# EDGAR Filing Document

**Accession Number:** 0001087961
**File Stem:** 0001193125-25-154942
**Filing Date:** 2025-7
**Character Count:** 1073539
**Document Hash:** cdb5f79c8ed52f8b9f8c94b613554c41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154942.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154942

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING MASTER TRUST
- **CENTRAL INDEX KEY:** 0001087961

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09689
- **FILM NUMBER:** 251100887

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO MASTER TRUST
- **DATE OF NAME CHANGE:** 20021209

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Allspring Macro Strategies Portfolio (Series ID: S000083918)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000248008 | Allspring Macro Strategies Portfolio |  |

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

![LOGO](g46179g0701021954268.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: 811-09689

## Allspring Master Trust

#### (Exact name of registrant as specified in charter)

#### 1415 Vantage Park Drive, 3<sup>rd</sup> Floor, Charlotte, NC 28203

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

#### 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: April 30
**Registrant is making a filing for 8 of its series:** Allspring Core Bond Portfolio, Allspring Disciplined International Developed Markets Portfolio, Allspring Disciplined Large Cap Portfolio, Allspring Large Cap Value Portfolio, Allspring Macro Strategies Portfolio, Allspring Real Return Portfolio, Allspring Small Company Growth Portfolio and Allspring Small Company Value Portfolio.

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

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g46179if62a81cf80444f4f5b7d.jpg)

Annual Shareholder Report

# Disciplined Large Cap Portfolio

# April 30, 2025
This annual shareholder report contains important information about Disciplined Large Cap Portfolio for the period from May 1, 2024 to April 30, 2025. You can find additional information about the Funds that invest in this Portfolio at allspringglobal.com.

## What were the Portfolio 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 |
| Disciplined Large Cap Portfolio | $30 | 0.28% |

---

## How did the Portfolio perform last year and what affected its performance?
Over the 12-month period, the U.S. equity market performed positively, led by large caps.

Changes to the portfolio were minimal. Characteristics that are typically favored in the portfolio include attractive valuation, earnings consistency, profitability, and improving market sentiment.

Stock selection was the main contributor to outperformance, adding value in 8 out of 11 sectors. This was led by stock selection within health care, information technology, and communication services. The largest individual contributors were Netflix, Inc.; Spotify Technology SA; and Fortinet, Inc. A small underweight to energy contributed modestly to performance. Variations in sector weights versus the index were relatively small, which is typical for the strategy.

Negative stock selection within energy, real estate, and consumer discretionary detracted from relative performance. The largest individual detractors were Target Corp., Owens Corning, and Valero Energy Corp. The Fund sold Owens Corning and Valero Energy during the period.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g46179i0c4768e89abc51e608cc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Disciplined Large Cap Portfolio** | **Russell 1000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **6/12/2018** | $10000 | $10000 | $10000 |
| **6/30/2018** | $9716 | $9760 | $9762 |
| **7/31/2018** | $10029 | $10097 | $10086 |
| **8/31/2018** | $10342 | $10445 | $10440 |
| **9/30/2018** | $10368 | $10485 | $10457 |
| **10/31/2018** | $9647 | $9743 | $9687 |
| **11/30/2018** | $9855 | $9941 | $9881 |
| **12/31/2018** | $8943 | $9036 | $8962 |
| **1/31/2019** | $9685 | $9793 | $9731 |
| **2/28/2019** | $9972 | $10124 | $10073 |
| **3/31/2019** | $10123 | $10301 | $10220 |
| **4/30/2019** | $10482 | $10717 | $10628 |
| **5/31/2019** | $9760 | $10034 | $9940 |
| **6/30/2019** | $10433 | $10738 | $10639 |
| **7/31/2019** | $10587 | $10905 | $10797 |
| **8/31/2019** | $10343 | $10705 | $10577 |
| **9/30/2019** | $10611 | $10891 | $10762 |
| **10/31/2019** | $10825 | $11121 | $10994 |
| **11/30/2019** | $11238 | $11542 | $11412 |
| **12/31/2019** | $11548 | $11875 | $11741 |
| **1/31/2020** | $11526 | $11888 | $11729 |
| **2/29/2020** | $10577 | $10916 | $10768 |
| **3/31/2020** | $9223 | $9474 | $9287 |
| **4/30/2020** | $10408 | $10726 | $10517 |
| **5/31/2020** | $10888 | $11292 | $11080 |
| **6/30/2020** | $11091 | $11541 | $11333 |
| **7/31/2020** | $11638 | $12217 | $11977 |
| **8/31/2020** | $12488 | $13114 | $12844 |
| **9/30/2020** | $12007 | $12635 | $12377 |
| **10/31/2020** | $11688 | $12330 | $12110 |
| **11/30/2020** | $13001 | $13782 | $13583 |
| **12/31/2020** | $13534 | $14364 | $14194 |
| **1/31/2021** | $13493 | $14246 | $14131 |
| **2/28/2021** | $13923 | $14659 | $14572 |
| **3/31/2021** | $14573 | $15214 | $15095 |
| **4/30/2021** | $15359 | $16033 | $15873 |
| **5/31/2021** | $15438 | $16109 | $15945 |
| **6/30/2021** | $15796 | $16513 | $16338 |
| **7/31/2021** | $16169 | $16856 | $16615 |
| **8/31/2021** | $16685 | $17343 | $17089 |
| **9/30/2021** | $15889 | $16547 | $16322 |
| **10/31/2021** | $17050 | $17695 | $17426 |
| **11/30/2021** | $16916 | $17457 | $17160 |
| **12/31/2021** | $17665 | $18165 | $17836 |
| **1/31/2022** | $16784 | $17140 | $16787 |
| **2/28/2022** | $16321 | $16670 | $16364 |
| **3/31/2022** | $16871 | $17233 | $16895 |
| **4/30/2022** | $15484 | $15697 | $15378 |
| **5/31/2022** | $15572 | $15673 | $15358 |
| **6/30/2022** | $14215 | $14360 | $14073 |
| **7/31/2022** | $15517 | $15698 | $15393 |
| **8/31/2022** | $14882 | $15095 | $14819 |
| **9/30/2022** | $13511 | $13698 | $13445 |
| **10/31/2022** | $14663 | $14797 | $14547 |
| **11/30/2022** | $15465 | $15597 | $15307 |
| **12/31/2022** | $14506 | $14690 | $14410 |
| **1/31/2023** | $15496 | $15675 | $15403 |
| **2/28/2023** | $15199 | $15302 | $15043 |
| **3/31/2023** | $15638 | $15786 | $15445 |
| **4/30/2023** | $15774 | $15982 | $15610 |
| **5/31/2023** | $15868 | $16056 | $15670 |
| **6/30/2023** | $17023 | $17141 | $16740 |
| **7/31/2023** | $17594 | $17730 | $17340 |
| **8/31/2023** | $17278 | $17420 | $17006 |
| **9/30/2023** | $16568 | $16601 | $16196 |
| **10/31/2023** | $16146 | $16200 | $15766 |
| **11/30/2023** | $17500 | $17713 | $17237 |
| **12/31/2023** | $18387 | $18588 | $18151 |
| **1/31/2024** | $18798 | $18847 | $18352 |
| **2/29/2024** | $20003 | $19864 | $19345 |
| **3/31/2024** | $20782 | $20501 | $19969 |
| **4/30/2024** | $19906 | $19629 | $19091 |
| **5/31/2024** | $20954 | $20553 | $19993 |
| **6/30/2024** | $21671 | $21233 | $20612 |
| **7/31/2024** | $21920 | $21542 | $20995 |
| **8/31/2024** | $22466 | $22053 | $21452 |
| **9/30/2024** | $22929 | $22525 | $21896 |
| **10/31/2024** | $22861 | $22367 | $21735 |
| **11/30/2024** | $24423 | $23807 | $23181 |
| **12/31/2024** | $23859 | $23143 | $22472 |
| **1/31/2025** | $24732 | $23880 | $23182 |
| **2/28/2025** | $24177 | $23463 | $22737 |
| **3/31/2025** | $22660 | $22105 | $21411 |
| **4/30/2025** | $22739 | $21973 | $21267 |

---

# Disciplined Large Cap Portfolio
Annual Shareholder Report \| April 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception (6/12/18)** |
| Disciplined Large Cap Portfolio | 14.23 | 16.92 | 12.68 |
| Russell 1000<sup>®</sup> Index (Strategy) | 11.94 | 15.42 | 12.12 |
| Russell 3000<sup>®</sup> Index (Regulatory) | 11.4 | 15.12 | 11.59 |

---

## KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| Total net assets | $288980428 |
| # of portfolio holdings | 214 |
| Portfolio turnover rate | 26% |
| Total advisory fees paid | $836071 |

---

## What did the Portfolio invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 28.6 |
| Financials | 15.4 |
| Health care | 10.8 |
| Consumer discretionary | 9.8 |
| Communication services | 9.4 |
| Industrials | 8.6 |
| Consumer staples | 6.7 |
| Real estate | 3.1 |
| Energy | 2.6 |
| Utilities | 2.6 |
| Materials | 2.4 |

---

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

---

| | |
|:---|:---|
| Apple, Inc. | 5.7 |
| Microsoft Corp. | 5.5 |
| NVIDIA Corp. | 4.8 |
| Amazon.com, Inc. | 3.4 |
| Meta Platforms, Inc. Class A | 2.6 |
| Broadcom, Inc. | 2.0 |
| Alphabet, Inc. Class C | 1.8 |
| Berkshire Hathaway, Inc. Class B | 1.7 |
| JPMorgan Chase & Co. | 1.6 |
| Alphabet, Inc. Class A | 1.6 |

---

## For more information
You can find additional information on the Funds that invest in this Portfolio 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

![Image](g46179if62a81cf80444f4f5b7d.jpg)

Annual Shareholder Report

# Large Cap Value Portfolio

# April 30, 2025
This annual shareholder report contains important information about Large Cap Value Portfolio for the period from May 1, 2024 to April 30, 2025. You can find additional information about the Funds that invest in this Portfolio at allspringglobal.com.

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

## What were the Portfolio 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 |
| Large Cap Value Portfolio | $52 | 0.49% |

---

## How did the Portfolio perform last year and what affected its performance?
Equities were volatile on inflation concerns, varying economic data, a new administration, tariff uncertainty, and competitive threats around artificial intelligence.

During the year, we decreased exposure to financials while adding to industrials.

CBRE Group, Inc., a top contributor, is the largest commercial real estate services company. We see CBRE becoming less cyclical and more dominant over time as it continues to lead the industry in technology investments while growing its annuity-like facilities management business. This quality shift is expanding CBRE's optimal capital structure and increasing the stability of its cash flow stream.

Merck & Co., Inc.(this security was no longer held at the end of the reporting period), a large detractor, is a global pharmaceutical company with diverse cash streams. Management has the financial flexibility to continue investing in the pipeline and acquiring attractive assets. Shares performed well until its Gardasil vaccine demand in China came under the microscope. This may be a temporary setback as its Keytruda drug is a blockbuster with a growing list of indications for cancer treatment, but we continue to assess the stock's long-term reward/risk.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g46179i01e09eb99269b837f8b3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Large Cap Value Portfolio** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **4/30/2015** | $10000 | $10000 | $10000 |
| **5/31/2015** | $10064 | $10120 | $10138 |
| **6/30/2015** | $9936 | $9918 | $9969 |
| **7/31/2015** | $10017 | $9962 | $10135 |
| **8/31/2015** | $9415 | $9368 | $9524 |
| **9/30/2015** | $9125 | $9085 | $9246 |
| **10/31/2015** | $9791 | $9771 | $9976 |
| **11/30/2015** | $9849 | $9808 | $10032 |
| **12/31/2015** | $9629 | $9597 | $9826 |
| **1/31/2016** | $9079 | $9102 | $9271 |
| **2/29/2016** | $9235 | $9099 | $9268 |
| **3/31/2016** | $9884 | $9755 | $9921 |
| **4/30/2016** | $10035 | $9960 | $9982 |
| **5/31/2016** | $10098 | $10114 | $10161 |
| **6/30/2016** | $9977 | $10202 | $10182 |
| **7/31/2016** | $10394 | $10498 | $10586 |
| **8/31/2016** | $10539 | $10579 | $10613 |
| **9/30/2016** | $10446 | $10557 | $10630 |
| **10/31/2016** | $10226 | $10394 | $10400 |
| **11/30/2016** | $10886 | $10987 | $10865 |
| **12/31/2016** | $11112 | $11262 | $11077 |
| **1/31/2017** | $11309 | $11342 | $11286 |
| **2/28/2017** | $11698 | $11750 | $11705 |
| **3/31/2017** | $11831 | $11630 | $11713 |
| **4/30/2017** | $11952 | $11608 | $11837 |
| **5/31/2017** | $12034 | $11597 | $11959 |
| **6/30/2017** | $12480 | $11786 | $12066 |
| **7/31/2017** | $12621 | $11943 | $12294 |
| **8/31/2017** | $12529 | $11804 | $12318 |
| **9/30/2017** | $12733 | $12153 | $12618 |
| **10/31/2017** | $12804 | $12242 | $12893 |
| **11/30/2017** | $13156 | $12616 | $13285 |
| **12/31/2017** | $13289 | $12801 | $13418 |
| **1/31/2018** | $13895 | $13295 | $14125 |
| **2/28/2018** | $13224 | $12661 | $13604 |
| **3/31/2018** | $13054 | $12438 | $13331 |
| **4/30/2018** | $12928 | $12479 | $13382 |
| **5/31/2018** | $12834 | $12553 | $13760 |
| **6/30/2018** | $12931 | $12584 | $13850 |
| **7/31/2018** | $13373 | $13082 | $14309 |
| **8/31/2018** | $13543 | $13276 | $14812 |
| **9/30/2018** | $13574 | $13302 | $14836 |
| **10/31/2018** | $12612 | $12613 | $13744 |
| **11/30/2018** | $13161 | $12990 | $14019 |
| **12/31/2018** | $11646 | $11742 | $12714 |
| **1/31/2019** | $12915 | $12656 | $13806 |
| **2/28/2019** | $13378 | $13061 | $14291 |
| **3/31/2019** | $13430 | $13144 | $14500 |
| **4/30/2019** | $14025 | $13610 | $15079 |
| **5/31/2019** | $13066 | $12735 | $14103 |
| **6/30/2019** | $14149 | $13649 | $15094 |
| **7/31/2019** | $14385 | $13762 | $15318 |
| **8/31/2019** | $14015 | $13357 | $15006 |
| **9/30/2019** | $14543 | $13834 | $15269 |
| **10/31/2019** | $14823 | $14027 | $15598 |
| **11/30/2019** | $15431 | $14461 | $16191 |
| **12/31/2019** | $15869 | $14859 | $16658 |
| **1/31/2020** | $15342 | $14539 | $16640 |
| **2/29/2020** | $13996 | $13131 | $15278 |
| **3/31/2020** | $10926 | $10887 | $13177 |
| **4/30/2020** | $12171 | $12111 | $14922 |
| **5/31/2020** | $12622 | $12526 | $15720 |
| **6/30/2020** | $12658 | $12443 | $16079 |
| **7/31/2020** | $13337 | $12935 | $16992 |
| **8/31/2020** | $14048 | $13470 | $18223 |
| **9/30/2020** | $13684 | $13139 | $17560 |
| **10/31/2020** | $13704 | $12966 | $17181 |
| **11/30/2020** | $15768 | $14710 | $19271 |
| **12/31/2020** | $16656 | $15274 | $20138 |
| **1/31/2021** | $16255 | $15134 | $20048 |
| **2/28/2021** | $17397 | $16049 | $20675 |
| **3/31/2021** | $18535 | $16993 | $21416 |
| **4/30/2021** | $19504 | $17673 | $22520 |
| **5/31/2021** | $19938 | $18086 | $22623 |
| **6/30/2021** | $19421 | $17878 | $23181 |
| **7/31/2021** | $19649 | $18021 | $23573 |
| **8/31/2021** | $19936 | $18379 | $24245 |
| **9/30/2021** | $19205 | $17739 | $23157 |
| **10/31/2021** | $20112 | $18640 | $24723 |
| **11/30/2021** | $19029 | $17983 | $24347 |
| **12/31/2021** | $20418 | $19117 | $25305 |
| **1/31/2022** | $20414 | $18672 | $23817 |
| **2/28/2022** | $20318 | $18455 | $23217 |
| **3/31/2022** | $20471 | $18976 | $23970 |
| **4/30/2022** | $19239 | $17906 | $21819 |
| **5/31/2022** | $19729 | $18254 | $21789 |
| **6/30/2022** | $18216 | $16659 | $19966 |
| **7/31/2022** | $19268 | $17764 | $21840 |
| **8/31/2022** | $18424 | $17235 | $21025 |
| **9/30/2022** | $16843 | $15723 | $19075 |
| **10/31/2022** | $18513 | $17335 | $20639 |
| **11/30/2022** | $19695 | $18419 | $21717 |
| **12/31/2022** | $19150 | $17676 | $20445 |
| **1/31/2023** | $20448 | $18592 | $21853 |
| **2/28/2023** | $19808 | $17937 | $21342 |
| **3/31/2023** | $19407 | $17854 | $21913 |
| **4/30/2023** | $19773 | $18123 | $22146 |
| **5/31/2023** | $18985 | $17424 | $22233 |
| **6/30/2023** | $20592 | $18582 | $23751 |
| **7/31/2023** | $21269 | $19235 | $24602 |
| **8/31/2023** | $20700 | $18716 | $24127 |
| **9/30/2023** | $19747 | $17994 | $22978 |
| **10/31/2023** | $19096 | $17359 | $22369 |
| **11/30/2023** | $20818 | $18668 | $24455 |
| **12/31/2023** | $22124 | $19703 | $25752 |
| **1/31/2024** | $22054 | $19723 | $26037 |
| **2/29/2024** | $22365 | $20450 | $27447 |
| **3/31/2024** | $23574 | $21473 | $28332 |
| **4/30/2024** | $22738 | $20556 | $27085 |
| **5/31/2024** | $23655 | $21207 | $28365 |
| **6/30/2024** | $23647 | $21008 | $29243 |
| **7/31/2024** | $24784 | $22082 | $29787 |
| **8/31/2024** | $25752 | $22674 | $30435 |
| **9/30/2024** | $25742 | $22989 | $31065 |
| **10/31/2024** | $25423 | $22736 | $30837 |
| **11/30/2024** | $26634 | $24188 | $32888 |
| **12/31/2024** | $25094 | $22533 | $31883 |
| **1/31/2025** | $26313 | $23576 | $32889 |
| **2/28/2025** | $26236 | $23672 | $32259 |
| **3/31/2025** | $25527 | $23015 | $30377 |
| **4/30/2025** | $25196 | $22313 | $30174 |

---

# Large Cap Value Portfolio
Annual Shareholder Report \| April 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Large Cap Value Portfolio | 10.81 | 15.66 | 9.68 |
| Russell 1000<sup>®</sup> Value Index (Strategy) | 8.55 | 13.0 | 8.36 |
| Russell 3000<sup>®</sup> Index (Regulatory) | 11.4 | 15.12 | 11.68 |

---

## KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| Total net assets | $146544187 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 36% |
| Total advisory fees paid | $962877 |

---

## What did the Portfolio invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Financials | 20.7 |
| Industrials | 18.9 |
| Health care | 14.8 |
| Information technology | 9.6 |
| Consumer staples | 8.4 |
| Consumer discretionary | 6.8 |
| Energy | 5.9 |
| Materials | 4.0 |
| Communication services | 4.0 |
| Real estate | 3.9 |
| Utilities | 3.0 |

---

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

---

| | |
|:---|:---|
| Canadian Pacific Kansas City Ltd. | 4.3 |
| Alphabet, Inc. Class C | 4.0 |
| Intercontinental Exchange, Inc. | 3.9 |
| Citigroup, Inc. | 3.7 |
| Berkshire Hathaway, Inc. Class B | 3.5 |
| Bank of America Corp. | 3.5 |
| Mondelez International, Inc. Class A | 3.5 |
| Labcorp Holdings, Inc. | 3.2 |
| AerCap Holdings NV | 3.2 |
| Cigna Group | 3.0 |

---

## Significant portfolio changes
This is a summary of certain changes and planned changes to the portfolio since May 1, 2024.

At a meeting held on May 27-29, 2025, the Board of Trustees of the Allspring Large Cap Value Fund approved a proposal to collapse the master-feeder structure under which the Fund invested 100% of its assets in the Portfolio. Effective on or about August 8, the Fund will begin investing its assets directly in a portfolio of securities after which the Portfolio is expected to terminate.

## For more information
You can find additional information on the Funds that invest in this Portfolio 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

![Image](g46179if62a81cf80444f4f5b7d.jpg)

Annual Shareholder Report

# Macro Strategies Portfolio

# April 30, 2025
This annual shareholder report contains important information about Macro Strategies Portfolio for the period from May 1, 2024 to April 30, 2025. You can find additional information about the Funds that invest in this Portfolio at allspringglobal.com.

## What were the Portfolio consolidated 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 | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Macro Strategies Portfolio | $42 | 0.41% |

---

## How did the Portfolio perform last year and what affected its performance?
**Economic and market commentary**

Over the past year, U.S. investors balanced opportunity and risk amid shifting central bank policies, post-election trade uncertainties, and bond market volatility. Inflation concerns persisted, but the Federal Reserve held rates steady, supporting economic growth. Global markets faced economic challenges. Mid-2024 rate cuts boosted equities. Post-election political uncertainty weighed on market sentiment. Entering 2025, inflation moderated but trade policy shifts kept markets volatile.

**Significant portfolio changes**

This portfolio tends to have significant changes in market exposure. We reduced exposure to U.S. assets across fixed income and equities while adding to gold and volatility.

**Top contributors**

Treasury Inflation-Protected Securities and equities contributed to relative performance. Exposures to long volatility and gold were positive, primarily in the first quarter of 2025. Our fixed income strategies added to performance, including duration and yield curve. Currency was a major driver of portfolio return.

**Main detractors**

Exposure to alternatives—particularly the Cross-Asset Trend strategy—was the main detractor.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g46179i555cb369d22080b86c88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Macro Strategies Portfolio** | **Macro Strategies Blended Index** | **Bloomberg U.S. TIPS Index** |
| **3/11/2024** | $10000 | $10000 | $10000 |
| **3/31/2024** | $10138 | $9965 | $10012 |
| **4/30/2024** | $9747 | $9756 | $9843 |
| **5/31/2024** | $9781 | $9903 | $10012 |
| **6/30/2024** | $9982 | $9949 | $10091 |
| **7/31/2024** | $10299 | $10175 | $10271 |
| **8/31/2024** | $10411 | $10336 | $10351 |
| **9/30/2024** | $10532 | $10501 | $10507 |
| **10/31/2024** | $10202 | $10231 | $10318 |
| **11/30/2024** | $10575 | $10273 | $10368 |
| **12/31/2024** | $10254 | $10082 | $10204 |
| **1/31/2025** | $10373 | $10176 | $10336 |
| **2/28/2025** | $10662 | $10359 | $10561 |
| **3/31/2025** | $10521 | $10425 | $10629 |
| **4/30/2025** | $10188 | $10584 | $10642 |

---

# Macro Strategies Portfolio
Annual Shareholder Report \| April 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception (3/11/24)** |
| Macro Strategies Portfolio | 4.52 | 1.65 |
| Macro Strategies Blended Index (Strategy)<sup>Footnote Reference\*</sup> | 8.49 | 5.32 |
| Bloomberg U.S. TIPS Index (Regulatory) | 8.12 | 5.62 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Macro Strategies Blended Index is comprised of 50% Bloomberg Global Aggregate Index and 50% Bloomberg U.S. TIPS Index. |

---

## KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $220536044 |
| Consolidated # of portfolio holdings | 252 |
| Consolidated Portfolio turnover rate | 25% |
| Consolidated Total advisory fees paid | $972588 |

---

## What did the Portfolio invest in?

### CONSOLIDATED PORTFOLIO ALLOCATION

### (% OF LONG-TERM INVESTMENT)

---

| | |
|:---|:---|
| U.S. Treasury securities | 79.9 |
| Common stocks | 20.1 |

---

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

---

| | |
|:---|:---|
| TIPS, 0.13%, 7-15-2031 | 3.1 |
| TIPS, 0.50%, 1-15-2028 | 3.1 |
| TIPS, 2.38%, 10-15-2028 | 3.1 |
| TIPS, 0.13%, 1-15-2032 | 3.1 |
| TIPS, 3.63%, 4-15-2028 | 3.1 |
| TIPS, 0.75%, 2-15-2042 | 3.0 |
| TIPS, 2.38%, 1-15-2027 | 2.3 |
| TIPS, 0.13%, 1-15-2031 | 1.9 |
| TIPS, 3.88%, 4-15-2029 | 1.8 |
| TIPS, 0.13%, 10-15-2026 | 1.7 |

---

## For more information
You can find additional information on the Funds that invest in this Portfolio 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

![Image](g46179if62a81cf80444f4f5b7d.jpg)

Annual Shareholder Report

# Small Company Growth Portfolio

# April 30, 2025
This annual shareholder report contains important information about Small Company Growth Portfolio for the period from May 1, 2024 to April 30, 2025. You can find additional information about the Funds that invest in this Portfolio at allspringglobal.com.

## What were the Portfolio 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 |
| Small Company Growth Portfolio | $80 | 0.82% |

---

## How did the Portfolio perform last year and what affected its performance?
The macroeconomic environment drove volatility across small-cap markets over the past year. Early in the period, markets rose on falling inflation, steady employment, and healthy economic growth. As we entered 2025, however, investors grew more cautious as the economic outlook deteriorated. Uncertainty was heightened with the creation of the Department of Government Efficiency and higher-than-expected tariff levels. While markets have since shown signs of stabilizing, uncertainty remains high and companies have much less forward visibility than usual.

During brief periods of narrow market leadership in July and November, the smallest, most richly valued, and heavily shorted names dominated performance, accounting for more than 100% of the Portfolio's relative shortfall to the Russell 2000<sup>®</sup> Growth Index. Adverse stock selection in industrials, information technology, and health care were the largest detractors from relative performance, while financials, energy, and consumer discretionary were the largest contributors to performance in the period. While we adjusted individual holdings, we made no material changes to sector positioning.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g46179i31fcc0008904ff54c5a2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Small Company Growth Portfolio** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **4/30/2015** | $10000 | $10000 | $10000 |
| **5/31/2015** | $10285 | $10367 | $10138 |
| **6/30/2015** | $10496 | $10507 | $9969 |
| **7/31/2015** | $10483 | $10550 | $10135 |
| **8/31/2015** | $9740 | $9750 | $9524 |
| **9/30/2015** | $9127 | $9134 | $9246 |
| **10/31/2015** | $9264 | $9653 | $9976 |
| **11/30/2015** | $9566 | $10006 | $10032 |
| **12/31/2015** | $9127 | $9529 | $9826 |
| **1/31/2016** | $7945 | $8497 | $9271 |
| **2/29/2016** | $7903 | $8436 | $9268 |
| **3/31/2016** | $8572 | $9083 | $9921 |
| **4/30/2016** | $8679 | $9173 | $9982 |
| **5/31/2016** | $8860 | $9420 | $10161 |
| **6/30/2016** | $8877 | $9377 | $10182 |
| **7/31/2016** | $9489 | $9990 | $10586 |
| **8/31/2016** | $9603 | $10096 | $10613 |
| **9/30/2016** | $9690 | $10242 | $10630 |
| **10/31/2016** | $9145 | $9605 | $10400 |
| **11/30/2016** | $9856 | $10465 | $10865 |
| **12/31/2016** | $9856 | $10607 | $11077 |
| **1/31/2017** | $10193 | $10780 | $11286 |
| **2/28/2017** | $10486 | $11044 | $11705 |
| **3/31/2017** | $10560 | $11175 | $11713 |
| **4/30/2017** | $10664 | $11381 | $11837 |
| **5/31/2017** | $10468 | $11277 | $11959 |
| **6/30/2017** | $10783 | $11665 | $12066 |
| **7/31/2017** | $10886 | $11765 | $12294 |
| **8/31/2017** | $10810 | $11751 | $12318 |
| **9/30/2017** | $11321 | $12391 | $12618 |
| **10/31/2017** | $11413 | $12583 | $12893 |
| **11/30/2017** | $11811 | $12944 | $13285 |
| **12/31/2017** | $11899 | $12959 | $13418 |
| **1/31/2018** | $12601 | $13464 | $14125 |
| **2/28/2018** | $12417 | $13081 | $13604 |
| **3/31/2018** | $12463 | $13257 | $13331 |
| **4/30/2018** | $12501 | $13270 | $13382 |
| **5/31/2018** | $13477 | $14105 | $13760 |
| **6/30/2018** | $13544 | $14216 | $13850 |
| **7/31/2018** | $13718 | $14460 | $14309 |
| **8/31/2018** | $14771 | $15360 | $14812 |
| **9/30/2018** | $14514 | $15001 | $14836 |
| **10/31/2018** | $12776 | $13103 | $13744 |
| **11/30/2018** | $13082 | $13308 | $14019 |
| **12/31/2018** | $11483 | $11753 | $12714 |
| **1/31/2019** | $12934 | $13110 | $13806 |
| **2/28/2019** | $13498 | $13956 | $14291 |
| **3/31/2019** | $13245 | $13768 | $14500 |
| **4/30/2019** | $13739 | $14187 | $15079 |
| **5/31/2019** | $12716 | $13134 | $14103 |
| **6/30/2019** | $13684 | $14146 | $15094 |
| **7/31/2019** | $13706 | $14284 | $15318 |
| **8/31/2019** | $12921 | $13668 | $15006 |
| **9/30/2019** | $13048 | $13556 | $15269 |
| **10/31/2019** | $13236 | $13941 | $15598 |
| **11/30/2019** | $14245 | $14762 | $16191 |
| **12/31/2019** | $14549 | $15100 | $16658 |
| **1/31/2020** | $14413 | $14934 | $16640 |
| **2/29/2020** | $13358 | $13856 | $15278 |
| **3/31/2020** | $10480 | $11210 | $13177 |
| **4/30/2020** | $12213 | $12879 | $14922 |
| **5/31/2020** | $13235 | $14096 | $15720 |
| **6/30/2020** | $13567 | $14638 | $16079 |
| **7/31/2020** | $14260 | $15141 | $16992 |
| **8/31/2020** | $15125 | $16029 | $18223 |
| **9/30/2020** | $14761 | $15686 | $17560 |
| **10/31/2020** | $14982 | $15805 | $17181 |
| **11/30/2020** | $17050 | $18592 | $19271 |
| **12/31/2020** | $18740 | $20330 | $20138 |
| **1/31/2021** | $18980 | $21310 | $20048 |
| **2/28/2021** | $19699 | $22013 | $20675 |
| **3/31/2021** | $19724 | $21321 | $21416 |
| **4/30/2021** | $20820 | $21786 | $22520 |
| **5/31/2021** | $20466 | $21163 | $22623 |
| **6/30/2021** | $21041 | $22156 | $23181 |
| **7/31/2021** | $20837 | $21349 | $23573 |
| **8/31/2021** | $21307 | $21737 | $24245 |
| **9/30/2021** | $20483 | $20904 | $23157 |
| **10/31/2021** | $21513 | $21882 | $24723 |
| **11/30/2021** | $20593 | $20814 | $24347 |
| **12/31/2021** | $21664 | $20906 | $25305 |
| **1/31/2022** | $19264 | $18104 | $23817 |
| **2/28/2022** | $19248 | $18183 | $23217 |
| **3/31/2022** | $19175 | $18266 | $23970 |
| **4/30/2022** | $17425 | $16025 | $21819 |
| **5/31/2022** | $17135 | $15722 | $21789 |
| **6/30/2022** | $16265 | $14749 | $19966 |
| **7/31/2022** | $17793 | $16400 | $21840 |
| **8/31/2022** | $17237 | $16246 | $21025 |
| **9/30/2022** | $15732 | $14785 | $19075 |
| **10/31/2022** | $16872 | $16188 | $20639 |
| **11/30/2022** | $17096 | $16452 | $21717 |
| **12/31/2022** | $16427 | $15396 | $20445 |
| **1/31/2023** | $18040 | $16927 | $21853 |
| **2/28/2023** | $18076 | $16744 | $21342 |
| **3/31/2023** | $17590 | $16331 | $21913 |
| **4/30/2023** | $17304 | $16141 | $22146 |
| **5/31/2023** | $17176 | $16144 | $22233 |
| **6/30/2023** | $18511 | $17482 | $23751 |
| **7/31/2023** | $19190 | $18300 | $24602 |
| **8/31/2023** | $18610 | $17347 | $24127 |
| **9/30/2023** | $17422 | $16203 | $22978 |
| **10/31/2023** | $16189 | $14953 | $22369 |
| **11/30/2023** | $17534 | $16315 | $24455 |
| **12/31/2023** | $19421 | $18268 | $25752 |
| **1/31/2024** | $19154 | $17682 | $26037 |
| **2/29/2024** | $20689 | $19119 | $27447 |
| **3/31/2024** | $21089 | $19653 | $28332 |
| **4/30/2024** | $19642 | $18140 | $27085 |
| **5/31/2024** | $20372 | $19112 | $28365 |
| **6/30/2024** | $20572 | $19080 | $29243 |
| **7/31/2024** | $21496 | $20642 | $29787 |
| **8/31/2024** | $21457 | $20413 | $30435 |
| **9/30/2024** | $21338 | $20684 | $31065 |
| **10/31/2024** | $20653 | $20410 | $30837 |
| **11/30/2024** | $22430 | $22912 | $32888 |
| **12/31/2024** | $21018 | $21037 | $31883 |
| **1/31/2025** | $21983 | $21702 | $32889 |
| **2/28/2025** | $20299 | $20233 | $32259 |
| **3/31/2025** | $18844 | $18698 | $30377 |
| **4/30/2025** | $18483 | $18579 | $30174 |

---

# Small Company Growth Portfolio
Annual Shareholder Report \| April 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Small Company Growth Portfolio | (5.90) | 8.64 | 6.34 |
| Russell 2000<sup>®</sup> Growth Index (Strategy) | 2.42 | 7.6 | 6.39 |
| Russell 3000<sup>®</sup> Index (Regulatory) | 11.40 | 15.12 | 11.68 |

---

## KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| Total net assets | $503737292 |
| # of portfolio holdings | 123 |
| Portfolio turnover rate | 56% |
| Total advisory fees paid | $4483683 |

---

## What did the Portfolio invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 23.2 |
| Health care | 22.7 |
| Information technology | 22.3 |
| Financials | 13.4 |
| Consumer discretionary | 10.1 |
| Consumer staples | 3.7 |
| Materials | 2.1 |
| Energy | 2.0 |
| Communication services | 0.5 |

---

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

---

| | |
|:---|:---|
| Box, Inc. Class A | 1.3 |
| PTC, Inc. | 1.3 |
| SS&C Technologies Holdings, Inc. | 1.2 |
| CyberArk Software Ltd. | 1.2 |
| KBR, Inc. | 1.2 |
| Element Solutions, Inc. | 1.3 |
| Insmed, Inc. | 1.2 |
| Stifel Financial Corp. | 1.1 |
| SPX Technologies, Inc. | 1.1 |
| Advanced Drainage Systems, Inc. | 1.1 |

---

## For more information
You can find additional information on the Funds that invest in this Portfolio 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

![Image](g46179if62a81cf80444f4f5b7d.jpg)

Annual Shareholder Report

# Small Company Value Portfolio

# April 30, 2025
This annual shareholder report contains important information about Small Company Value Portfolio for the period from May 1, 2024 to April 30, 2025. You can find additional information about the Funds that invest in this Portfolio at allspringglobal.com.

