &nbsp;&nbsp; **1756408** |
| **Tax revenue: 0.27%** |  |  |  |  |
| Ernest N Morial New Orleans Exhibition Hall Authority | 5.25 | &nbsp;&nbsp; 7-15-2048 | 2000000 | &nbsp;&nbsp; **2067930** |
| **Transportation revenue: 0.13%** |  |  |  |  |
| Louisiana PFA Calcasieu Bridge Partners LLC AMT | 5.50 | &nbsp;&nbsp; 9-1-2054 | 1000000 | &nbsp;&nbsp; **1017347** |
| **Water & sewer revenue: 0.26%** |  |  |  |  |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2034 | 500000 | &nbsp;&nbsp; 514096 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2035 | 500000 | &nbsp;&nbsp; 512101 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2036 | 565000 | &nbsp;&nbsp; 577684 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2037 | 415000 | &nbsp;&nbsp; 422372 |
|  |  |  |  | &nbsp;&nbsp; **2026253** |
|  |  |  |  | &nbsp;&nbsp; **7533600** |

---

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

Allspring Managed Account \| 11

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Maryland: 1.63%** |  |  |  |  |
| **Airport revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. Air Cargo Obligated Group <br> AMT<br>| 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2039 | $1100000 | &nbsp;&nbsp; $1072276 |
| &nbsp;&nbsp; Maryland Economic Development Corp. Air Cargo Obligated Group <br> AMT<br>| 4.00 | &nbsp;&nbsp; 7-1-2044 | 750000 | &nbsp;&nbsp; 667881 |
| &nbsp;&nbsp; Maryland Economic Development Corp. Air Cargo Obligated Group <br> AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 220000 | &nbsp;&nbsp; 232474 |
|  |  |  |  | &nbsp;&nbsp; **1972631** |
| **Education revenue: 0.36%** |  |  |  |  |
| &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 | 2730000 | &nbsp;&nbsp; **2801074** |
| **GO revenue: 0.26%** |  |  |  |  |
| County of Baltimore | 4.00 | &nbsp;&nbsp; 3-1-2042 | 2000000 | &nbsp;&nbsp; **2002369** |
| **Health revenue: 0.75%** |  |  |  |  |
| &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; 4203617 |
| &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; 530597 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority TidalHealth <br> Obligated Group Series C (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 7-1-2050 | 1000000 | &nbsp;&nbsp; 1037366 |
|  |  |  |  | &nbsp;&nbsp; **5771580** |
|  |  |  |  | &nbsp;&nbsp; **12547654** |
| **Massachusetts: 1.51%** |  |  |  |  |
| **Airport revenue: 0.40%** |  |  |  |  |
| Massachusetts Port Authority Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2041 | 2000000 | &nbsp;&nbsp; 2115196 |
| Massachusetts Port Authority Series E AMT | 5.00 | &nbsp;&nbsp; 7-1-2051 | 1000000 | &nbsp;&nbsp; 1011061 |
|  |  |  |  | &nbsp;&nbsp; **3126257** |
| **Health revenue: 1.11%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Beth Israel Lahey <br> Health Obligated Group Series F<br>| 5.00 | &nbsp;&nbsp; 8-15-2045 | 2000000 | &nbsp;&nbsp; 2000587 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Boston Medical Center <br> Corp. Obligated Group Series G<br>| 5.25 | &nbsp;&nbsp; 7-1-2048 | 1660000 | &nbsp;&nbsp; 1682465 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Mass General Brigham, <br> Inc. Series D<br>| 5.00 | &nbsp;&nbsp; 7-1-2054 | 3000000 | &nbsp;&nbsp; 3068015 |
| &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; 1786549 |
|  |  |  |  | &nbsp;&nbsp; **8537616** |
|  |  |  |  | &nbsp;&nbsp; **11663873** |
| **Michigan: 2.58%** |  |  |  |  |
| **Health revenue: 0.51%** |  |  |  |  |
| &nbsp;&nbsp; Grand Rapids Economic Development Corp. Michigan Christian <br> Home Obligated Group Series B3<br>| 4.13 | &nbsp;&nbsp; 11-1-2030 | 1500000 | &nbsp;&nbsp; 1501113 |

---

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

12 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority McLaren Health Care Corp. Obligated <br> Group Series A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 2-15-2047 | $1500000 | &nbsp;&nbsp; $1344254 |
| &nbsp;&nbsp; Michigan Finance Authority Trinity Health Corp. Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-1-2049 | 1165000 | &nbsp;&nbsp; 1051332 |
|  |  |  |  | &nbsp;&nbsp; **3896699** |
| **Miscellaneous revenue: 0.24%** |  |  |  |  |
| Michigan Finance Authority County of Wayne | 4.00 | &nbsp;&nbsp; 11-1-2048 | 2000000 | &nbsp;&nbsp; **1813752** |
| **Utilities revenue: 0.41%** |  |  |  |  |
| Lansing Board of Water & Light Series A | 5.25 | &nbsp;&nbsp; 7-1-2054 | 3000000 | &nbsp;&nbsp; **3190810** |
| **Water & sewer revenue: 1.42%** |  |  |  |  |
| &nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue <br> Series C<br>| 5.00 | &nbsp;&nbsp; 7-1-2036 | 2890000 | &nbsp;&nbsp; 2916115 |
| Great Lakes Water Authority Water Supply System Revenue Series D | 4.00 | &nbsp;&nbsp; 7-1-2032 | 4000000 | &nbsp;&nbsp; 4015487 |
| &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; 4020305 |
|  |  |  |  | &nbsp;&nbsp; **10951907** |
|  |  |  |  | &nbsp;&nbsp; **19853168** |
| **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; **668742** |
| **Education revenue: 0.01%** |  |  |  |  |
| City of Independence Beacon Academy Series A | 4.25 | &nbsp;&nbsp; 7-1-2026 | 80000 | &nbsp;&nbsp; **79739** |
|  |  |  |  | &nbsp;&nbsp; **748481** |
| **Mississippi: 0.47%** |  |  |  |  |
| **Miscellaneous revenue: 0.47%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Development Bank City of Jackson Water & Sewer System <br> Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 570000 | &nbsp;&nbsp; 575286 |
| Mississippi Development Bank City of Jackson Series A | 5.00 | &nbsp;&nbsp; 3-1-2026 | 3050000 | &nbsp;&nbsp; 3052589 |
|  |  |  |  | &nbsp;&nbsp; **3627875** |
| **Missouri: 0.65%** |  |  |  |  |
| **Miscellaneous revenue: 0.65%** |  |  |  |  |
| Kansas City IDA Airport Revenue Series B AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2049 | 5000000 | &nbsp;&nbsp; **5036833** |
| **Nevada: 0.94%** |  |  |  |  |
| **GO revenue: 0.76%** |  |  |  |  |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2035 | 2000000 | &nbsp;&nbsp; 2022133 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2040 | 750000 | &nbsp;&nbsp; 754265 |
| County of Clark Series A | 5.00 | &nbsp;&nbsp; 5-1-2048 | 3000000 | &nbsp;&nbsp; 3051433 |
|  |  |  |  | &nbsp;&nbsp; **5827831** |
| **Industrial development revenue: 0.07%** |  |  |  |  |
| County of Clark Southern California Edison Co. | 2.10 | &nbsp;&nbsp; 6-1-2031 | 600000 | &nbsp;&nbsp; **547905** |

---

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

Allspring Managed Account \| 13

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.11%** |  |  |  |  |
| County of Washoe Sierra Pacific Power Co. Series F AMTøø | 4.13<br> %<br>| &nbsp;&nbsp; 3-1-2036 | $850000 | &nbsp;&nbsp; $**868732** |
|  |  |  |  | &nbsp;&nbsp; **7244468** |
| **New Hampshire: 0.55%** |  |  |  |  |
| **Housing revenue: 0.24%** |  |  |  |  |
| New Hampshire Business Finance Authority Class A Series 1-A | 4.13 | &nbsp;&nbsp; 1-20-2034 | 1811842 | &nbsp;&nbsp; **1845754** |
| **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; **1053472** |
| **Water & sewer revenue: 0.17%** |  |  |  |  |
| &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; 845000 |
| &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; 480000 |
|  |  |  |  | &nbsp;&nbsp; **1325000** |
|  |  |  |  | &nbsp;&nbsp; **4224226** |
| **New Jersey: 2.66%** |  |  |  |  |
| **Education revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University Series A <br> (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2041 | 530000 | &nbsp;&nbsp; 533061 |
| &nbsp;&nbsp; New Jersey EDA Hatikvah International Academy Charter School <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 200000 | &nbsp;&nbsp; 200998 |
| &nbsp;&nbsp; New Jersey EDA Hatikvah International Academy Charter School <br> Series A144A<br>| 5.25 | &nbsp;&nbsp; 7-1-2037 | 1500000 | &nbsp;&nbsp; 1500362 |
|  |  |  |  | &nbsp;&nbsp; **2234421** |
| **Housing revenue: 1.06%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey EDA Motor Vehicle Surcharge Revenue Series A (NPFGC <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 7-1-2026 | 205000 | &nbsp;&nbsp; 207172 |
| New Jersey EDA Portal North Bridge Project Series A | 5.25 | &nbsp;&nbsp; 11-1-2041 | 2000000 | &nbsp;&nbsp; 2175209 |
| &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; 1498093 |
| New Jersey TTFA Series A | 4.00 | &nbsp;&nbsp; 6-15-2042 | 750000 | &nbsp;&nbsp; 730487 |
| New Jersey TTFA Series A-1 | 5.00 | &nbsp;&nbsp; 6-15-2029 | 2000000 | &nbsp;&nbsp; 2018490 |
| New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp; 6-15-2045 | 1500000 | &nbsp;&nbsp; 1500364 |
|  |  |  |  | &nbsp;&nbsp; **8129815** |
| **Miscellaneous revenue: 0.27%** |  |  |  |  |
| New Jersey TTFA Series AA | 5.25 | &nbsp;&nbsp; 6-15-2050 | 2000000 | &nbsp;&nbsp; **2105138** |
| **Tax revenue: 0.47%** |  |  |  |  |
| New Jersey TTFA Series AA | 4.00 | &nbsp;&nbsp; 6-15-2039 | 2250000 | &nbsp;&nbsp; 2258163 |
| New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp; 6-15-2040 | 1250000 | &nbsp;&nbsp; 1327217 |
|  |  |  |  | &nbsp;&nbsp; **3585380** |

---

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

14 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.13%** |  |  |  |  |
| South Jersey Transportation Authority Series A | 5.25<br> %<br>| &nbsp;&nbsp; 11-1-2052 | $1000000 | &nbsp;&nbsp; **$1026332** |
| **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; 2113678 |
| New Jersey EDA American Water Co., Inc. Series A AMTøø | 2.20 | &nbsp;&nbsp; 10-1-2039 | 1350000 | &nbsp;&nbsp; 1275174 |
|  |  |  |  | &nbsp;&nbsp; **3388852** |
|  |  |  |  | &nbsp;&nbsp; **20469938** |
| **New York: 9.24%** |  |  |  |  |
| **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; 524595 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 6.00 | &nbsp;&nbsp; 4-1-2035 | 500000 | &nbsp;&nbsp; 551036 |
| &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; 3570345 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK Millennium <br> Partners LLC Series A AMT (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 12-31-2054 | 975000 | &nbsp;&nbsp; 988453 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 5.50 | &nbsp;&nbsp; 6-30-2060 | 2285000 | &nbsp;&nbsp; 2303503 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 6.00 | &nbsp;&nbsp; 6-30-2040 | 1295000 | &nbsp;&nbsp; 1466202 |
| &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; 4987075 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2046 | 2665000 | &nbsp;&nbsp; 2664885 |
| &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; 1998865 |
| &nbsp;&nbsp; Niagara Frontier Transportation Authority Airport System Revenues <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 4-1-2039 | 1040000 | &nbsp;&nbsp; 1063338 |
| Port Authority of New York & New Jersey Series 221 AMT | 4.00 | &nbsp;&nbsp; 7-15-2040 | 1000000 | &nbsp;&nbsp; 989389 |
|  |  |  |  | &nbsp;&nbsp; **21107686** |
| **Education revenue: 2.62%** |  |  |  |  |
| Babylon L D Corp. II Series A | 6.65 | &nbsp;&nbsp; 2-1-2053 | 3500000 | &nbsp;&nbsp; 3533141 |
| Build NYC Resource Corp. REN 4520 83rd Street LLC Series A | 4.75 | &nbsp;&nbsp; 6-15-2040 | 900000 | &nbsp;&nbsp; 889821 |
| &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; 1128963 |
| &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; 835256 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 4.45 | &nbsp;&nbsp; 2-1-2041 | 1155000 | &nbsp;&nbsp; 1004490 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 4.60 | &nbsp;&nbsp; 2-1-2051 | 1915000 | &nbsp;&nbsp; 1479470 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 6.24 | &nbsp;&nbsp; 2-1-2047 | 3500000 | &nbsp;&nbsp; 3460915 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series B<br>| 5.66 | &nbsp;&nbsp; 2-1-2044 | 4585000 | &nbsp;&nbsp; 4376235 |
| &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; 1521476 |