## What were the Portfolio 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 |
| Small Company Value Portfolio | $73 | 0.74% |

---

## How did the Portfolio perform last year and what affected its performance?
The 12-month period that ended April 30, 2025, was one of significant volatility for financial markets. The S&P 500 Index reached an all-time high, fueled by the "Magnificent 7" stocks and artificial intelligence optimism, before giving back the gains because of trade policy uncertainty, slowing growth, and recession fears. Despite the uncertainty surrounding trade policy and the overall health of the economy, the S&P 500 Index clawed its way back toward period-end, recovering some of the losses.

This volatility resulted in a flight to safety as large-cap stocks outperformed small-cap stocks and the Russell 2000<sup>®</sup> Value Index entered bear-market territory in early April after falling more than 27% from recent highs. Amid the volatility, the portfolio's health care and consumer staples stocks contributed to performance while security selection in energy and financials detracted from performance. Although there weren't significant changes to the portfolio, consistent with prior periods of heightened volatility, we continued to upgrade the quality of holdings within the portfolio at these more attractive valuations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g46179i89d106730bc0bf84a2cd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Small Company Value Portfolio** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **4/30/2015** | $10000 | $10000 | $10000 |
| **5/31/2015** | $10177 | $10083 | $10138 |
| **6/30/2015** | $10246 | $10096 | $9969 |
| **7/31/2015** | $9982 | $9818 | $10135 |
| **8/31/2015** | $9499 | $9335 | $9524 |
| **9/30/2015** | $9158 | $9012 | $9246 |
| **10/31/2015** | $9645 | $9517 | $9976 |
| **11/30/2015** | $9788 | $9787 | $10032 |
| **12/31/2015** | $9187 | $9271 | $9826 |
| **1/31/2016** | $8387 | $8649 | $9271 |
| **2/29/2016** | $8570 | $8708 | $9268 |
| **3/31/2016** | $9312 | $9429 | $9921 |
| **4/30/2016** | $9453 | $9629 | $9982 |
| **5/31/2016** | $9672 | $9806 | $10161 |
| **6/30/2016** | $9444 | $9835 | $10182 |
| **7/31/2016** | $9995 | $10366 | $10586 |
| **8/31/2016** | $10319 | $10624 | $10613 |
| **9/30/2016** | $10340 | $10707 | $10630 |
| **10/31/2016** | $9960 | $10355 | $10400 |
| **11/30/2016** | $11184 | $11730 | $10865 |
| **12/31/2016** | $11745 | $12214 | $11077 |
| **1/31/2017** | $11627 | $12127 | $11286 |
| **2/28/2017** | $11835 | $12303 | $11705 |
| **3/31/2017** | $11781 | $12198 | $11713 |
| **4/30/2017** | $11808 | $12246 | $11837 |
| **5/31/2017** | $11553 | $11865 | $11959 |
| **6/30/2017** | $11917 | $12280 | $12066 |
| **7/31/2017** | $12075 | $12358 | $12294 |
| **8/31/2017** | $11630 | $12054 | $12318 |
| **9/30/2017** | $12475 | $12908 | $12618 |
| **10/31/2017** | $12653 | $12925 | $12893 |
| **11/30/2017** | $13150 | $13299 | $13285 |
| **12/31/2017** | $13174 | $13172 | $13418 |
| **1/31/2018** | $13347 | $13334 | $14125 |
| **2/28/2018** | $12765 | $12667 | $13604 |
| **3/31/2018** | $12999 | $12824 | $13331 |
| **4/30/2018** | $13371 | $13046 | $13382 |
| **5/31/2018** | $13875 | $13805 | $13760 |
| **6/30/2018** | $14032 | $13889 | $13850 |
| **7/31/2018** | $14018 | $14134 | $14309 |
| **8/31/2018** | $14466 | $14471 | $14812 |
| **9/30/2018** | $13929 | $14112 | $14836 |
| **10/31/2018** | $12678 | $12848 | $13744 |
| **11/30/2018** | $12846 | $13055 | $14019 |
| **12/31/2018** | $11339 | $11477 | $12714 |
| **1/31/2019** | $12391 | $12733 | $13806 |
| **2/28/2019** | $12934 | $13228 | $14291 |
| **3/31/2019** | $12504 | $12846 | $14500 |
| **4/30/2019** | $12902 | $13332 | $15079 |
| **5/31/2019** | $11862 | $12243 | $14103 |
| **6/30/2019** | $12678 | $13023 | $15094 |
| **7/31/2019** | $12680 | $13044 | $15318 |
| **8/31/2019** | $12003 | $12316 | $15006 |
| **9/30/2019** | $12539 | $12948 | $15269 |
| **10/31/2019** | $12964 | $13262 | $15598 |
| **11/30/2019** | $13300 | $13572 | $16191 |
| **12/31/2019** | $13869 | $14047 | $16658 |
| **1/31/2020** | $13156 | $13290 | $16640 |
| **2/29/2020** | $11953 | $11998 | $15278 |
| **3/31/2020** | $8926 | $9038 | $13177 |
| **4/30/2020** | $10109 | $10153 | $14922 |
| **5/31/2020** | $10232 | $10444 | $15720 |
| **6/30/2020** | $10488 | $10747 | $16079 |
| **7/31/2020** | $10671 | $10968 | $16992 |
| **8/31/2020** | $11199 | $11559 | $18223 |
| **9/30/2020** | $10725 | $11021 | $17560 |
| **10/31/2020** | $11135 | $11416 | $17181 |
| **11/30/2020** | $13056 | $13620 | $19271 |
| **12/31/2020** | $14106 | $14698 | $20138 |
| **1/31/2021** | $14533 | $15472 | $20048 |
| **2/28/2021** | $16286 | $16925 | $20675 |
| **3/31/2021** | $17533 | $17810 | $21416 |
| **4/30/2021** | $17871 | $18170 | $22520 |
| **5/31/2021** | $18291 | $18735 | $22623 |
| **6/30/2021** | $18029 | $18622 | $23181 |
| **7/31/2021** | $17907 | $17955 | $23573 |
| **8/31/2021** | $18425 | $18436 | $24245 |
| **9/30/2021** | $17974 | $18067 | $23157 |
| **10/31/2021** | $18857 | $18756 | $24723 |
| **11/30/2021** | $18334 | $18115 | $24347 |
| **12/31/2021** | $19300 | $18854 | $25305 |
| **1/31/2022** | $18158 | $17755 | $23817 |
| **2/28/2022** | $18648 | $18048 | $23217 |
| **3/31/2022** | $18719 | $18401 | $23970 |
| **4/30/2022** | $17545 | $16973 | $21819 |
| **5/31/2022** | $17966 | $17299 | $21789 |
| **6/30/2022** | $16324 | $15590 | $19966 |
| **7/31/2022** | $17706 | $17100 | $21840 |
| **8/31/2022** | $17006 | $16559 | $21025 |
| **9/30/2022** | $15373 | $14871 | $19075 |
| **10/31/2022** | $17238 | $16744 | $20639 |
| **11/30/2022** | $18061 | $17255 | $21717 |
| **12/31/2022** | $17014 | $16123 | $20445 |
| **1/31/2023** | $18417 | $17662 | $21853 |
| **2/28/2023** | $18105 | $17255 | $21342 |
| **3/31/2023** | $17235 | $16017 | $21913 |
| **4/30/2023** | $16683 | $15618 | $22146 |
| **5/31/2023** | $16177 | $15311 | $22233 |
| **6/30/2023** | $17568 | $16527 | $23751 |
| **7/31/2023** | $18596 | $17774 | $24602 |
| **8/31/2023** | $18044 | $16919 | $24127 |
| **9/30/2023** | $17237 | $16038 | $22978 |
| **10/31/2023** | $16418 | $15081 | $22369 |
| **11/30/2023** | $17598 | $16439 | $24455 |
| **12/31/2023** | $19661 | $18485 | $25752 |
| **1/31/2024** | $19004 | $17645 | $26037 |
| **2/29/2024** | $19941 | $18222 | $27447 |
| **3/31/2024** | $20984 | $19021 | $28332 |
| **4/30/2024** | $19629 | $17809 | $27085 |
| **5/31/2024** | $20392 | $18642 | $28365 |
| **6/30/2024** | $20053 | $18328 | $29243 |
| **7/31/2024** | $22041 | $20561 | $29787 |
| **8/31/2024** | $21678 | $20175 | $30435 |
| **9/30/2024** | $21689 | $20188 | $31065 |
| **10/31/2024** | $21420 | $19872 | $30837 |
| **11/30/2024** | $23545 | $21789 | $32888 |
| **12/31/2024** | $21399 | $19973 | $31883 |
| **1/31/2025** | $22176 | $20384 | $32889 |
| **2/28/2025** | $21150 | $19603 | $32259 |
| **3/31/2025** | $19849 | $18427 | $30377 |
| **4/30/2025** | $19049 | $17687 | $30174 |

---

# Small Company Value Portfolio
Annual Shareholder Report \| April 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Small Company Value Portfolio | (2.96) | 13.51 | 6.66 |
| Russell 2000<sup>®</sup> Value Index (Strategy) | (0.68) | 11.74 | 5.87 |
| Russell 3000<sup>®</sup> Index (Regulatory) | 11.40 | 15.12 | 11.68 |

---

## KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| Total net assets | $599445339 |
| # of portfolio holdings | 152 |
| Portfolio turnover rate | 114% |
| Total advisory fees paid | $5089655 |

---

## What did the Portfolio invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Financials | 28.3 |
| Industrials | 19.4 |
| Consumer discretionary | 12.2 |
| Information technology | 7.9 |
| Health care | 6.9 |
| Real estate | 6.5 |
| Materials | 5.3 |
| Energy | 5.2 |
| Utilities | 3.6 |
| Consumer staples | 3.2 |
| Communication services | 1.4 |
| Investment companies | 0.1 |

---

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

---

| | |
|:---|:---|
| Annaly Capital Management, Inc. | 1.6 |
| AGNC Investment Corp. | 1.5 |
| WSFS Financial Corp. | 1.4 |
| Ameris Bancorp | 1.4 |
| Wintrust Financial Corp. | 1.4 |
| Home BancShares, Inc. | 1.4 |
| Banner Corp. | 1.4 |
| Unum Group | 1.3 |
| FB Financial Corp. | 1.3 |
| Independent Bank Corp. | 1.3 |

---

## For more information
You can find additional information on the Funds that invest in this Portfolio 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

![Image](g46179if62a81cf80444f4f5b7d.jpg)

Annual Shareholder Report

# Core Bond Portfolio

# April 30, 2025
This annual shareholder report contains important information about Core Bond Portfolio for the period from May 1, 2024 to April 30, 2025. You can find additional information about the Funds that invest in this Portfolio at allspringglobal.com.

## What were the Portfolio 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 |
| Core Bond Portfolio | $34 | 0.33% |

---

## How did the Portfolio perform last year and what affected its performance?
During the period, election results and subsequent policy changes, inflation uncertainty, geopolitical turmoil, and the beginning of Federal Reserve monetary easing kept volatility elevated. After credit spreads tightened into the end of 2024 on optimism surrounding the macroeconomic picture and the impact of the election on corporate fundamentals, spreads widened considerably in early 2025 on policy uncertainty and growth concerns. Our positioning was nimble in response, as we reduced credit exposure to neutral levels in favor of agency mortgage-backed securities (MBS) at the end of 2024. As credit underperformed in 2025, however, we added back to end the period modestly overweight.

Security selection within MBS was the largest contributor to performance during the period, as elevated interest rate volatility and price dislocations continued to provide a fertile opportunity set from which to extract relative value. Security selection within credit also contributed, particularly within the banking, consumer, and health care subsectors. Our underweight to the commercial mortgage-backed securities sector modestly detracted as the sector outperformed.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g46179ia7994c66ce584553e443.jpg)

---

| | | |
|:---|:---|:---|
| | **Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/30/2015** | $10000 | $10000 |
| **5/31/2015** | $9962 | $9976 |
| **6/30/2015** | $9857 | $9867 |
| **7/31/2015** | $9933 | $9936 |
| **8/31/2015** | $9895 | $9921 |
| **9/30/2015** | $9967 | $9989 |
| **10/31/2015** | $9981 | $9990 |
| **11/30/2015** | $9952 | $9964 |
| **12/31/2015** | $9914 | $9932 |
| **1/31/2016** | $10043 | $10068 |
| **2/29/2016** | $10105 | $10140 |
| **3/31/2016** | $10201 | $10233 |
| **4/30/2016** | $10244 | $10272 |
| **5/31/2016** | $10239 | $10275 |
| **6/30/2016** | $10430 | $10459 |
| **7/31/2016** | $10502 | $10525 |
| **8/31/2016** | $10487 | $10513 |
| **9/30/2016** | $10502 | $10507 |
| **10/31/2016** | $10425 | $10427 |
| **11/30/2016** | $10167 | $10180 |
| **12/31/2016** | $10186 | $10195 |
| **1/31/2017** | $10210 | $10215 |
| **2/28/2017** | $10282 | $10283 |
| **3/31/2017** | $10282 | $10278 |
| **4/30/2017** | $10358 | $10357 |
| **5/31/2017** | $10433 | $10437 |
| **6/30/2017** | $10432 | $10426 |
| **7/31/2017** | $10479 | $10471 |
| **8/31/2017** | $10566 | $10565 |
| **9/30/2017** | $10521 | $10515 |
| **10/31/2017** | $10524 | $10521 |
| **11/30/2017** | $10511 | $10507 |
| **12/31/2017** | $10558 | $10556 |
| **1/31/2018** | $10440 | $10434 |
| **2/28/2018** | $10339 | $10335 |
| **3/31/2018** | $10396 | $10401 |
| **4/30/2018** | $10313 | $10324 |
| **5/31/2018** | $10377 | $10398 |
| **6/30/2018** | $10377 | $10385 |
| **7/31/2018** | $10381 | $10387 |
| **8/31/2018** | $10439 | $10454 |
| **9/30/2018** | $10377 | $10387 |
| **10/31/2018** | $10297 | $10305 |
| **11/30/2018** | $10355 | $10366 |
| **12/31/2018** | $10531 | $10557 |
| **1/31/2019** | $10639 | $10669 |
| **2/28/2019** | $10637 | $10663 |
| **3/31/2019** | $10846 | $10868 |
| **4/30/2019** | $10848 | $10870 |
| **5/31/2019** | $11031 | $11063 |
| **6/30/2019** | $11168 | $11202 |
| **7/31/2019** | $11201 | $11227 |
| **8/31/2019** | $11482 | $11518 |
| **9/30/2019** | $11425 | $11456 |
| **10/31/2019** | $11450 | $11491 |
| **11/30/2019** | $11446 | $11485 |
| **12/31/2019** | $11436 | $11477 |
| **1/31/2020** | $11667 | $11698 |
| **2/29/2020** | $11857 | $11908 |
| **3/31/2020** | $11694 | $11838 |
| **4/30/2020** | $11971 | $12049 |
| **5/31/2020** | $12078 | $12105 |
| **6/30/2020** | $12192 | $12181 |
| **7/31/2020** | $12399 | $12363 |
| **8/31/2020** | $12316 | $12263 |
| **9/30/2020** | $12317 | $12257 |
| **10/31/2020** | $12274 | $12202 |
| **11/30/2020** | $12422 | $12322 |
| **12/31/2020** | $12450 | $12339 |
| **1/31/2021** | $12364 | $12250 |
| **2/28/2021** | $12194 | $12073 |
| **3/31/2021** | $12046 | $11922 |
| **4/30/2021** | $12142 | $12017 |
| **5/31/2021** | $12157 | $12056 |
| **6/30/2021** | $12252 | $12141 |
| **7/31/2021** | $12388 | $12276 |
| **8/31/2021** | $12370 | $12253 |
| **9/30/2021** | $12269 | $12147 |
| **10/31/2021** | $12254 | $12144 |
| **11/30/2021** | $12273 | $12180 |
| **12/31/2021** | $12241 | $12148 |
| **1/31/2022** | $11982 | $11887 |
| **2/28/2022** | $11841 | $11754 |
| **3/31/2022** | $11497 | $11427 |
| **4/30/2022** | $11059 | $10994 |
| **5/31/2022** | $11118 | $11065 |
| **6/30/2022** | $10929 | $10891 |
| **7/31/2022** | $11184 | $11157 |
| **8/31/2022** | $10882 | $10842 |
| **9/30/2022** | $10416 | $10374 |
| **10/31/2022** | $10276 | $10239 |
| **11/30/2022** | $10659 | $10616 |
| **12/31/2022** | $10607 | $10568 |
| **1/31/2023** | $10973 | $10893 |
| **2/28/2023** | $10697 | $10611 |
| **3/31/2023** | $10960 | $10881 |
| **4/30/2023** | $11021 | $10947 |
| **5/31/2023** | $10909 | $10828 |
| **6/30/2023** | $10880 | $10789 |
| **7/31/2023** | $10870 | $10781 |
| **8/31/2023** | $10808 | $10713 |
| **9/30/2023** | $10536 | $10440 |
| **10/31/2023** | $10359 | $10276 |
| **11/30/2023** | $10842 | $10741 |
| **12/31/2023** | $11255 | $11152 |
| **1/31/2024** | $11242 | $11121 |
| **2/29/2024** | $11086 | $10964 |
| **3/31/2024** | $11192 | $11066 |
| **4/30/2024** | $10919 | $10786 |
| **5/31/2024** | $11113 | $10969 |
| **6/30/2024** | $11221 | $11073 |
| **7/31/2024** | $11480 | $11331 |
| **8/31/2024** | $11639 | $11494 |
| **9/30/2024** | $11799 | $11648 |
| **10/31/2024** | $11507 | $11359 |
| **11/30/2024** | $11638 | $11479 |
| **12/31/2024** | $11446 | $11292 |
| **1/31/2025** | $11511 | $11351 |
| **2/28/2025** | $11771 | $11601 |
| **3/31/2025** | $11772 | $11606 |
| **4/30/2025** | $11814 | $11651 |

---

# Core Bond Portfolio
Annual Shareholder Report \| April 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Core Bond Portfolio | 8.2 | (0.26) | 1.68 |
| Bloomberg U.S. Aggregate Bond Index (Strategy and Regulatory) | 8.02 | (0.67) | 1.54 |

---

## KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| Total net assets | $5246060756 |
| # of portfolio holdings | 1057 |
| Portfolio turnover rate | 373% |
| Total advisory fees paid | $16897247 |

---

## What did the Portfolio invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Agency securities | 45.5 |
| Corporate bonds and notes | 21.9 |
| U.S. Treasury securities | 17.5 |
| Asset-backed securities | 8.9 |
| Yankee corporate bonds and notes | 2.9 |
| Non-agency mortgage-backed securities | 1.8 |
| Yankee government bonds | 1.2 |
| Municipal obligations | 0.3 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 1.75%, 8-15-2041 | 2.1 |
| U.S. Treasury Bonds, 2.00%, 11-15-2041 | 1.8 |
| FNMA, 5.50%, 5-15-2055 | 1.8 |
| U.S. Treasury Bonds, 3.00%, 2-15-2048 | 1.5 |
| U.S. Treasury Bonds, 1.38%, 11-15-2040 | 1.3 |
| FHLMC, 2.50%, 10-1-2032 | 1.2 |
| U.S. Treasury Bonds, 4.25%, 8-15-2054 | 1.1 |
| U.S. Treasury Notes, 3.88%, 4-30-2030 | 1.1 |
| FNMA, 5.50%, 6-15-2054 | 1 |
| FNMA, 5.50%, 2-1-2054 | 0.9 |

---

## For more information
You can find additional information on the Funds that invest in this Portfolio 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

![Image](g46179if62a81cf80444f4f5b7d.jpg)

Annual Shareholder Report

# April 30, 2025

# Disciplined International Developed Markets Portfolio
This annual shareholder report contains important information about Disciplined International Developed Markets Portfolio for the period from May 1, 2024 to April 30, 2025. You can find additional information about the Funds that invest in this Portfolio at allspringglobal.com.

## What were the Portfolio 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 |
| Disciplined International Developed Markets Portfolio | $36 | 0.33% |

---

## How did the Portfolio perform last year and what affected its performance?
Over the 12-month period, the international equity market performed positively, with similar performance for small caps and large caps.

Changes to the portfolio were minimal. Characteristics that are typically favored in the portfolio include attractive valuation, earnings consistency, profitability, and improving market sentiment.

Stock selection was the main contributor to outperformance, adding value in 8 out of 11 sectors. This was led by stock selection in industrials, financials, and consumer staples. The largest individual contributors were Imperial Brands PLC, Siemens Energy AG, and LVMH SE. A small underweight to energy contributed modestly to performance. Variations in sector weights versus the index were relatively small, which is typical for the strategy.

Negative stock selection within health care, materials, and communication services detracted from relative performance. The largest individual detractors were Deutsche Boerse AG, Zurich Insurance Group Ltd., and Lloyds Banking Group Plc. The Fund sold all three holdings during the period.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g46179i4dc717a8fdeb8712dcfe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Disciplined International Developed Markets Portfolio** | **MSCI EAFE Index (Net)** | **MSCI ACWI ex USA Index (Net)** |
| **4/30/2015** | $10000 | $10000 | $10000 |
| **5/31/2015** | $10164 | $9949 | $9844 |
| **6/30/2015** | $9857 | $9667 | $9569 |
| **7/31/2015** | $9790 | $9868 | $9543 |
| **8/31/2015** | $9004 | $9142 | $8813 |
| **9/30/2015** | $8588 | $8678 | $8405 |
| **10/31/2015** | $9235 | $9356 | $9030 |
| **11/30/2015** | $9340 | $9210 | $8844 |
| **12/31/2015** | $9151 | $9086 | $8677 |
| **1/31/2016** | $8555 | $8429 | $8087 |
| **2/29/2016** | $8366 | $8275 | $7995 |
| **3/31/2016** | $8819 | $8813 | $8645 |
| **4/30/2016** | $8920 | $9068 | $8872 |
| **5/31/2016** | $8903 | $8986 | $8722 |
| **6/30/2016** | $8714 | $8684 | $8589 |
| **7/31/2016** | $8933 | $9124 | $9014 |
| **8/31/2016** | $8941 | $9131 | $9071 |
| **9/30/2016** | $9042 | $9243 | $9183 |
| **10/31/2016** | $8618 | $9054 | $9051 |
| **11/30/2016** | $8294 | $8874 | $8841 |
| **12/31/2016** | $8298 | $9177 | $9067 |
| **1/31/2017** | $8739 | $9443 | $9389 |
| **2/28/2017** | $8735 | $9578 | $9538 |
| **3/31/2017** | $9055 | $9842 | $9780 |
| **4/30/2017** | $9399 | $10092 | $9989 |
| **5/31/2017** | $9821 | $10463 | $10314 |
| **6/30/2017** | $9928 | $10444 | $10346 |
| **7/31/2017** | $10262 | $10746 | $10727 |
| **8/31/2017** | $10287 | $10742 | $10783 |
| **9/30/2017** | $10491 | $11009 | $10983 |
| **10/31/2017** | $10632 | $11176 | $11190 |
| **11/30/2017** | $10822 | $11293 | $11281 |
| **12/31/2017** | $10855 | $11475 | $11533 |
| **1/31/2018** | $11648 | $12050 | $12175 |
| **2/28/2018** | $10998 | $11506 | $11601 |
| **3/31/2018** | $10864 | $11299 | $11397 |
| **4/30/2018** | $11004 | $11557 | $11579 |
| **5/31/2018** | $10750 | $11297 | $11311 |
| **6/30/2018** | $10491 | $11159 | $11099 |
| **7/31/2018** | $10879 | $11434 | $11364 |
| **8/31/2018** | $10774 | $11213 | $11126 |
| **9/30/2018** | $10811 | $11310 | $11177 |
| **10/31/2018** | $10131 | $10410 | $10268 |
| **11/30/2018** | $10123 | $10397 | $10365 |
| **12/31/2018** | $9575 | $9892 | $9896 |
| **1/31/2019** | $10183 | $10542 | $10644 |
| **2/28/2019** | $10460 | $10811 | $10851 |
| **3/31/2019** | $10561 | $10879 | $10916 |
| **4/30/2019** | $11045 | $11185 | $11204 |
| **5/31/2019** | $10735 | $10648 | $10603 |
| **6/30/2019** | $11432 | $11280 | $11242 |
| **7/31/2019** | $11363 | $11136 | $11106 |
| **8/31/2019** | $11346 | $10848 | $10763 |
| **9/30/2019** | $11479 | $11159 | $11039 |
| **10/31/2019** | $11837 | $11560 | $11425 |
| **11/30/2019** | $12054 | $11690 | $11525 |
| **12/31/2019** | $12381 | $12070 | $12025 |
| **1/31/2020** | $12355 | $11818 | $11701 |
| **2/29/2020** | $11356 | $10749 | $10777 |
| **3/31/2020** | $9658 | $9315 | $9216 |
| **4/30/2020** | $10366 | $9917 | $9915 |
| **5/31/2020** | $10924 | $10348 | $10239 |
| **6/30/2020** | $11365 | $10701 | $10702 |
| **7/31/2020** | $11698 | $10950 | $11179 |
| **8/31/2020** | $12297 | $11513 | $11657 |
| **9/30/2020** | $12002 | $11214 | $11371 |
| **10/31/2020** | $11520 | $10766 | $11126 |
| **11/30/2020** | $13201 | $12435 | $12623 |
| **12/31/2020** | $13815 | $13013 | $13305 |
| **1/31/2021** | $13665 | $12875 | $13334 |
| **2/28/2021** | $14000 | $13163 | $13598 |
| **3/31/2021** | $14342 | $13466 | $13770 |
| **4/30/2021** | $14776 | $13871 | $14176 |
| **5/31/2021** | $15356 | $14324 | $14619 |
| **6/30/2021** | $15090 | $14162 | $14524 |
| **7/31/2021** | $15203 | $14269 | $14285 |
| **8/31/2021** | $15439 | $14521 | $14556 |
| **9/30/2021** | $14931 | $14099 | $14090 |
| **10/31/2021** | $15350 | $14446 | $14427 |
| **11/30/2021** | $14675 | $13774 | $13777 |
| **12/31/2021** | $15429 | $14479 | $14346 |
| **1/31/2022** | $14939 | $13779 | $13818 |
| **2/28/2022** | $14461 | $13536 | $13544 |
| **3/31/2022** | $14468 | $13623 | $13566 |
| **4/30/2022** | $13537 | $12741 | $12714 |
| **5/31/2022** | $13829 | $12837 | $12805 |
| **6/30/2022** | $12548 | $11646 | $11704 |
| **7/31/2022** | $13184 | $12226 | $12104 |
| **8/31/2022** | $12411 | $11645 | $11715 |
| **9/30/2022** | $11285 | $10556 | $10544 |
| **10/31/2022** | $11984 | $11124 | $10859 |
| **11/30/2022** | $13585 | $12377 | $12141 |
| **12/31/2022** | $13340 | $12387 | $12050 |
| **1/31/2023** | $14411 | $13390 | $13028 |
| **2/28/2023** | $14031 | $13110 | $12571 |
| **3/31/2023** | $14462 | $13435 | $12878 |
| **4/30/2023** | $14829 | $13814 | $13102 |
| **5/31/2023** | $14253 | $13230 | $12625 |
| **6/30/2023** | $14936 | $13832 | $13192 |
| **7/31/2023** | $15312 | $14279 | $13728 |
| **8/31/2023** | $14757 | $13732 | $13108 |
| **9/30/2023** | $14262 | $13263 | $12694 |
| **10/31/2023** | $13765 | $12726 | $12170 |
| **11/30/2023** | $14930 | $13907 | $13266 |
| **12/31/2023** | $15808 | $14646 | $13932 |
| **1/31/2024** | $15723 | $14730 | $13794 |
| **2/29/2024** | $16087 | $14999 | $14143 |
| **3/31/2024** | $16642 | $15493 | $14585 |
| **4/30/2024** | $16155 | $15096 | $14323 |
| **5/31/2024** | $17013 | $15681 | $14739 |
| **6/30/2024** | $16638 | $15428 | $14725 |
| **7/31/2024** | $17134 | $15880 | $15066 |
| **8/31/2024** | $17755 | $16397 | $15495 |
| **9/30/2024** | $17806 | $16548 | $15912 |
| **10/31/2024** | $16908 | $15648 | $15132 |
| **11/30/2024** | $16870 | $15559 | $14995 |
| **12/31/2024** | $16417 | $15205 | $14703 |
| **1/31/2025** | $17201 | $16005 | $15296 |
| **2/28/2025** | $17812 | $16315 | $15508 |
| **3/31/2025** | $17865 | $16249 | $15473 |
| **4/30/2025** | $18645 | $16993 | $16032 |

---

# Disciplined International Developed Markets Portfolio
Annual Shareholder Report \| April 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Disciplined International Developed Markets Portfolio | 15.41 | 12.46 | 6.43 |
| MSCI EAFE Index (Net) (Strategy) | 12.57 | 11.37 | 5.45 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 11.93 | 10.09 | 4.83 |

---

## KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| Total net assets | $257626674 |
| # of portfolio holdings | 329 |
| Portfolio turnover rate | 43% |
| Total advisory fees paid | $714757 |

---

## What did the Portfolio invest in?

### COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Japan | 21.4 |
| United Kingdom | 14.1 |
| France | 11.9 |
| Switzerland | 10.4 |
| Germany | 8.4 |
| Australia | 7.1 |
| Netherlands | 4.5 |
| Sweden | 3.5 |
| Spain | 3.4 |
| Italy | 3.0 |
| Other | 12.3 |

---

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Financials | 24.0 |
| Industrials | 19.1 |
| Health care | 11.1 |
| Consumer discretionary | 10.9 |
| Consumer staples | 9.0 |
| Information technology | 7.9 |
| Materials | 5.0 |
| Communication services | 4.6 |
| Utilities | 3.5 |
| Energy | 2.5 |
| Real estate | 2.4 |

---

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

---

| | |
|:---|:---|
| SAP SE | 1.7 |
| Novartis AG | 1.5 |
| Sony Group Corp. | 1.5 |
| Nestle SA | 1.3 |
| Allianz SE | 1.2 |
| HSBC Holdings PLC | 1.2 |
| AstraZeneca PLC | 1.2 |
| Roche Holding AG | 1.1 |
| ASML Holding NV | 1.1 |
| Siemens Energy AG | 1.1 |

---

## For more information
You can find additional information on the Funds that invest in this Portfolio 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

![Image](g46179if62a81cf80444f4f5b7d.jpg)

Annual Shareholder Report

# Real Return Portfolio

# April 30, 2025
This annual shareholder report contains important information about Real Return Portfolio for the period from May 1, 2024 to April 30, 2025. You can find additional information about the Funds that invest in this Portfolio at allspringglobal.com.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Real Return Portfolio | $41 | 0.39% |

---

## How did the Fund perform last year and what affected its performance?
**Economic and market commentary**

Over the past year, U.S. investors balanced opportunity and risk amid shifting central bank policies, postelection trade uncertainties, and bond market volatility. Inflation concerns persisted, but the Federal Reserve held rates steady, supporting economic growth. Global markets faced economic challenges. Mid-2024 rate cuts boosted equities. Postelection political uncertainty weighed on market sentiment. Entering 2025, inflation moderated but shifts in trade policy kept markets volatile.

**Significant portfolio changes**

The portfolio shifted from an underweight to an overweight duration position. We increased our exposure to inflation-linked bonds while reducing our allocation to equities. We added to our position in gold.

**Top contributors**

Exposure to equities—particularly precious metals and all cap—added to the portfolio. Exposure to fixed income was the main driver of return across nominal bonds, inflation-linked bonds, and short-dated high yield bonds. Exposure to Tactical Asset Allocation and Dynamic Risk Hedging was additive.