---

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

Allspring Managed Account \| 15

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York State Dormitory Authority Icahn School of Medicine at <br> Mount Sinai Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2040 | $1565000 | &nbsp;&nbsp; $1565195 |
| Troy Capital Resource Corp. | 4.00 | &nbsp;&nbsp; 9-1-2032 | 350000 | &nbsp;&nbsp; 360739 |
|  |  |  |  | &nbsp;&nbsp; **20155701** |
| **Health revenue: 0.49%** |  |  |  |  |
| &nbsp;&nbsp; Albany Capital Resource Corp. Albany Medical Center Hospital <br> Obligated Group Series A<br>| 5.25 | &nbsp;&nbsp; 5-1-2050 | 1000000 | &nbsp;&nbsp; 1038840 |
| &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; 1260304 |
| &nbsp;&nbsp; New York State Dormitory Authority Mount Sinai Hospital Obligated <br> Group<br>| 5.25 | &nbsp;&nbsp; 7-1-2050 | 1500000 | &nbsp;&nbsp; 1505751 |
|  |  |  |  | &nbsp;&nbsp; **3804895** |
| **Industrial development revenue: 1.31%** |  |  |  |  |
| New York Liberty Development Corp. One Bryant Park LLC Class 3 | 2.80 | &nbsp;&nbsp; 9-15-2069 | 1000000 | &nbsp;&nbsp; 934223 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2031 | 1135000 | &nbsp;&nbsp; 1169316 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2034 | 2000000 | &nbsp;&nbsp; 2045243 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2035 | 3500000 | &nbsp;&nbsp; 3650866 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 2290000 | &nbsp;&nbsp; 2321680 |
|  |  |  |  | &nbsp;&nbsp; **10121328** |
| **Miscellaneous revenue: 0.28%** |  |  |  |  |
| Suffolk Regional Off-Track Betting Corp. | 6.00 | &nbsp;&nbsp; 12-1-2053 | 1000000 | &nbsp;&nbsp; 1014766 |
| Western Regional Off-Track Betting Corp.144A | 4.13 | &nbsp;&nbsp; 12-1-2041 | 1250000 | &nbsp;&nbsp; 1139860 |
|  |  |  |  | &nbsp;&nbsp; **2154626** |
| **Tax revenue: 1.70%** |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series C<br>| 4.00 | &nbsp;&nbsp; 3-15-2042 | 3000000 | &nbsp;&nbsp; 2947191 |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series E<br>| 4.00 | &nbsp;&nbsp; 3-15-2043 | 1500000 | &nbsp;&nbsp; 1455331 |
| &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; 1977657 |
| &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; 2422740 |
| &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; 1466665 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue Series A-2 | 5.25 | &nbsp;&nbsp; 5-15-2064 | 2715000 | &nbsp;&nbsp; 2814258 |
|  |  |  |  | &nbsp;&nbsp; **13083842** |

---

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

16 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; New York State Energy Research & Development Authority Electric & <br> Gas Corp. Series C<br>| 4.00<br> %<br>| &nbsp;&nbsp; 4-1-2034 | $750000 | &nbsp;&nbsp; $**776362** |
|  |  |  |  | &nbsp;&nbsp; **71204440** |
| **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; **1457221** |
| **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; **716456** |
| **Ohio: 2.52%** |  |  |  |  |
| **Airport revenue: 0.15%** |  |  |  |  |
| Columbus Regional Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2040 | 1100000 | &nbsp;&nbsp; **1177437** |
| **Education revenue: 0.30%** |  |  |  |  |
| Port of Greater Cincinnati Development Authorityøø | 4.38 | &nbsp;&nbsp; 6-15-2056 | 2340000 | &nbsp;&nbsp; **2326819** |
| **Health revenue: 0.95%** |  |  |  |  |
| &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; 1905554 |
| &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; 2728068 |
| County of Lucas Promedica Healthcare Obligated Group Series A | 5.25 | &nbsp;&nbsp; 11-15-2048 | 750000 | &nbsp;&nbsp; 738139 |
| &nbsp;&nbsp; County of Montgomery Premier Health Partners Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2039 | 2000000 | &nbsp;&nbsp; 1946562 |
|  |  |  |  | &nbsp;&nbsp; **7318323** |
| **Housing revenue: 0.53%** |  |  |  |  |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2029 | 2070000 | &nbsp;&nbsp; 2073565 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2035 | 2000000 | &nbsp;&nbsp; 2002858 |
|  |  |  |  | &nbsp;&nbsp; **4076423** |
| **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; **1999070** |
| **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; **1047986** |
| **Utilities revenue: 0.19%** |  |  |  |  |
| Ohio Air Quality Development Authority Valley Electric Corp. Series A | 3.25 | &nbsp;&nbsp; 9-1-2029 | 1500000 | &nbsp;&nbsp; **1495420** |
|  |  |  |  | &nbsp;&nbsp; **19441478** |

---

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

Allspring Managed Account \| 17

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oklahoma: 1.78%** |  |  |  |  |
| **Airport revenue: 0.77%** |  |  |  |  |
| Oklahoma City Airport Trust AMT | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2037 | $3805000 | &nbsp;&nbsp; $3923250 |
| Tulsa Airports Improvement Trust Series A AMT (AG Insured) | 5.25 | &nbsp;&nbsp; 6-1-2048 | 2000000 | &nbsp;&nbsp; 2019786 |
|  |  |  |  | &nbsp;&nbsp; **5943036** |
| **Housing revenue: 1.01%** |  |  |  |  |
| &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; 3361500 |
| &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; 1919075 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2030 | 2000000 | &nbsp;&nbsp; 2032355 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2040 | 500000 | &nbsp;&nbsp; 492076 |
|  |  |  |  | &nbsp;&nbsp; **7805006** |
|  |  |  |  | &nbsp;&nbsp; **13748042** |
| **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; **2065418** |
| **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; **250810** |
|  |  |  |  | &nbsp;&nbsp; **2316228** |
| **Pennsylvania: 8.79%** |  |  |  |  |
| **Airport revenue: 1.40%** |  |  |  |  |
| Allegheny County Airport Authority Series A AMT (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2046 | 3715000 | &nbsp;&nbsp; 3335097 |
| City of Philadelphia Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2042 | 2500000 | &nbsp;&nbsp; 2520020 |
| City of Philadelphia Airport Revenue Series B AMT | 5.50 | &nbsp;&nbsp; 7-1-2051 | 2500000 | &nbsp;&nbsp; 2668194 |
| City of Philadelphia Airport Revenue Series C AMT | 4.00 | &nbsp;&nbsp; 7-1-2036 | 1630000 | &nbsp;&nbsp; 1639358 |
| City of Philadelphia Airport Revenue Series C AMT | 4.00 | &nbsp;&nbsp; 7-1-2040 | 655000 | &nbsp;&nbsp; 634087 |
|  |  |  |  | &nbsp;&nbsp; **10796756** |
| **Education revenue: 0.71%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 2000000 | &nbsp;&nbsp; 2071939 |
| Philadelphia IDA Frankford Valley Foundation for Literacy144A | 4.50 | &nbsp;&nbsp; 6-15-2034 | 750000 | &nbsp;&nbsp; 755644 |
| Philadelphia IDA Southwest Leadership Academy Series A | 6.47 | &nbsp;&nbsp; 11-1-2037 | 2170000 | &nbsp;&nbsp; 1920265 |
| Philadelphia IDA Tacony Academy Charter School144A | 5.38 | &nbsp;&nbsp; 6-15-2038 | 750000 | &nbsp;&nbsp; 757215 |
|  |  |  |  | &nbsp;&nbsp; **5505063** |
| **GO revenue: 1.11%** |  |  |  |  |
| Armstrong School District Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 3-15-2037 | 1000000 | &nbsp;&nbsp; 1015630 |
| School District of Philadelphia Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2040 | 1000000 | &nbsp;&nbsp; 1011412 |
| School District of Philadelphia Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2041 | 1500000 | &nbsp;&nbsp; 1510244 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2030 | 1000000 | &nbsp;&nbsp; 1015027 |

---

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

18 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| School District of Philadelphia Series F | 5.00<br> %<br>| &nbsp;&nbsp; 9-1-2036 | $3000000 | &nbsp;&nbsp; $3035747 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2037 | 1000000 | &nbsp;&nbsp; 1011124 |
|  |  |  |  | &nbsp;&nbsp; **8599184** |
| **Health revenue: 1.34%** |  |  |  |  |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2035 | 450000 | &nbsp;&nbsp; 454395 |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2036 | 900000 | &nbsp;&nbsp; 904019 |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2037 | 2285000 | &nbsp;&nbsp; 2288455 |
| &nbsp;&nbsp; Lancaster County Hospital Authority Pennsylvania State Health <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2051 | 1050000 | &nbsp;&nbsp; 1047500 |
| &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; 3733037 |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 4.00 | &nbsp;&nbsp; 4-15-2045 | 1000000 | &nbsp;&nbsp; 907815 |
| Pennsylvania EDFA UPMC Obligated Group Series B | 4.00 | &nbsp;&nbsp; 3-15-2040 | 1000000 | &nbsp;&nbsp; 978783 |
|  |  |  |  | &nbsp;&nbsp; **10314004** |
| **Housing revenue: 2.43%** |  |  |  |  |
| &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; 2274408 |
| Pennsylvania EDFA Bridges Finco LP | 5.00 | &nbsp;&nbsp; 12-31-2034 | 5000000 | &nbsp;&nbsp; 5022594 |
| &nbsp;&nbsp; Pennsylvania EDFA Commonwealth of Pennsylvania Motor License <br> Fund AMT<br>| 5.25 | &nbsp;&nbsp; 6-30-2053 | 3430000 | &nbsp;&nbsp; 3476602 |
| Pennsylvania Housing Finance Agency | 4.45 | &nbsp;&nbsp; 10-1-2044 | 1000000 | &nbsp;&nbsp; 1003845 |
| Philadelphia Municipal Authority | 5.00 | &nbsp;&nbsp; 4-1-2033 | 2355000 | &nbsp;&nbsp; 2407090 |
| State Public School Building Authority School District of Philadelphia | 5.00 | &nbsp;&nbsp; 6-1-2036 | 4525000 | &nbsp;&nbsp; 4574983 |
|  |  |  |  | &nbsp;&nbsp; **18759522** |
| **Miscellaneous revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Delaware Valley Regional Finance Authority Series B (Bank of America <br> N.A. LOC)ø<br>| 2.43 | &nbsp;&nbsp; 12-1-2060 | 900000 | &nbsp;&nbsp; 900000 |
| Philadelphia IDA | 5.00 | &nbsp;&nbsp; 12-1-2037 | 1500000 | &nbsp;&nbsp; 1536462 |
|  |  |  |  | &nbsp;&nbsp; **2436462** |
| **Resource recovery revenue: 0.20%** |  |  |  |  |
| Pennsylvania EDFA Noble Environmental, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2047 | 1500000 | &nbsp;&nbsp; **1554916** |
| **Tax revenue: 0.14%** |  |  |  |  |
| Southeastern Pennsylvania Transportation Authority | 5.25 | &nbsp;&nbsp; 6-1-2047 | 1000000 | &nbsp;&nbsp; **1049586** |
| **Tobacco revenue: 0.35%** |  |  |  |  |
| Commonwealth Financing Authority (AG Insured) | 4.00 | &nbsp;&nbsp; 6-1-2039 | 2750000 | &nbsp;&nbsp; **2708170** |
| **Transportation revenue: 0.79%** |  |  |  |  |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2041 | 1500000 | &nbsp;&nbsp; 1502480 |
| Pennsylvania EDFA Parking System Revenue Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2038 | 1360000 | &nbsp;&nbsp; 1447931 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 12-1-2043 | 1115000 | &nbsp;&nbsp; 1145475 |