**Main detractors**

Exposure to alternatives across commodity and price-trend strategies detracted.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g46179ifc3e7d20cb7b636a87cf.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Real Return Portfolio** | **Real Return Blended Index** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** |
| **4/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **5/31/2015** | $9942 | $9918 | $9976 | $10138 |
| **6/30/2015** | $9782 | $9821 | $9867 | $9969 |
| **7/31/2015** | $9763 | $9842 | $9936 | $10135 |
| **8/31/2015** | $9609 | $9767 | $9921 | $9524 |
| **9/30/2015** | $9558 | $9709 | $9989 | $9246 |
| **10/31/2015** | $9699 | $9733 | $9990 | $9976 |
| **11/30/2015** | $9641 | $9724 | $9964 | $10032 |
| **12/31/2015** | $9552 | $9647 | $9932 | $9826 |
| **1/31/2016** | $9641 | $9790 | $10068 | $9271 |
| **2/29/2016** | $9757 | $9899 | $10140 | $9268 |
| **3/31/2016** | $10038 | $10077 | $10233 | $9921 |
| **4/30/2016** | $10128 | $10112 | $10272 | $9982 |
| **5/31/2016** | $10070 | $10040 | $10275 | $10161 |
| **6/30/2016** | $10333 | $10249 | $10459 | $10182 |
| **7/31/2016** | $10423 | $10338 | $10525 | $10586 |
| **8/31/2016** | $10327 | $10291 | $10513 | $10613 |
| **9/30/2016** | $10404 | $10348 | $10507 | $10630 |
| **10/31/2016** | $10295 | $10306 | $10427 | $10400 |
| **11/30/2016** | $10109 | $10109 | $10180 | $10865 |
| **12/31/2016** | $10160 | $10099 | $10195 | $11077 |
| **1/31/2017** | $10269 | $10184 | $10215 | $11286 |
| **2/28/2017** | $10314 | $10232 | $10283 | $11705 |
| **3/31/2017** | $10307 | $10226 | $10278 | $11713 |
| **4/30/2017** | $10327 | $10287 | $10357 | $11837 |
| **5/31/2017** | $10337 | $10282 | $10437 | $11959 |
| **6/30/2017** | $10246 | $10185 | $10426 | $12066 |
| **7/31/2017** | $10327 | $10230 | $10471 | $12294 |
| **8/31/2017** | $10406 | $10339 | $10565 | $12318 |
| **9/30/2017** | $10382 | $10273 | $10515 | $12618 |
| **10/31/2017** | $10428 | $10295 | $10521 | $12893 |
| **11/30/2017** | $10456 | $10308 | $10507 | $13285 |
| **12/31/2017** | $10613 | $10402 | $10556 | $13418 |
| **1/31/2018** | $10595 | $10313 | $10434 | $14125 |
| **2/28/2018** | $10371 | $10213 | $10335 | $13604 |
| **3/31/2018** | $10461 | $10320 | $10401 | $13331 |
| **4/30/2018** | $10484 | $10314 | $10324 | $13382 |
| **5/31/2018** | $10509 | $10358 | $10398 | $13760 |
| **6/30/2018** | $10566 | $10400 | $10385 | $13850 |
| **7/31/2018** | $10571 | $10350 | $10387 | $14309 |
| **8/31/2018** | $10564 | $10424 | $10454 | $14812 |
| **9/30/2018** | $10512 | $10315 | $10387 | $14836 |
| **10/31/2018** | $10305 | $10167 | $10305 | $13744 |
| **11/30/2018** | $10343 | $10215 | $10366 | $14019 |
| **12/31/2018** | $10224 | $10271 | $10557 | $12714 |
| **1/31/2019** | $10507 | $10409 | $10669 | $13806 |
| **2/28/2019** | $10530 | $10408 | $10663 | $14291 |
| **3/31/2019** | $10725 | $10599 | $10868 | $14500 |
| **4/30/2019** | $10788 | $10634 | $10870 | $15079 |
| **5/31/2019** | $10824 | $10810 | $11063 | $14103 |
| **6/30/2019** | $10983 | $10903 | $11202 | $15094 |
| **7/31/2019** | $11035 | $10942 | $11227 | $15318 |
| **8/31/2019** | $11238 | $11202 | $11518 | $15006 |
| **9/30/2019** | $11160 | $11050 | $11456 | $15269 |
| **10/31/2019** | $11165 | $11078 | $11491 | $15598 |
| **11/30/2019** | $11196 | $11095 | $11485 | $16191 |
| **12/31/2019** | $11282 | $11137 | $11477 | $16658 |
| **1/31/2020** | $11417 | $11371 | $11698 | $16640 |
| **2/29/2020** | $11328 | $11528 | $11908 | $15278 |
| **3/31/2020** | $10903 | $11325 | $11838 | $13177 |
| **4/30/2020** | $11322 | $11640 | $12049 | $14922 |
| **5/31/2020** | $11465 | $11675 | $12105 | $15720 |
| **6/30/2020** | $11576 | $11806 | $12181 | $16079 |
| **7/31/2020** | $11919 | $12077 | $12363 | $16992 |
| **8/31/2020** | $12029 | $12209 | $12263 | $18223 |
| **9/30/2020** | $11956 | $12164 | $12257 | $17560 |
| **10/31/2020** | $11862 | $12085 | $12202 | $17181 |
| **11/30/2020** | $12095 | $12221 | $12322 | $19271 |
| **12/31/2020** | $12250 | $12361 | $12339 | $20138 |
| **1/31/2021** | $12235 | $12402 | $12250 | $20048 |
| **2/28/2021** | $12106 | $12202 | $12073 | $20675 |
| **3/31/2021** | $12203 | $12179 | $11922 | $21416 |
| **4/30/2021** | $12419 | $12349 | $12017 | $22520 |
| **5/31/2021** | $12564 | $12499 | $12056 | $22623 |
| **6/30/2021** | $12618 | $12575 | $12141 | $23181 |
| **7/31/2021** | $12893 | $12910 | $12276 | $23573 |
| **8/31/2021** | $12911 | $12887 | $12253 | $24245 |
| **9/30/2021** | $12767 | $12795 | $12147 | $23157 |
| **10/31/2021** | $12981 | $12940 | $12144 | $24723 |
| **11/30/2021** | $13041 | $13056 | $12180 | $24347 |
| **12/31/2021** | $13251 | $13097 | $12148 | $25305 |
| **1/31/2022** | $12930 | $12832 | $11887 | $23817 |
| **2/28/2022** | $12997 | $12942 | $11754 | $23217 |
| **3/31/2022** | $12954 | $12701 | $11427 | $23970 |
| **4/30/2022** | $12689 | $12442 | $10994 | $21819 |
| **5/31/2022** | $12546 | $12318 | $11065 | $21789 |
| **6/30/2022** | $12046 | $11928 | $10891 | $19966 |
| **7/31/2022** | $12587 | $12448 | $11157 | $21840 |
| **8/31/2022** | $12266 | $12117 | $10842 | $21025 |
| **9/30/2022** | $11511 | $11315 | $10374 | $19075 |
| **10/31/2022** | $11784 | $11455 | $10239 | $20639 |
| **11/30/2022** | $12110 | $11665 | $10616 | $21717 |
| **12/31/2022** | $11949 | $11546 | $10568 | $20445 |
| **1/31/2023** | $12249 | $11757 | $10893 | $21853 |
| **2/28/2023** | $12051 | $11596 | $10611 | $21342 |
| **3/31/2023** | $12354 | $11931 | $10881 | $21913 |
| **4/30/2023** | $12412 | $11944 | $10947 | $22146 |
| **5/31/2023** | $12203 | $11801 | $10828 | $22233 |
| **6/30/2023** | $12263 | $11762 | $10789 | $23751 |
| **7/31/2023** | $12340 | $11776 | $10781 | $24602 |
| **8/31/2023** | $12227 | $11671 | $10713 | $24127 |
| **9/30/2023** | $11990 | $11456 | $10440 | $22978 |
| **10/31/2023** | $11880 | $11373 | $10276 | $22369 |
| **11/30/2023** | $12246 | $11712 | $10741 | $24455 |
| **12/31/2023** | $12633 | $12166 | $11152 | $25752 |
| **1/31/2024** | $12552 | $12233 | $11121 | $26037 |
| **2/29/2024** | $12643 | $12408 | $10964 | $27447 |
| **3/31/2024** | $12990 | $12632 | $11066 | $28332 |
| **4/30/2024** | $12484 | $12262 | $10786 | $27085 |
| **5/31/2024** | $12845 | $12619 | $10969 | $28365 |
| **6/30/2024** | $13136 | $12851 | $11073 | $29243 |
| **7/31/2024** | $13407 | $13081 | $11331 | $29787 |
| **8/31/2024** | $13677 | $13288 | $11494 | $30435 |
| **9/30/2024** | $13886 | $13516 | $11648 | $31065 |
| **10/31/2024** | $13622 | $13309 | $11359 | $30837 |
| **11/30/2024** | $14100 | $13710 | $11479 | $32888 |
| **12/31/2024** | $13721 | $13425 | $11292 | $31883 |
| **1/31/2025** | $13882 | $13674 | $11351 | $32889 |
| **2/28/2025** | $14065 | $13758 | $11601 | $32259 |
| **3/31/2025** | $13833 | $13472 | $11606 | $30377 |
| **4/30/2025** | $13984 | $13459 | $11651 | $30174 |

---

# Real Return Portfolio
Annual Shareholder Report \| April 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Real Return Portfolio | 12.02 | 4.31 | 3.41 |
| Real Return Blended Index (Strategy)<sup>Footnote Reference\*</sup> | 9.76 | 2.95 | 3.01 |
| Bloomberg U.S. Aggregate Bond Index (Regulatory) | 8.02 | (0.67) | 1.54 |
| Russell 3000<sup>®</sup> Index (Regulatory) | 11.4 | 15.12 | 11.68 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Real Return Blended Index is composed 40% of the Russell 1000<sup>®</sup> Index, 35% of the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index and 25% of the Bloomberg U.S. Aggregate Bond Index. You cannot invest directly in an index. |

---

## KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $288945854 |
| Consolidated # of portfolio holdings | 415 |
| Consolidated Portfolio turnover rate | 61% |
| Consolidated Total advisory fees paid | $798826 |

---

## What did the Portfolio invest in?

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Common stocks | 44.0 |
| U.S. Treasury securities | 39.1 |
| Corporate bonds and notes | 12.5 |
| Investment companies | 2.2 |
| Yankee corporate bonds and notes | 1.9 |
| Loans | 0.3 |

---

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

---

| | |
|:---|:---|
| TIPS, 0.13%, 4-15-2027 | 1.9 |
| TIPS, 0.13%, 1-15-2030 | 1.7 |
| TIPS, 1.38%, 7-15-2033 | 1.6 |
| TIPS, 0.50%, 1-15-2028 | 1.6 |
| TIPS, 1.63%, 10-15-2027 | 1.6 |
| TIPS, 0.13%, 7-15-2026 | 1.6 |
| TIPS, 0.13%, 7-15-2030 | 1.5 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 1.3 |
| TIPS, 1.88%, 7-15-2034 | 1.2 |
| TIPS, 0.13%, 4-15-2026 | 1.1 |

---

## For more information
You can find additional information on the Funds that invest in this Portfolio 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

------

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

(a) As of the end of the period covered by the report, Allspring Master 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 Master Trust has determined that Isaiah Harris is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Harris is independent for purposes of Item 3 of Form N-CSR.

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

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

---

| | | |
|:---|:---|:---|
| | **Fiscal**<br>**year ended**<br>**April 30, 2025** | **Fiscal**<br>**year ended<br>April 30, 2024** |
| | **Fiscal**<br>**year ended**<br>**April 30, 2025** | **Fiscal**<br>**year ended<br>April 30, 2024** |
| | **Fiscal**<br>**year ended**<br>**April 30, 2025** | **Fiscal**<br>**year ended<br>April 30, 2024** |
|  Audit fees | $366100 | $519010 |
|  Audit-related fees |  |  |
|  Tax fees <sup>(1)</sup> | 80110 | 85830 |
|  All other fees |  |  |
|  | $446210 | $604840 |

---

<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 Master 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.

------

![](g46179imgce9b13bb1.jpg)

Allspring Absolute Return Fund and Macro Strategies Portfolio

Long Form Financial Statements

Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **<u>[Allspring Absolute Return Fund](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_POI-PageBlank-85_1)</u>** |  |
| **[Portfolio of investments](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_POI-PageBlank-85_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_FS-PageBlank-85_1)** |  |
| [Statement of assets and liabilities](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_FS-PageBlank-85_1) | 4 |
| [Statement of operations](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_FS-PageBlank-85_2) | 5 |
| [Statement of changes in net assets](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_FS-PageBlank-85_4) | 7 |
| [Financial highlights](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_FIHI-PageBlank-85_1) | 8 |
| **[Notes to financial statements](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_NTF-PageBlank-85_1)** | 13 |
| **[Report of independent registered public accounting firm](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_AUD-PageBlank-85_1)** | 18 |
| **<u>[Allspring Macro Strategies Portfolio](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_POI2-PageBlank-914_1)</u>** |  |
| **[Consolidated portfolio of investments](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_POI2-PageBlank-914_1)** | 19 |
| **[Item 7. Consolidated financial statements and financial highlights](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_FS2-PageBlank-914_1)** |  |
| [Consolidated statement of assets and liabilities](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_FS2-PageBlank-914_1) | 26 |
| [Consolidated statement of operations](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_FS2-PageBlank-914_2) | 27 |
| [Consolidated statement of changes in net assets](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_FS2-PageBlank-914_3) | 28 |
| [Consolidated financial highlights](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_FH2-PageBlank-914_1) | 29 |
| **[Notes to consolidated financial statements](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_NTF2-PageBlank-914_1)** | 30 |
| **[Report of independent registered public accounting firm](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_AUD2-PageBlank-914_1)** | 36 |
| **[Other information](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_OI-PageBlank-85_1)** | 37 |
| [Item 8. Changes in and disagreements with accountants](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_OI-PageBlank-85_2) | 38 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_OI-PageBlank-85_2) | 38 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_OI-PageBlank-85_2) | 38 |
| [Item 11. Statement regarding basis for board](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_OI-PageBlank-85_2)['](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_OI-PageBlank-85_2)[s approval of investment](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_OI-PageBlank-85_2)<br> [advisory contract](#xx_3082021a-9ad1-4ede-b27d-9c0f5509aa66_OI-PageBlank-85_2)<br>| 38 |

---

Allspring Absolute Return Fund \| 1

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Value |
| **Investment companies: 100.14%** |  |  |  |
| **Affiliated master portfolios: 58.58%** |  |  |  |
| Allspring Disciplined International Developed Markets Portfolio |  |  | &nbsp;&nbsp; $28370337 |
| Allspring Disciplined Large Cap Portfolio |  |  | &nbsp;&nbsp; 39417797 |
| Allspring Macro Strategies Portfolio |  |  | &nbsp;&nbsp; 220536044 |
|  |  |  | &nbsp;&nbsp; **288324178** |
| **Alternative investment funds: 14.42%** |  |  |  |
| Allspring Alternative Risk Premia Fund Class R6♠ |  | 8856921 | &nbsp;&nbsp; **70943938** |
| **Bond funds: 4.26%** |  |  |  |
| Allspring Short-Term High Income Fund Institutional Class♠ |  | 2687626 | &nbsp;&nbsp; **20963478** |
| **Exchange-traded funds: 17.56%** |  |  |  |
| Allspring Income Plus ETF♠ |  | 2616233 | &nbsp;&nbsp; 65032750 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF |  | 238000 | &nbsp;&nbsp; 21410480 |
|  |  |  | &nbsp;&nbsp; **86443230** |
| **Stock funds: 5.32%** |  |  |  |
| Allspring Emerging Markets Equity Advantage Fund Class R6♠ |  | 2175402 | &nbsp;&nbsp; **26170090** |
| **Total investment companies (Cost $481,037,553)** |  |  | &nbsp;&nbsp; **492844914** |
| **Total investments in securities (Cost $481,037,553)** | 100.14<br> %<br>|  | &nbsp;&nbsp; 492844914 |
| Other assets and liabilities, net | (0.14)<br>|  | &nbsp;&nbsp; (681612)<br>|
| **Total net assets** | **100.00%**<br>|  | &nbsp;&nbsp; **$492163302** |

---

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

♠ The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

**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) on <br>affiliated <br>Underlying <br>Funds<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>affiliated <br>Underlying <br>Funds<br>| Value, <br>end of <br>period<br>|
| **Investment companies** |  |  |  |  |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | $80717777 | &nbsp;&nbsp; $4487494 | &nbsp;&nbsp; $(13468492)<br>| &nbsp;&nbsp; $608145 | &nbsp;&nbsp; $(1400986)<br>| &nbsp;&nbsp; $70943938 |
| Allspring Emerging Markets Equity Advantage Fund Class R6 | 19813148 | &nbsp;&nbsp; 14859093 | &nbsp;&nbsp; (9137551)<br>| &nbsp;&nbsp; 271086 | &nbsp;&nbsp; 364314 | &nbsp;&nbsp; 26170090 |
| Allspring Income Plus ETF | 0 | &nbsp;&nbsp; 65039648 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (6898)<br>| &nbsp;&nbsp; 65032750 |
| Allspring Short Term-High Income Fund Institutional Class | 19902579 | &nbsp;&nbsp; 5136822 | &nbsp;&nbsp; (4123500)<br>| &nbsp;&nbsp; 24448 | &nbsp;&nbsp; 23129 | &nbsp;&nbsp; 20963478 |
| **Affiliated securities no longer held at end of period** |  |  |  |  |  |  |
| Allspring Disciplined Small Cap Fund Class R6 | 9712294 | &nbsp;&nbsp; 339901 | &nbsp;&nbsp; (10582612)<br>| &nbsp;&nbsp; 318969 | &nbsp;&nbsp; 211448 | &nbsp;&nbsp; 0 |
| Allspring Income Plus Fund Institutional Class | 63410935 | &nbsp;&nbsp; 3285552 | &nbsp;&nbsp; (68078673)<br>| &nbsp;&nbsp; 499736 | &nbsp;&nbsp; 882450 | &nbsp;&nbsp; 0 |
| Allspring Special International Small Cap Fund Class R6 | 19370480 | &nbsp;&nbsp; 695422 | &nbsp;&nbsp; (21363013)<br>| &nbsp;&nbsp; 845105 | &nbsp;&nbsp; 452006 | &nbsp;&nbsp; 0 |
| Allspring Special Mid Cap Value Fund Class R6 | 9833657 | &nbsp;&nbsp; 790966 | &nbsp;&nbsp; (10826223)<br>| &nbsp;&nbsp; 111514 | &nbsp;&nbsp; 90086 | &nbsp;&nbsp; 0 |
|  |  |  |  | &nbsp;&nbsp; **$2679003** | &nbsp;&nbsp; **$615549** | &nbsp;&nbsp; **$183110256** |

---

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

2 \| Allspring Absolute Return Fund

------

Portfolio of investments—April 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Shares, <br>end of <br>period<br>| &nbsp;&nbsp; Dividends from <br>affiliated <br>Underlying Funds<br>| &nbsp;&nbsp; capital gain <br>distributions <br>from affiliated <br>Underlying Funds<br>|
| **Investment companies** |  |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | &nbsp;&nbsp; 8856921 | &nbsp;&nbsp; $2693237 | &nbsp;&nbsp; $0 |
| Allspring Emerging Markets Equity Advantage Fund Class R6 | &nbsp;&nbsp; 2175402 | &nbsp;&nbsp; 313063 | &nbsp;&nbsp; 0 |
| Allspring Income Plus ETF | &nbsp;&nbsp; 2616233 | &nbsp;&nbsp; 520823 | &nbsp;&nbsp; 0 |
| Allspring Short Term-High Income Fund Institutional Class | &nbsp;&nbsp; 2687626 | &nbsp;&nbsp; 1108091 | &nbsp;&nbsp; 0 |
| **Affiliated securities no longer held at end of period** |  |  |  |
| Allspring Disciplined Small Cap Fund Class R6 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 27204 | &nbsp;&nbsp; 205594 |
| Allspring Income Plus Fund Institutional Class | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 2329877 | &nbsp;&nbsp; 0 |
| Allspring Special International Small Cap Fund Class R6 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 296128 | &nbsp;&nbsp; 0 |
| Allspring Special Mid Cap Value Fund Class R6 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 86646 | &nbsp;&nbsp; 382459 |
|  |  | &nbsp;&nbsp; **$7375069** | &nbsp;&nbsp; **$588053** |

---

Transactions with the affiliated Master Portfolios were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Value, <br>end of <br>period<br>|
| Allspring Disciplined International <br> Developed Markets Portfolio<br>| 18.41<br> %<br>| 11.01<br> %<br>| &nbsp;&nbsp; $864832 | &nbsp;&nbsp; $4326173 | &nbsp;&nbsp; $4170 | &nbsp;&nbsp; $1227085 | &nbsp;&nbsp; $46572 | &nbsp;&nbsp; $28370337 |
| Allspring Disciplined Large Cap <br> Portfolio<br>| 22.50 | 13.64 | &nbsp;&nbsp; 3911538 | &nbsp;&nbsp; 5670533 | &nbsp;&nbsp; 3577 | &nbsp;&nbsp; 853177 | &nbsp;&nbsp; 53626 | &nbsp;&nbsp; 39417797 |
| Allspring Macro Strategies Portfolio | 100.00 | 100.00 | &nbsp;&nbsp; (7932410)<br>| &nbsp;&nbsp; 13784351 | &nbsp;&nbsp; 5577782 | &nbsp;&nbsp; 590876 | &nbsp;&nbsp; 3289327 | &nbsp;&nbsp; 220536044 |
|  |  |  | &nbsp;&nbsp; **$(3156040)**<br>| &nbsp;&nbsp; **$23781057** | &nbsp;&nbsp; **$5585529** | &nbsp;&nbsp; **$2671138** | &nbsp;&nbsp; **$3389525** | &nbsp;&nbsp; **$288324178** |

---

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

Allspring Absolute Return Fund \| 3

------

Statement of assets and liabilities—April 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in affiliated Master Portfolio, at value (cost $275,484,463) | $288324178 |
| Investments in unaffiliated Underlying Funds, at value (cost $21,971,018) | 21410480 |
| Investments in affiliated Underlying Funds, at value (cost $183,582,072) | 183110256 |
| Receivable for Fund shares sold | 126799 |
| Receivable for dividends | 101339 |
| Prepaid expenses and other assets | 15247 |
| **Total assets** | **493088299** |
| Liabilities |  |
| Payable for Fund shares redeemed | 335850 |
| Shareholder report expenses payable | 245122 |
| Payable for investments purchased | 104932 |
| Management fee payable | 80925 |
| Administration fees payable | 62232 |
| Shareholder servicing fees payable | 45411 |
| Distribution fee payable | 7822 |
| Trustees' fees and expenses payable | 1111 |
| Accrued expenses and other liabilities | 41592 |
| **Total liabilities** | **924997** |
| **Total net assets**  | **$492163302** |
| Net assets consist of |  |
| Paid-in capital | $851589901 |
| Total distributable loss | (359426599)<br>|
| **Total net assets** | **$492163302** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $198294257 |
| Shares outstanding–Class A<sup>1</sup> <br>| 19105395 |
| Net asset value per share–Class A | $10.38 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $11.01 |
| Net assets–Class C | $12638948 |
| Shares outstanding–Class C<sup>1</sup> <br>| 1181533 |
| Net asset value per share–Class C | $10.70 |
| Net assets–Class R6 | $33683567 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 3236907 |
| Net asset value per share–Class R6 | $10.41 |
| Net assets–Administrator Class | $10513944 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 994505 |
| Net asset value per share–Administrator Class | $10.57 |
| Net assets–Institutional Class | $237032586 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 22751390 |
| Net asset value per share–Institutional Class | $10.42 |

---

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

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

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

4 \| Allspring Absolute Return Fund

------

Statement of operations—year ended April 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends from affiliated Underlying Funds | $7375069 |
| Interest allocated from affiliated Master Portfolios | 5585529 |
| Affiliated income allocated from affiliated Master Portfolios | 3389525 |
| Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $174,292) | 2671138 |
| Dividends from unaffiliated Underlying Funds | 741465 |
| Interest | 29389 |
| Expenses allocated from affiliated Master Portfolios | (1459819)<br>|
| **Total investment income** | **18332296** |
| Expenses |  |
| Management fee | 1332802 |
| Administration fees |  |
| Class A | 438526 |
| Class C | 31992 |
| Class R6 | 11783 |
| Administrator Class | 16680 |
| Institutional Class | 396487 |
| Shareholder servicing fees |  |
| Class A | 547189 |
| Class C | 39844 |
| Administrator Class | 31208 |
| Distribution fee |  |
| Class C | 119462 |
| Custody and accounting fees | 14828 |
| Professional fees | 67405 |
| Registration fees | 71962 |
| Shareholder report expenses | 4 |
| Trustees' fees and expenses | 16301 |
| Other fees and expenses | 25942 |
| **Total expenses** | **3162415** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (741)<br>|
| Class A | (18467)<br>|
| Class C | (18)<br>|
| Class R6 | (3293)<br>|
| Administrator Class | (7881)<br>|
| Institutional Class | (177376)<br>|
| **Net expenses** | **2954639** |
| **Net investment income** | **15377657** |

---

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

Allspring Absolute Return Fund \| 5

------

Statement of operations—year ended April 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Investments allocated from affiliated Master Portfolios | $(3156040)<br>|
| Affiliated Underlying Funds | 2679003 |
| Capital gain distributions from affiliated investment companies | 588053 |
| **Net realized gains on investments** | **111016** |
| Net change in unrealized gains (losses) on |  |
| Investments allocated from affiliated Master Portfolios | 23781057 |
| Affiliated Underlying Funds | 615549 |
| Unaffiliated Underlying Funds | (560538)<br>|
| **Net change in unrealized gains (losses) on investments** | **23836068** |
| **Net realized and unrealized gains (losses) on investments** | **23947084** |
| **Net increase in net assets resulting from operations** | **$39324741** |

---

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

6 \| Allspring Absolute Return Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2024 | Year ended<br> April 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $15377657 |  | &nbsp;&nbsp; $52651044 |
| Net realized gains on investments |  | &nbsp;&nbsp; 111016 |  | &nbsp;&nbsp; 105728526 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 23836068 |  | &nbsp;&nbsp; (75242619)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **39324741** |  | &nbsp;&nbsp; **83136951** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (20999410)<br>|  | &nbsp;&nbsp; (7522188)<br>|
| Class C |  | &nbsp;&nbsp; (1332697)<br>|  | &nbsp;&nbsp; (259692)<br>|
| Class R6 |  | &nbsp;&nbsp; (4016041)<br>|  | &nbsp;&nbsp; (1532904)<br>|
| Administrator Class |  | &nbsp;&nbsp; (1176501)<br>|  | &nbsp;&nbsp; (497944)<br>|
| Institutional Class |  | &nbsp;&nbsp; (28445896)<br>|  | &nbsp;&nbsp; (19126562)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(55970545)**<br>|  | &nbsp;&nbsp; **(28939290)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 607634 | &nbsp;&nbsp; 6626048 | &nbsp;&nbsp; 1489003 | &nbsp;&nbsp; 15703302 |
| Class C | 25036 | &nbsp;&nbsp; 274395 | &nbsp;&nbsp; 50974 | &nbsp;&nbsp; 557313 |
| Class R6 | 220451 | &nbsp;&nbsp; 2479130 | &nbsp;&nbsp; 4577504 | &nbsp;&nbsp; 47818947 |
| Administrator Class | 71157 | &nbsp;&nbsp; 801421 | &nbsp;&nbsp; 82810 | &nbsp;&nbsp; 887958 |
| Institutional Class | 2602670 | &nbsp;&nbsp; 29099887 | &nbsp;&nbsp; 4608538 | &nbsp;&nbsp; 49340066 |
|  |  | &nbsp;&nbsp; 39280881 |  | &nbsp;&nbsp; 114307586 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1811187 | &nbsp;&nbsp; 18854463 | &nbsp;&nbsp; 620124 | &nbsp;&nbsp; 6746947 |
| Class C | 116849 | &nbsp;&nbsp; 1257289 | &nbsp;&nbsp; 22103 | &nbsp;&nbsp; 247771 |
| Class R6 | 4082 | &nbsp;&nbsp; 42574 | &nbsp;&nbsp; 2172 | &nbsp;&nbsp; 23652 |
| Administrator Class | 106263 | &nbsp;&nbsp; 1126391 | &nbsp;&nbsp; 42885 | &nbsp;&nbsp; 473875 |
| Institutional Class | 2494581 | &nbsp;&nbsp; 26043425 | &nbsp;&nbsp; 1515771 | &nbsp;&nbsp; 16521906 |
|  |  | &nbsp;&nbsp; 47324142 |  | &nbsp;&nbsp; 24014151 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (4680568)<br>| &nbsp;&nbsp; (51867300)<br>| &nbsp;&nbsp; (8401189)<br>| &nbsp;&nbsp; (90198828)<br>|
| Class C | (603113)<br>| &nbsp;&nbsp; (6875062)<br>| &nbsp;&nbsp; (1313800)<br>| &nbsp;&nbsp; (14232029)<br>|
| Class R6 | (861904)<br>| &nbsp;&nbsp; (9704636)<br>| &nbsp;&nbsp; (1097236)<br>| &nbsp;&nbsp; (11958345)<br>|
| Administrator Class | (503607)<br>| &nbsp;&nbsp; (5692543)<br>| &nbsp;&nbsp; (583574)<br>| &nbsp;&nbsp; (6360498)<br>|
| Institutional Class | (14972479)<br>| &nbsp;&nbsp; (166928815)<br>| &nbsp;&nbsp; (44431054)<br>| &nbsp;&nbsp; (479012580)<br>|
|  |  | &nbsp;&nbsp; (241068356)<br>|  | &nbsp;&nbsp; (601762280)<br>|
| Share conversions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 12992 <br><sup>1</sup><br>| &nbsp;&nbsp; 135235 <br><sup>1</sup><br>|
| Class R | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (12620 )<sup>1</sup><br>| &nbsp;&nbsp; (135235 )<sup>1</sup><br>|
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(154463333)**<br>|  | &nbsp;&nbsp; **(463440543)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(171109137)**<br>|  | &nbsp;&nbsp; **(409242882)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **663272439** |  | &nbsp;&nbsp; **1072515321** |
| **End of period** |  | &nbsp;&nbsp; **$492163302** |  | &nbsp;&nbsp; **$663272439** |

---

<sup>1</sup> Effective at the close of business on June 16, 2023, Class R shares were converted to Class A shares and are no longer offered by the Fund.

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

Allspring Absolute Return Fund \| 7

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.87** | &nbsp;&nbsp; **$10.32** | &nbsp;&nbsp; **$10.20** | &nbsp;&nbsp; **$11.07** | &nbsp;&nbsp; **$10.11** |
| Net investment income | 0.27 <br><sup>1</sup><br>| 0.56 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.17 <br><sup>1</sup><br>| 0.22 |
| Net realized and unrealized gains (losses) on investments | 0.37 | 0.29 | 0.11 | &nbsp;&nbsp; (0.70)<br>| 1.09 |
| Total from investment operations | 0.64 | 0.85 | 0.35 | &nbsp;&nbsp; (0.53)<br>| 1.31 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (1.13)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of period** | **$10.38** | &nbsp;&nbsp; **$10.87** | &nbsp;&nbsp; **$10.32** | &nbsp;&nbsp; **$10.20** | &nbsp;&nbsp; **$11.07** |
| **Total return**<sup>2</sup> <br>| **5.89%**<br>| **8.28%**<br>| **3.55%**<br>| &nbsp;&nbsp; **(4.89)%**<br>| **13.16%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.71 %\*<br>| 0.70 %\*<sup>,^</sup><br>| 0.71 %<sup>^</sup><br>| 0.70 %<sup>^</sup><br>| 0.69 %<sup>^</sup><br>|
| Net expenses | 0.70 %\*<br>| 0.70 %\*<sup>,^</sup><br>| 0.70 %<sup>^</sup><br>| 0.70 %<sup>^</sup><br>| 0.69 %<sup>^</sup><br>|
| Net investment income | 2.40<br> %<br>| 5.25<br> %<br>| 2.36<br> %<br>| 1.62<br> %<br>| 2.33<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 43<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (000s omitted) | $198294 | &nbsp;&nbsp; $232308 | &nbsp;&nbsp; $285240 | &nbsp;&nbsp; $325369 | &nbsp;&nbsp; $353134 |

---

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

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.24% |
| Year ended April 30, 2024 | 0.04% |

---

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

---

| | |
|:---|:---|
| <sup>^</sup> <br>| Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, <br> Class MF, the ratios would be increased by the following amounts:<br>|

---

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

---

| | |
|:---|:---|
| Year ended April 30, 2024 | 0.71% |
| Year ended April 30, 2023 | 0.69% |
| Year ended April 30, 2022 | 0.70% |
| Year ended April 30, 2021 | 0.67% |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

8 \| Allspring Absolute Return Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$11.17** | &nbsp;&nbsp; **$10.51** | &nbsp;&nbsp; **$10.22** | &nbsp;&nbsp; **$10.90** | &nbsp;&nbsp; **$9.95** |
| Net investment income | 0.19 <br><sup>1</sup><br>| 0.46 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>| 0.12 <br><sup>1</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 |
| Net realized and unrealized gains (losses) on investments | 0.39 | 0.33 | 0.16 | &nbsp;&nbsp; (0.67)<br>| 1.08 |
| Total from investment operations | 0.58 | 0.79 | 0.29 | &nbsp;&nbsp; (0.61)<br>| 1.25 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (1.05)<br>| &nbsp;&nbsp; (0.13)<br>| 0.00 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period** | **$10.70** | &nbsp;&nbsp; **$11.17** | &nbsp;&nbsp; **$10.51** | &nbsp;&nbsp; **$10.22** | &nbsp;&nbsp; **$10.90** |
| **Total return**<sup>2</sup> <br>| **5.10%**<br>| **7.47%**<br>| **2.84%**<br>| &nbsp;&nbsp; **(5.59)%**<br>| **12.66%** <br><sup>3</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.45 %\*<br>| 1.44 %\*<sup>,^</sup><br>| 1.45 %<sup>^</sup><br>| 1.43 %<sup>^</sup><br>| 1.44 %<sup>^</sup><br>|
| Net expenses | 1.45 %\*<br>| 1.44 %\*<sup>,^</sup><br>| 1.45 %<sup>^</sup><br>| 1.43 %<sup>^</sup><br>| 1.44 %<sup>^</sup><br>|
| Net investment income | 1.63<br> %<br>| 4.24<br> %<br>| 1.34<br> %<br>| 0.61<br> %<br>| 1.18<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 43<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (000s omitted) | $12639 | &nbsp;&nbsp; $18352 | &nbsp;&nbsp; $30295 | &nbsp;&nbsp; $58948 | &nbsp;&nbsp; $131690 |

---

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

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.24% |
| Year ended April 30, 2024 | 0.04% |

---

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

---

| | |
|:---|:---|
| <sup>^</sup> <br>| Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, <br> Class MF, the ratios would be increased by the following amounts:<br>|

---

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

---

| | |
|:---|:---|
| Year ended April 30, 2024 | 0.71% |
| Year ended April 30, 2023 | 0.69% |
| Year ended April 30, 2022 | 0.70% |
| Year ended April 30, 2021 | 0.67% |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

<sup>3</sup> During the year ended April 30, 2021, the Fund received a payment from an affiliate that had an impact of 0.53% on total return.

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

Allspring Absolute Return Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.90** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$11.10** | &nbsp;&nbsp; **$10.11** |
| Net investment income | 0.32 <br><sup>1</sup><br>| 0.70 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.28 |
| Net realized and unrealized gains (losses) on investments | 0.37 | 0.21 | 0.21 | &nbsp;&nbsp; (0.70)<br>| 1.08 |
| Total from investment operations | 0.69 | 0.91 | 0.40 | &nbsp;&nbsp; (0.49)<br>| 1.36 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (1.18)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.37)<br>|
| **Net asset value, end of period** | **$10.41** | &nbsp;&nbsp; **$10.90** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$11.10** |
| **Total return**<sup>2</sup> <br>| **6.33%**<br>| **8.79%**<br>| **3.99%**<br>| &nbsp;&nbsp; **(4.50)%**<br>| **13.62%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.29 %\*<br>| 0.28 %\*<sup>,^</sup><br>| 0.27 %<sup>^</sup><br>| 0.27 %<sup>^</sup><br>| 0.26 %<sup>^</sup><br>|
| Net expenses | 0.28 %\*<br>| 0.28 %\*<sup>,^</sup><br>| 0.27 %<sup>^</sup><br>| 0.27 %<sup>^</sup><br>| 0.26 %<sup>^</sup><br>|
| Net investment income | 2.84<br> %<br>| 6.51<br> %<br>| 1.89<br> %<br>| 1.91<br> %<br>| 2.63<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 43<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (000s omitted) | $33684 | &nbsp;&nbsp; $42227 | &nbsp;&nbsp; $4057 | &nbsp;&nbsp; $10494 | &nbsp;&nbsp; $17332 |

---

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

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.24% |
| Year ended April 30, 2024 | 0.04% |

---

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

---

| | |
|:---|:---|
| <sup>^</sup> <br>| Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, <br> Class MF, the ratios would be increased by the following amounts:<br>|

---

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

---

| | |
|:---|:---|
| Year ended April 30, 2024 | 0.71% |
| Year ended April 30, 2023 | 0.69% |
| Year ended April 30, 2022 | 0.70% |
| Year ended April 30, 2021 | 0.67% |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

10 \| Allspring Absolute Return Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$11.05** | &nbsp;&nbsp; **$10.48** | &nbsp;&nbsp; **$10.32** | &nbsp;&nbsp; **$11.18** | &nbsp;&nbsp; **$10.15** |
| Net investment income | 0.29 <br><sup>1</sup><br>| 0.58 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.17 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.06 |
| Net realized and unrealized gains (losses) on investments | 0.37 | 0.31 | 0.15 | &nbsp;&nbsp; (0.70)<br>| 1.08 |
| Total from investment operations | 0.66 | 0.89 | 0.38 | &nbsp;&nbsp; (0.53)<br>| 1.38 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (1.14)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of period** | **$10.57** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$10.48** | &nbsp;&nbsp; **$10.32** | &nbsp;&nbsp; **$11.18** |
| **Total return**<sup>2</sup> <br>| **5.96%**<br>| **8.49%**<br>| **3.75%**<br>| &nbsp;&nbsp; **(4.81)%**<br>| **13.76%** <br><sup>3</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.63 %\*<br>| 0.62 %\*<sup>,^</sup><br>| 0.62 %<sup>^</sup><br>| 0.61 %<sup>^</sup><br>| 0.61 %<sup>^</sup><br>|
| Net expenses | 0.57 %\*<br>| 0.57 %\*<sup>,^</sup><br>| 0.57 %<sup>^</sup><br>| 0.57 %<sup>^</sup><br>| 0.57 %<sup>^</sup><br>|
| Net investment income | 2.52<br> %<br>| 5.39<br> %<br>| 2.26<br> %<br>| 1.60<br> %<br>| 2.20<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 43<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (000s omitted) | $10514 | &nbsp;&nbsp; $14591 | &nbsp;&nbsp; $18641 | &nbsp;&nbsp; $32644 | &nbsp;&nbsp; $40694 |

---

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

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.24% |
| Year ended April 30, 2024 | 0.04% |

---

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

---

| | |
|:---|:---|
| <sup>^</sup> <br>| Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, <br> Class MF, the ratios would be increased by the following amounts:<br>|

---

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

---

| | |
|:---|:---|
| Year ended April 30, 2024 | 0.71% |
| Year ended April 30, 2023 | 0.69% |
| Year ended April 30, 2022 | 0.70% |
| Year ended April 30, 2021 | 0.67% |

---

&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> During the year ended April 30, 2021, the Fund received a payment from an affiliate that had an impact of 0.62% on total return.