---

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

Allspring Managed Account \| 19

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue**(continued) |  |  |  |  |
| Pennsylvania Turnpike Commission Series A | 4.00<br> %<br>| &nbsp;&nbsp; 12-1-2045 | $1000000 | &nbsp;&nbsp; $949917 |
| Pennsylvania Turnpike Commission Series A-1 | 5.00 | &nbsp;&nbsp; 12-1-2047 | 1000000 | &nbsp;&nbsp; 1013583 |
|  |  |  |  | &nbsp;&nbsp; **6059386** |
|  |  |  |  | &nbsp;&nbsp; **67783049** |
| **South Carolina: 0.32%** |  |  |  |  |
| **Education revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA American Leadership Academy - Lexington <br> Series A<br>| 5.50 | &nbsp;&nbsp; 6-15-2033 | 1615000 | &nbsp;&nbsp; **1598186** |
| **Health revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA Bishop Gadsden Episcopal Retirement <br> Community Obligated Group<br>| 5.25 | &nbsp;&nbsp; 4-1-2051 | 900000 | &nbsp;&nbsp; **894757** |
|  |  |  |  | &nbsp;&nbsp; **2492943** |
| **Tennessee: 0.71%** |  |  |  |  |
| **Health revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board Erlanger <br> Health Obligated Group<br>| 5.25 | &nbsp;&nbsp; 12-1-2049 | 2500000 | &nbsp;&nbsp; **2592956** |
| **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; **1833300** |
| **Utilities revenue: 0.14%** |  |  |  |  |
| Tennergy Corp. Series Aøø | 5.50 | &nbsp;&nbsp; 10-1-2053 | 1000000 | &nbsp;&nbsp; **1072620** |
|  |  |  |  | &nbsp;&nbsp; **5498876** |
| **Texas: 5.16%** |  |  |  |  |
| **Airport revenue: 1.27%** |  |  |  |  |
| City of Austin Airport System Revenue AMT | 5.00 | &nbsp;&nbsp; 11-15-2044 | 2500000 | &nbsp;&nbsp; 2500558 |
| Dallas Fort Worth International Airport Series A-1 AMT | 5.25 | &nbsp;&nbsp; 11-1-2043 | 2335000 | &nbsp;&nbsp; 2491781 |
| Dallas Fort Worth International Airport Series B | 4.00 | &nbsp;&nbsp; 11-1-2045 | 2400000 | &nbsp;&nbsp; 2269401 |
| Port Authority of Houston of Harris County | 4.00 | &nbsp;&nbsp; 10-1-2039 | 2500000 | &nbsp;&nbsp; 2536078 |
|  |  |  |  | &nbsp;&nbsp; **9797818** |
| **Education revenue: 0.78%** |  |  |  |  |
| &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; 828279 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 5.63 | &nbsp;&nbsp; 6-15-2045 | 2000000 | &nbsp;&nbsp; 2036670 |
| Arlington Higher Education Finance Corp. Leadership Prep School | 4.25 | &nbsp;&nbsp; 6-15-2059 | 1100000 | &nbsp;&nbsp; 1017229 |
| &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; 1249889 |
| &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; 247058 |
| &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; 615804 |
|  |  |  |  | &nbsp;&nbsp; **5994929** |

---

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

20 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue: 1.63%** |  |  |  |  |
| City of Palestine (AG Insured) | 4.00<br> %<br>| &nbsp;&nbsp; 2-15-2051 | $3625000 | &nbsp;&nbsp; $3253611 |
| City of Port Isabel144A | 5.10 | &nbsp;&nbsp; 2-15-2049 | 445000 | &nbsp;&nbsp; 425576 |
| City of Waco Series A | 5.00 | &nbsp;&nbsp; 2-1-2049 | 850000 | &nbsp;&nbsp; 890684 |
| Waller Consolidated Independent School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2045 | 7610000 | &nbsp;&nbsp; 7984728 |
|  |  |  |  | &nbsp;&nbsp; **12554599** |
| **Health revenue: 0.31%** |  |  |  |  |
| &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; 1351238 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Brazos <br> Presbyterian Homes Obligated Group<br>| 5.25 | &nbsp;&nbsp; 1-1-2040 | 1000000 | &nbsp;&nbsp; 1051741 |
|  |  |  |  | &nbsp;&nbsp; **2402979** |
| **Industrial development revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. Series B <br> AMT<br>| 5.50 | &nbsp;&nbsp; 7-15-2035 | 1250000 | &nbsp;&nbsp; 1364193 |
| &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; 986280 |
|  |  |  |  | &nbsp;&nbsp; **2350473** |
| **Tax revenue: 0.23%** |  |  |  |  |
| City of Dallas Fair Park Venue Project144Aøø | 6.25 | &nbsp;&nbsp; 8-15-2053 | 730000 | &nbsp;&nbsp; 730403 |
| &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; 1073149 |
|  |  |  |  | &nbsp;&nbsp; **1803552** |
| **Transportation revenue: 0.53%** |  |  |  |  |
| Central Texas Regional Mobility Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2049 | 1000000 | &nbsp;&nbsp; 1019032 |
| Central Texas Regional Mobility Authority Series B | 4.00 | &nbsp;&nbsp; 1-1-2038 | 550000 | &nbsp;&nbsp; 558455 |
| &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; 2510670 |
|  |  |  |  | &nbsp;&nbsp; **4088157** |
| **Water & sewer revenue: 0.10%** |  |  |  |  |
| Upper Trinity Regional Water District (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2028 | 750000 | &nbsp;&nbsp; **751256** |
|  |  |  |  | &nbsp;&nbsp; **39743763** |
| **Utah: 2.00%** |  |  |  |  |
| **Airport revenue: 0.48%** |  |  |  |  |
| City of Salt Lake City Airport Revenue Series A AMT | 5.25 | &nbsp;&nbsp; 7-1-2048 | 2575000 | &nbsp;&nbsp; 2644688 |
| City of Salt Lake City Airport Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2043 | 1000000 | &nbsp;&nbsp; 1021961 |
|  |  |  |  | &nbsp;&nbsp; **3666649** |
| **Education revenue: 0.90%** |  |  |  |  |
| &nbsp;&nbsp; Utah Charter School Finance Authority Early Light Academy, <br> Inc.144A<br>| 4.50 | &nbsp;&nbsp; 7-15-2027 | 175000 | &nbsp;&nbsp; 174559 |
| &nbsp;&nbsp; Utah Charter School Finance Authority Freedom Academy <br> Foundation144A<br>| 5.25 | &nbsp;&nbsp; 6-15-2037 | 3000000 | &nbsp;&nbsp; 2939854 |