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

Allspring Absolute Return Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.91** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$11.10** | &nbsp;&nbsp; **$10.11** |
| Net investment income | 0.31 <br><sup>1</sup><br>| 0.59 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.37 | 0.32 | 0.13 | &nbsp;&nbsp; (0.71)<br>| 1.09 |
| Total from investment operations | 0.68 | 0.91 | 0.39 | &nbsp;&nbsp; (0.50)<br>| 1.35 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (1.17)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.36)<br>|
| **Net asset value, end of period** | **$10.42** | &nbsp;&nbsp; **$10.91** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$11.10** |
| **Total return**<sup>2</sup> <br>| **6.22%**<br>| **8.77%**<br>| **3.97%**<br>| &nbsp;&nbsp; **(4.59)%**<br>| **13.57%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.39 %\*<br>| 0.38 %\*<sup>,^</sup><br>| 0.38 %<sup>^</sup><br>| 0.37 %<sup>^</sup><br>| 0.36 %<sup>^</sup><br>|
| Net expenses | 0.33 %\*<br>| 0.33 %\*<sup>,^</sup><br>| 0.33 %<sup>^</sup><br>| 0.33 %<sup>^</sup><br>| 0.33 %<sup>^</sup><br>|
| Net investment income | 2.76<br> %<br>| 5.58<br> %<br>| 2.56<br> %<br>| 1.90<br> %<br>| 2.43<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 43<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (000s omitted) | $237033 | &nbsp;&nbsp; $355795 | &nbsp;&nbsp; $734148 | &nbsp;&nbsp; $922867 | &nbsp;&nbsp; $1188488 |

---

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

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.24% |
| Year ended April 30, 2024 | 0.04% |

---

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

---

| | |
|:---|:---|
| <sup>^</sup> <br>| Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, <br> Class MF, the ratios would be increased by the following amounts:<br>|

---

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

---

| | |
|:---|:---|
| Year ended April 30, 2024 | 0.71% |
| Year ended April 30, 2023 | 0.69% |
| Year ended April 30, 2022 | 0.70% |
| Year ended April 30, 2021 | 0.67% |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

12 \| Allspring Absolute Return Fund

------

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

The Fund is a fund-of-funds that invests in various affiliated and unaffiliated mutual funds and exchange-traded funds (collectively the "Underlying Funds") employing a multi-asset, multi-style investment approach designed to reduce the price and return volatility of the Fund and to provide more consistent returns. The Fund may also invest directly in securities. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. Investments in affiliated Underlying Funds may also include investments in one or more separate diversified portfolios (collectively, the "affiliated Master Portfolios") of Allspring Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investments in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios are presented in separate financial statements and may be obtained free of charge by contacting Investor Services or by visiting the SEC website at sec.gov. The financial statements of the affiliated Master Portfolios are filed with the SEC under Allspring Master Trust. The financial statements for all other affiliated Underlying Funds are also publicly available on the SEC website at sec.gov.

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.

Investments in the affiliated Master Portfolios are valued daily based on each Fund's proportionate share of each affiliated Master Portfolio's net assets, which are also valued daily.

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

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

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.

Investment transactions and income recognition

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

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

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

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

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

Allspring Absolute Return Fund \| 13

------

Notes to financial statements

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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 Cayman Subsidiary of a Master Portfolio that the Fund invests in, is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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 April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $483,582,283 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $9726819 |
| Gross unrealized losses | &nbsp;&nbsp; (464188)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$9262631** |

---

As of April 30, 2025, the Fund had capital loss carryforwards which consist of $3,030,950 in short-term capital losses $374,758,854 in long-term capital losses.

Class allocations

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

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.

14 \| Allspring Absolute Return Fund

------

Notes to financial statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Investment companies** | &nbsp;&nbsp; $204520736 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $204520736 |
| Investments measured at net asset value\* <br>|  |  |  | &nbsp;&nbsp;&nbsp; 288324178 |
| **Total assets** | &nbsp;&nbsp; **$204520736** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$492844914** |

---

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

\* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of assets and liabilities. The Fund's investments in the affiliated Master Portfolios are valued at $288,324,178. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. 

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

The investment objective of each affiliated Master Portfolio is as follows:

---

| | |
|:---|:---|
| Affiliated Master Portfolio | Investment objective |
| Allspring Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
| Allspring Disciplined Large Cap Portfolio | Seeks long-term capital appreciation |
| Allspring Macro Strategies Portfolio | Seeks long-term capital appreciation |

---

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, LLC ("Allspring Funds Management"), a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.225<br> %<br>|
| Next $4 billion | 0.200 |
| Next $5 billion | 0.175 |
| Next $10 billion | 0.165 |
| Over $20 billion | 0.160 |

---

For the year ended April 30, 2025, the management fee was equivalent to an annual rate of 0.225% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments") and Allspring Global Investments (UK) Limited ("Allspring UK"), each an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, serves as subadvisers to the Fund. Allspring Investments receives a subadvisory fee for its asset allocation services at an annual rate of 0.075% of the Fund's average daily net assets. Allspring UK receives a subadvisory fee for its asset allocation services at an annual rate of 0.075% of the Fund's average daily net assets.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As

Allspring Absolute Return Fund \| 15

------

Notes to financial statements

compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of April 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.70<br> %<br>|
| Class C | 1.45 |
| Class R6 | 0.28 |
| Administrator Class | 0.57 |
| Institutional Class | 0.33 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended April 30, 2025, Allspring Funds Distributor received $484 from the sale of Class A shares and $300 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended April 30, 2025.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. Purchases and sales on Underlying Funds and unaffiliated securities in which the Fund invests are actual purchases and sales of those investments. Purchases and sales of investments, excluding short-term securities, for the year ended April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales proceeds | Sales proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20839370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $150206026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $200676396 |

---

16 \| Allspring Absolute Return Fund

------

Notes to financial statements

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

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 April 30, 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 April 30 | Year ended April 30 |
|  | 2025 | 2024 |
| **Ordinary income** | $55970545 | $28939290 |

---

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $9100574 | &nbsp;&nbsp; $9262631 | &nbsp;&nbsp;&nbsp; $(377789804)<br>|

---

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. SUBSEQUENT EVENT

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

Allspring Absolute Return Fund \| 17

------

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 Absolute Return Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of April 30, 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 April 30, 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 April 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g46179img6a5787262.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

June 26, 2025

18 \| Allspring Absolute Return Fund

------

Consolidated portfolio of investments—April 30, 2025

Consolidated portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 8.92%** |  |  |
| **Real estate: 8.92%** |  |  |
| **Health care REITs: 0.90%** |  |  |
| Alexandria Real Estate Equities, Inc. | 3862 | &nbsp;&nbsp; $280613 |
| Welltower, Inc. | 11214 | &nbsp;&nbsp; 1711144 |
|  |  | &nbsp;&nbsp; **1991757** |
| **Industrial REITs: 1.31%** |  |  |
| First Industrial Realty Trust, Inc. | 10466 | &nbsp;&nbsp; 497972 |
| Prologis, Inc. | 14840 | &nbsp;&nbsp; 1516648 |
| Rexford Industrial Realty, Inc. | 6245 | &nbsp;&nbsp; 206710 |
| Terreno Realty Corp. | 11763 | &nbsp;&nbsp; 662610 |
|  |  | &nbsp;&nbsp; **2883940** |
| **Residential REITs: 1.97%** |  |  |
| American Homes 4 Rent Class A | 17830 | &nbsp;&nbsp; 666664 |
| Camden Property Trust | 6034 | &nbsp;&nbsp; 686669 |
| Independence Realty Trust, Inc. | 21870 | &nbsp;&nbsp; 424934 |
| Invitation Homes, Inc. | 19357 | &nbsp;&nbsp; 661816 |
| Mid-America Apartment Communities, Inc. | 5087 | &nbsp;&nbsp; 812139 |
| Sun Communities, Inc. | 8792 | &nbsp;&nbsp; 1093989 |
|  |  | &nbsp;&nbsp; **4346211** |
| **Retail REITs: 0.55%** |  |  |
| Federal Realty Investment Trust | 3623 | &nbsp;&nbsp; 340634 |
| Simon Property Group, Inc. | 5534 | &nbsp;&nbsp; 870941 |
|  |  | &nbsp;&nbsp; **1211575** |
| **Specialized REITs: 4.19%** |  |  |
| American Tower Corp. | 9333 | &nbsp;&nbsp; 2103751 |
| Crown Castle, Inc. | 5015 | &nbsp;&nbsp; 530386 |
| CubeSmart | 10252 | &nbsp;&nbsp; 416949 |
| Equinix, Inc. | 2145 | &nbsp;&nbsp; 1846309 |
| Extra Space Storage, Inc. | 6421 | &nbsp;&nbsp; 940805 |
| Four Corners Property Trust, Inc. | 10335 | &nbsp;&nbsp; 288863 |
| Gaming & Leisure Properties, Inc. | 7567 | &nbsp;&nbsp; 362157 |
| Iron Mountain, Inc. | 9480 | &nbsp;&nbsp; 850072 |
| SBA Communications Corp. Class A | 4541 | &nbsp;&nbsp; 1105279 |
| VICI Properties, Inc. Class A | 25008 | &nbsp;&nbsp; 800756 |
|  |  | &nbsp;&nbsp; **9245327** |
| **Total common stocks (Cost $18,907,780)** |  | &nbsp;&nbsp; **19678810** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **U.S. Treasury securities: 35.40%** |  |  |  |  |
| TIPS | 0.13<br> %<br>| &nbsp;&nbsp; 10-15-2026 | $3858654 | &nbsp;&nbsp; 3837633 |
| TIPS | 0.13 | &nbsp;&nbsp; 4-15-2027 | 124293 | &nbsp;&nbsp; 122534 |
| TIPS | 0.13 | &nbsp;&nbsp; 1-15-2030 | 2889223 | &nbsp;&nbsp; 2727768 |
| TIPS | 0.13 | &nbsp;&nbsp; 7-15-2030 | 111990 | &nbsp;&nbsp; 105156 |

---

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

Allspring Macro Strategies Portfolio \| 19

------

Consolidated portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| TIPS | 0.13<br> %<br>| &nbsp;&nbsp; 1-15-2031 | $4608143 | &nbsp;&nbsp; $4259426 |
| TIPS | 0.13 | &nbsp;&nbsp; 7-15-2031 | 7511047 | &nbsp;&nbsp; 6892137 |
| TIPS | 0.13 | &nbsp;&nbsp; 1-15-2032 | 7509688 | &nbsp;&nbsp; 6779392 |
| TIPS | 0.13 | &nbsp;&nbsp; 2-15-2052 | 5432324 | &nbsp;&nbsp; 2931818 |
| TIPS | 0.25 | &nbsp;&nbsp; 7-15-2029 | 2344811 | &nbsp;&nbsp; 2255797 |
| TIPS | 0.38 | &nbsp;&nbsp; 1-15-2027 | 118866 | &nbsp;&nbsp; 118062 |
| TIPS | 0.38 | &nbsp;&nbsp; 7-15-2027 | 1173789 | &nbsp;&nbsp; 1165838 |
| TIPS | 0.50 | &nbsp;&nbsp; 1-15-2028 | 6932570 | &nbsp;&nbsp; 6844749 |
| TIPS | 0.63 | &nbsp;&nbsp; 7-15-2032 | 120784 | &nbsp;&nbsp; 112260 |
| TIPS | 0.75 | &nbsp;&nbsp; 7-15-2028 | 114387 | &nbsp;&nbsp; 113554 |
| TIPS | 0.75 | &nbsp;&nbsp; 2-15-2042 | 8337329 | &nbsp;&nbsp; 6511472 |
| TIPS | 0.75 | &nbsp;&nbsp; 2-15-2045 | 142256 | &nbsp;&nbsp; 104523 |
| TIPS | 0.88 | &nbsp;&nbsp; 1-15-2029 | 113714 | &nbsp;&nbsp; 112366 |
| TIPS | 0.88 | &nbsp;&nbsp; 2-15-2047 | 211462 | &nbsp;&nbsp; 154273 |
| TIPS | 1.13 | &nbsp;&nbsp; 1-15-2033 | 117813 | &nbsp;&nbsp; 112262 |
| TIPS | 1.25 | &nbsp;&nbsp; 4-15-2028 | 106363 | &nbsp;&nbsp; 106854 |
| TIPS | 1.50 | &nbsp;&nbsp; 2-15-2053 | 1642103 | &nbsp;&nbsp; 1312366 |
| TIPS | 1.63 | &nbsp;&nbsp; 10-15-2027 | 118469 | &nbsp;&nbsp; 120891 |
| TIPS | 1.63 | &nbsp;&nbsp; 10-15-2029 | 101392 | &nbsp;&nbsp; 103052 |
| TIPS | 1.75 | &nbsp;&nbsp; 1-15-2028 | 121830 | &nbsp;&nbsp; 124318 |
| TIPS | 1.75 | &nbsp;&nbsp; 1-15-2034 | 1447843 | &nbsp;&nbsp; 1433723 |
| TIPS | 1.88 | &nbsp;&nbsp; 7-15-2034 | 787974 | &nbsp;&nbsp; 788811 |
| TIPS | 2.13 | &nbsp;&nbsp; 1-15-2035 | 3113664 | &nbsp;&nbsp; 3168504 |
| TIPS | 2.13 | &nbsp;&nbsp; 2-15-2040 | 2295273 | &nbsp;&nbsp; 2280989 |
| TIPS | 2.13 | &nbsp;&nbsp; 2-15-2041 | 699283 | &nbsp;&nbsp; 688778 |
| TIPS | 2.38 | &nbsp;&nbsp; 1-15-2027 | 4872591 | &nbsp;&nbsp; 5004555 |
| TIPS | 2.38 | &nbsp;&nbsp; 10-15-2028 | 6510000 | &nbsp;&nbsp; 6802246 |
| TIPS | 2.50 | &nbsp;&nbsp; 1-15-2029 | 104017 | &nbsp;&nbsp; 108901 |
| TIPS | 3.63 | &nbsp;&nbsp; 4-15-2028 | 6272614 | &nbsp;&nbsp; 6734608 |
| TIPS | 3.88 | &nbsp;&nbsp; 4-15-2029 | 3648478 | &nbsp;&nbsp; 4016382 |
| **Total U.S. Treasury securities (Cost $77,525,056)** |  |  |  | &nbsp;&nbsp; **78055998** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 25.26%** |  |  |  |  |
| **Investment companies: 25.26%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞\* |  | 4.26 | 55705784 | &nbsp;&nbsp; **55705784** |
| **Total short-term investments (Cost $55,705,784)** |  |  |  | &nbsp;&nbsp; **55705784** |
| **Total investments in securities (Cost $152,138,620)** | 69.58<br> %<br>|  |  | &nbsp;&nbsp; 153440592 |
| Other assets and liabilities, net | 30.42 |  |  | &nbsp;&nbsp; 67095452 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$220536044** |

---

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

---

| | |
|:---|:---|
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| \* | A portion of the holding represents an investment held in Macro Strategies Special Investments (Cayman) Ltd., the consolidated entity. |

---

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

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

20 \| Allspring Macro Strategies Portfolio

------

Consolidated portfolio of investments—April 30, 2025

Abbreviations: <br> REIT Real estate investment trust <br> TIPS Treasury Inflation-Protected Securities

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<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 <br> Select Class<br>| $140821444 | $327050808 | $(412166468)<br>| $0 | $0 | $55705784 | 55705784 | $5823933 |

---

**Forward foreign currency contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be <br>received | Currency to be <br>received | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement <br>date<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| USD | 8894058 | AUD | 14067000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(121206)<br>|
| AUD | 14069000 | USD | 8895322 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 121223 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 8873514 | AUD | 14087000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (154567)<br>|
| AUD | 10816000 | USD | 6608306 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 323456 | &nbsp;&nbsp;&nbsp; 0 |
| AUD | 3294000 | USD | 2012552 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 98508 | &nbsp;&nbsp;&nbsp; 0 |
| AUD | 16333000 | USD | 10339050 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 128448 | &nbsp;&nbsp;&nbsp; 0 |
| BRL | 39604000 | USD | 6776517 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 128284 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 6775491 | BRL | 39598000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (128265)<br>|
| USD | 6858521 | BRL | 39669000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (57613)<br>|
| BRL | 76449000 | USD | 13217552 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 111030 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 17822510 | BRL | 105716000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (608659)<br>|
| USD | 11277564 | BRL | 66894000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (385142)<br>|
| BRL | 82170000 | USD | 13889218 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 436799 | &nbsp;&nbsp;&nbsp; 0 |
| CAD | 21405000 | USD | 14935673 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 628444 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 14934975 | CAD | 21404000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (628415)<br>|
| USD | 15010062 | CAD | 21422000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (566416)<br>|
| CAD | 1075000 | USD | 753236 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 28424 | &nbsp;&nbsp;&nbsp; 0 |
| CAD | 4206000 | USD | 2976917 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 81372 | &nbsp;&nbsp;&nbsp; 0 |
| CAD | 16162000 | USD | 11439119 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 312680 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 6778479 | CAD | 9368000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (33231)<br>|
| CHF | 10389000 | USD | 11860307 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 794184 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 11859165 | CHF | 10388000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (794108)<br>|
| CHF | 548000 | USD | 625881 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 41619 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 11876889 | CHF | 10399000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (789783)<br>|
| USD | 8864593 | CHF | 7560000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (343988)<br>|
| CHF | 17423000 | USD | 20429604 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 792765 | &nbsp;&nbsp;&nbsp; 0 |
| CHF | 9462000 | USD | 11667711 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (142367)<br>|
| CLP | 5729705000 | USD | 6118995 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (69802)<br>|
| USD | 5964586 | CLP | 5585119000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 68041 | &nbsp;&nbsp;&nbsp; 0 |
| CLP | 11044793000 | USD | 11634671 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 25979 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 6047207 | CLP | 5740614000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (13503)<br>|
| CLP | 4486286000 | USD | 4545744 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 190697 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 10097108 | CLP | 9965038000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (423580)<br>|
| USD | 1822143 | CLP | 1759279000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (35233)<br>|

---

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

Allspring Macro Strategies Portfolio \| 21

------

Consolidated portfolio of investments—April 30, 2025

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| USD | 9467970 | CZK | 217217000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(403540)<br>|
| CZK | 229051000 | USD | 9983785 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 425525 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 9960885 | CZK | 229317000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (460514)<br>|
| CZK | 432795000 | USD | 18799396 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 869138 | &nbsp;&nbsp;&nbsp; 0 |
| CZK | 53459000 | USD | 2338388 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 91077 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1872757 | CZK | 42814000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (72941)<br>|
| USD | 2855536 | CZK | 62977000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (6477)<br>|
| EUR | 11387000 | USD | 12448735 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 485877 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 12447642 | EUR | 11386000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (485834)<br>|
| EUR | 21914000 | USD | 23817034 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 1075308 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 12387814 | EUR | 11398000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (559293)<br>|
| USD | 9071940 | EUR | 8255000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (305001)<br>|
| USD | 2470469 | EUR | 2248000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (83058)<br>|
| EUR | 7728000 | USD | 8818506 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (40190)<br>|
| GBP | 8169000 | USD | 10561684 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 327087 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 10560391 | GBP | 8168000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (327047)<br>|
| GBP | 15928000 | USD | 20608108 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 622929 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 10580933 | GBP | 8178000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (319834)<br>|
| USD | 7969872 | GBP | 6219000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (319670)<br>|
| USD | 1947935 | GBP | 1520000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (78131)<br>|
| HUF | 2652263000 | USD | 7192324 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 220436 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 6921231 | HUF | 2552294000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (212127)<br>|
| HUF | 5117309000 | USD | 13802348 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 499922 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 7165255 | HUF | 2656564000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (259526)<br>|
| HUF | 2840018000 | USD | 7636921 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 300592 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1347004 | HUF | 500924000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (53019)<br>|
| USD | 17601671 | HUF | 6379409000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (228018)<br>|
| IDR | 269476432000 | USD | 16438005 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (232826)<br>|
| USD | 16436950 | IDR | 269459133000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 232811 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 16042184 | IDR | 269669121000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (174582)<br>|
| IDR | 9635574000 | USD | 573205 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 6238 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 9763850 | IDR | 166014739000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (219578)<br>|
| IDR | 49689109000 | USD | 2922373 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 65721 | &nbsp;&nbsp;&nbsp; 0 |
| IDR | 226020980000 | USD | 13419482 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 172469 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 30229778 | INR | 2644894000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (977720)<br>|
| INR | 2644981000 | USD | 30230773 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 977752 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 30756352 | INR | 2645969000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (463830)<br>|
| INR | 166749000 | USD | 1938266 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 29231 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 2176492 | INR | 187433000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (35057)<br>|
| INR | 4482957000 | USD | 52056586 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 838492 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 29318329 | INR | 2532957000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (568408)<br>|
| USD | 8651304 | JPY | 1270669000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (282798)<br>|
| JPY | 1270829000 | USD | 8652394 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 282834 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 8577867 | JPY | 1272554000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (369489)<br>|
| JPY | 2499947000 | USD | 16851318 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 725866 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1779222 | JPY | 259770000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (47227)<br>|
| USD | 12695093 | JPY | 1853509000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (336971)<br>|
| JPY | 135041000 | USD | 949778 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (302)<br>|
| KRW | 14231979000 | USD | 9836228 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 202806 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 9835152 | KRW | 14230422000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (202783)<br>|
| USD | 9783003 | KRW | 14248944000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (267997)<br>|
| KRW | 3062113000 | USD | 2113481 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 46489 | &nbsp;&nbsp;&nbsp; 0 |

---

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

22 \| Allspring Macro Strategies Portfolio

------

Consolidated portfolio of investments—April 30, 2025

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| KRW | 16361587000 | USD | 11292825 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; $248403 | &nbsp;&nbsp;&nbsp; $0 |
| KRW | 6898478000 | USD | 4872185 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (6098)<br>|
| USD | 7706503 | MXN | 155227000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (162339)<br>|
| MXN | 155249000 | USD | 7707595 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 162362 | &nbsp;&nbsp;&nbsp; 0 |
| MXN | 303302000 | USD | 14715746 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 659386 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 7543844 | MXN | 155484000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (338026)<br>|
| MXN | 19060000 | USD | 917324 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 48874 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1402746 | MXN | 29146000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (74737)<br>|
| USD | 10360257 | MXN | 209502000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (259920)<br>|
| USD | 7920691 | NOK | 84382000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (190440)<br>|
| NOK | 84394000 | USD | 7921817 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 190467 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 8109388 | NOK | 84515000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (14526)<br>|
| NOK | 160568000 | USD | 15406830 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 27598 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 5661864 | NOK | 61655000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (264658)<br>|
| USD | 1308322 | NOK | 14247000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (61156)<br>|
| USD | 7280794 | NOK | 76981000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (118923)<br>|
| NZD | 15716000 | USD | 9036229 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 312362 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 9035079 | NZD | 15714000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (312322)<br>|
| USD | 9047035 | NZD | 15736000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (313452)<br>|
| NZD | 11929000 | USD | 6739503 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 356407 | &nbsp;&nbsp;&nbsp; 0 |
| NZD | 3832000 | USD | 2164957 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 114490 | &nbsp;&nbsp;&nbsp; 0 |
| NZD | 17623000 | USD | 10388882 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 94079 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 8044934 | PLN | 30974000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (139739)<br>|
| PLN | 32244000 | USD | 8374793 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 145468 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 8348608 | PLN | 32289000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (183545)<br>|
| PLN | 62259000 | USD | 16097617 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 353907 | &nbsp;&nbsp;&nbsp; 0 |
| PLN | 27137000 | USD | 6949296 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 221475 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1521639 | PLN | 5942000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (48495)<br>|
| USD | 12012487 | PLN | 45369000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 24032 | &nbsp;&nbsp;&nbsp; 0 |
| SEK | 86384000 | USD | 8578206 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 383048 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 8341765 | SEK | 84003000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (372490)<br>|
| SEK | 162479000 | USD | 16417446 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 437708 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 8740161 | SEK | 86499000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (233023)<br>|
| USD | 6252143 | SEK | 62513000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (232795)<br>|
| USD | 1569912 | SEK | 15697000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (58455)<br>|
| USD | 2385513 | SEK | 23011000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1589)<br>|
| USD | 6920574 | ZAR | 126807000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 126867 | &nbsp;&nbsp;&nbsp; 0 |
| ZAR | 126828000 | USD | 6921720 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (126888)<br>|
| ZAR | 126594000 | USD | 6735470 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 46826 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 11704417 | ZAR | 227370000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (476970)<br>|
| USD | 13826109 | ZAR | 268586000 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (563432)<br>|
| ZAR | 193721000 | USD | 10242635 | Morgan Stanley Co. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 136001 | &nbsp;&nbsp;&nbsp; 0 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$16900313** | &nbsp;&nbsp;&nbsp; **$(18243684)**<br>|

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| MEFF Madrid IBEX 35 Index | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 5-16-2025 | &nbsp;&nbsp; $5145662 | &nbsp;&nbsp; $5552626 | &nbsp;&nbsp; $406964 | &nbsp;&nbsp; $0 |
| LME Lead Futures\*\* | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; 2434791 | &nbsp;&nbsp; 2545036 | &nbsp;&nbsp; 110245 | &nbsp;&nbsp; 0 |
| LME Nickel Futures\*\* | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; 3610884 | &nbsp;&nbsp; 3664795 | &nbsp;&nbsp; 53911 | &nbsp;&nbsp; 0 |

---

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

Allspring Macro Strategies Portfolio \| 23

------

Consolidated portfolio of investments—April 30, 2025

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts<br>| Expiration<br> date<br>| Notional<br> cost<br>| Notional<br> value<br>| Unrealized<br> gains<br>| Unrealized<br> losses<br>|
| **Long** (continued) |  |  |  |  |  |  |
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; $7164051 | &nbsp;&nbsp; $6863171 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(300880)<br>|
| LME Zinc Futures\*\* | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; 1761913 | &nbsp;&nbsp; 1734912 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (27001)<br>|
| Volatility Index | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 5-21-2025 | &nbsp;&nbsp; 3131322 | &nbsp;&nbsp; 3025373 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (105949)<br>|
| Hang Seng Index | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 5-29-2025 | &nbsp;&nbsp; 9749886 | &nbsp;&nbsp; 9824733 | &nbsp;&nbsp; 74847 | &nbsp;&nbsp; 0 |
| IFSC NIFTY 50 Index | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 5-29-2025 | &nbsp;&nbsp; 9737966 | &nbsp;&nbsp; 9757800 | &nbsp;&nbsp; 19834 | &nbsp;&nbsp; 0 |
| 10-Year Euro BUND Index | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 6-6-2025 | &nbsp;&nbsp; 92162693 | &nbsp;&nbsp; 93155113 | &nbsp;&nbsp; 992420 | &nbsp;&nbsp; 0 |
| French Government Bond | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 6-6-2025 | &nbsp;&nbsp; 25632186 | &nbsp;&nbsp; 25761972 | &nbsp;&nbsp; 129786 | &nbsp;&nbsp; 0 |
| 10-Year Japanese Bond | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 6-13-2025 | &nbsp;&nbsp; 25781354 | &nbsp;&nbsp; 25576304 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (205050)<br>|
| Lean Hogs Futures\*\* | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 6-13-2025 | &nbsp;&nbsp; 1325881 | &nbsp;&nbsp; 1375850 | &nbsp;&nbsp; 49969 | &nbsp;&nbsp; 0 |
| 10-Year Australian Bond | &nbsp;&nbsp; 1422 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; 103540279 | &nbsp;&nbsp; 104723654 | &nbsp;&nbsp; 1183375 | &nbsp;&nbsp; 0 |
| Japanese Yen Futures | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; 23588467 | &nbsp;&nbsp; 24205156 | &nbsp;&nbsp; 616689 | &nbsp;&nbsp; 0 |
| LME Copper Futures\*\* | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; 6175728 | &nbsp;&nbsp; 5942801 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (232927)<br>|
| LME Lead Futures\*\* | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; 3130712 | &nbsp;&nbsp; 3232614 | &nbsp;&nbsp; 101902 | &nbsp;&nbsp; 0 |
| LME Nickel Futures\*\* | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; 1590981 | &nbsp;&nbsp; 1564356 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (26625)<br>|
| LME Zinc Futures\*\* | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; 1748388 | &nbsp;&nbsp; 1741574 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (6814)<br>|
| 10-Year Canadian Bond | &nbsp;&nbsp; 947 | &nbsp;&nbsp; 6-19-2025 | &nbsp;&nbsp; 84276460 | &nbsp;&nbsp; 84945612 | &nbsp;&nbsp; 669152 | &nbsp;&nbsp; 0 |
| DAX Index | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; 9268044 | &nbsp;&nbsp; 8962830 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (305214)<br>|
| E-Mini Russell 1000 Value Index | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; 10133880 | &nbsp;&nbsp; 10612330 | &nbsp;&nbsp; 478450 | &nbsp;&nbsp; 0 |
| MSCI EAFE Index | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; 58094015 | &nbsp;&nbsp; 62866440 | &nbsp;&nbsp; 4772425 | &nbsp;&nbsp; 0 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; 3926014 | &nbsp;&nbsp; 4051500 | &nbsp;&nbsp; 125486 | &nbsp;&nbsp; 0 |
| U.S. Real Estate Futures | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; 18883063 | &nbsp;&nbsp; 18421830 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (461233)<br>|
| Gold 100 Troy Ounces Futures\*\* | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 6-26-2025 | &nbsp;&nbsp; 22242476 | &nbsp;&nbsp; 23565610 | &nbsp;&nbsp; 1323134 | &nbsp;&nbsp; 0 |
| Long Gilt Futures | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 6-26-2025 | &nbsp;&nbsp; 40435669 | &nbsp;&nbsp; 40880009 | &nbsp;&nbsp; 444340 | &nbsp;&nbsp; 0 |
| Number 2 Cotton Futures\*\* | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 7-9-2025 | &nbsp;&nbsp; 4123136 | &nbsp;&nbsp; 4093240 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (29896)<br>|
| Corn Futures\*\* | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 1640743 | &nbsp;&nbsp; 1640475 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (268)<br>|
| Hard Red Winter Wheat Futures\*\* | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 3586946 | &nbsp;&nbsp; 3309375 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (277571)<br>|
| Soybean Meal Futures\*\* | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 2558334 | &nbsp;&nbsp; 2533000 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (25334)<br>|
| Soybean Oil Futures\*\* | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 5305724 | &nbsp;&nbsp; 5729490 | &nbsp;&nbsp; 423766 | &nbsp;&nbsp; 0 |
| Wheat Futures\*\* | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 4151941 | &nbsp;&nbsp; 3954088 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (197853)<br>|
| Cocoa Futures\*\* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7-16-2025 | &nbsp;&nbsp; 501757 | &nbsp;&nbsp; 533220 | &nbsp;&nbsp; 31463 | &nbsp;&nbsp; 0 |
| C Coffee Futures\*\* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7-21-2025 | &nbsp;&nbsp; 136021 | &nbsp;&nbsp; 150281 | &nbsp;&nbsp; 14260 | &nbsp;&nbsp; 0 |
| Silver Futures\*\* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 7-29-2025 | &nbsp;&nbsp; 653051 | &nbsp;&nbsp; 656560 | &nbsp;&nbsp; 3509 | &nbsp;&nbsp; 0 |
| **Short** |  |  |  |  |  |  |
| CAC 40 Index | &nbsp;&nbsp; (107)<br>| &nbsp;&nbsp; 5-16-2025 | &nbsp;&nbsp; (8723003)<br>| &nbsp;&nbsp; (9129308)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (406305)<br>|
| LME Lead Futures\*\* | &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; (2469734)<br>| &nbsp;&nbsp; (2545036)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (75302)<br>|
| LME Nickel Futures\*\* | &nbsp;&nbsp; (40)<br>| &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; (3849144)<br>| &nbsp;&nbsp; (3664795)<br>| &nbsp;&nbsp; 184349 | &nbsp;&nbsp; 0 |
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; (115)<br>| &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; (7070230)<br>| &nbsp;&nbsp; (6863171)<br>| &nbsp;&nbsp; 207059 | &nbsp;&nbsp; 0 |
| LME Zinc Futures\*\* | &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; (1740350)<br>| &nbsp;&nbsp; (1734912)<br>| &nbsp;&nbsp; 5438 | &nbsp;&nbsp; 0 |
| Light Sweet Crude Oil Futures\*\* | &nbsp;&nbsp; (71)<br>| &nbsp;&nbsp; 5-20-2025 | &nbsp;&nbsp; (4294793)<br>| &nbsp;&nbsp; (4132910)<br>| &nbsp;&nbsp; 161883 | &nbsp;&nbsp; 0 |
| Brent Crude Oil Futures\*\* | &nbsp;&nbsp; (58)<br>| &nbsp;&nbsp; 5-30-2025 | &nbsp;&nbsp; (3707177)<br>| &nbsp;&nbsp; (3541480)<br>| &nbsp;&nbsp; 165697 | &nbsp;&nbsp; 0 |
| NY Harbor ULSD Futures\*\* | &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; 5-30-2025 | &nbsp;&nbsp; (1457480)<br>| &nbsp;&nbsp; (1513361)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (55881)<br>|
| Reformulated Gasoline Blendstock for Oxygen Blending <br> Futures\*\*<br>| &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; 5-30-2025 | &nbsp;&nbsp; (1018194)<br>| &nbsp;&nbsp; (1016921)<br>| &nbsp;&nbsp; 1273 | &nbsp;&nbsp; 0 |
| 30-Year Euro BUXL Futures | &nbsp;&nbsp; (155)<br>| &nbsp;&nbsp; 6-6-2025 | &nbsp;&nbsp; (22703709)<br>| &nbsp;&nbsp; (21790946)<br>| &nbsp;&nbsp; 912763 | &nbsp;&nbsp; 0 |
| Gas Oil Futures\*\* | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; 6-12-2025 | &nbsp;&nbsp; (2775979)<br>| &nbsp;&nbsp; (2753100)<br>| &nbsp;&nbsp; 22879 | &nbsp;&nbsp; 0 |
| TOPIX Index | &nbsp;&nbsp; (159)<br>| &nbsp;&nbsp; 6-12-2025 | &nbsp;&nbsp; (26766795)<br>| &nbsp;&nbsp; (29630403)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2863608)<br>|
| LME Copper Futures\*\* | &nbsp;&nbsp; (53)<br>| &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; (12537139)<br>| &nbsp;&nbsp; (12114170)<br>| &nbsp;&nbsp; 422969 | &nbsp;&nbsp; 0 |
| LME Lead Futures\*\* | &nbsp;&nbsp; (71)<br>| &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; (3631429)<br>| &nbsp;&nbsp; (3477509)<br>| &nbsp;&nbsp; 153920 | &nbsp;&nbsp; 0 |
| LME Nickel Futures\*\* | &nbsp;&nbsp; (23)<br>| &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; (2152061)<br>| &nbsp;&nbsp; (2116481)<br>| &nbsp;&nbsp; 35580 | &nbsp;&nbsp; 0 |
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; (4355902)<br>| &nbsp;&nbsp; (4379398)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (23496)<br>|
| LME Zinc Futures\*\* | &nbsp;&nbsp; (35)<br>| &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; (2555591)<br>| &nbsp;&nbsp; (2257596)<br>| &nbsp;&nbsp; 297995 | &nbsp;&nbsp; 0 |

---

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

24 \| Allspring Macro Strategies Portfolio

------

Consolidated portfolio of investments—April 30, 2025

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts<br>| Expiration<br> date<br>| Notional<br> cost<br>| Notional<br> value<br>| Unrealized<br> gains<br>| Unrealized<br> losses<br>|
| **Short** (continued) |  |  |  |  |  |  |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (853)<br>| &nbsp;&nbsp; 6-18-2025 | &nbsp;&nbsp; $(94040956)<br>| &nbsp;&nbsp; $(95722594)<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(1681638)<br>|
| S&P ASX Share Price Index 200 | &nbsp;&nbsp; (89)<br>| &nbsp;&nbsp; 6-19-2025 | &nbsp;&nbsp; (11355560)<br>| &nbsp;&nbsp; (11604175)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (248615)<br>|
| S&P/TSX 60 Index | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; 6-19-2025 | &nbsp;&nbsp; (9449175)<br>| &nbsp;&nbsp; (10410561)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (961386)<br>|
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; (6254127)<br>| &nbsp;&nbsp; (6290720)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (36593)<br>|
| E-Mini Russell 2000 Index | &nbsp;&nbsp; (61)<br>| &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; (6172824)<br>| &nbsp;&nbsp; (6007890)<br>| &nbsp;&nbsp; 164934 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; (319)<br>| &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; (87695585)<br>| &nbsp;&nbsp; (89112650)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1417065)<br>|
| Euro STOXX 50 Index | &nbsp;&nbsp; (151)<br>| &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; (7836015)<br>| &nbsp;&nbsp; (8736056)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (900041)<br>|
| FTSE 100 Index | &nbsp;&nbsp; (57)<br>| &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; (5872721)<br>| &nbsp;&nbsp; (6429588)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (556867)<br>|
| Henry Hub Natural Gas Futures\*\* | &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; 6-26-2025 | &nbsp;&nbsp; (887140)<br>| &nbsp;&nbsp; (945100)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (57960)<br>|
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; (140)<br>| &nbsp;&nbsp; 6-30-2025 | &nbsp;&nbsp; (15083405)<br>| &nbsp;&nbsp; (15287344)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (203939)<br>|
| Live Cattle Futures\*\* | &nbsp;&nbsp; (37)<br>| &nbsp;&nbsp; 6-30-2025 | &nbsp;&nbsp; (2880682)<br>| &nbsp;&nbsp; (3084320)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (203638)<br>|
| Number 11 World Sugar Futures\*\* | &nbsp;&nbsp; (178)<br>| &nbsp;&nbsp; 6-30-2025 | &nbsp;&nbsp; (3585794)<br>| &nbsp;&nbsp; (3438960)<br>| &nbsp;&nbsp; 146834 | &nbsp;&nbsp; 0 |
| Soybean Futures\*\* | &nbsp;&nbsp; (43)<br>| &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; (2157401)<br>| &nbsp;&nbsp; (2245675)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (88274)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$14909500** | &nbsp;&nbsp; **$(11983223)**<br>|

---

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

\*\* Represents an investment held in Macro Strategies Special Investments (Cayman) Ltd., the consolidated entity.

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

Allspring Macro Strategies Portfolio \| 25

------

Consolidated statement of assets and liabilities—April 30, 2025

Consolidated financial statements

Consolidated statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $96,432,836) | $97734808 |
| Investments in affiliated securities, at value (cost $55,705,784) | 55705784 |
| Cash | 552 |
| Cash at broker segregated for futures contracts | 65225000 |
| Segregated cash for forward foreign currency contracts | 1140000 |
| Unrealized gains on forward foreign currency contracts | 16900313 |
| Receivable for daily variation margin on open futures contracts | 1926433 |
| Receivable for interest | 373838 |
| Prepaid expenses and other assets | 904924 |
| **Total assets** | **239911652** |
| Liabilities |  |
| Unrealized losses on forward foreign currency contracts | 18243684 |
| Payable for daily variation margin on open futures contracts | 1001027 |
| Advisory fee payable | 65314 |
| Due to custodian bank, foreign currency, at value | 21208 |
| Trustees' fees and expenses payable | 95 |
| Accrued expenses and other liabilities | 44280 |
| **Total liabilities** | **19375608** |
| **Total net assets**  | **$220536044** |

---

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

26 \| Allspring Macro Strategies Portfolio

------

Consolidated Statement of operations— year ended April 30, 2025

Consolidated statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $6220726 |
| Income from affiliated securities | 5823933 |
| Dividends | 590876 |
| **Total investment income** | **12635535** |
| Expenses |  |
| Advisory fee | 972588 |
| Custody and accounting fees | 8330 |
| Professional fees | 121394 |
| Registration fees | 14 |
| Interest holder report expenses | 11269 |
| Trustees' fees and expenses | 15557 |
| Other fees and expenses | 10987 |
| **Total expenses** | **1140139** |
| **Net investment income** | **11495396** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 287481 |
| Foreign currency and foreign currency translations | (119150)<br>|
| Forward foreign currency contracts | (3387320)<br>|
| Futures contracts | (5321294)<br>|
| **Net realized losses on investments** | **(8540283)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 4553013 |
| Foreign currency and foreign currency translations | (21358)<br>|
| Forward foreign currency contracts | (3407805)<br>|
| Futures contracts | 10274685 |
| **Net change in unrealized gains (losses) on investments** | **11398535** |
| **Net realized and unrealized gains (losses) on investments** | **2858252** |
| **Net increase in net assets resulting from operations** | **$14353648** |

---

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

Allspring Macro Strategies Portfolio \| 27

------

Consolidated statement of changes in net assets

Consolidated statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | Year ended <br>April 30, 2025 | &nbsp;&nbsp; Period ended <br>April 30, 2024<sup>1</sup>  |
| Operations |  |  |
| Net investment income | &nbsp;&nbsp; $11495396 | &nbsp;&nbsp; $2411853 |
| Net realized losses on investments | &nbsp;&nbsp; (8540283)<br>| &nbsp;&nbsp; (1948408)<br>|
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; 11398535 | &nbsp;&nbsp; (8534865)<br>|
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **14353648** | &nbsp;&nbsp; **(8071420)**<br>|
| Capital transactions |  |  |
| Transactions in investors' beneficial interests |  |  |
| Contributions | &nbsp;&nbsp; 139587688 | &nbsp;&nbsp; 431572633 |
| Withdrawals | &nbsp;&nbsp; (243217884)<br>| &nbsp;&nbsp; (113688621)<br>|
| **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; **(103630196)**<br>| &nbsp;&nbsp; **317884012** |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(89276548)**<br>| &nbsp;&nbsp; **309812592** |
| Net assets |  |  |
| **Beginning of period** | &nbsp;&nbsp; **309812592** | &nbsp;&nbsp; **0** |
| **End of period** | &nbsp;&nbsp; **$220536044** | &nbsp;&nbsp; **$309812592** |

---

<sup>1</sup> For the period from March 11, 2024 (commencement of operations) to April 30, 2024

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

28 \| Allspring Macro Strategies Portfolio

------

Consolidated financial highlights

Consolidated financial highlights

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

---

| | | |
|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 |
|  | 2025 | 2024<sup>1</sup> <br>|
| **Total return**<sup>2</sup> <br>| **4.52%**<br>| &nbsp;&nbsp; **(2.53)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |
| Expenses | 0.41<br> %<br>| 0.47<br> %<br>|
| Net investment income | 4.14<br> %<br>| 4.76<br> %<br>|
| **Supplemental data** |  |  |
| Portfolio turnover rate | 25<br> %<br>| &nbsp;&nbsp; 1<br> %<br>|

---

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

<sup>1</sup> For the period from March 11, 2024 (commencement of operations) to April 30, 2024 <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

Allspring Macro Strategies Portfolio \| 29

------

Notes to consolidated financial statements

Notes to consolidated financial statements

1. ORGANIZATION

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

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

2. INVESTMENT IN SUBSIDIARY

The Portfolio invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Macro Strategies Special Investments (Cayman) Ltd (the "Subsidiary"), a wholly owned subsidiary incorporated on November 21, 2023 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of April 30, 2025, the Subsidiary had $52,282,167 of investments in affiliates and cash at broker segregated for futures contacts representing 97.45% of its net assets. As of April 30, 2025, the Portfolio held $53,649,534 in the Subsidiary, representing 31.15% of the Portfolio net assets prior to consolidation.

The consolidated financial statements of the Portfolio include the financial results of the Subsidiary. The Consolidated portfolio of investments includes positions of the Portfolio and the Subsidiary and the consolidated financial statements include the accounts of the Portfolio and the Subsidiary. Accordingly, all interfund balances and transactions between the Portfolio and the Subsidiary have been eliminated in consolidation.

3. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the consolidated financial statements of the Portfolio, 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 consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

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

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

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

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

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

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded

30 \| Allspring Macro Strategies Portfolio

------

Notes to consolidated financial statements

and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Portfolio is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Portfolio and the counterparty.

Futures contracts

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

Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or 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 Consolidated statement of assets and liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Consolidated statement of operations.

Inflation-indexed bonds and TIPS

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

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date.

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

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Portfolio based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Allspring Macro Strategies Portfolio \| 31

------

Notes to consolidated financial statements

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a disregarded entity for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been earned by the interest holder.

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $155,892,729 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $29365860 |
| Gross unrealized losses | &nbsp;&nbsp; (30235091)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(869231)**<br>|

---

4. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Real estate* | &nbsp;&nbsp; $19678810 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $19678810 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 78055998 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 78055998 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 55705784 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 55705784 |
|  | &nbsp;&nbsp; 153440592 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 153440592 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16900313 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16900313 |
| **Futures contracts** | &nbsp;&nbsp; 14909500 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14909500 |
| **Total assets** | &nbsp;&nbsp; **$168350092** | &nbsp;&nbsp;&nbsp; **$16900313** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$185250405** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $18243684 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $18243684 |
| **Futures contracts** | &nbsp;&nbsp; 11983223 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11983223 |
| **Total liabilities** | &nbsp;&nbsp; **$11983223** | &nbsp;&nbsp;&nbsp; **$18243684** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$30226907** |

---

Futures contracts and forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Consolidated portfolio of investments. For futures contracts, the current day's variation margin is reported on the Consolidated statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

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

32 \| Allspring Macro Strategies Portfolio

------

Notes to consolidated financial statements

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

5. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Advisory fee |
| First $1 billion | 0.350<br> %<br>|
| Next $4 billion | 0.325 |
| Over $5 billion | 0.300 |

---

For the year ended April 30, 2025, the advisory fee was equivalent to an annual rate of 0.35% of the Portfolio's average daily net assets.

The Subsidiary has entered into a separate advisory contract with Allspring Funds Management to manage the investment and reinvestment of its assets in conformity with its investment objectives and restrictions. Under this agreement, the Subsidiary does not pay Allspring Funds Management a fee for its services.

Allspring Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments") and Allspring Global Investments (UK) Limited ("Allspring UK"), each an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, serves as subadvisers to the Portfolio. Allspring Investments receives a subadvisory fee at an annual rate starting at 0.100% and declining to 0.075% as the average daily net assets of the Portfolio increase. Allspring UK receives a subadvisory fee for portfolio management services on the assets it co-manages with Allspring Investments at an annual rate starting at 0.100% and declining to 0.075% as the average daily net assets of the Portfolio increase.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the year ended April 30, 2025.

6. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales proceeds | Sales proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20839370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2412686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3537278 |

---

7. DERIVATIVE TRANSACTIONS

During the year ended April 30, 2025, the Portfolio entered into futures contracts to speculate on equities, fixed income, currencies and commodities directly. The Portfolio also entered into forward foreign currency contracts for economic hedging purposes.

The volume of the Portfolio's derivative activity during the year ended April 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $271142670 |
| Average contract amounts to sell | &nbsp;&nbsp; 330552435 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $638009335 |
| Average notional balance on short futures | &nbsp;&nbsp; 210477883 |

---

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

Allspring Macro Strategies Portfolio \| 33

------

Notes to consolidated financial statements

The fair value of derivative instruments as of April 30, 2025 by primary risk type was as follows for the Portfolio:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $16900313 | $16900313 |
| Futures contracts | &nbsp;&nbsp; 4,331,836 <br>\*<br>| 3,918,035 <br>\*<br>| 6,042,940 <br>\*<br>| 616,689 <br>\*<br>| 14909500 |
|  | &nbsp;&nbsp; $4331836 | $3918035 | $6042940 | $17517002 | $31809813 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $18243684 | $18243684 |
| Futures contracts | &nbsp;&nbsp; 2,090,627 <br>\*<br>| 1,629,720 <br>\*<br>| 8,262,876 <br>\*<br>| 0 <br>\*<br>| 11983223 |
|  | &nbsp;&nbsp; $2090627 | $1629720 | $8262876 | $18243684 | $30226907 |

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Consolidated Portfolio of investments. For futures contracts, only the current day's variation margin as of April 30, 2025 is reported separately on the Consolidated Statement of assets and liabilities. 

The effect of derivative instruments on the Consolidated statement of operations for the year ended April 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $(3387320)<br>| $(3387320)<br>|
| Futures contracts | &nbsp;&nbsp; (617990)<br>| (3456965)<br>| (1834421)<br>| 588082 | (5321294)<br>|
|  | &nbsp;&nbsp; $(617990)<br>| $(3456965)<br>| $(1834421)<br>| $(2799238)<br>| $(8708614)<br>|
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $(3407805)<br>| $(3407805)<br>|
| Futures contracts | &nbsp;&nbsp; 7708340 | 3557261 | 30958 | (1021874)<br>| 10274685 |
|  | &nbsp;&nbsp; $7708340 | $3557261 | $30958 | $(4429679)<br>| $6866880 |

---

For certain types of derivative transactions, the Portfolio has entered into International Swaps and Derivatives Association, Inc. master agreements ("ISDA Master Agreements") or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Portfolio to offset, with each counterparty, certain derivative financial instrument's assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Portfolio under ISDA Master Agreements or similar agreements, if any, are reported separately in the Consolidated statement of assets and liabilities. Securities pledged as collateral, if any, are noted in the Consolidated portfolio of investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Consolidated statement of assets and liabilities are not offset across transactions between the Portfolio and the applicable counterparty. A reconciliation of the gross amounts on the Consolidated statement of assets and liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Consolidated <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Morgan Stanley Co. | &nbsp;&nbsp; $16900313 | $(16900313)<br>| $0 | $0 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Consolidated <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Morgan Stanley Co. | &nbsp;&nbsp; $18243684 | $(16900313)<br>| $(1343371)<br>| $0 |

---

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

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

34 \| Allspring Macro Strategies Portfolio

------

Notes to consolidated financial statements

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

8. BANK BORROWINGS

The Portfolio, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio interest holder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended April 30, 2025, there were no borrowings by the Portfolio under the agreement.

9. INDEMNIFICATION

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

10. OPERATING SEGMENTS

The Portfolio has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Portfolio acts as the Portfolio's CODM. For the periods presented, the Portfolio operated as a single operating segment. The CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Portfolio's prospectus which is executed by the Portfolio'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 Portfolio's single segment. This information is consistent with that presented within the Portfolio's consolidated financial statements. Segment assets are reflected on the accompanying Consolidated statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Consolidated statement of operations.

Allspring Macro Strategies Portfolio \| 35

------

Report of independent registered public accounting firm

To the Interest Holders of the Portfolio and Board of Trustees

Allspring Master Trust:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statement of assets and liabilities of Allspring Macro Strategies Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the consolidated portfolio of investments, as of April 30, 2025, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for the year then ended and the period from March 11, 2024 (commencement of operations) to April 30, 2024, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for the year then ended and the period from March 11, 2024 to April 30, 2024. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Portfolio as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended and the period from March 11, 2024 to April 30, 2024, and the consolidated financial highlights for the year then ended and the period from March 11, 2024 to April 30, 2024, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements and consolidated financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated 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 Portfolio 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 consolidated financial statements and consolidated 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 consolidated financial statements and consolidated 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 consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian, transfer agent and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g46179img6a5787262.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

June 26, 2025

36 \| Allspring Macro Strategies Portfolio

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 854 of the Internal Revenue Code, $548,616 of income dividends paid during the fiscal year ended April 30, 2025 has been designated as qualified dividend income (QDI).

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 and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders 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 Absolute Return Fund \| 37

------

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

38 \| Allspring Absolute Return Fund

------

\| 39

------

*This page is intentionally left blank.*

------

![](g46179imgce9b13bb1.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

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

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

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

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

![](g46179img49ba8cf13.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* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR3355 04-25**

------

![](g46179img831ff3641.jpg)

Allspring Disciplined Large Cap Portfolio

Long Form Financial Statements

Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_POI-PageBlank-62_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_FS-PageBlank-62_1)** |  |
| [Statement of assets and liabilities](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_FS-PageBlank-62_1) | 11 |
| [Statement of operations](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_FS-PageBlank-62_2) | 12 |
| [Statement of changes in net assets](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_FS-PageBlank-62_3) | 13 |
| [Financial highlights](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_FIHI-PageBlank-62_1) | 14 |
| **[Notes to financial statements](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_NTF-PageBlank-62_1)** | 15 |
| **[Report of independent registered public accounting firm](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_AUD-PageBlank-62_1)** | 19 |
| **[Other information](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_OI-PageBlank-62_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_OI-PageBlank-62_2) | 21 |
| [Item 9. Matters submitted to portfolio interest holders for a vote](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_OI-PageBlank-62_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_OI-PageBlank-62_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_OI-PageBlank-62_2)['](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_OI-PageBlank-62_2)[s approval of investment](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_OI-PageBlank-62_2)<br> [advisory contract](#xx_219519a4-868d-4a00-a1e8-ce9c07bba07d_OI-PageBlank-62_2)<br>| 21 |

---

Allspring Disciplined Large Cap Portfolio \| 1

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.12%** |  |  |
| **Communication services: 9.18%** |  |  |
| **Diversified telecommunication services: 0.72%** |  |  |
| AT&T, Inc. | 66121 | &nbsp;&nbsp; $1831552 |
| Verizon Communications, Inc. | 5765 | &nbsp;&nbsp; 254006 |
|  |  | &nbsp;&nbsp; **2085558** |
| **Entertainment: 2.05%** |  |  |
| Netflix, Inc.† | 3587 | &nbsp;&nbsp; 4059480 |
| Roblox Corp. Class A† | 5064 | &nbsp;&nbsp; 339541 |
| Spotify Technology SA† | 2043 | &nbsp;&nbsp; 1254361 |
| Walt Disney Co. | 2955 | &nbsp;&nbsp; 268757 |
|  |  | &nbsp;&nbsp; **5922139** |
| **Interactive media & services: 6.10%** |  |  |
| Alphabet, Inc. Class A | 28341 | &nbsp;&nbsp; 4500551 |
| Alphabet, Inc. Class C | 32698 | &nbsp;&nbsp; 5260781 |
| Meta Platforms, Inc. Class A | 13486 | &nbsp;&nbsp; 7403814 |
| Pinterest, Inc. Class A† | 10977 | &nbsp;&nbsp; 277938 |
| TripAdvisor, Inc.† | 14765 | &nbsp;&nbsp; 183824 |
|  |  | &nbsp;&nbsp; **17626908** |
| **Media: 0.31%** |  |  |
| Comcast Corp. Class A | 25639 | &nbsp;&nbsp; **876854** |
| **Consumer discretionary: 9.54%** |  |  |
| **Automobiles: 1.57%** |  |  |
| General Motors Co. | 11033 | &nbsp;&nbsp; 499133 |
| Tesla, Inc.† | 14333 | &nbsp;&nbsp; 4044199 |
|  |  | &nbsp;&nbsp; **4543332** |
| **Broadline retail: 3.54%** |  |  |
| Amazon.com, Inc.† | 52708 | &nbsp;&nbsp; 9720409 |
| eBay, Inc. | 7291 | &nbsp;&nbsp; 496955 |
|  |  | &nbsp;&nbsp; **10217364** |
| **Diversified consumer services: 0.27%** |  |  |
| ADT, Inc. | 37161 | &nbsp;&nbsp; 298031 |
| Duolingo, Inc.† | 1259 | &nbsp;&nbsp; 490356 |
|  |  | &nbsp;&nbsp; **788387** |
| **Hotels, restaurants & leisure: 1.02%** |  |  |
| Booking Holdings, Inc. | 190 | &nbsp;&nbsp; 968863 |
| Expedia Group, Inc. | 3565 | &nbsp;&nbsp; 559456 |
| McDonald's Corp. | 3663 | &nbsp;&nbsp; 1170878 |
| Wynn Resorts Ltd. | 3107 | &nbsp;&nbsp; 249523 |
|  |  | &nbsp;&nbsp; **2948720** |
| **Household durables: 0.69%** |  |  |
| Garmin Ltd. | 2325 | &nbsp;&nbsp; 434473 |

---

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

2 \| Allspring Disciplined Large Cap Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Household durables**(continued) |  |  |
| Lennar Corp. Class A | 7181 | &nbsp;&nbsp; $779928 |
| PulteGroup, Inc. | 7640 | &nbsp;&nbsp; 783711 |
|  |  | &nbsp;&nbsp; **1998112** |
| **Specialty retail: 1.97%** |  |  |
| Dick's Sporting Goods, Inc. | 2254 | &nbsp;&nbsp; 423166 |
| Gap, Inc. | 24967 | &nbsp;&nbsp; 546777 |
| Home Depot, Inc. | 6784 | &nbsp;&nbsp; 2445564 |
| TJX Cos., Inc. | 17617 | &nbsp;&nbsp; 2266956 |
|  |  | &nbsp;&nbsp; **5682463** |
| **Textiles, apparel & luxury goods: 0.48%** |  |  |
| Capri Holdings Ltd.† | 21518 | &nbsp;&nbsp; 323631 |
| Crocs, Inc.† | 4888 | &nbsp;&nbsp; 471301 |
| Deckers Outdoor Corp.† | 5381 | &nbsp;&nbsp; 596376 |
|  |  | &nbsp;&nbsp; **1391308** |
| **Consumer staples: 6.46%** |  |  |
| **Beverages: 0.60%** |  |  |
| Coca-Cola Co. | 4923 | &nbsp;&nbsp; 357164 |
| Keurig Dr Pepper, Inc. | 12775 | &nbsp;&nbsp; 441887 |
| Monster Beverage Corp.† | 5427 | &nbsp;&nbsp; 326271 |
| PepsiCo, Inc. | 4456 | &nbsp;&nbsp; 604145 |
|  |  | &nbsp;&nbsp; **1729467** |
| **Consumer staples distribution & retail: 2.62%** |  |  |
| Costco Wholesale Corp. | 3560 | &nbsp;&nbsp; 3540420 |
| Target Corp. | 11520 | &nbsp;&nbsp; 1113984 |
| Walmart, Inc. | 30139 | &nbsp;&nbsp; 2931018 |
|  |  | &nbsp;&nbsp; **7585422** |
| **Food products: 0.44%** |  |  |
| Ingredion, Inc. | 5211 | &nbsp;&nbsp; 692125 |
| Tyson Foods, Inc. Class A | 9293 | &nbsp;&nbsp; 569103 |
|  |  | &nbsp;&nbsp; **1261228** |
| **Household products: 1.45%** |  |  |
| Colgate-Palmolive Co. | 16888 | &nbsp;&nbsp; 1556905 |
| Kimberly-Clark Corp. | 8711 | &nbsp;&nbsp; 1147935 |
| Procter & Gamble Co. | 9138 | &nbsp;&nbsp; 1485565 |
|  |  | &nbsp;&nbsp; **4190405** |
| **Tobacco: 1.35%** |  |  |
| Altria Group, Inc. | 34354 | &nbsp;&nbsp; 2032039 |
| Philip Morris International, Inc. | 10930 | &nbsp;&nbsp; 1872965 |
|  |  | &nbsp;&nbsp; **3905004** |

---

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

Allspring Disciplined Large Cap Portfolio \| 3

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Energy: 2.53%** |  |  |
| **Oil, gas & consumable fuels: 2.53%** |  |  |
| APA Corp. | 19085 | &nbsp;&nbsp; $296581 |
| Cheniere Energy, Inc. | 5851 | &nbsp;&nbsp; 1352224 |
| Chevron Corp. | 7750 | &nbsp;&nbsp; 1054465 |
| EOG Resources, Inc. | 4130 | &nbsp;&nbsp; 455663 |
| Exxon Mobil Corp. | 21100 | &nbsp;&nbsp; 2228793 |
| HF Sinclair Corp. | 4067 | &nbsp;&nbsp; 122295 |
| Marathon Petroleum Corp. | 6723 | &nbsp;&nbsp; 923807 |
| Phillips 66 | 8349 | &nbsp;&nbsp; 868797 |
|  |  | &nbsp;&nbsp; **7302625** |
| **Financials: 14.96%** |  |  |
| **Banks: 3.45%** |  |  |
| Bank of America Corp. | 26971 | &nbsp;&nbsp; 1075603 |
| Citigroup, Inc. | 23133 | &nbsp;&nbsp; 1581834 |
| East West Bancorp, Inc. | 7967 | &nbsp;&nbsp; 681577 |
| First Citizens BancShares, Inc. Class A | 143 | &nbsp;&nbsp; 254417 |
| JPMorgan Chase & Co. | 19277 | &nbsp;&nbsp; 4715540 |
| Wells Fargo & Co. | 23377 | &nbsp;&nbsp; 1660001 |
|  |  | &nbsp;&nbsp; **9968972** |
| **Capital markets: 4.16%** |  |  |
| Ameriprise Financial, Inc. | 3035 | &nbsp;&nbsp; 1429546 |
| Bank of New York Mellon Corp. | 18803 | &nbsp;&nbsp; 1511949 |
| BlackRock, Inc. | 967 | &nbsp;&nbsp; 884090 |
| Charles Schwab Corp. | 15061 | &nbsp;&nbsp; 1225965 |
| CME Group, Inc. | 5075 | &nbsp;&nbsp; 1406181 |
| Coinbase Global, Inc. Class A† | 2755 | &nbsp;&nbsp; 558962 |
| Goldman Sachs Group, Inc. | 3965 | &nbsp;&nbsp; 2171036 |
| Interactive Brokers Group, Inc. Class A | 7258 | &nbsp;&nbsp; 1247287 |
| Jefferies Financial Group, Inc. | 6475 | &nbsp;&nbsp; 302577 |
| Stifel Financial Corp. | 4703 | &nbsp;&nbsp; 403000 |
| Virtu Financial, Inc. Class A | 22368 | &nbsp;&nbsp; 875707 |
|  |  | &nbsp;&nbsp; **12016300** |
| **Consumer finance: 0.88%** |  |  |
| American Express Co. | 3389 | &nbsp;&nbsp; 902864 |
| Capital One Financial Corp. | 5501 | &nbsp;&nbsp; 991610 |
| Synchrony Financial | 12237 | &nbsp;&nbsp; 635712 |
|  |  | &nbsp;&nbsp; **2530186** |
| **Financial services: 4.35%** |  |  |
| Apollo Global Management, Inc. | 4707 | &nbsp;&nbsp; 642411 |
| Berkshire Hathaway, Inc. Class B† | 9288 | &nbsp;&nbsp; 4952826 |
| Corpay, Inc.† | 498 | &nbsp;&nbsp; 162034 |
| Euronet Worldwide, Inc.† | 6132 | &nbsp;&nbsp; 607681 |
| Mastercard, Inc. Class A | 3128 | &nbsp;&nbsp; 1714332 |

---

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

4 \| Allspring Disciplined Large Cap Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financial services**(continued) |  |  |
| PayPal Holdings, Inc.† | 7387 | &nbsp;&nbsp; $486360 |
| Visa, Inc. Class A | 11611 | &nbsp;&nbsp; 4011601 |
|  |  | &nbsp;&nbsp; **12577245** |
| **Insurance: 2.12%** |  |  |
| Axis Capital Holdings Ltd. | 3537 | &nbsp;&nbsp; 340684 |
| Fidelity National Financial, Inc. | 12076 | &nbsp;&nbsp; 773468 |
| Hartford Insurance Group, Inc. | 5960 | &nbsp;&nbsp; 731113 |
| MetLife, Inc. | 10454 | &nbsp;&nbsp; 787918 |
| Progressive Corp. | 5792 | &nbsp;&nbsp; 1631838 |
| Reinsurance Group of America, Inc. | 5552 | &nbsp;&nbsp; 1039945 |
| Unum Group | 10673 | &nbsp;&nbsp; 828865 |
|  |  | &nbsp;&nbsp; **6133831** |
| **Health care: 10.46%** |  |  |
| **Biotechnology: 1.99%** |  |  |
| AbbVie, Inc. | 12838 | &nbsp;&nbsp; 2504694 |
| Amgen, Inc. | 936 | &nbsp;&nbsp; 272301 |
| Exelixis, Inc.† | 27991 | &nbsp;&nbsp; 1095848 |
| Gilead Sciences, Inc. | 5601 | &nbsp;&nbsp; 596731 |
| Regeneron Pharmaceuticals, Inc. | 1264 | &nbsp;&nbsp; 756833 |
| Vertex Pharmaceuticals, Inc.† | 1057 | &nbsp;&nbsp; 538541 |
|  |  | &nbsp;&nbsp; **5764948** |
| **Health care equipment & supplies: 2.36%** |  |  |
| Abbott Laboratories | 17727 | &nbsp;&nbsp; 2317805 |
| Boston Scientific Corp.† | 10107 | &nbsp;&nbsp; 1039707 |
| Globus Medical, Inc. Class A† | 4919 | &nbsp;&nbsp; 353037 |
| Hologic, Inc.† | 15862 | &nbsp;&nbsp; 923168 |
| Intuitive Surgical, Inc.† | 2668 | &nbsp;&nbsp; 1376155 |
| Stryker Corp. | 2186 | &nbsp;&nbsp; 817389 |
|  |  | &nbsp;&nbsp; **6827261** |
| **Health care providers & services: 2.47%** |  |  |
| Cardinal Health, Inc. | 2301 | &nbsp;&nbsp; 325108 |
| Cencora, Inc. | 3534 | &nbsp;&nbsp; 1034296 |
| Centene Corp.† | 16565 | &nbsp;&nbsp; 991415 |
| CVS Health Corp. | 18159 | &nbsp;&nbsp; 1211387 |
| Elevance Health, Inc. | 641 | &nbsp;&nbsp; 269592 |
| McKesson Corp. | 1799 | &nbsp;&nbsp; 1282309 |
| Tenet Healthcare Corp.† | 4732 | &nbsp;&nbsp; 676439 |
| UnitedHealth Group, Inc. | 3240 | &nbsp;&nbsp; 1333066 |
|  |  | &nbsp;&nbsp; **7123612** |
| **Health care technology: 0.52%** |  |  |
| Doximity, Inc. Class A† | 8629 | &nbsp;&nbsp; 490818 |
| Veeva Systems, Inc. Class A† | 4305 | &nbsp;&nbsp; 1006035 |
|  |  | &nbsp;&nbsp; **1496853** |

---

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

Allspring Disciplined Large Cap Portfolio \| 5

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Life sciences tools & services: 0.09%** |  |  |
| 10X Genomics, Inc. Class A† | 13248 | &nbsp;&nbsp; $109561 |
| Medpace Holdings, Inc.† | 475 | &nbsp;&nbsp; 146485 |
|  |  | &nbsp;&nbsp; **256046** |
| **Pharmaceuticals: 3.03%** |  |  |
| Eli Lilly & Co. | 4358 | &nbsp;&nbsp; 3917624 |
| Johnson & Johnson | 8643 | &nbsp;&nbsp; 1350987 |
| Merck & Co., Inc. | 12622 | &nbsp;&nbsp; 1075394 |
| Organon & Co. | 13666 | &nbsp;&nbsp; 176701 |
| Pfizer, Inc. | 42460 | &nbsp;&nbsp; 1036449 |
| Zoetis, Inc. | 7681 | &nbsp;&nbsp; 1201309 |
|  |  | &nbsp;&nbsp; **8758464** |
| **Industrials: 8.35%** |  |  |
| **Aerospace & defense: 1.32%** |  |  |
| General Dynamics Corp. | 1882 | &nbsp;&nbsp; 512130 |
| General Electric Co. | 2822 | &nbsp;&nbsp; 568746 |
| Howmet Aerospace, Inc. | 5802 | &nbsp;&nbsp; 804041 |
| Lockheed Martin Corp. | 2418 | &nbsp;&nbsp; 1155199 |
| Northrop Grumman Corp. | 1563 | &nbsp;&nbsp; 760400 |
|  |  | &nbsp;&nbsp; **3800516** |
| **Building products: 0.37%** |  |  |
| Builders FirstSource, Inc.† | 4110 | &nbsp;&nbsp; 491679 |
| Trane Technologies PLC | 1512 | &nbsp;&nbsp; 579565 |
|  |  | &nbsp;&nbsp; **1071244** |
| **Commercial services & supplies: 0.68%** |  |  |
| Copart, Inc.† | 7903 | &nbsp;&nbsp; 482320 |
| MSA Safety, Inc. | 2783 | &nbsp;&nbsp; 438100 |
| Veralto Corp. | 4280 | &nbsp;&nbsp; 410452 |
| Waste Management, Inc. | 2673 | &nbsp;&nbsp; 623771 |
|  |  | &nbsp;&nbsp; **1954643** |
| **Construction & engineering: 0.76%** |  |  |
| EMCOR Group, Inc. | 3228 | &nbsp;&nbsp; 1293459 |
| MasTec, Inc.† | 4393 | &nbsp;&nbsp; 559317 |
| Valmont Industries, Inc. | 1149 | &nbsp;&nbsp; 336910 |
|  |  | &nbsp;&nbsp; **2189686** |
| **Electrical equipment: 0.59%** |  |  |
| Acuity, Inc. | 2803 | &nbsp;&nbsp; 682839 |
| Emerson Electric Co. | 5881 | &nbsp;&nbsp; 618152 |
| Vertiv Holdings Co. Class A | 4833 | &nbsp;&nbsp; 412641 |
|  |  | &nbsp;&nbsp; **1713632** |

---

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

6 \| Allspring Disciplined Large Cap Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Ground transportation: 0.37%** |  |  |
| CSX Corp. | 10205 | &nbsp;&nbsp; $286455 |
| Uber Technologies, Inc.† | 9829 | &nbsp;&nbsp; 796247 |
|  |  | &nbsp;&nbsp; **1082702** |
| **Industrial conglomerates: 0.78%** |  |  |
| 3M Co. | 8262 | &nbsp;&nbsp; 1147674 |
| Honeywell International, Inc. | 5263 | &nbsp;&nbsp; 1107862 |
|  |  | &nbsp;&nbsp; **2255536** |
| **Machinery: 1.47%** |  |  |
| Allison Transmission Holdings, Inc. | 13544 | &nbsp;&nbsp; 1249299 |
| Caterpillar, Inc. | 3733 | &nbsp;&nbsp; 1154505 |
| PACCAR, Inc. | 5787 | &nbsp;&nbsp; 522045 |
| Parker-Hannifin Corp. | 2190 | &nbsp;&nbsp; 1325081 |
|  |  | &nbsp;&nbsp; **4250930** |
| **Passenger airlines: 0.39%** |  |  |
| United Airlines Holdings, Inc.† | 16545 | &nbsp;&nbsp; **1138627** |
| **Professional services: 1.48%** |  |  |
| Automatic Data Processing, Inc. | 1603 | &nbsp;&nbsp; 481862 |
| CACI International, Inc. Class A† | 1569 | &nbsp;&nbsp; 718398 |
| Leidos Holdings, Inc. | 8043 | &nbsp;&nbsp; 1183769 |
| Paycom Software, Inc. | 3201 | &nbsp;&nbsp; 724674 |
| Science Applications International Corp. | 9756 | &nbsp;&nbsp; 1180769 |
|  |  | &nbsp;&nbsp; **4289472** |
| **Trading companies & distributors: 0.14%** |  |  |
| WESCO International, Inc. | 2418 | &nbsp;&nbsp; **394037** |
| **Information technology: 27.74%** |  |  |
| **Communications equipment: 1.25%** |  |  |
| Arista Networks, Inc.† | 16578 | &nbsp;&nbsp; 1363872 |
| Cisco Systems, Inc. | 33372 | &nbsp;&nbsp; 1926566 |
| F5, Inc.† | 1277 | &nbsp;&nbsp; 338073 |
|  |  | &nbsp;&nbsp; **3628511** |
| **Electronic equipment, instruments & components: 0.40%** |  |  |
| Arrow Electronics, Inc.† | 2124 | &nbsp;&nbsp; 236529 |
| TD SYNNEX Corp. | 5529 | &nbsp;&nbsp; 612613 |
| Zebra Technologies Corp. Class A† | 1219 | &nbsp;&nbsp; 305140 |
|  |  | &nbsp;&nbsp; **1154282** |
| **IT services: 1.47%** |  |  |
| Accenture PLC Class A | 4709 | &nbsp;&nbsp; 1408697 |
| DXC Technology Co.† | 24557 | &nbsp;&nbsp; 381125 |
| Okta, Inc.† | 6672 | &nbsp;&nbsp; 748331 |