---

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

Allspring Managed Account \| 21

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Utah Charter School Finance Authority Freedom Academy <br> Foundation144A<br>| 5.38<br> %<br>| &nbsp;&nbsp; 6-15-2048 | $1500000 | &nbsp;&nbsp; $1335034 |
| &nbsp;&nbsp; Utah Charter School Finance Authority Summit Academy, Inc. <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-15-2039 | 1550000 | &nbsp;&nbsp; 1598837 |
| &nbsp;&nbsp; Utah Charter School Finance Authority Wallace Stegner Academy <br> Series A144A<br>| 3.63 | &nbsp;&nbsp; 6-15-2029 | 200000 | &nbsp;&nbsp; 196145 |
| &nbsp;&nbsp; Utah Charter School Finance Authority Wallace Stegner Academy <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2039 | 675000 | &nbsp;&nbsp; 660208 |
|  |  |  |  | &nbsp;&nbsp; **6904637** |
| **Health revenue: 0.36%** |  |  |  |  |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2045 | 3000000 | &nbsp;&nbsp; **2746868** |
| **Housing revenue: 0.13%** |  |  |  |  |
| Utah Housing Corp. Series C (GNMA / FNMA / FHLMC Insured) | 6.00 | &nbsp;&nbsp; 7-1-2054 | 945000 | &nbsp;&nbsp; **1039148** |
| **Miscellaneous revenue: 0.13%** |  |  |  |  |
| Point Phase 1 Public Infrastructure District No. 1 Series A-1 | 5.88 | &nbsp;&nbsp; 3-1-2045 | 1000000 | &nbsp;&nbsp; **1033023** |
|  |  |  |  | &nbsp;&nbsp; **15390325** |
| **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; 1199320 |
| Fairfax County IDA Inova Health System Obligated Group | 5.00 | &nbsp;&nbsp; 5-15-2051 | 1000000 | &nbsp;&nbsp; 1030014 |
| Roanoke County EDA Friendship Foundationøø | 5.50 | &nbsp;&nbsp; 9-1-2058 | 230000 | &nbsp;&nbsp; 227607 |
|  |  |  |  | &nbsp;&nbsp; **2456941** |
| **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; **480821** |
|  |  |  |  | &nbsp;&nbsp; **2937762** |
| **Washington: 4.63%** |  |  |  |  |
| **Airport revenue: 1.78%** |  |  |  |  |
| Port of Seattle AMT | 4.00 | &nbsp;&nbsp; 4-1-2044 | 3500000 | &nbsp;&nbsp; 3234548 |
| Port of Seattle AMT | 5.00 | &nbsp;&nbsp; 4-1-2044 | 3000000 | &nbsp;&nbsp; 3044029 |
| Port of Seattle Series B AMT | 5.00 | &nbsp;&nbsp; 8-1-2047 | 1000000 | &nbsp;&nbsp; 1018391 |
| Port of Seattle Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2049 | 4000000 | &nbsp;&nbsp; 4132354 |
| Port of Seattle Series C AMT | 5.00 | &nbsp;&nbsp; 8-1-2046 | 1500000 | &nbsp;&nbsp; 1523755 |
| Washington EDFA AMTøø | 5.88 | &nbsp;&nbsp; 12-1-2045 | 750000 | &nbsp;&nbsp; 753367 |
|  |  |  |  | &nbsp;&nbsp; **13706444** |
| **GO revenue: 1.25%** |  |  |  |  |
| Grant County Public Hospital District No. 2 | 5.00 | &nbsp;&nbsp; 12-1-2038 | 1500000 | &nbsp;&nbsp; 1557777 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2035 | 5500000 | &nbsp;&nbsp; 5569364 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2036 | 475000 | &nbsp;&nbsp; 480264 |
| Port of Seattle Series B AMT | 5.00 | &nbsp;&nbsp; 6-1-2049 | 2000000 | &nbsp;&nbsp; 2050775 |
|  |  |  |  | &nbsp;&nbsp; **9658180** |