---

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

Allspring Disciplined Large Cap Portfolio \| 7

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **IT services**(continued) |  |  |
| Twilio, Inc. Class A† | 2580 | &nbsp;&nbsp; $249512 |
| VeriSign, Inc.† | 5181 | &nbsp;&nbsp; 1461664 |
|  |  | &nbsp;&nbsp; **4249329** |
| **Semiconductors & semiconductor equipment: 8.90%** |  |  |
| Advanced Micro Devices, Inc.† | 4361 | &nbsp;&nbsp; 424543 |
| Applied Materials, Inc. | 5533 | &nbsp;&nbsp; 833879 |
| Broadcom, Inc. | 30471 | &nbsp;&nbsp; 5864753 |
| Cirrus Logic, Inc.† | 3335 | &nbsp;&nbsp; 320293 |
| KLA Corp. | 2708 | &nbsp;&nbsp; 1902885 |
| Lam Research Corp. | 3317 | &nbsp;&nbsp; 237729 |
| NVIDIA Corp. | 126426 | &nbsp;&nbsp; 13770320 |
| Onto Innovation, Inc.† | 2720 | &nbsp;&nbsp; 331759 |
| QUALCOMM, Inc. | 13783 | &nbsp;&nbsp; 2046224 |
|  |  | &nbsp;&nbsp; **25732385** |
| **Software: 10.04%** |  |  |
| Adobe, Inc.† | 2620 | &nbsp;&nbsp; 982448 |
| Appfolio, Inc. Class A† | 1774 | &nbsp;&nbsp; 366367 |
| AppLovin Corp. Class A† | 2491 | &nbsp;&nbsp; 670851 |
| Atlassian Corp. Class A† | 1234 | &nbsp;&nbsp; 281735 |
| BILL Holdings, Inc.† | 6092 | &nbsp;&nbsp; 277612 |
| Docusign, Inc. Class A† | 8144 | &nbsp;&nbsp; 665772 |
| Fortinet, Inc.† | 14528 | &nbsp;&nbsp; 1507425 |
| Manhattan Associates, Inc.† | 1183 | &nbsp;&nbsp; 209852 |
| Microsoft Corp. | 40370 | &nbsp;&nbsp; 15956646 |
| Nutanix, Inc. Class A† | 11361 | &nbsp;&nbsp; 780501 |
| Oracle Corp. | 2209 | &nbsp;&nbsp; 310850 |
| Palantir Technologies, Inc. Class A† | 11142 | &nbsp;&nbsp; 1319659 |
| Salesforce, Inc. | 8649 | &nbsp;&nbsp; 2324073 |
| ServiceNow, Inc.† | 2315 | &nbsp;&nbsp; 2210848 |
| Zoom Communications, Inc. Class A† | 14697 | &nbsp;&nbsp; 1139605 |
|  |  | &nbsp;&nbsp; **29004244** |
| **Technology hardware, storage & peripherals: 5.68%** |  |  |
| Apple, Inc. | 77199 | &nbsp;&nbsp; **16404787** |
| **Materials: 2.38%** |  |  |
| **Chemicals: 1.04%** |  |  |
| Axalta Coating Systems Ltd.† | 8248 | &nbsp;&nbsp; 268060 |
| CF Industries Holdings, Inc. | 18419 | &nbsp;&nbsp; 1443497 |
| Linde PLC | 2853 | &nbsp;&nbsp; 1293065 |
|  |  | &nbsp;&nbsp; **3004622** |
| **Construction materials: 0.22%** |  |  |
| CRH PLC | 6775 | &nbsp;&nbsp; **646470** |

---

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

8 \| Allspring Disciplined Large Cap Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Containers & packaging: 0.52%** |  |  |
| Crown Holdings, Inc. | 13047 | &nbsp;&nbsp; $1256818 |
| Sealed Air Corp. | 8304 | &nbsp;&nbsp; 228858 |
|  |  | &nbsp;&nbsp; **1485676** |
| **Metals & mining: 0.60%** |  |  |
| Freeport-McMoRan, Inc. | 15198 | &nbsp;&nbsp; 547584 |
| Royal Gold, Inc. | 6511 | &nbsp;&nbsp; 1189625 |
|  |  | &nbsp;&nbsp; **1737209** |
| **Real estate: 3.01%** |  |  |
| **Health care REITs: 0.41%** |  |  |
| Omega Healthcare Investors, Inc. | 30558 | &nbsp;&nbsp; **1193290** |
| **Hotel & resort REITs: 0.09%** |  |  |
| Host Hotels & Resorts, Inc. | 18930 | &nbsp;&nbsp; **267291** |
| **Industrial REITs: 0.38%** |  |  |
| Prologis, Inc. | 10655 | &nbsp;&nbsp; **1088941** |
| **Real estate management & development: 0.10%** |  |  |
| Jones Lang LaSalle, Inc.† | 1283 | &nbsp;&nbsp; **291767** |
| **Retail REITs: 0.51%** |  |  |
| Simon Property Group, Inc. | 9392 | &nbsp;&nbsp; **1478113** |
| **Specialized REITs: 1.52%** |  |  |
| American Tower Corp. | 2096 | &nbsp;&nbsp; 472459 |
| Gaming & Leisure Properties, Inc. | 22360 | &nbsp;&nbsp; 1070150 |
| Public Storage | 5164 | &nbsp;&nbsp; 1551421 |
| VICI Properties, Inc. Class A | 40367 | &nbsp;&nbsp; 1292551 |
|  |  | &nbsp;&nbsp; **4386581** |
| **Utilities: 2.51%** |  |  |
| **Electric utilities: 1.78%** |  |  |
| American Electric Power Co., Inc. | 13728 | &nbsp;&nbsp; 1487292 |
| Constellation Energy Corp. | 1262 | &nbsp;&nbsp; 281981 |
| Duke Energy Corp. | 13854 | &nbsp;&nbsp; 1690465 |
| Evergy, Inc. | 4819 | &nbsp;&nbsp; 332993 |
| NextEra Energy, Inc. | 20180 | &nbsp;&nbsp; 1349638 |
|  |  | &nbsp;&nbsp; **5142369** |
| **Gas utilities: 0.58%** |  |  |
| National Fuel Gas Co. | 17073 | &nbsp;&nbsp; 1310865 |
| UGI Corp. | 11556 | &nbsp;&nbsp; 378921 |
|  |  | &nbsp;&nbsp; **1689786** |
| **Independent power and renewable electricity producers: 0.08%** |  |  |
| Vistra Corp. | 1758 | &nbsp;&nbsp; **227890** |

---

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

Allspring Disciplined Large Cap Portfolio \| 9

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Multi-utilities: 0.07%** |  |  |
| Consolidated Edison, Inc. | 1697 | &nbsp;&nbsp; $**191337** |
| **Total common stocks (Cost $160,354,077)** |  | &nbsp;&nbsp; **280654919** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.30%** |  |  |  |  |
| **Investment companies: 2.30%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 6658211 | &nbsp;&nbsp; **6658211** |
| **Total short-term investments (Cost $6,658,211)** |  |  |  | &nbsp;&nbsp; **6658211** |
| **Total investments in securities (Cost $167,012,288)** | 99.42<br> %<br>|  |  | &nbsp;&nbsp; 287313130 |
| Other assets and liabilities, net | 0.58 |  |  | &nbsp;&nbsp; 1667298 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$288980428** |

---

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

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

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<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>| $4850958 | $85789241 | $(83981988)<br>| $0 | $0 | $6658211 | 6658211 | $278131 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; $7230820 | &nbsp;&nbsp; $7263100 | &nbsp;&nbsp; $32280 | &nbsp;&nbsp; $0 |

---

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

10 \| Allspring Disciplined Large Cap Portfolio

------

Statement of assets and liabilities—April 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $160,354,077) | $280654919 |
| Investments in affiliated securities, at value (cost $6,658,211) | 6658211 |
| Cash | 7 |
| Cash at broker segregated for futures contracts | 1590158 |
| Receivable for dividends | 151828 |
| Receivable for daily variation margin on open futures contracts | 4225 |
| Prepaid expenses and other assets | 2229 |
| **Total assets** | **289061577** |
| Liabilities |  |
| Advisory fee payable | 57407 |
| Custody and accounting fees payable | 7397 |
| Professional fees payable | 5757 |
| Trustees' fees and expenses payable | 1523 |
| Accrued expenses and other liabilities | 9065 |
| **Total liabilities** | **81149** |
| **Total net assets**  | **$288980428** |

---

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

Allspring Disciplined Large Cap Portfolio \| 11

------

Statement of operations—year ended April 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $7,973) | $4378958 |
| Income from affiliated securities | 278131 |
| Interest | 18826 |
| **Total investment income** | **4675915** |
| Expenses |  |
| Advisory fee | 836071 |
| Custody and accounting fees | 21991 |
| Professional fees | 50948 |
| Registration fees | 348 |
| Interest holder report expenses | 2169 |
| Trustees' fees and expenses | 16268 |
| Other fees and expenses | 11004 |
| **Total expenses** | **938799** |
| **Net investment income** | **3737116** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 25026236 |
| Futures contracts | (323022)<br>|
| **Net realized gains on investments** | **24703214** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 20648439 |
| Futures contracts | 161875 |
| **Net change in unrealized gains (losses) on investments** | **20810314** |
| **Net realized and unrealized gains (losses) on investments** | **45513528** |
| **Net increase in net assets resulting from operations** | **$49250644** |

---

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

12 \| Allspring Disciplined Large Cap Portfolio

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | &nbsp;&nbsp; Year ended<br> April 30, 2024<sup>1</sup> | &nbsp;&nbsp; Year ended <br>May 31, 2023 |
| Operations |  |  |  |
| Net investment income | &nbsp;&nbsp; $3737116 | &nbsp;&nbsp; $2744396 | &nbsp;&nbsp; $3354247 |
| Net realized gains on investments | &nbsp;&nbsp; 24703214 | &nbsp;&nbsp; 16712429 | &nbsp;&nbsp; 12339615 |
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; 20810314 | &nbsp;&nbsp; 34827586 | &nbsp;&nbsp; (14292932)<br>|
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; **49250644** | &nbsp;&nbsp; **54284411** | &nbsp;&nbsp; **1400930** |
| Capital share transactions |  |  |  |
| Transactions in investors' beneficial interests |  |  |  |
| Contributions | &nbsp;&nbsp; 47133205 | &nbsp;&nbsp; 135996882 | &nbsp;&nbsp; 19605714 |
| Withdrawals | &nbsp;&nbsp; (152088770)<br>| &nbsp;&nbsp; (61893445)<br>| &nbsp;&nbsp; (73106530)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(104955565)**<br>| &nbsp;&nbsp; **74103437** | &nbsp;&nbsp; **(53500816)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(55704921)**<br>| &nbsp;&nbsp; **128387848** | &nbsp;&nbsp; **(52099886)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **344685349** | &nbsp;&nbsp; **216297501** | &nbsp;&nbsp; **268397387** |
| **End of period** | &nbsp;&nbsp; **$288980428** | &nbsp;&nbsp; **$344685349** | &nbsp;&nbsp; **$216297501** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

Allspring Disciplined Large Cap Portfolio \| 13

------

Financial highlights

Financial highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
|  | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Total return**<sup>2</sup> <br>| **14.23%**<br>| **25.45%**<br>| **1.90%**<br>| **0.87%**<br>| **41.79%**<br>| **11.56%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Expenses | 0.28<br> %<br>| 0.29<br> %<br>| 0.32<br> %<br>| 0.30<br> %<br>| 0.29<br> %<br>| 0.29<br> %<br>|
| Net investment income | 1.12<br> %<br>| 1.19<br> %<br>| 1.47<br> %<br>| 1.12<br> %<br>| 1.36<br> %<br>| 1.82<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Portfolio turnover rate | 26<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 81<br> %<br>|

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

14 \| Allspring Disciplined Large Cap Portfolio

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles ("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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

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

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

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Futures contracts

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

Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Security transactions and income recognition

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

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

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

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Portfolio based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Allspring Disciplined Large Cap Portfolio \| 15

------

Notes to financial statements

Federal and other taxes

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

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

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $170,235,933 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $123974891 |
| Gross unrealized losses | &nbsp;&nbsp; (6865414)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$117109477** |

---

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $26511459 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $26511459 |
| *Consumer discretionary* | &nbsp;&nbsp; 27569686 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27569686 |
| *Consumer staples* | &nbsp;&nbsp; 18671526 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18671526 |
| *Energy* | &nbsp;&nbsp; 7302625 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7302625 |
| *Financials* | &nbsp;&nbsp; 43226534 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 43226534 |
| *Health care* | &nbsp;&nbsp; 30227184 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30227184 |
| *Industrials* | &nbsp;&nbsp; 24141025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24141025 |
| *Information technology* | &nbsp;&nbsp; 80173538 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 80173538 |
| *Materials* | &nbsp;&nbsp; 6873977 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6873977 |
| *Real estate* | &nbsp;&nbsp; 8705983 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8705983 |
| *Utilities* | &nbsp;&nbsp; 7251382 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7251382 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 6658211 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6658211 |
|  | &nbsp;&nbsp; 287313130 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 287313130 |
| **Futures contracts** | &nbsp;&nbsp; 32280 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 32280 |
| **Total assets** | &nbsp;&nbsp; **$287345410** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$287345410** |

---

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

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

16 \| Allspring Disciplined Large Cap Portfolio

------

Notes to financial statements

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Advisory fee |
| First $1 billion | 0.250<br> %<br>|
| Next $4 billion | 0.225 |
| Over $5 billion | 0.200 |

---

For the year ended April 30, 2025, the advisory fee was equivalent to an annual rate of 0.25% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.20% and declining to 0.15% as the average daily net assets of the Portfolio increase.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the year ended April 30, 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 April 30, 2025 were $84,514,457 and $189,922,192, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended April 30, 2025, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $6,172,024 in long futures contracts during the year ended April 30, 2025.

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

7. BANK BORROWINGS

The Portfolio, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio interest holder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended April 30, 2025, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

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

9. INDEMNIFICATION

Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that

Allspring Disciplined Large Cap Portfolio \| 17

------

Notes to financial statements

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

10. OPERATING SEGMENTS

The Portfolio has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Portfolio acts as the Portfolio's CODM. For the periods presented, the Portfolio operated as a single operating segment. The CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Portfolio's prospectus which is executed by the Portfolio'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 Portfolio's single segment. This information is consistent with that presented within the Portfolio'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.

18 \| Allspring Disciplined Large Cap Portfolio

------

Report of independent registered public accounting firm

To the Interest Holders of the Portfolio and Board of Trustees

Allspring Master Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Disciplined Large Cap Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Portfolio'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 Portfolio 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 April 30, 2025, by correspondence with the custodian, transfer agent and broker. 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.

![](g46179img8d9b54cb2.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

June 26, 2025

Allspring Disciplined Large Cap Portfolio \| 19

------

Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

20 \| Allspring Disciplined Large Cap Portfolio

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to portfolio interest holders 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

Allspring Disciplined Large Cap Portfolio \| 21

------

![](g46179img831ff3641.jpg)

For more information

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

Allspring Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

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

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

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

*This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Portfolio's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

------

![](g46179img5d7124e41.jpg)

Allspring Disciplined International Developed Markets Portfolio

Long Form Financial Statements

Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_POI-PageBlank-67_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_FS-PageBlank-67_1)** |  |
| [Statement of assets and liabilities](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_FS-PageBlank-67_1) | 12 |
| [Statement of operations](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_FS-PageBlank-67_2) | 13 |
| [Statement of changes in net assets](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_FS-PageBlank-67_3) | 14 |
| [Financial highlights](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_FIHI-PageBlank-67_1) | 15 |
| **[Notes to financial statements](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_NTF-PageBlank-67_1)** | 16 |
| **[Report of independent registered public accounting firm](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_AUD-PageBlank-67_1)** | 21 |
| **[Other information](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_OI-PageBlank-67_1)** | 22 |
| [Item 8. Changes in and disagreements with accountants](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_OI-PageBlank-67_2) | 23 |
| [Item 9. Matters submitted to portfolio interest holders for a vote](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_OI-PageBlank-67_2) | 23 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_OI-PageBlank-67_2) | 23 |
| [Item 11. Statement regarding basis for board](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_OI-PageBlank-67_2)['](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_OI-PageBlank-67_2)[s approval of investment](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_OI-PageBlank-67_2)<br> [advisory contract](#xx_d891e74b-eeaf-4404-bdc5-19cf85b386b3_OI-PageBlank-67_2)<br>| 23 |

---

Allspring Disciplined International Developed Markets Portfolio \| 1

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 96.38%** |  |  |
| **Australia: 6.83%** |  |  |
| ANZ Group Holdings Ltd. (Financials, Banks) | 64943 | &nbsp;&nbsp; $1241857 |
| Aristocrat Leisure Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 20485 | &nbsp;&nbsp; 874895 |
| BHP Group Ltd. (Materials, Metals & mining) | 40042 | &nbsp;&nbsp; 954347 |
| BlueScope Steel Ltd. (Materials, Metals & mining) | 90348 | &nbsp;&nbsp; 1383811 |
| Commonwealth Bank of Australia (Financials, Banks) | 6607 | &nbsp;&nbsp; 704234 |
| Computershare Ltd. (Industrials, Professional services) | 12989 | &nbsp;&nbsp; 339421 |
| CSL Ltd. (Health care, Biotechnology) | 7403 | &nbsp;&nbsp; 1188277 |
| Dexus (Real estate, Office REITs) | 77836 | &nbsp;&nbsp; 374673 |
| Fortescue Ltd. (Materials, Metals & mining) | 36099 | &nbsp;&nbsp; 372819 |
| Glencore PLC (Materials, Metals & mining) | 161317 | &nbsp;&nbsp; 528916 |
| GPT Group (Real estate, Diversified REITs) | 94893 | &nbsp;&nbsp; 281296 |
| Insurance Australia Group Ltd. (Financials, Insurance) | 92204 | &nbsp;&nbsp; 484299 |
| Lottery Corp. Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 88894 | &nbsp;&nbsp; 296242 |
| Medibank Pvt Ltd. (Financials, Insurance) | 178363 | &nbsp;&nbsp; 530581 |
| Mirvac Group (Real estate, Diversified REITs) | 263802 | &nbsp;&nbsp; 384795 |
| National Australia Bank Ltd. (Financials, Banks) | 13797 | &nbsp;&nbsp; 318582 |
| Northern Star Resources Ltd. (Materials, Metals & mining) | 58278 | &nbsp;&nbsp; 715868 |
| QBE Insurance Group Ltd. (Financials, Insurance) | 122551 | &nbsp;&nbsp; 1693645 |
| Rio Tinto Ltd. (Materials, Metals & mining) | 4393 | &nbsp;&nbsp; 328672 |
| Scentre Group (Real estate, Retail REITs) | 100099 | &nbsp;&nbsp; 231904 |
| South32 Ltd. (Materials, Metals & mining) | 114210 | &nbsp;&nbsp; 196818 |
| Suncorp Group Ltd. (Financials, Insurance) | 142464 | &nbsp;&nbsp; 1852614 |
| Vicinity Ltd. (Real estate, Retail REITs) | 271918 | &nbsp;&nbsp; 411236 |
| Wesfarmers Ltd. (Consumer discretionary, Broadline retail) | 11099 | &nbsp;&nbsp; 556018 |
| Westpac Banking Corp. (Financials, Banks) | 64898 | &nbsp;&nbsp; 1361895 |
|  |  | &nbsp;&nbsp; **17607715** |
| **Austria: 0.36%** |  |  |
| Erste Group Bank AG (Financials, Banks) | 9080 | &nbsp;&nbsp; 614912 |
| Verbund AG (Utilities, Electric utilities) | 4203 | &nbsp;&nbsp; 323005 |
|  |  | &nbsp;&nbsp; **937917** |
| **Denmark: 2.65%** |  |  |
| AP Moller - Maersk AS Class B (Industrials, Marine transportation) | 963 | &nbsp;&nbsp; 1658175 |
| Carlsberg AS Class B (Consumer staples, Beverages) | 3290 | &nbsp;&nbsp; 448274 |
| Danske Bank AS (Financials, Banks) | 9131 | &nbsp;&nbsp; 320384 |
| Genmab AS (Health care, Biotechnology)† | 1927 | &nbsp;&nbsp; 408598 |
| Novo Nordisk AS Class B (Health care, Pharmaceuticals) | 30587 | &nbsp;&nbsp; 2045093 |
| Pandora AS (Consumer discretionary, Textiles, apparel & luxury goods) | 11318 | &nbsp;&nbsp; 1684830 |
| Vestas Wind Systems AS (Industrials, Electrical equipment) | 20432 | &nbsp;&nbsp; 272404 |
|  |  | &nbsp;&nbsp; **6837758** |
| **Finland: 0.83%** |  |  |
| Fortum Oyj (Utilities, Electric utilities) | 33733 | &nbsp;&nbsp; 565586 |
| Kone Oyj Class B (Industrials, Machinery) | 4986 | &nbsp;&nbsp; 308792 |
| Nokia Oyj (Information technology, Communications equipment) | 86354 | &nbsp;&nbsp; 431699 |

---

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

2 \| Allspring Disciplined International Developed Markets Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Finland**(continued) |  |  |
| UPM-Kymmene Oyj (Materials, Paper & forest products) | 9653 | &nbsp;&nbsp; $255670 |
| Wartsila Oyj Abp (Industrials, Machinery) | 30980 | &nbsp;&nbsp; 572397 |
|  |  | &nbsp;&nbsp; **2134144** |
| **France: 11.48%** |  |  |
| Air Liquide SA (Materials, Chemicals) | 5200 | &nbsp;&nbsp; 1068487 |
| BNP Paribas SA (Financials, Banks) | 18210 | &nbsp;&nbsp; 1542924 |
| Bouygues SA (Industrials, Construction & engineering) | 10505 | &nbsp;&nbsp; 461750 |
| Canal & SA (Communication services, Media)† | 42997 | &nbsp;&nbsp; 97677 |
| Capgemini SE (Information technology, IT services) | 2142 | &nbsp;&nbsp; 341975 |
| Carrefour SA (Consumer staples, Consumer staples distribution & retail) | 20514 | &nbsp;&nbsp; 316402 |
| Cie de Saint-Gobain SA (Industrials, Building products) | 7814 | &nbsp;&nbsp; 849522 |
| &nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (Consumer discretionary, Automobile <br> components)<br>| 8180 | &nbsp;&nbsp; 299108 |
| Covivio SA (Real estate, Diversified REITs) | 15077 | &nbsp;&nbsp; 845441 |
| Credit Agricole SA (Financials, Banks) | 38275 | &nbsp;&nbsp; 717908 |
| Danone SA (Consumer staples, Food products) | 5147 | &nbsp;&nbsp; 442881 |
| Dassault Aviation SA (Industrials, Aerospace & defense) | 1623 | &nbsp;&nbsp; 585200 |
| Edenred SE (Financials, Financial services) | 6704 | &nbsp;&nbsp; 209077 |
| Eiffage SA (Industrials, Construction & engineering) | 14296 | &nbsp;&nbsp; 1945296 |
| Engie SA (Utilities, Multi-utilities) | 108831 | &nbsp;&nbsp; 2249355 |
| EssilorLuxottica SA (Health care, Health care equipment & supplies) | 3243 | &nbsp;&nbsp; 934480 |
| Getlink SE (Industrials, Transportation infrastructure) | 13905 | &nbsp;&nbsp; 264031 |
| Ipsen SA (Health care, Pharmaceuticals) | 3497 | &nbsp;&nbsp; 406712 |
| Legrand SA (Industrials, Electrical equipment) | 2809 | &nbsp;&nbsp; 308709 |
| L'Oreal SA (Consumer staples, Personal care products) | 3208 | &nbsp;&nbsp; 1417505 |
| Louis Hachette Group (Communication services, Media)† | 42997 | &nbsp;&nbsp; 67793 |
| &nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & <br> luxury goods)<br>| 1360 | &nbsp;&nbsp; 753344 |
| Orange SA (Communication services, Diversified telecommunication services) | 32214 | &nbsp;&nbsp; 467362 |
| Publicis Groupe SA (Communication services, Media) | 19868 | &nbsp;&nbsp; 2021509 |
| Renault SA (Consumer discretionary, Automobiles) | 33352 | &nbsp;&nbsp; 1771364 |
| Safran SA (Industrials, Aerospace & defense) | 6774 | &nbsp;&nbsp; 1802695 |
| Sanofi SA (Health care, Pharmaceuticals) | 15152 | &nbsp;&nbsp; 1657505 |
| Schneider Electric SE (Industrials, Electrical equipment) | 7869 | &nbsp;&nbsp; 1838558 |
| Societe Generale SA (Financials, Banks) | 12450 | &nbsp;&nbsp; 649130 |
| Teleperformance SE (Industrials, Professional services) | 1763 | &nbsp;&nbsp; 193322 |
| TotalEnergies SE (Energy, Oil, gas & consumable fuels) | 30597 | &nbsp;&nbsp; 1742658 |
| Vinci SA (Industrials, Construction & engineering) | 9293 | &nbsp;&nbsp; 1305363 |
|  |  | &nbsp;&nbsp; **29575043** |
| **Germany: 7.97%** |  |  |
| adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | 2692 | &nbsp;&nbsp; 619406 |
| Allianz SE (Financials, Insurance) | 7523 | &nbsp;&nbsp; 3111338 |
| BASF SE (Materials, Chemicals) | 3051 | &nbsp;&nbsp; 155813 |
| Bayer AG (Health care, Pharmaceuticals) | 13187 | &nbsp;&nbsp; 345594 |
| Bechtle AG (Information technology, IT services) | 7165 | &nbsp;&nbsp; 305678 |
| CTS Eventim AG & Co. KGaA (Communication services, Entertainment) | 3840 | &nbsp;&nbsp; 454990 |

---

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

Allspring Disciplined International Developed Markets Portfolio \| 3

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Germany**(continued) |  |  |
| &nbsp;&nbsp; Delivery Hero SE Class A (Consumer discretionary, Hotels, restaurants & <br> leisure)144A†<br>| 6890 | &nbsp;&nbsp; $194729 |
| Deutsche Bank AG (Financials, Capital markets) | 42807 | &nbsp;&nbsp; 1122414 |
| Deutsche Post AG (Industrials, Air freight & logistics) | 8693 | &nbsp;&nbsp; 371434 |
| &nbsp;&nbsp; Deutsche Telekom AG (Communication services, Diversified telecommunication <br> services)<br>| 62075 | &nbsp;&nbsp; 2229581 |
| E.ON SE (Utilities, Multi-utilities) | 18157 | &nbsp;&nbsp; 317559 |
| Evonik Industries AG (Materials, Chemicals) | 12388 | &nbsp;&nbsp; 278394 |
| Fresenius Medical Care AG (Health care, Health care providers & services) | 5481 | &nbsp;&nbsp; 278849 |
| Henkel AG & Co. KGaA (Consumer staples, Household products) | 7095 | &nbsp;&nbsp; 500766 |
| Mercedes-Benz Group AG (Consumer discretionary, Automobiles) | 10352 | &nbsp;&nbsp; 618934 |
| Rational AG (Industrials, Machinery) | 309 | &nbsp;&nbsp; 265133 |
| Rheinmetall AG (Industrials, Aerospace & defense) | 793 | &nbsp;&nbsp; 1350520 |
| SAP SE (Information technology, Software) | 15124 | &nbsp;&nbsp; 4425112 |
| Siemens AG (Industrials, Industrial conglomerates) | 10769 | &nbsp;&nbsp; 2479685 |
| Siemens Healthineers AG (Health care, Health care equipment & supplies)144A | 6665 | &nbsp;&nbsp; 359292 |
| Talanx AG (Financials, Insurance) | 2875 | &nbsp;&nbsp; 329958 |
| Zalando SE (Consumer discretionary, Specialty retail)144A† | 11381 | &nbsp;&nbsp; 415592 |
|  |  | &nbsp;&nbsp; **20530771** |
| **Hong Kong: 2.44%** |  |  |
| BOC Hong Kong Holdings Ltd. (Financials, Banks) | 277000 | &nbsp;&nbsp; 1149101 |
| CK Infrastructure Holdings Ltd. (Utilities, Electric utilities) | 49500 | &nbsp;&nbsp; 333613 |
| Hang Seng Bank Ltd. (Financials, Banks) | 16800 | &nbsp;&nbsp; 234507 |
| Hong Kong Exchanges & Clearing Ltd. (Financials, Capital markets) | 16900 | &nbsp;&nbsp; 738356 |
| Jardine Matheson Holdings Ltd. (Industrials, Industrial conglomerates) | 30400 | &nbsp;&nbsp; 1350826 |
| Link REIT (Real estate, Retail REITs) | 53000 | &nbsp;&nbsp; 248138 |
| Power Assets Holdings Ltd. (Utilities, Electric utilities) | 63000 | &nbsp;&nbsp; 416631 |
| Techtronic Industries Co. Ltd. (Industrials, Machinery) | 17500 | &nbsp;&nbsp; 176120 |
| WH Group Ltd. (Consumer staples, Food products)144A | 1824500 | &nbsp;&nbsp; 1631481 |
|  |  | &nbsp;&nbsp; **6278773** |
| **Ireland: 0.39%** |  |  |
| CRH PLC (Materials, Construction materials) | 1167 | &nbsp;&nbsp; 110690 |
| DCC PLC (Industrials, Industrial conglomerates) | 4482 | &nbsp;&nbsp; 292934 |
| Flutter Entertainment PLC (Consumer discretionary, Hotels, restaurants & leisure)† | 985 | &nbsp;&nbsp; 239076 |
| Kingspan Group PLC (Industrials, Building products) | 4437 | &nbsp;&nbsp; 374414 |
|  |  | &nbsp;&nbsp; **1017114** |
| **Israel: 1.88%** |  |  |
| Global-e Online Ltd. (Consumer discretionary, Broadline retail)† | 36754 | &nbsp;&nbsp; 1319836 |
| Israel Discount Bank Ltd. Class A (Financials, Banks) | 47511 | &nbsp;&nbsp; 354883 |
| Mizrahi Tefahot Bank Ltd. (Financials, Banks) | 31748 | &nbsp;&nbsp; 1607639 |
| Monday.com Ltd. (Information technology, Software)† | 910 | &nbsp;&nbsp; 255701 |
| Teva Pharmaceutical Industries Ltd. ADR (Health care, Pharmaceuticals)† | 37761 | &nbsp;&nbsp; 585673 |
| Wix.com Ltd. (Information technology, IT services)† | 4294 | &nbsp;&nbsp; 728219 |
|  |  | &nbsp;&nbsp; **4851951** |

---

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

4 \| Allspring Disciplined International Developed Markets Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Italy: 2.93%** |  |  |
| Enel SpA (Utilities, Electric utilities) | 144392 | &nbsp;&nbsp; $1251730 |
| Generali (Financials, Insurance) | 23278 | &nbsp;&nbsp; 850758 |
| Intesa Sanpaolo SpA (Financials, Banks) | 253232 | &nbsp;&nbsp; 1351825 |
| Leonardo SpA (Industrials, Aerospace & defense) | 14365 | &nbsp;&nbsp; 746812 |
| Moncler SpA (Consumer discretionary, Textiles, apparel & luxury goods) | 7728 | &nbsp;&nbsp; 476979 |
| Poste Italiane SpA (Financials, Insurance)144A | 15888 | &nbsp;&nbsp; 322482 |
| Prysmian SpA (Industrials, Electrical equipment) | 5326 | &nbsp;&nbsp; 292569 |
| Snam SpA (Utilities, Gas utilities) | 71129 | &nbsp;&nbsp; 408243 |
| &nbsp;&nbsp; Telecom Italia SpA (Communication services, Diversified telecommunication <br> services)†<br>| 865985 | &nbsp;&nbsp; 342960 |
| UniCredit SpA (Financials, Banks) | 25631 | &nbsp;&nbsp; 1491234 |
|  |  | &nbsp;&nbsp; **7535592** |
| **Japan: 20.65%** |  |  |
| &nbsp;&nbsp; Advantest Corp. (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 9100 | &nbsp;&nbsp; 380707 |
| Asahi Kasei Corp. (Materials, Chemicals) | 33300 | &nbsp;&nbsp; 232059 |
| Bandai Namco Holdings, Inc. (Consumer discretionary, Leisure products) | 24500 | &nbsp;&nbsp; 851437 |
| Bridgestone Corp. (Consumer discretionary, Automobile components) | 8300 | &nbsp;&nbsp; 347066 |
| &nbsp;&nbsp; Brother Industries Ltd. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 18600 | &nbsp;&nbsp; 326868 |
| Canon, Inc. (Information technology, Technology hardware, storage & peripherals) | 24400 | &nbsp;&nbsp; 752977 |
| Central Japan Railway Co. (Industrials, Ground transportation) | 37900 | &nbsp;&nbsp; 797562 |
| Chugai Pharmaceutical Co. Ltd. (Health care, Pharmaceuticals) | 12500 | &nbsp;&nbsp; 720119 |
| Dai Nippon Printing Co. Ltd. (Industrials, Commercial services & supplies) | 21800 | &nbsp;&nbsp; 303864 |
| Daifuku Co. Ltd. (Industrials, Machinery) | 10100 | &nbsp;&nbsp; 267190 |
| Dai-ichi Life Holdings, Inc. (Financials, Insurance) | 112100 | &nbsp;&nbsp; 809412 |
| &nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Real estate, Real estate management & <br> development)<br>| 16100 | &nbsp;&nbsp; 1792526 |
| Daiwa House Industry Co. Ltd. (Real estate, Real estate management & development) | 19700 | &nbsp;&nbsp; 712804 |
| Daiwa Securities Group, Inc. (Financials, Capital markets) | 60900 | &nbsp;&nbsp; 400474 |
| ENEOS Holdings, Inc. (Energy, Oil, gas & consumable fuels) | 62800 | &nbsp;&nbsp; 302333 |
| Hikari Tsushin, Inc. (Industrials, Industrial conglomerates) | 1200 | &nbsp;&nbsp; 332853 |
| Hitachi Ltd. (Industrials, Industrial conglomerates) | 32600 | &nbsp;&nbsp; 805726 |
| Honda Motor Co. Ltd. (Consumer discretionary, Automobiles) | 94900 | &nbsp;&nbsp; 965583 |
| Hoya Corp. (Health care, Health care equipment & supplies) | 8100 | &nbsp;&nbsp; 953095 |
| Hulic Co. Ltd. (Real estate, Real estate management & development) | 37100 | &nbsp;&nbsp; 387951 |
| Idemitsu Kosan Co. Ltd. (Energy, Oil, gas & consumable fuels) | 48600 | &nbsp;&nbsp; 301175 |
| Inpex Corp. (Energy, Oil, gas & consumable fuels) | 125800 | &nbsp;&nbsp; 1573694 |
| Isuzu Motors Ltd. (Consumer discretionary, Automobiles) | 25700 | &nbsp;&nbsp; 345625 |
| ITOCHU Corp. (Industrials, Trading companies & distributors) | 18000 | &nbsp;&nbsp; 920573 |
| Japan Tobacco, Inc. (Consumer staples, Tobacco) | 10600 | &nbsp;&nbsp; 326565 |
| Kansai Electric Power Co., Inc. (Utilities, Electric utilities) | 23800 | &nbsp;&nbsp; 293226 |
| Kawasaki Kisen Kaisha Ltd. (Industrials, Marine transportation) | 118900 | &nbsp;&nbsp; 1630631 |
| Kobe Bussan Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 12400 | &nbsp;&nbsp; 378945 |
| Komatsu Ltd. (Industrials, Machinery) | 13000 | &nbsp;&nbsp; 375954 |
| Konami Group Corp. (Communication services, Entertainment) | 3300 | &nbsp;&nbsp; 471292 |
| Kyowa Kirin Co. Ltd. (Health care, Pharmaceuticals) | 14200 | &nbsp;&nbsp; 221727 |

---

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

Allspring Disciplined International Developed Markets Portfolio \| 5

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Japan**(continued) |  |  |
| &nbsp;&nbsp; Lasertec Corp. (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 1300 | &nbsp;&nbsp; $120861 |
| LY Corp. (Communication services, Interactive media & services) | 94600 | &nbsp;&nbsp; 357779 |
| M3, Inc. (Health care, Health care technology) | 14900 | &nbsp;&nbsp; 186736 |
| Makita Corp. (Industrials, Machinery) | 19900 | &nbsp;&nbsp; 581957 |
| Marubeni Corp. (Industrials, Trading companies & distributors) | 22300 | &nbsp;&nbsp; 395349 |
| Mitsubishi Corp. (Industrials, Trading companies & distributors) | 42500 | &nbsp;&nbsp; 806930 |
| Mitsubishi Electric Corp. (Industrials, Electrical equipment) | 21500 | &nbsp;&nbsp; 415926 |
| Mitsubishi Heavy Industries Ltd. (Industrials, Machinery) | 28600 | &nbsp;&nbsp; 563787 |
| Mitsubishi UFJ Financial Group, Inc. (Financials, Banks) | 88100 | &nbsp;&nbsp; 1109983 |
| Mitsui & Co. Ltd. (Industrials, Trading companies & distributors) | 38100 | &nbsp;&nbsp; 770425 |
| Mizuho Financial Group, Inc. (Financials, Banks) | 21800 | &nbsp;&nbsp; 545057 |
| MS&AD Insurance Group Holdings, Inc. (Financials, Insurance) | 33000 | &nbsp;&nbsp; 750083 |
| &nbsp;&nbsp; Murata Manufacturing Co. Ltd. (Information technology, Electronic equipment, <br> instruments & components)<br>| 32900 | &nbsp;&nbsp; 468712 |
| NEC Corp. (Information technology, IT services) | 24400 | &nbsp;&nbsp; 593965 |
| Nidec Corp. (Industrials, Electrical equipment) | 12000 | &nbsp;&nbsp; 213256 |
| Nintendo Co. Ltd. (Communication services, Entertainment) | 13200 | &nbsp;&nbsp; 1095864 |
| Nitori Holdings Co. Ltd. (Consumer discretionary, Specialty retail) | 1100 | &nbsp;&nbsp; 130883 |
| Nitto Denko Corp. (Materials, Chemicals) | 93000 | &nbsp;&nbsp; 1634643 |
| Nomura Holdings, Inc. (Financials, Capital markets) | 37900 | &nbsp;&nbsp; 211238 |
| Olympus Corp. (Health care, Health care equipment & supplies) | 20100 | &nbsp;&nbsp; 263370 |
| Ono Pharmaceutical Co. Ltd. (Health care, Pharmaceuticals) | 15000 | &nbsp;&nbsp; 172664 |
| Oracle Corp. Japan (Information technology, Software) | 16100 | &nbsp;&nbsp; 1935565 |
| ORIX Corp. (Financials, Financial services) | 20700 | &nbsp;&nbsp; 415243 |
| Otsuka Holdings Co. Ltd. (Health care, Pharmaceuticals) | 27700 | &nbsp;&nbsp; 1350396 |
| Panasonic Holdings Corp. (Consumer discretionary, Household durables) | 42200 | &nbsp;&nbsp; 483864 |
| Recruit Holdings Co. Ltd. (Industrials, Professional services) | 23200 | &nbsp;&nbsp; 1285634 |
| SBI Holdings, Inc. (Financials, Capital markets) | 14600 | &nbsp;&nbsp; 383899 |
| &nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 3800 | &nbsp;&nbsp; 252689 |
| SCSK Corp. (Information technology, IT services) | 12500 | &nbsp;&nbsp; 326943 |
| &nbsp;&nbsp; Seiko Epson Corp. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 26600 | &nbsp;&nbsp; 369024 |
| Sekisui Chemical Co. Ltd. (Industrials, Industrial conglomerates) | 15500 | &nbsp;&nbsp; 270846 |
| Sekisui House Ltd. (Consumer discretionary, Household durables) | 14900 | &nbsp;&nbsp; 342554 |
| Seven & i Holdings Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 18300 | &nbsp;&nbsp; 269387 |
| Shimano, Inc. (Consumer discretionary, Leisure products) | 1800 | &nbsp;&nbsp; 253594 |
| Shionogi & Co. Ltd. (Health care, Pharmaceuticals) | 16800 | &nbsp;&nbsp; 282249 |
| &nbsp;&nbsp; SoftBank Group Corp. (Communication services, Wireless telecommunication <br> services)<br>| 13800 | &nbsp;&nbsp; 697861 |
| Sompo Holdings, Inc. (Financials, Insurance) | 24800 | &nbsp;&nbsp; 812723 |
| Sony Group Corp. (Consumer discretionary, Household durables) | 144800 | &nbsp;&nbsp; 3820227 |
| Subaru Corp. (Consumer discretionary, Automobiles) | 27500 | &nbsp;&nbsp; 497968 |
| Sumitomo Corp. (Industrials, Trading companies & distributors) | 33700 | &nbsp;&nbsp; 822832 |
| Sumitomo Electric Industries Ltd. (Consumer discretionary, Automobile components) | 28600 | &nbsp;&nbsp; 459699 |
| Sumitomo Mitsui Financial Group, Inc. (Financials, Banks) | 40400 | &nbsp;&nbsp; 963831 |
| Suzuki Motor Corp. (Consumer discretionary, Automobiles) | 30000 | &nbsp;&nbsp; 359510 |
| Takeda Pharmaceutical Co. Ltd. (Health care, Pharmaceuticals) | 8300 | &nbsp;&nbsp; 251063 |

---

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

6 \| Allspring Disciplined International Developed Markets Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Japan**(continued) |  |  |
| &nbsp;&nbsp; TDK Corp. (Information technology, Electronic equipment, instruments & <br> components)<br>| 25000 | &nbsp;&nbsp; $266786 |
| Terumo Corp. (Health care, Health care equipment & supplies) | 29200 | &nbsp;&nbsp; 558909 |
| Tokio Marine Holdings, Inc. (Financials, Insurance) | 31800 | &nbsp;&nbsp; 1274619 |
| &nbsp;&nbsp; Tokyo Electron Ltd. (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 6200 | &nbsp;&nbsp; 923170 |
| Toyota Motor Corp. (Consumer discretionary, Automobiles) | 44100 | &nbsp;&nbsp; 842284 |
| Toyota Tsusho Corp. (Industrials, Trading companies & distributors) | 20200 | &nbsp;&nbsp; 401429 |
| Yakult Honsha Co. Ltd. (Consumer staples, Food products) | 14000 | &nbsp;&nbsp; 287588 |
| &nbsp;&nbsp; Yokogawa Electric Corp. (Information technology, Electronic equipment, instruments <br> & components)<br>| 49800 | &nbsp;&nbsp; 1077679 |
|  |  | &nbsp;&nbsp; **53211546** |
| **Luxembourg: 0.75%** |  |  |
| ArcelorMittal SA (Materials, Metals & mining) | 21290 | &nbsp;&nbsp; 629582 |
| Eurofins Scientific SE (Health care, Life sciences tools & services) | 5789 | &nbsp;&nbsp; 365323 |
| Spotify Technology SA (Communication services, Entertainment)† | 1195 | &nbsp;&nbsp; 733706 |
| Tenaris SA (Energy, Energy equipment & services) | 11806 | &nbsp;&nbsp; 196864 |
|  |  | &nbsp;&nbsp; **1925475** |
| **Netherlands: 4.32%** |  |  |
| ABN AMRO Bank NV GDR (Financials, Banks)144A | 36422 | &nbsp;&nbsp; 754767 |
| Adyen NV (Financials, Financial services)144A† | 402 | &nbsp;&nbsp; 650521 |
| Aegon Ltd. (Financials, Insurance) | 109360 | &nbsp;&nbsp; 703397 |
| &nbsp;&nbsp; ASM International NV (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 682 | &nbsp;&nbsp; 333353 |
| &nbsp;&nbsp; ASML Holding NV (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 4234 | &nbsp;&nbsp; 2834417 |
| ASR Nederland NV (Financials, Insurance) | 4853 | &nbsp;&nbsp; 306219 |
| &nbsp;&nbsp; BE Semiconductor Industries NV (Information technology, Semiconductors & <br> semiconductor equipment)<br>| 2680 | &nbsp;&nbsp; 290254 |
| Euronext NV (Financials, Capital markets)144A | 2253 | &nbsp;&nbsp; 376583 |
| Ferrari NV (Consumer discretionary, Automobiles) | 2299 | &nbsp;&nbsp; 1052438 |
| Ferrovial SE (Industrials, Construction & engineering) | 8834 | &nbsp;&nbsp; 430945 |
| Havas NV (Communication services, Media)† | 42997 | &nbsp;&nbsp; 71528 |
| JDE Peet's NV (Consumer staples, Food products) | 16106 | &nbsp;&nbsp; 389909 |
| &nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Consumer staples, Consumer staples distribution & <br> retail)<br>| 12287 | &nbsp;&nbsp; 504492 |
| &nbsp;&nbsp; Koninklijke KPN NV (Communication services, Diversified telecommunication <br> services)<br>| 62041 | &nbsp;&nbsp; 288606 |
| Koninklijke Philips NV (Health care, Health care equipment & supplies)† | 10747 | &nbsp;&nbsp; 272757 |
| NN Group NV (Financials, Insurance) | 8672 | &nbsp;&nbsp; 531770 |
| Prosus NV (Consumer discretionary, Broadline retail) | 20385 | &nbsp;&nbsp; 955742 |
| Wolters Kluwer NV (Industrials, Professional services) | 2229 | &nbsp;&nbsp; 393550 |
|  |  | &nbsp;&nbsp; **11141248** |

---

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

Allspring Disciplined International Developed Markets Portfolio \| 7

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **New Zealand: 0.20%** |  |  |
| Fisher & Paykel Healthcare Corp. Ltd. (Health care, Health care equipment & supplies) | 10854 | &nbsp;&nbsp; $218958 |
| Xero Ltd. (Information technology, Software)† | 2900 | &nbsp;&nbsp; 305408 |
|  |  | &nbsp;&nbsp; **524366** |
| **Norway: 0.92%** |  |  |
| DNB Bank ASA (Financials, Banks) | 38822 | &nbsp;&nbsp; 970476 |
| Kongsberg Gruppen ASA (Industrials, Aerospace & defense) | 4680 | &nbsp;&nbsp; 753989 |
| Norsk Hydro ASA (Materials, Metals & mining) | 44581 | &nbsp;&nbsp; 236476 |
| Orkla ASA (Consumer staples, Food products) | 35499 | &nbsp;&nbsp; 395901 |
|  |  | &nbsp;&nbsp; **2356842** |
| **Portugal: 0.09%** |  |  |
| EDP SA (Utilities, Electric utilities) | 56364 | &nbsp;&nbsp; **222168** |
| **Singapore: 1.45%** |  |  |
| DBS Group Holdings Ltd. (Financials, Banks) | 32110 | &nbsp;&nbsp; 1043228 |
| Mapletree Pan Asia Commercial Trust (Real estate, Diversified REITs) | 335300 | &nbsp;&nbsp; 314015 |
| Oversea-Chinese Banking Corp. Ltd. (Financials, Banks) | 35100 | &nbsp;&nbsp; 434389 |
| Sea Ltd. ADR (Communication services, Entertainment)† | 3643 | &nbsp;&nbsp; 488344 |
| Singapore Airlines Ltd. (Industrials, Passenger airlines) | 73800 | &nbsp;&nbsp; 378735 |
| Singapore Exchange Ltd. (Financials, Capital markets) | 34200 | &nbsp;&nbsp; 376229 |
| United Overseas Bank Ltd. (Financials, Banks) | 19400 | &nbsp;&nbsp; 515242 |
| Yangzijiang Shipbuilding Holdings Ltd. (Industrials, Machinery) | 110000 | &nbsp;&nbsp; 188426 |
|  |  | &nbsp;&nbsp; **3738608** |
| **Spain: 3.26%** |  |  |
| Acciona SA (Utilities, Electric utilities) | 1848 | &nbsp;&nbsp; 269297 |
| &nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Industrials, Construction & <br> engineering)<br>| 8449 | &nbsp;&nbsp; 529371 |
| Aena SME SA (Industrials, Transportation infrastructure)144A | 3174 | &nbsp;&nbsp; 797360 |
| Banco Bilbao Vizcaya Argentaria SA (Financials, Banks) | 124049 | &nbsp;&nbsp; 1702453 |
| Banco Santander SA (Financials, Banks) | 252179 | &nbsp;&nbsp; 1775557 |
| CaixaBank SA (Financials, Banks) | 95604 | &nbsp;&nbsp; 732729 |
| Enagas SA (Utilities, Gas utilities) | 16170 | &nbsp;&nbsp; 252120 |
| Iberdrola SA (Utilities, Electric utilities) | 49326 | &nbsp;&nbsp; 889143 |
| Industria de Diseno Textil SA (Consumer discretionary, Specialty retail) | 12100 | &nbsp;&nbsp; 650677 |
| Naturgy Energy Group SA (Utilities, Gas utilities) | 10439 | &nbsp;&nbsp; 310999 |
| Telefonica SA (Communication services, Diversified telecommunication services) | 93258 | &nbsp;&nbsp; 479089 |
|  |  | &nbsp;&nbsp; **8388795** |
| **Sweden: 3.35%** |  |  |
| Alfa Laval AB (Industrials, Machinery) | 8133 | &nbsp;&nbsp; 337323 |
| Assa Abloy AB Class B (Industrials, Building products) | 11711 | &nbsp;&nbsp; 355475 |
| Atlas Copco AB Class A (Industrials, Machinery) | 60328 | &nbsp;&nbsp; 933799 |
| Atlas Copco AB Class B (Industrials, Machinery) | 15976 | &nbsp;&nbsp; 221838 |
| Evolution AB (Consumer discretionary, Hotels, restaurants & leisure)144A | 5906 | &nbsp;&nbsp; 409136 |
| Getinge AB Class B (Health care, Health care equipment & supplies) | 19316 | &nbsp;&nbsp; 373321 |
| &nbsp;&nbsp; Hexagon AB Class B (Information technology, Electronic equipment, instruments & <br> components)<br>| 24321 | &nbsp;&nbsp; 236706 |

---

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

8 \| Allspring Disciplined International Developed Markets Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Sweden**(continued) |  |  |
| Indutrade AB (Industrials, Machinery) | 9157 | &nbsp;&nbsp; $247730 |
| Lifco AB Class B (Industrials, Industrial conglomerates) | 10581 | &nbsp;&nbsp; 409641 |
| Skandinaviska Enskilda Banken AB Class A (Financials, Banks) | 67133 | &nbsp;&nbsp; 1065244 |
| Skanska AB Class B (Industrials, Construction & engineering) | 47666 | &nbsp;&nbsp; 1107597 |
| Svenska Handelsbanken AB Class A (Financials, Banks) | 43745 | &nbsp;&nbsp; 572614 |
| Swedbank AB Class A (Financials, Banks) | 76421 | &nbsp;&nbsp; 1907762 |
| Telia Co. AB (Communication services, Diversified telecommunication services) | 116904 | &nbsp;&nbsp; 439146 |
|  |  | &nbsp;&nbsp; **8617332** |
| **Switzerland: 10.01%** |  |  |
| ABB Ltd. (Industrials, Electrical equipment) | 30947 | &nbsp;&nbsp; 1634334 |
| Alcon AG (Health care, Health care equipment & supplies) | 6567 | &nbsp;&nbsp; 638053 |
| Avolta AG (Consumer discretionary, Specialty retail) | 36954 | &nbsp;&nbsp; 1683911 |
| Chocoladefabriken Lindt & Spruengli AG (Consumer staples, Food products) | 43 | &nbsp;&nbsp; 626682 |
| &nbsp;&nbsp; Cie Financiere Richemont SA Class A (Consumer discretionary, Textiles, apparel & <br> luxury goods)<br>| 6238 | &nbsp;&nbsp; 1102287 |
| Coca-Cola HBC AG (Consumer staples, Beverages) | 10946 | &nbsp;&nbsp; 569999 |
| DSM-Firmenich AG (Materials, Chemicals) | 3627 | &nbsp;&nbsp; 394012 |
| EMS-Chemie Holding AG (Materials, Chemicals) | 706 | &nbsp;&nbsp; 520535 |
| Givaudan SA (Materials, Chemicals) | 125 | &nbsp;&nbsp; 603045 |
| Helvetia Holding AG (Financials, Insurance) | 2306 | &nbsp;&nbsp; 508698 |
| Holcim AG (Materials, Construction materials) | 7432 | &nbsp;&nbsp; 830510 |
| Julius Baer Group Ltd. (Financials, Capital markets) | 3719 | &nbsp;&nbsp; 241170 |
| &nbsp;&nbsp; Logitech International SA (Information technology, Technology hardware, storage & <br> peripherals)<br>| 4180 | &nbsp;&nbsp; 317638 |
| Nestle SA (Consumer staples, Food products) | 30961 | &nbsp;&nbsp; 3295408 |
| Novartis AG (Health care, Pharmaceuticals) | 33935 | &nbsp;&nbsp; 3870531 |
| Roche Holding AG (Health care, Pharmaceuticals) | 8919 | &nbsp;&nbsp; 2916391 |
| Roche Holding AG SIX Swiss Exchange (Health care, Pharmaceuticals) | 2042 | &nbsp;&nbsp; 710364 |
| Schindler Holding AG (Industrials, Machinery) | 2356 | &nbsp;&nbsp; 861695 |
| Siemens Energy AG (Industrials, Electrical equipment)† | 35402 | &nbsp;&nbsp; 2732456 |
| Sonova Holding AG (Health care, Health care equipment & supplies) | 694 | &nbsp;&nbsp; 213345 |
| Straumann Holding AG (Health care, Health care equipment & supplies) | 2143 | &nbsp;&nbsp; 261311 |
| Swiss Re AG (Financials, Insurance) | 4055 | &nbsp;&nbsp; 727890 |
| UBS Group AG (Financials, Capital markets) | 17562 | &nbsp;&nbsp; 533101 |
|  |  | &nbsp;&nbsp; **25793366** |
| **United Kingdom: 13.62%** |  |  |
| 3i Group PLC (Financials, Capital markets) | 32311 | &nbsp;&nbsp; 1831744 |
| Ashtead Group PLC (Industrials, Trading companies & distributors) | 4944 | &nbsp;&nbsp; 264664 |
| Associated British Foods PLC (Consumer staples, Food products) | 68089 | &nbsp;&nbsp; 1876883 |
| AstraZeneca PLC (Health care, Pharmaceuticals) | 20990 | &nbsp;&nbsp; 3007170 |
| Aviva PLC (Financials, Insurance) | 210999 | &nbsp;&nbsp; 1580889 |
| BAE Systems PLC (Industrials, Aerospace & defense) | 14817 | &nbsp;&nbsp; 343497 |
| Barclays PLC (Financials, Banks) | 82500 | &nbsp;&nbsp; 328650 |
| BP PLC (Energy, Oil, gas & consumable fuels) | 185458 | &nbsp;&nbsp; 856332 |
| British American Tobacco PLC (Consumer staples, Tobacco) | 52043 | &nbsp;&nbsp; 2266907 |
| Bunzl PLC (Industrials, Trading companies & distributors) | 11713 | &nbsp;&nbsp; 368075 |
| Centrica PLC (Utilities, Multi-utilities) | 252351 | &nbsp;&nbsp; 540292 |

---

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

Allspring Disciplined International Developed Markets Portfolio \| 9

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **United Kingdom**(continued) |  |  |
| Compass Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 9715 | &nbsp;&nbsp; $327540 |
| GSK PLC (Health care, Pharmaceuticals) | 58643 | &nbsp;&nbsp; 1160117 |
| &nbsp;&nbsp; Halma PLC (Information technology, Electronic equipment, instruments & <br> components)<br>| 11677 | &nbsp;&nbsp; 431017 |
| HSBC Holdings PLC (Financials, Banks) | 272268 | &nbsp;&nbsp; 3035075 |
| Imperial Brands PLC (Consumer staples, Tobacco) | 53723 | &nbsp;&nbsp; 2204419 |
| &nbsp;&nbsp; InterContinental Hotels Group PLC (Consumer discretionary, Hotels, restaurants & <br> leisure)<br>| 3558 | &nbsp;&nbsp; 379674 |
| Kingfisher PLC (Consumer discretionary, Specialty retail) | 75651 | &nbsp;&nbsp; 290764 |
| Legal & General Group PLC (Financials, Insurance) | 78866 | &nbsp;&nbsp; 248355 |
| &nbsp;&nbsp; Marks & Spencer Group PLC (Consumer staples, Consumer staples distribution & <br> retail)<br>| 46380 | &nbsp;&nbsp; 241016 |
| NatWest Group PLC (Financials, Banks) | 343501 | &nbsp;&nbsp; 2209497 |
| Pearson PLC (Consumer discretionary, Diversified consumer services) | 25099 | &nbsp;&nbsp; 402368 |
| Phoenix Group Holdings PLC (Financials, Insurance) | 76405 | &nbsp;&nbsp; 611266 |
| Reckitt Benckiser Group PLC (Consumer staples, Household products) | 10176 | &nbsp;&nbsp; 656826 |
| Rio Tinto PLC (Materials, Metals & mining) | 16030 | &nbsp;&nbsp; 955219 |
| Rolls-Royce Holdings PLC (Industrials, Aerospace & defense) | 152362 | &nbsp;&nbsp; 1542280 |
| Sage Group PLC (Information technology, Software) | 32288 | &nbsp;&nbsp; 535291 |
| Shell PLC (Energy, Oil, gas & consumable fuels) | 44115 | &nbsp;&nbsp; 1423668 |
| Smith & Nephew PLC (Health care, Health care equipment & supplies) | 28380 | &nbsp;&nbsp; 399380 |
| Smiths Group PLC (Industrials, Industrial conglomerates) | 15596 | &nbsp;&nbsp; 388646 |
| Standard Chartered PLC (Financials, Banks) | 35202 | &nbsp;&nbsp; 507023 |
| Tesco PLC (Consumer staples, Consumer staples distribution & retail) | 134986 | &nbsp;&nbsp; 668046 |
| Unilever PLC (Consumer staples, Personal care products) | 33093 | &nbsp;&nbsp; 2107027 |
| Unilever PLC London Stock Exchange (Consumer staples, Personal care products) | 4311 | &nbsp;&nbsp; 274913 |
| Vodafone Group PLC (Communication services, Wireless telecommunication services) | 516348 | &nbsp;&nbsp; 507415 |
| Wise PLC Class A (Financials, Financial services)† | 23197 | &nbsp;&nbsp; 304261 |
|  |  | &nbsp;&nbsp; **35076206** |
| **Total common stocks (Cost $188,116,521)** |  | &nbsp;&nbsp; **248302730** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend <br>rate<br>|  |  |
| **Preferred stocks: 0.12%** |  |  |  |
| **Germany: 0.12%** |  |  |  |
| Henkel AG & Co. KGaA (Consumer staples, Household products) | 2.31 | 4123 | &nbsp;&nbsp; **320218** |
| **Total preferred stocks (Cost $375,939)** |  |  | &nbsp;&nbsp; **320218** |

---

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

10 \| Allspring Disciplined International Developed Markets Portfolio

------

Portfolio of investments—April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.17%** |  |  |  |  |
| **Investment companies: 1.17%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 3007632 | &nbsp;&nbsp; **$3007632** |
| **Total short-term investments (Cost $3,007,632)** |  |  |  | &nbsp;&nbsp; **3007632** |
| **Total investments in securities (Cost $191,500,092)** | 97.67<br> %<br>|  |  | &nbsp;&nbsp; 251630580 |
| Other assets and liabilities, net | 2.33 |  |  | &nbsp;&nbsp; 5996094 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$257626674** |

---

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

---

| | |
|:---|:---|
| † | Non-income-earning security |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ♠ | The issuer of the security is an affiliated person of the Portfolio 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: |
| ADR | American depositary receipt |
| GDR | Global depositary receipt |
| REIT | Real estate investment trust |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<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>| $3510138 | $56476091 | $(56978597)<br>| $0 | $0 | $3007632 | 3007632 | $317509 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; $6947732 | &nbsp;&nbsp; $6985160 | &nbsp;&nbsp; $37428 | &nbsp;&nbsp; $0 |

---

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

Allspring Disciplined International Developed Markets Portfolio \| 11

------

Statement of assets and liabilities—April 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $188,492,460) | $248622948 |
| Investments in affiliated securities, at value (cost $3,007,632) | 3007632 |
| Cash | 21 |
| Cash at broker segregated for futures contracts | 892453 |
| Foreign currency, at value (cost $1,036,282) | 1031502 |
| Receivable for dividends | 2139547 |
| Receivable for investments sold | 2008300 |
| Prepaid expenses and other assets | 15111 |
| **Total assets** | **257717514** |
| Liabilities |  |
| Advisory fee payable | 52020 |
| Custody and accounting fees payable | 15984 |
| Payable for daily variation margin on open futures contracts | 13440 |
| Professional fees payable | 5266 |
| Trustees' fees and expenses payable | 1757 |
| Accrued expenses and other liabilities | 2373 |
| **Total liabilities** | **90840** |
| **Total net assets**  | **$257626674** |

---

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

12 \| Allspring Disciplined International Developed Markets Portfolio

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Statement of operations—year ended April 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $1,198,711) | $8535655 |
| Income from affiliated securities | 317509 |
| Interest | 29282 |
| **Total investment income** | **8882446** |
| Expenses |  |
| Advisory fee | 714757 |
| Custody and accounting fees | 141689 |
| Professional fees | 63610 |
| Registration fees | 103 |
| Interest holder report expenses | 3038 |
| Trustees' fees and expenses | 16288 |
| Other fees and expenses | 5344 |
| **Total expenses** | **944829** |
| **Net investment income** | **7937617** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 9982972 |
| Foreign currency and foreign currency translations | 17517 |
| Forward foreign currency contracts | (203)<br>|
| Futures contracts | 645243 |
| **Net realized gains on investments** | **10645529** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 22811774 |
| Foreign currency and foreign currency translations | 108856 |
| Futures contracts | 161431 |
| **Net change in unrealized gains (losses) on investments** | **23082061** |
| **Net realized and unrealized gains (losses) on investments** | **33727590** |
| **Net increase in net assets resulting from operations** | **$41665207** |

---

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

Allspring Disciplined International Developed Markets Portfolio \| 13

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | &nbsp;&nbsp; Year ended<br> April 30, 2024<sup>1</sup> | &nbsp;&nbsp; Year ended <br>May 31, 2023 |
| Operations |  |  |  |
| Net investment income | &nbsp;&nbsp; $7937617 | &nbsp;&nbsp; $4438886 | &nbsp;&nbsp; $3716578 |
| Net realized gains (losses) on investments | &nbsp;&nbsp; 10645529 | &nbsp;&nbsp; 1290115 | &nbsp;&nbsp; (3761543)<br>|
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; 23082061 | &nbsp;&nbsp; 17151223 | &nbsp;&nbsp; 3496757 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; **41665207** | &nbsp;&nbsp; **22880224** | &nbsp;&nbsp; **3451792** |
| Capital share transactions |  |  |  |
| Transactions in investors' beneficial interests |  |  |  |
| Contributions | &nbsp;&nbsp; 12497445 | &nbsp;&nbsp; 167795222 | &nbsp;&nbsp; 7947810 |
| Withdrawals | &nbsp;&nbsp; (93108071)<br>| &nbsp;&nbsp; (22482397)<br>| &nbsp;&nbsp; (42935013)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(80610626)**<br>| &nbsp;&nbsp; **145312825** | &nbsp;&nbsp; **(34987203)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(38945419)**<br>| &nbsp;&nbsp; **168193049** | &nbsp;&nbsp; **(31535411)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **296572093** | &nbsp;&nbsp; **128379044** | &nbsp;&nbsp; **159914455** |
| **End of period** | &nbsp;&nbsp; **$257626674** | &nbsp;&nbsp; **$296572093** | &nbsp;&nbsp; **$128379044** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

14 \| Allspring Disciplined International Developed Markets Portfolio

------

Financial highlights

Financial highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
|  | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Total return**<sup>2</sup> <br>| **15.41%**<br>| **13.34%**<br>| **3.07%**<br>| &nbsp;&nbsp; **(9.56)%**<br>| **39.97%**<br>| **1.76%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.33<br> %<br>| 0.42<br> %<br>| 0.50<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.91<br> %<br>|
| Net expenses<sup>3</sup> <br>| 0.33<br> %<br>| 0.42<br> %<br>| 0.50<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.91<br> %<br>|
| Net investment income | 2.78<br> %<br>| 2.55<br> %<br>| 2.66<br> %<br>| 2.62<br> %<br>| 2.23<br> %<br>| 0.34<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Portfolio turnover rate | 43<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 127<br> %<br>| &nbsp;&nbsp; 53<br> %<br>|

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

<sup>3</sup> Net expense ratios reflect voluntary waivers, if any.

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

Allspring Disciplined International Developed Markets Portfolio \| 15

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles ("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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On April 30, 2025, such fair value pricing was used in pricing certain foreign securities.

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

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

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Foreign currency translation

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

16 \| Allspring Disciplined International Developed Markets Portfolio

------

Notes to financial statements

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Portfolio is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Portfolio and the counterparty.

Futures contracts

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

Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Portfolio based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Federal and other taxes

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

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

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $193,381,714 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $62154723 |
| Gross unrealized losses | &nbsp;&nbsp; (3868429)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$58286294** |

---

Allspring Disciplined International Developed Markets Portfolio \| 17

------

Notes to financial statements

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Australia* | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $17607715 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $17607715 |
| *Austria* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 937917 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 937917 |
| *Denmark* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6837758 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6837758 |
| *Finland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2134144 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2134144 |
| *France* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 29575043 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 29575043 |
| *Germany* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20530771 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20530771 |
| *Hong Kong* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6278773 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6278773 |
| *Ireland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1017114 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1017114 |
| *Israel* | &nbsp;&nbsp; 2889429 | &nbsp;&nbsp;&nbsp; 1962522 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4851951 |
| *Italy* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7535592 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7535592 |
| *Japan* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 53211546 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 53211546 |
| *Luxembourg* | &nbsp;&nbsp; 733706 | &nbsp;&nbsp;&nbsp; 1191769 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1925475 |
| *Netherlands* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11141248 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11141248 |
| *New Zealand* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 524366 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 524366 |
| *Norway* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2356842 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2356842 |
| *Portugal* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 222168 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 222168 |
| *Singapore* | &nbsp;&nbsp; 488344 | &nbsp;&nbsp;&nbsp; 3250264 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3738608 |
| *Spain* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8388795 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8388795 |
| *Sweden* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8617332 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8617332 |
| *Switzerland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 25793366 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 25793366 |
| *United Kingdom* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 35076206 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 35076206 |
| **Preferred stocks** |  |  |  |  |
| *Germany* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 320218 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 320218 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 3007632 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3007632 |
|  | &nbsp;&nbsp; 7119111 | &nbsp;&nbsp;&nbsp; 244511469 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 251630580 |
| **Futures contracts** | &nbsp;&nbsp; 37428 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 37428 |
| **Total assets** | &nbsp;&nbsp; **$7156539** | &nbsp;&nbsp;&nbsp; **$244511469** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$251668008** |

---

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

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

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

18 \| Allspring Disciplined International Developed Markets Portfolio

------

Notes to financial statements

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Advisory fee |
| First $1 billion | 0.250<br> %<br>|
| Next $4 billion | 0.225 |
| Over $5 billion | 0.200 |

---

For the year ended April 30, 2025, the advisory fee was equivalent to an annual rate of 0.25% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.20% and declining to 0.15% as the average daily net assets of the Portfolio increase.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the year ended April 30, 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 April 30, 2025 were $117,494,621 and $191,746,028, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended April 30, 2025, the Portfolio entered into futures contracts to gain market exposure. The Portfolio also entered into forward foreign currency contracts for economic hedging purposes. The Portfolio had an average notional amount of $7,144,858 in long futures contracts during the year ended April 30, 2025.

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of April 30, 2025 by primary risk type on the Statement of assets and liabilities was as follows for the Portfolio:

---

| | |
|:---|:---|
|  | Equity <br>risk<br>|
| **Asset derivatives** | **Asset derivatives** |
| Futures contracts | &nbsp;&nbsp; $37,428 <br>\*<br>|

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts, only the current day's variation margin as of April 30, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the year ended April 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $(203)<br>| $(203)<br>|
| Futures contracts | &nbsp;&nbsp; 645243 | 0 | 645243 |
|  | &nbsp;&nbsp; $645243 | $(203)<br>| $645040 |
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $161431 | $0 | $161431 |

---

Allspring Disciplined International Developed Markets Portfolio \| 19

------

Notes to financial statements

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

7. BANK BORROWINGS

The Portfolio, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio interest holder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended April 30, 2025, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in Europe. A fund that invests a substantial portion of its assets in any country or geographic region will be more vulnerable than a fund that invests its assets more broadly to the economic, financial, political or other developments affecting that country or region. Such developments may have a significant impact on the Portfolio's investment performance causing such performance to be more volatile than the investment performance of a more geographically diversified fund.

9. INDEMNIFICATION

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

10. OPERATING SEGMENTS

The Portfolio has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Portfolio acts as the Portfolio's CODM. For the periods presented, the Portfolio operated as a single operating segment. The CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Portfolio's prospectus which is executed by the Portfolio'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 Portfolio's single segment. This information is consistent with that presented within the Portfolio'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.

20 \| Allspring Disciplined International Developed Markets Portfolio

------

Report of independent registered public accounting firm

To the Interest Holders of the Portfolio and Board of Trustees

Allspring Master Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Disciplined International Developed Markets Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and for each of the years in the four-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and for each of the years in the four-year period ended May 31, 2023, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Portfolio'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 Portfolio 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 April 30, 2025, by correspondence with the custodian, transfer agent and broker. 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.