---

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

22 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 1.60%** |  |  |  |  |
| Jefferson County Public Hospital District No. 2 Series A | 6.63<br> %<br>| &nbsp;&nbsp; 12-1-2043 | $2250000 | &nbsp;&nbsp; $2373884 |
| King County Public Hospital District No. 4 Series A | 6.63 | &nbsp;&nbsp; 12-1-2045 | 1000000 | &nbsp;&nbsp; 1011410 |
| Skagit County Public Hospital District No. 1 | 5.50 | &nbsp;&nbsp; 12-1-2039 | 1000000 | &nbsp;&nbsp; 1088764 |
| Skagit County Public Hospital District No. 1 | 5.50 | &nbsp;&nbsp; 12-1-2043 | 1000000 | &nbsp;&nbsp; 1037050 |
| Skagit County Public Hospital District No. 1 | 5.50 | &nbsp;&nbsp; 12-1-2044 | 1000000 | &nbsp;&nbsp; 1033025 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority CommonSpirit Health <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2044 | 2200000 | &nbsp;&nbsp; 2312053 |
| &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; 390944 |
| &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; 713289 |
| &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; 2333493 |
|  |  |  |  | &nbsp;&nbsp; **12293912** |
|  |  |  |  | &nbsp;&nbsp; **35658536** |
| **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; **1503565** |
| **Wisconsin: 5.64%** |  |  |  |  |
| **Airport revenue: 0.34%** |  |  |  |  |
| PFA Transportation Infrastructure Purpose Obligated Group Series C | 5.00 | &nbsp;&nbsp; 7-1-2042 | 2585000 | &nbsp;&nbsp; **2585501** |
| **Education revenue: 1.84%** |  |  |  |  |
| PFA Carolina International School Series A144A | 7.20 | &nbsp;&nbsp; 8-1-2048 | 1000000 | &nbsp;&nbsp; 1000705 |
| PFA Contemporary Science Center, Inc. Series A144A | 5.38 | &nbsp;&nbsp; 7-1-2035 | 1730000 | &nbsp;&nbsp; 1730385 |
| PFA Contemporary Science Center, Inc. Series A144A | 5.63 | &nbsp;&nbsp; 7-1-2045 | 1790000 | &nbsp;&nbsp; 1789926 |
| PFA Estancia Valley Classical Academy Series A144A | 4.00 | &nbsp;&nbsp; 7-1-2041 | 3895000 | &nbsp;&nbsp; 3105137 |
| PFA Founders Academy of Las Vegas Series A144A | 6.38 | &nbsp;&nbsp; 7-1-2043 | 300000 | &nbsp;&nbsp; 312518 |
| PFA Founders Academy of Las Vegas Series A144A | 6.63 | &nbsp;&nbsp; 7-1-2053 | 600000 | &nbsp;&nbsp; 619771 |
| PFA Mater Academy of Nevada Series A144A | 5.00 | &nbsp;&nbsp; 12-15-2044 | 690000 | &nbsp;&nbsp; 658786 |
| PFA University of Kansas | 5.00 | &nbsp;&nbsp; 3-1-2046 | 5000000 | &nbsp;&nbsp; 5000099 |
|  |  |  |  | &nbsp;&nbsp; **14217327** |
| **Health revenue: 1.36%** |  |  |  |  |
| Wisconsin HEFA Ascension Health Credit Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 980000 | &nbsp;&nbsp; 941993 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2037 | 500000 | &nbsp;&nbsp; 554289 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2038 | 685000 | &nbsp;&nbsp; 754703 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series B | 5.25 | &nbsp;&nbsp; 12-1-2048 | 1000000 | &nbsp;&nbsp; 1060068 |
| Wisconsin HEFA Children's Hospital of Wisconsin Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2050 | 2145000 | &nbsp;&nbsp; 1935405 |
| &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; 720935 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 2-15-2035 | 500000 | &nbsp;&nbsp; 514209 |
| &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; 615104 |
| &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; 561123 |

---

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

Allspring Managed Account \| 23

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2044 | $1050000 | &nbsp;&nbsp; $1054202 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2038 | 750000 | &nbsp;&nbsp; 756070 |
| &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; 512347 |
| &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; 470359 |
|  |  |  |  | &nbsp;&nbsp; **10450807** |
| **Housing revenue: 0.30%** |  |  |  |  |
| PFA City of Boynton Beach | 5.00 | &nbsp;&nbsp; 7-1-2041 | 2280000 | &nbsp;&nbsp; **2339673** |
| **Industrial development revenue: 0.43%** |  |  |  |  |
| PFA Customer Facility Charge-SA LLC Series B144A | 5.50 | &nbsp;&nbsp; 2-1-2042 | 1500000 | &nbsp;&nbsp; 1557358 |
| PFA UNC Charlotte Marriott Hotel & Conference Center Series A144A | 4.00 | &nbsp;&nbsp; 9-1-2041 | 2000000 | &nbsp;&nbsp; 1778586 |
|  |  |  |  | &nbsp;&nbsp; **3335944** |
| **Miscellaneous revenue: 0.39%** |  |  |  |  |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2045 | 5000000 | &nbsp;&nbsp; 1973718 |
| &nbsp;&nbsp; Wisconsin HEFA Forensic Science & Protective Medicine <br> Collaboration, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 1000000 | &nbsp;&nbsp; 1008361 |
|  |  |  |  | &nbsp;&nbsp; **2982079** |
| **Tax revenue: 0.98%** |  |  |  |  |
| Village of Mount Pleasant Tax Increment District No. 5 Series A | 5.00 | &nbsp;&nbsp; 4-1-2043 | 5000000 | &nbsp;&nbsp; 5129486 |
| Village of Mount Pleasant Tax Increment District No. 5 Series A | 5.00 | &nbsp;&nbsp; 4-1-2048 | 2090000 | &nbsp;&nbsp; 2113361 |
| &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; 334393 |
|  |  |  |  | &nbsp;&nbsp; **7577240** |
|  |  |  |  | &nbsp;&nbsp; **43488571** |
| **Total municipal obligations (Cost $780,384,805)** |  |  |  | &nbsp;&nbsp; **763552310** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.06%** |  |  |  |  |
| **Investment companies: 0.06%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71 | 430592 | &nbsp;&nbsp; **430592** |
| **Total short-term investments (Cost $430,592)** |  |  |  | &nbsp;&nbsp; **430592** |
| **Total investments in securities (Cost $780,815,397)** | 99.10<br> %<br>|  |  | &nbsp;&nbsp; 763982902 |
| Other assets and liabilities, net | 0.90 |  |  | &nbsp;&nbsp; 6930233 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$770913135** |

---

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

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

24 \| Allspring Managed Account

------

Portfolio of investments—December 31, 2025

---

| | |
|:---|:---|
| 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 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 |

---

**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 | $153904168 | $(154142433)<br>| $0 | $0 | $430592 | 430592 | $91115 |

---

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

Allspring Managed Account \| 25

------

Statement of assets and liabilities—December 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $780,384,805) | $763552310 |
| Investments in affiliated securities, at value (cost $430,592) | 430592 |
| Cash | 442939 |
| Receivable for interest | 9618869 |
| Receivable for Fund shares sold | 237074 |
| Receivable from manager | 25235 |
| **Total assets** | **774307019** |
| Liabilities |  |
| Dividends payable | 2707333 |
| Payable for Fund shares redeemed | 682901 |
| Accrued expenses and other liabilities | 3650 |
| **Total liabilities** | **3393884** |
| **Total net assets**  | **$770913135** |
| Net assets consist of |  |
| Paid-in capital | $818650829 |
| Total distributable loss | (47737694)<br>|
| **Total net assets** | **$770913135** |
| Computation of net asset value per share |  |
| Net assets | $770913135 |
| Shares outstanding<sup>1</sup> <br>| 68620581 |
| Net asset value per share | $11.23 |

---

<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—year ended December 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $31183860 |
| Income from affiliated securities | 91115 |
| **Total investment income** | **31274975** |
| Expenses |  |
| Custody and accounting fees | 30639 |
| Professional fees | 62617 |
| Registration fees | 58995 |
| Shareholder report expenses | 21468 |
| Trustees' fees and expenses | 13822 |
| Other fees and expenses | 19859 |
| **Total expenses** | **207400** |
| Less: Fee waivers and/or expense reimbursements | (207400)<br>|
| **Net expenses** | **0** |
| **Net investment income** | **31274975** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments**  | **(1012724)**<br>|
| **Net change in unrealized gains (losses) on investments** | **2610947** |
| **Net realized and unrealized gains (losses) on investments** | **1598223** |
| **Net increase in net assets resulting from operations** | **$32873198** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $31274975 |  | &nbsp;&nbsp; $30123462 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; (1012724)<br>|  | &nbsp;&nbsp; 413595 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 2610947 |  | &nbsp;&nbsp; (4272470)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **32873198** |  | &nbsp;&nbsp; **26264587** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  | &nbsp;&nbsp; (31343349)<br>|  | &nbsp;&nbsp; (30246130)<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold | 24779714 | &nbsp;&nbsp; 274426370 | &nbsp;&nbsp; 27344942 | &nbsp;&nbsp; 308349440 |
| Payment for shares redeemed | (24066199)<br>| &nbsp;&nbsp; (267374504)<br>| &nbsp;&nbsp; (17532570)<br>| &nbsp;&nbsp; (197763355)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **7051866** |  | &nbsp;&nbsp; **110586085** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **8581715** |  | &nbsp;&nbsp; **106604542** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **762331420** |  | &nbsp;&nbsp; **655726878** |
| **End of period** |  | &nbsp;&nbsp; **$770913135** |  | &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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$11.23** | &nbsp;&nbsp; **$11.29** | &nbsp;&nbsp; **$10.99** | &nbsp;&nbsp; **$12.42** | &nbsp;&nbsp; **$12.47** |
| Net investment income | 0.45 <br><sup>1</sup><br>| 0.45 <br><sup>1</sup><br>| 0.42 <br><sup>1</sup><br>| 0.39 | 0.39 |
| Net realized and unrealized gains (losses) on investments | 0.00 | &nbsp;&nbsp; (0.06)<br>| 0.30 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (0.05)<br>|
| Total from investment operations | 0.45 | 0.39 | 0.72 | &nbsp;&nbsp; (1.04)<br>| 0.34 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.45)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.39)<br>|
| **Net asset value, end of period** | **$11.23** | &nbsp;&nbsp; **$11.23** | &nbsp;&nbsp; **$11.29** | &nbsp;&nbsp; **$10.99** | &nbsp;&nbsp; **$12.42** |
| **Total return**<sup>2</sup> <br>| **4.14%**<br>| **3.50%**<br>| **6.74%**<br>| &nbsp;&nbsp; **(8.37)%**<br>| **2.73%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.03<br> %<br>| 0.05<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.02<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>|
| Net investment income | 4.06<br> %<br>| 3.96<br> %<br>| 3.82<br> %<br>| 3.47<br> %<br>| 3.10<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $770913 | &nbsp;&nbsp; $762331 | &nbsp;&nbsp; $655727 | &nbsp;&nbsp; $695152 | &nbsp;&nbsp; $888728 |

---

&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.

<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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("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

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

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 December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $780,713,899 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $4805256 |
| Gross unrealized losses | &nbsp;&nbsp; (21536253)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(16730997)**<br>|

---

As of December 31, 2025, the Fund had capital loss carryforwards which consist of $13,196,352 in short-term capital losses and $17,874,925 in long-term capital losses.

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of December 31, 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; $763552310 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $763552310 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 430592 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 430592 |
| **Total assets** | &nbsp;&nbsp; **$430592** | &nbsp;&nbsp;&nbsp; **$763552310** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$763982902** |

---

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

Allspring Managed Account \| 31

------

Notes to financial statements

At December 31, 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 $47,535,000, $76,537,114 and $572,609 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended December 31, 2025 were $97,216,157 and $81,384,118, 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 year ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $31343349 | $30246130 |

---

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $2771913 | &nbsp;&nbsp; $(16730997)<br>| &nbsp;&nbsp;&nbsp; $(31071277)<br>|

---

8. CONCENTRATION RISK

Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of December 31, 2025, Allspring Funds Management or one of its affiliates owned 29% of the Fund.

9. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts

32 \| Allspring Managed Account

------

Notes to financial statements

indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined 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. 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 revenues 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.

11. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

Allspring Managed Account \| 33

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Managed Account CoreBuilder® Shares - Series M (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g46940img965d477a2.jpg)

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

Boston, Massachusetts

February 25, 2026

34 \| Allspring Managed Account

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended December 31, 2025.

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**.

Allspring Managed Account \| 35

------

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.

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

Not applicable

36 \| Allspring Managed Account

------

![](g46940img824284e31.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**

![](g46940img7077c1563.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR4901 12-25**

------

<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 CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

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

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END 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 CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

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

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics.](d46940dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d46940dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d46940dex99906cert.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) |
|  Date: | February 25, 2026 |

---

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: | February 25, 2026 |
| By: | /s/Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  Date: | February 25, 2026 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Exchange-Traded Funds Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

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

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

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

------

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

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

\* \* \* \*

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

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

------

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

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

**VI.** **Amendments** 

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

**VII.** **Confidentiality** 

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

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

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

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

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

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

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

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

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

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

Amended: January 7, 2025

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**Exhibit A** 

**Persons Covered by the Code** 

John Kenney, President of each Trust

Jeremy DePalma, Treasurer of each Trust

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g46940g0227115608917.jpg)

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

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR 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 controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

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

---

| |
|:---|
| Date: February 25, 2026 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

---

------

![LOGO](g46940g0227115608917.jpg)

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

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Managed Account CoreBuilder<sup>®</sup> Sharese - ries 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 controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

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

---

| |
|:---|
| Date: February 25, 2026 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g46940g0227115608917.jpg)

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended December 31, 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: February 25, 2026

---

| | |
|:---|:---|
| 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-CSR with the Securities and Exchange Commission.

------

![LOGO](g46940g0227115608917.jpg)

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended December 31, 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: February 25, 2026

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial 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-CSR with the Securities and Exchange Commission.