![](g46179img7ecb8a902.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

June 26, 2025

Allspring Disciplined International Developed Markets Portfolio \| 21

------

Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

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

22 \| Allspring Disciplined International Developed Markets Portfolio

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to portfolio interest holders 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

Allspring Disciplined International Developed Markets Portfolio \| 23

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*This page is intentionally left blank.*

------

![](g46179img5d7124e41.jpg)

For more information

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

Allspring Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

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

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

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

*This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Portfolio's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

------

![](g46179img1e19e9bb1.jpg)

Allspring Real Return Fund

Long Form Financial Statements

Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **<u>[Allspring Real Return Fund](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_POI-PageBlank-75_1)</u>** |  |
| **[Portfolio of investments](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_POI-PageBlank-75_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_FS-PageBlank-75_1)** |  |
| [Statement of assets and liabilities](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_FS-PageBlank-75_1) | 3 |
| [Statement of operations](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_FS-PageBlank-75_2) | 4 |
| [Statement of changes in net assets](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_FS-PageBlank-75_3) | 5 |
| [Financial highlights](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_FIHI-PageBlank-75_1) | 6 |
| **[Notes to financial statements](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_NTF-PageBlank-75_1)** | 11 |
| **[Report of independent registered public accounting firm](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_AUD-PageBlank-75_1)** | 15 |
| **<u>[Allspring Real Return Portfolio](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_POI2-PageBlank-59_1)</u>** |  |
| **[Consolidated portfolio of investments](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_POI2-PageBlank-59_1)** | 16 |
| **[Item 7. Consolidated financial statements and financial highlights](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_FS2-PageBlank-59_1)** |  |
| [Consolidated statement of assets and liabilities](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_FS2-PageBlank-59_1) | 33 |
| [Consolidated statement of operations](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_FS2-PageBlank-59_2) | 34 |
| [Consolidated statement of changes in net assets](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_FS2-PageBlank-59_3) | 35 |
| [Consolidated financial highlights](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_FH2-PageBlank-59_1) | 36 |
| **[Notes to consolidated financial statements](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_NTF2-PageBlank-59_1)** | 37 |
| **[Other information](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_OI-PageBlank-75_1)** | 45 |
| [Item 8. Changes in and disagreements with accountants](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_OI-PageBlank-75_2) | 46 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_OI-PageBlank-75_2) | 46 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_OI-PageBlank-75_2) | 46 |
| [Item 11. Statement regarding basis for board](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_OI-PageBlank-75_2)['](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_OI-PageBlank-75_2)[s approval of investment](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_OI-PageBlank-75_2)<br> [advisory contract](#xx_0c8dd4cf-7bee-414f-8da3-5e2fd797740a_OI-PageBlank-75_2)<br>| 46 |

---

Allspring Real Return Fund \| 1

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  |  | Value |
| **Investment companies: 99.71%** |  |  |
| **Affiliated master portfolio: 99.71%** |  |  |
| Allspring Real Return Portfolio |  | &nbsp;&nbsp; **$105643013** |
| **Total investment companies (Cost $103,190,582)** |  | &nbsp;&nbsp; **105643013** |
| **Total investments in securities (Cost $103,190,582)** | 99.71<br> %<br>| &nbsp;&nbsp; 105643013 |
| Other assets and liabilities, net | 0.29 | &nbsp;&nbsp; 304876 |
| **Total net assets** | **100.00%**<br>| &nbsp;&nbsp; **$105947889** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Value, <br>end of <br>period<br>|
| Allspring Real Return Portfolio | 30.54<br> %<br>| 36.56<br> %<br>| &nbsp;&nbsp; $2518717 | &nbsp;&nbsp; $3709212 | &nbsp;&nbsp; $1376984 | &nbsp;&nbsp; $506930 | &nbsp;&nbsp; $911967 | &nbsp;&nbsp; $105643013 |

---

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

2 \| Allspring Real Return Fund

------

Statement of assets and liabilities—April 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in affiliated Master Portfolio, at value (cost $103,190,582) | $105643013 |
| Receivable for Fund shares sold | 269619 |
| Receivable from manager | 23838 |
| Prepaid expenses and other assets | 79212 |
| **Total assets** | **106015682** |
| Liabilities |  |
| Payable for Fund shares redeemed | 33440 |
| Shareholder report expenses payable | 12498 |
| Administration fees payable | 5875 |
| Professional fees payable | 5585 |
| Shareholder servicing fees payable | 4603 |
| Trustees' fees and expenses payable | 3258 |
| Distribution fee payable | 410 |
| Accrued expenses and other liabilities | 2124 |
| **Total liabilities** | **67793** |
| **Total net assets**  | **$105947889** |
| Net assets consist of |  |
| Paid-in capital | $105599882 |
| Total distributable earnings | 348007 |
| **Total net assets** | **$105947889** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $15326696 |
| Shares outstanding–Class A<sup>1</sup> <br>| 1481417 |
| Net asset value per share–Class A | $10.35 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.84 |
| Net assets–Class C | $713151 |
| Shares outstanding–Class C<sup>1</sup> <br>| 70375 |
| Net asset value per share–Class C | $10.13 |
| Net assets–Class R6 | $48786534 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 4654812 |
| Net asset value per share–Class R6 | $10.48 |
| Net assets–Administrator Class | $7473929 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 704633 |
| Net asset value per share–Administrator Class | $10.61 |
| Net assets–Institutional Class | $33647579 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 3211719 |
| Net asset value per share–Institutional Class | $10.48 |

---

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

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

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

Allspring Real Return Fund \| 3

------

Statement of operations—year ended April 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest allocated from affiliated Master Portfolio | $1376984 |
| Affiliated income allocated from affiliated Master Portfolio | 911967 |
| Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $5,394) | 506930 |
| Expenses allocated from affiliated Master Portfolio | (406579)<br>|
| Waivers allocated from affiliated Master Portfolio | 69822 |
| **Total investment income** | **2459124** |
| Expenses |  |
| Management fee | 43263 |
| Administration fees |  |
| Class A | 20419 |
| Class C | 1014 |
| Class R6 | 12199 |
| Administrator Class | 7505 |
| Institutional Class | 19256 |
| Shareholder servicing fees |  |
| Class A | 34031 |
| Class C | 1688 |
| Administrator Class | 18409 |
| Distribution fee |  |
| Class C | 5066 |
| Custody and accounting fees | 4134 |
| Professional fees | 45648 |
| Registration fees | 99543 |
| Shareholder report expenses | 31615 |
| Trustees' fees and expenses | 15861 |
| Other fees and expenses | 16360 |
| **Total expenses** | **376011** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (269243)<br>|
| Class A | (2116)<br>|
| Class C | (35)<br>|
| Class R6 | (2447)<br>|
| Administrator Class | (9123)<br>|
| **Net expenses** | **93047** |
| **Net investment income** | **2366077** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments allocated from affiliated Master Portfolio** | **2518717** |
| **Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio** | **3709212** |
| **Net realized and unrealized gains (losses) on investments** | **6227929** |
| **Net increase in net assets resulting from operations** | **$8594006** |

---

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

4 \| Allspring Real Return Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2024<sup>1</sup> | Year ended<br> April 30, 2024<sup>1</sup> | Year ended <br>May 31, 2023 | Year ended <br>May 31, 2023 |
| Operations |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $2366077 |  | &nbsp;&nbsp; $2476861 |  | &nbsp;&nbsp; $3546810 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 2518717 |  | &nbsp;&nbsp; (3789090)<br>|  | &nbsp;&nbsp; (569850)<br>|
| Net change in unrealized gains (losses) on <br> investments<br>|  | &nbsp;&nbsp; 3709212 |  | &nbsp;&nbsp; 3101127 |  | &nbsp;&nbsp; (5808663)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>|  | &nbsp;&nbsp; **8594006** |  | &nbsp;&nbsp; **1788898** |  | &nbsp;&nbsp; **(2831703)**<br>|
| Distributions to shareholders from |  |  |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (325407)<br>|  | &nbsp;&nbsp; (360454)<br>|  | &nbsp;&nbsp; (686543)<br>|
| Class C |  | &nbsp;&nbsp; (11225)<br>|  | &nbsp;&nbsp; (21838)<br>|  | &nbsp;&nbsp; (58742)<br>|
| Class R6 |  | &nbsp;&nbsp; (1100786)<br>|  | &nbsp;&nbsp; (757028)<br>|  | &nbsp;&nbsp; (631554)<br>|
| Administrator Class |  | &nbsp;&nbsp; (177723)<br>|  | &nbsp;&nbsp; (292876)<br>|  | &nbsp;&nbsp; (629068)<br>|
| Institutional Class |  | &nbsp;&nbsp; (621410)<br>|  | &nbsp;&nbsp; (857539)<br>|  | &nbsp;&nbsp; (1775616)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(2236551)**<br>|  | &nbsp;&nbsp; **(2289735)**<br>|  | &nbsp;&nbsp; **(3781523)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |  |  |
| Class A | 539594 | &nbsp;&nbsp; 5513701 | &nbsp;&nbsp; 222156 | &nbsp;&nbsp; 2127669 | &nbsp;&nbsp; 216818 | &nbsp;&nbsp; 2123638 |
| Class C | 25023 | &nbsp;&nbsp; 252319 | &nbsp;&nbsp; 2635 | &nbsp;&nbsp; 24955 | &nbsp;&nbsp; 20544 | &nbsp;&nbsp; 198706 |
| Class R6 | 2560680 | &nbsp;&nbsp; 26573013 | &nbsp;&nbsp; 2434075 | &nbsp;&nbsp; 23246263 | &nbsp;&nbsp; 737592 | &nbsp;&nbsp; 7332284 |
| Administrator Class | 158508 | &nbsp;&nbsp; 1655334 | &nbsp;&nbsp; 150145 | &nbsp;&nbsp; 1450621 | &nbsp;&nbsp; 314479 | &nbsp;&nbsp; 3161931 |
| Institutional Class | 2331721 | &nbsp;&nbsp; 24312407 | &nbsp;&nbsp; 419214 | &nbsp;&nbsp; 4043367 | &nbsp;&nbsp; 1603544 | &nbsp;&nbsp; 15812126 |
|  |  | &nbsp;&nbsp; 58306774 |  | &nbsp;&nbsp; 30892875 |  | &nbsp;&nbsp; 28628685 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A | 25438 | &nbsp;&nbsp; 259091 | &nbsp;&nbsp; 29681 | &nbsp;&nbsp; 282160 | &nbsp;&nbsp; 58661 | &nbsp;&nbsp; 574829 |
| Class C | 1128 | &nbsp;&nbsp; 11225 | &nbsp;&nbsp; 2345 | &nbsp;&nbsp; 21838 | &nbsp;&nbsp; 6058 | &nbsp;&nbsp; 58298 |
| Class R6 | 106648 | &nbsp;&nbsp; 1100786 | &nbsp;&nbsp; 78526 | &nbsp;&nbsp; 757028 | &nbsp;&nbsp; 63670 | &nbsp;&nbsp; 631451 |
| Administrator Class | 16674 | &nbsp;&nbsp; 173853 | &nbsp;&nbsp; 28851 | &nbsp;&nbsp; 280636 | &nbsp;&nbsp; 60525 | &nbsp;&nbsp; 604578 |
| Institutional Class | 60158 | &nbsp;&nbsp; 621356 | &nbsp;&nbsp; 89105 | &nbsp;&nbsp; 857512 | &nbsp;&nbsp; 179364 | &nbsp;&nbsp; 1775461 |
|  |  | &nbsp;&nbsp; 2166311 |  | &nbsp;&nbsp; 2199174 |  | &nbsp;&nbsp; 3644617 |
| Payment for shares redeemed |  |  |  |  |  |  |
| Class A | (303707)<br>| &nbsp;&nbsp; (3099759)<br>| &nbsp;&nbsp; (371423)<br>| &nbsp;&nbsp; (3528531)<br>| &nbsp;&nbsp; (646932)<br>| &nbsp;&nbsp; (6291558)<br>|
| Class C | (27578)<br>| &nbsp;&nbsp; (274300)<br>| &nbsp;&nbsp; (79810)<br>| &nbsp;&nbsp; (742540)<br>| &nbsp;&nbsp; (48172)<br>| &nbsp;&nbsp; (457734)<br>|
| Class R6 | (1314015)<br>| &nbsp;&nbsp; (13647605)<br>| &nbsp;&nbsp; (836809)<br>| &nbsp;&nbsp; (8044771)<br>| &nbsp;&nbsp; (539506)<br>| &nbsp;&nbsp; (5392372)<br>|
| Administrator Class | (226143)<br>| &nbsp;&nbsp; (2361697)<br>| &nbsp;&nbsp; (772215)<br>| &nbsp;&nbsp; (7491678)<br>| &nbsp;&nbsp; (472903)<br>| &nbsp;&nbsp; (4663703)<br>|
| Institutional Class | (1407110)<br>| &nbsp;&nbsp; (14293661)<br>| &nbsp;&nbsp; (2041785)<br>| &nbsp;&nbsp; (19779739)<br>| &nbsp;&nbsp; (2205751)<br>| &nbsp;&nbsp; (21830616)<br>|
|  |  | &nbsp;&nbsp; (33677022)<br>|  | &nbsp;&nbsp; (39587259)<br>|  | &nbsp;&nbsp; (38635983)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **capital share transactions**<br>|  | &nbsp;&nbsp; **26796063** |  | &nbsp;&nbsp; **(6495210)**<br>|  | &nbsp;&nbsp; **(6362681)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **33153518** |  | &nbsp;&nbsp; **(6996047)**<br>|  | &nbsp;&nbsp; **(12975907)**<br>|
| Net assets |  |  |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **72794371** |  | &nbsp;&nbsp; **79790418** |  | &nbsp;&nbsp; **92766325** |
| **End of period** |  | &nbsp;&nbsp; **$105947889** |  | &nbsp;&nbsp; **$72794371** |  | &nbsp;&nbsp; **$79790418** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

Allspring Real Return Fund \| 5

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.50** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.93** | &nbsp;&nbsp; **$10.22** | &nbsp;&nbsp; **$9.89** |
| Net investment income | 0.25 <br><sup>2</sup><br>| 0.30 <br><sup>2</sup><br>| 0.40 <br><sup>2</sup><br>| 0.56 <br><sup>2</sup><br>| 0.22 | 0.12 |
| Net realized and unrealized gains (losses) on investments | 0.84 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.60)<br>| 0.70 | 0.42 |
| Total from investment operations | 1.09 | 0.18 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.04)<br>| 0.92 | 0.54 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.24)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Net asset value, end of period** | **$10.35** | &nbsp;&nbsp; **$9.50** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.93** | &nbsp;&nbsp; **$10.22** |
| **Total return**<sup>3</sup> <br>| **11.58%**<br>| **1.95%**<br>| &nbsp;&nbsp; **(3.10)%**<br>| &nbsp;&nbsp; **(0.52)%**<br>| **9.10%**<br>| **5.48%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.09<br> %<br>| 1.12<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.29<br> %<br>| 1.43<br> %<br>|
| Net expenses | 0.76<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>|
| Net investment income | 2.47<br> %<br>| 3.45<br> %<br>| 4.12<br> %<br>| 5.13<br> %<br>| 2.09<br> %<br>| 1.79<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 61<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|
| Net assets, end of period (000s omitted) | $15327 | &nbsp;&nbsp; $11592 | &nbsp;&nbsp; $12861 | &nbsp;&nbsp; $17713 | &nbsp;&nbsp; $13825 | &nbsp;&nbsp; $13196 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.39% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.39% |
| Year ended May 31, 2023 | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

6 \| Allspring Real Return Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.31** | &nbsp;&nbsp; **$9.41** | &nbsp;&nbsp; **$10.16** | &nbsp;&nbsp; **$10.74** | &nbsp;&nbsp; **$10.06** | &nbsp;&nbsp; **$9.73** |
| Net investment income | 0.17 <br><sup>2</sup><br>| 0.24 <br><sup>2</sup><br>| 0.32 <br><sup>2</sup><br>| 0.47 <br><sup>2</sup><br>| 0.12 <br><sup>2</sup><br>| 0.11 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.82 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.59)<br>| 0.71 | 0.35 |
| Total from investment operations | 0.99 | 0.12 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.12)<br>| 0.83 | 0.46 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | **$10.13** | &nbsp;&nbsp; **$9.31** | &nbsp;&nbsp; **$9.41** | &nbsp;&nbsp; **$10.16** | &nbsp;&nbsp; **$10.74** | &nbsp;&nbsp; **$10.06** |
| **Total return**<sup>3</sup> <br>| **10.64%**<br>| **1.29%**<br>| &nbsp;&nbsp; **(3.89)%**<br>| &nbsp;&nbsp; **(1.26)%**<br>| **8.27%**<br>| **4.77%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.84<br> %<br>| 1.86<br> %<br>| 1.84<br> %<br>| 1.81<br> %<br>| 2.06<br> %<br>| 2.18<br> %<br>|
| Net expenses | 1.52<br> %<br>| 1.52<br> %<br>| 1.53<br> %<br>| 1.53<br> %<br>| 1.53<br> %<br>| 1.53<br> %<br>|
| Net investment income | 1.71<br> %<br>| 2.81<br> %<br>| 3.32<br> %<br>| 4.42<br> %<br>| 1.17<br> %<br>| 1.09<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 61<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|
| Net assets, end of period (000s omitted) | $713 | &nbsp;&nbsp; $668 | &nbsp;&nbsp; $1380 | &nbsp;&nbsp; $1709 | &nbsp;&nbsp; $1195 | &nbsp;&nbsp; $1714 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.39% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.39% |
| Year ended May 31, 2023 | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Real Return Fund \| 7

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class R6 | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.62** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$10.47** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$10.33** | &nbsp;&nbsp; **$9.99** |
| Net investment income | 0.29 <br><sup>2</sup><br>| 0.32 <br><sup>2</sup><br>| 0.46 <br><sup>2</sup><br>| 0.63 <br><sup>2</sup><br>| 0.29 | 0.22 |
| Net realized and unrealized gains (losses) on investments | 0.85 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.63)<br>| 0.69 | 0.37 |
| Total from investment operations | 1.14 | 0.21 | &nbsp;&nbsp; (0.28)<br>| 0.00 | 0.98 | 0.59 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.28)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | **$10.48** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$10.47** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$10.33** |
| **Total return**<sup>3</sup> <br>| **11.95%**<br>| **2.24%**<br>| &nbsp;&nbsp; **(2.68)%**<br>| &nbsp;&nbsp; **(0.15)%**<br>| **9.52%**<br>| **5.94%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 0.72<br> %<br>| 0.77<br> %<br>| 0.71<br> %<br>| 0.68<br> %<br>| 0.85<br> %<br>| 1.05<br> %<br>|
| Net expenses | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income | 2.82<br> %<br>| 3.67<br> %<br>| 4.68<br> %<br>| 5.68<br> %<br>| 2.70<br> %<br>| 2.08<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 61<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|
| Net assets, end of period (000s omitted) | $48787 | &nbsp;&nbsp; $31768 | &nbsp;&nbsp; $15796 | &nbsp;&nbsp; $14282 | &nbsp;&nbsp; $36202 | &nbsp;&nbsp; $18224 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.39% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.39% |
| Year ended May 31, 2023 | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

8 \| Allspring Real Return Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Administrator Class | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.72** | &nbsp;&nbsp; **$9.81** | &nbsp;&nbsp; **$10.55** | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$10.38** | &nbsp;&nbsp; **$10.03** |
| Net investment income | 0.27 <br><sup>2</sup><br>| 0.33 <br><sup>2</sup><br>| 0.42 <br><sup>2</sup><br>| 0.60 <br><sup>2</sup><br>| 0.25 <br><sup>2</sup><br>| 0.20 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.87 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.63)<br>| 0.71 | 0.36 |
| Total from investment operations | 1.14 | 0.20 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.03)<br>| 0.96 | 0.56 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.25)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Net asset value, end of period** | **$10.61** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$9.81** | &nbsp;&nbsp; **$10.55** | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$10.38** |
| **Total return**<sup>3</sup> <br>| **11.78%**<br>| **2.04%**<br>| &nbsp;&nbsp; **(2.87)%**<br>| &nbsp;&nbsp; **(0.36)%**<br>| **9.31%**<br>| **5.67%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.03<br> %<br>| 1.06<br> %<br>| 1.02<br> %<br>| 0.99<br> %<br>| 1.23<br> %<br>| 1.37<br> %<br>|
| Net expenses | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 2.63<br> %<br>| 3.67<br> %<br>| 4.24<br> %<br>| 5.42<br> %<br>| 2.26<br> %<br>| 1.92<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 61<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|
| Net assets, end of period (000s omitted) | $7474 | &nbsp;&nbsp; $7347 | &nbsp;&nbsp; $13227 | &nbsp;&nbsp; $15267 | &nbsp;&nbsp; $13203 | &nbsp;&nbsp; $13544 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.39% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.39% |
| Year ended May 31, 2023 | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Real Return Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.62** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$10.47** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$10.33** | &nbsp;&nbsp; **$9.99** |
| Net investment income | 0.29 <br><sup>2</sup><br>| 0.34 <br><sup>2</sup><br>| 0.44 <br><sup>2</sup><br>| 0.63 <br><sup>2</sup><br>| 0.26 | 0.21 |
| Net realized and unrealized gains (losses) on investments | 0.85 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.64)<br>| 0.71 | 0.37 |
| Total from investment operations | 1.14 | 0.22 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.01)<br>| 0.97 | 0.58 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.28)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$10.48** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$10.47** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$10.33** |
| **Total return**<sup>3</sup> <br>| **11.89%**<br>| **2.30%**<br>| &nbsp;&nbsp; **(2.83)%**<br>| &nbsp;&nbsp; **(0.19)%**<br>| **9.46%**<br>| **5.88%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 0.76<br> %<br>| 0.80<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.95<br> %<br>| 1.10<br> %<br>|
| Net expenses | 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| Net investment income | 2.81<br> %<br>| 3.80<br> %<br>| 4.42<br> %<br>| 5.76<br> %<br>| 2.37<br> %<br>| 2.09<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 61<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|
| Net assets, end of period (000s omitted) | $33648 | &nbsp;&nbsp; $21418 | &nbsp;&nbsp; $36525 | &nbsp;&nbsp; $43796 | &nbsp;&nbsp; $10787 | &nbsp;&nbsp; $10587 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.39% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.39% |
| Year ended May 31, 2023 | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

10 \| Allspring Real Return Fund

------

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Real Return Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of April 30, 2025, the Fund owned 36.56% of Allspring Real Return Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the year ended April 30, 2025 are included in this report and should be read in conjunction with the Fund's financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily.

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

Investment transactions, income and expenses

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

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income quarterly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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 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.

Allspring Real Return Fund \| 11

------

Notes to financial statements

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $103,874,267 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1768746 |
| Gross unrealized losses | &nbsp;&nbsp; (0)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$1768746** |

---

As of April 30, 2025, the Fund had capital loss carryforwards which consist of $218,663 in short-term capital losses and $2,435,380 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At April 30, 2025, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| Affiliated Master Portfolio | Investment objective | &nbsp;&nbsp;&nbsp; Fair value of affiliated <br>Master Portfolio<br>|
| Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term | $105643013 |

---

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays, generally on a monthly basis, Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.050<br> %<br>|
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |

---

For the year ended April 30, 2025, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee, generally paid on a monthly basis, from the affiliated Master Portfolio for those services.

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

12 \| Allspring Real Return Fund

------

Notes to financial statements

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of April 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.77<br> %<br>|
| Class C | 1.52 |
| Class R6 | 0.40 |
| Administrator Class | 0.60 |
| Institutional Class | 0.45 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended April 30, 2025, Allspring Funds Distributor received $4,237 from the sale of Class A shares and $124 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales charges were incurred by Class C shares for the year ended April 30, 2025.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding short-term securities, for the year ended April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales proceeds | Sales proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8973031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40506682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3195483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29361042 |

---

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 April 30, 2025, there were no borrowings by the Fund under the agreement.

Allspring Real Return Fund \| 13

------

Notes to financial statements

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

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the year ended April 30, 2025, eleven months ended April 30, 2024 and year ended May 31, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended <br>April 30 | Year ended <br>April 30 | Year ended <br>May 31,<br>|
|  | 2025 | 2024 | 2023 |
| **Ordinary income** | $2236551 | $2289735 | $3781523 |

---

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $1233304 | &nbsp;&nbsp; $1768746 | &nbsp;&nbsp;&nbsp; $(2654043)<br>|

---

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. SUBSEQUENT EVENT

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

14 \| Allspring Real Return Fund

------

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 Real Return Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023, 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 interests held as of April 30, 2025, by correspondence with the transfer agent of the master portfolio. 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.

![](g46179imge37fc1f72.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

June 26, 2025

Allspring Real Return Fund \| 15

------

Consolidated portfolio of investments—April 30, 2025

Consolidated portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 26.31%** |  |  |
| **Communication services: 1.59%** |  |  |
| **Entertainment: 0.48%** |  |  |
| Netflix, Inc.† | 860 | &nbsp;&nbsp; $973279 |
| Spotify Technology SA† | 671 | &nbsp;&nbsp; 411981 |
|  |  | &nbsp;&nbsp; **1385260** |
| **Interactive media & services: 0.91%** |  |  |
| Alphabet, Inc. Class A | 6599 | &nbsp;&nbsp; 1047921 |
| Meta Platforms, Inc. Class A | 2122 | &nbsp;&nbsp; 1164978 |
| Pinterest, Inc. Class A† | 15800 | &nbsp;&nbsp; 400056 |
|  |  | &nbsp;&nbsp; **2612955** |
| **Media: 0.20%** |  |  |
| Fox Corp. Class A | 11700 | &nbsp;&nbsp; **582543** |
| **Consumer discretionary: 1.85%** |  |  |
| **Broadline retail: 0.57%** |  |  |
| Amazon.com, Inc.† | 8893 | &nbsp;&nbsp; **1640047** |
| **Hotels, restaurants & leisure: 0.61%** |  |  |
| Booking Holdings, Inc. | 89 | &nbsp;&nbsp; 453836 |
| DoorDash, Inc. Class A† | 2971 | &nbsp;&nbsp; 573076 |
| Royal Caribbean Cruises Ltd. | 3418 | &nbsp;&nbsp; 734562 |
|  |  | &nbsp;&nbsp; **1761474** |
| **Household durables: 0.29%** |  |  |
| PulteGroup, Inc. | 8138 | &nbsp;&nbsp; **834796** |
| **Specialty retail: 0.38%** |  |  |
| O'Reilly Automotive, Inc.† | 369 | &nbsp;&nbsp; 522209 |
| Ulta Beauty, Inc.† | 1500 | &nbsp;&nbsp; 593460 |
|  |  | &nbsp;&nbsp; **1115669** |
| **Consumer staples: 0.81%** |  |  |
| **Beverages: 0.24%** |  |  |
| Keurig Dr Pepper, Inc. | 20145 | &nbsp;&nbsp; **696815** |
| **Consumer staples distribution & retail: 0.19%** |  |  |
| Costco Wholesale Corp. | 570 | &nbsp;&nbsp; **566865** |
| **Household products: 0.38%** |  |  |
| Church & Dwight Co., Inc. | 6161 | &nbsp;&nbsp; 612034 |
| Reynolds Consumer Products, Inc. | 20866 | &nbsp;&nbsp; 479918 |
|  |  | &nbsp;&nbsp; **1091952** |
| **Energy: 0.61%** |  |  |
| **Energy equipment & services: 0.13%** |  |  |
| Baker Hughes Co. Class A | 10643 | &nbsp;&nbsp; **376762** |

---

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

16 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Oil, gas & consumable fuels: 0.48%** |  |  |
| EOG Resources, Inc. | 7773 | &nbsp;&nbsp; $857595 |
| Valero Energy Corp. | 4572 | &nbsp;&nbsp; 530764 |
|  |  | &nbsp;&nbsp; **1388359** |
| **Financials: 2.88%** |  |  |
| **Banks: 0.61%** |  |  |
| Fifth Third Bancorp | 21089 | &nbsp;&nbsp; 757939 |
| First Citizens BancShares, Inc. Class A | 256 | &nbsp;&nbsp; 455460 |
| JPMorgan Chase & Co. | 2267 | &nbsp;&nbsp; 554553 |
|  |  | &nbsp;&nbsp; **1767952** |
| **Capital markets: 1.17%** |  |  |
| Goldman Sachs Group, Inc. | 1196 | &nbsp;&nbsp; 654870 |
| Interactive Brokers Group, Inc. Class A | 3600 | &nbsp;&nbsp; 618660 |
| Jefferies Financial Group, Inc. | 13100 | &nbsp;&nbsp; 612163 |
| Robinhood Markets, Inc. Class A† | 8200 | &nbsp;&nbsp; 402702 |
| Tradeweb Markets, Inc. Class A | 4093 | &nbsp;&nbsp; 566062 |
| Virtu Financial, Inc. Class A | 13500 | &nbsp;&nbsp; 528525 |
|  |  | &nbsp;&nbsp; **3382982** |
| **Financial services: 0.27%** |  |  |
| Euronet Worldwide, Inc.† | 3936 | &nbsp;&nbsp; 390058 |
| Visa, Inc. Class A | 1131 | &nbsp;&nbsp; 390760 |
|  |  | &nbsp;&nbsp; **780818** |
| **Insurance: 0.63%** |  |  |
| Allstate Corp. | 1834 | &nbsp;&nbsp; 363847 |
| Arch Capital Group Ltd. | 8354 | &nbsp;&nbsp; 757541 |
| Brown & Brown, Inc. | 6429 | &nbsp;&nbsp; 711047 |
|  |  | &nbsp;&nbsp; **1832435** |
| **Mortgage real estate investment trusts (REITs): 0.20%** |  |  |
| Annaly Capital Management, Inc. | 29101 | &nbsp;&nbsp; **570380** |
| **Health care: 1.77%** |  |  |
| **Biotechnology: 0.47%** |  |  |
| AbbVie, Inc. | 3200 | &nbsp;&nbsp; 624320 |
| Exelixis, Inc.† | 18700 | &nbsp;&nbsp; 732105 |
|  |  | &nbsp;&nbsp; **1356425** |
| **Health care equipment & supplies: 0.50%** |  |  |
| Alcon AG | 6070 | &nbsp;&nbsp; 592493 |
| Intuitive Surgical, Inc.† | 1651 | &nbsp;&nbsp; 851586 |
|  |  | &nbsp;&nbsp; **1444079** |
| **Health care providers & services: 0.60%** |  |  |
| Labcorp Holdings, Inc. | 3053 | &nbsp;&nbsp; 735804 |

---

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

Allspring Real Return Portfolio \| 17

------

Consolidated portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care providers & services**(continued) |  |  |
| Tenet Healthcare Corp.† | 4000 | &nbsp;&nbsp; $571800 |
| UnitedHealth Group, Inc. | 1030 | &nbsp;&nbsp; 423783 |
|  |  | &nbsp;&nbsp; **1731387** |
| **Life sciences tools & services: 0.20%** |  |  |
| Charles River Laboratories International, Inc.† | 4831 | &nbsp;&nbsp; **573053** |
| **Industrials: 2.57%** |  |  |
| **Aerospace & defense: 0.30%** |  |  |
| L3Harris Technologies, Inc. | 3944 | &nbsp;&nbsp; **867759** |
| **Building products: 0.28%** |  |  |
| Carlisle Cos., Inc. | 2094 | &nbsp;&nbsp; **794631** |
| **Commercial services & supplies: 0.25%** |  |  |
| Republic Services, Inc. Class A | 2929 | &nbsp;&nbsp; **734446** |
| **Construction & engineering: 0.32%** |  |  |
| EMCOR Group, Inc. | 2304 | &nbsp;&nbsp; **923213** |
| **Electrical equipment: 0.16%** |  |  |
| Generac Holdings, Inc.† | 3900 | &nbsp;&nbsp; **446082** |
| **Ground transportation: 0.43%** |  |  |
| Canadian Pacific Kansas City Ltd. | 8800 | &nbsp;&nbsp; 637736 |
| Knight-Swift Transportation Holdings, Inc. | 15500 | &nbsp;&nbsp; 607135 |
|  |  | &nbsp;&nbsp; **1244871** |
| **Passenger airlines: 0.14%** |  |  |
| United Airlines Holdings, Inc.† | 6000 | &nbsp;&nbsp; **412920** |
| **Professional services: 0.40%** |  |  |
| Jacobs Solutions, Inc. | 4991 | &nbsp;&nbsp; 617886 |
| Leidos Holdings, Inc. | 3700 | &nbsp;&nbsp; 544566 |
|  |  | &nbsp;&nbsp; **1162452** |
| **Trading companies & distributors: 0.29%** |  |  |
| AerCap Holdings NV | 7924 | &nbsp;&nbsp; **839944** |
| **Information technology: 4.35%** |  |  |
| **Communications equipment: 0.27%** |  |  |
| Arista Networks, Inc.† | 9384 | &nbsp;&nbsp; **772022** |
| **Electronic equipment, instruments & components: 0.18%** |  |  |
| TD SYNNEX Corp. | 4700 | &nbsp;&nbsp; **520760** |
| **IT services: 0.33%** |  |  |
| Okta, Inc.† | 4600 | &nbsp;&nbsp; 515936 |
| Twilio, Inc. Class A† | 4600 | &nbsp;&nbsp; 444866 |
|  |  | &nbsp;&nbsp; **960802** |

---

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

18 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Semiconductors & semiconductor equipment: 1.37%** |  |  |
| Broadcom, Inc. | 7169 | &nbsp;&nbsp; $1379817 |
| KLA Corp. | 817 | &nbsp;&nbsp; 574098 |
| NVIDIA Corp. | 11912 | &nbsp;&nbsp; 1297455 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1900 | &nbsp;&nbsp; 316711 |
| Teradyne, Inc. | 5300 | &nbsp;&nbsp; 393313 |
|  |  | &nbsp;&nbsp; **3961394** |
| **Software: 1.51%** |  |  |
| AppLovin Corp. Class A† | 900 | &nbsp;&nbsp; 242379 |
| Informatica, Inc. Class A† | 15600 | &nbsp;&nbsp; 293748 |
| Microsoft Corp. | 6217 | &nbsp;&nbsp; 2457332 |
| Monday.com Ltd.† | 1000 | &nbsp;&nbsp; 280990 |
| Oracle Corp. | 2124 | &nbsp;&nbsp; 298889 |
| ServiceNow, Inc.† | 830 | &nbsp;&nbsp; 792658 |
|  |  | &nbsp;&nbsp; **4365996** |
| **Technology hardware, storage & peripherals: 0.69%** |  |  |
| Apple, Inc. | 7191 | &nbsp;&nbsp; 1528087 |
| Dell Technologies, Inc. Class C | 5000 | &nbsp;&nbsp; 458800 |
|  |  | &nbsp;&nbsp; **1986887** |
| **Materials: 3.28%** |  |  |
| **Construction materials: 0.42%** |  |  |
| Vulcan Materials Co. | 4644 | &nbsp;&nbsp; **1218261** |
| **Containers & packaging: 0.24%** |  |  |
| Graphic Packaging Holding Co. | 27146 | &nbsp;&nbsp; **687065** |
| **Metals & mining: 2.62%** |  |  |
| Agnico Eagle Mines Ltd. | 2401 | &nbsp;&nbsp; 282195 |
| Agnico Eagle Mines Ltd.-U.S. Exchange Traded Shares | 4725 | &nbsp;&nbsp; 555566 |
| Alamos Gold, Inc. Class A | 13500 | &nbsp;&nbsp; 385924 |
| Anglogold Ashanti PLC | 6800 | &nbsp;&nbsp; 286688 |
| Artemis Gold, Inc.† | 16000 | &nbsp;&nbsp; 229798 |
| B2Gold Corp. | 26000 | &nbsp;&nbsp; 81285 |
| Barrick Gold Corp. | 13036 | &nbsp;&nbsp; 248205 |
| Calibre Mining Corp.† | 33000 | &nbsp;&nbsp; 77318 |
| Coeur Mining, Inc.† | 12903 | &nbsp;&nbsp; 71612 |
| Dundee Precious Metals, Inc. | 13400 | &nbsp;&nbsp; 175641 |
| Eldorado Gold Corp.† | 3300 | &nbsp;&nbsp; 62093 |
| Endeavour Mining PLC | 10880 | &nbsp;&nbsp; 294769 |
| Evolution Mining Ltd. | 8000 | &nbsp;&nbsp; 40120 |
| Franco-Nevada Corp. | 1600 | &nbsp;&nbsp; 274957 |
| Freeport-McMoRan, Inc. | 12890 | &nbsp;&nbsp; 464427 |
| G Mining Ventures Corp.† | 10400 | &nbsp;&nbsp; 144239 |
| Gold Fields Ltd. ADR | 11500 | &nbsp;&nbsp; 259210 |
| IAMGOLD Corp.† | 29000 | &nbsp;&nbsp; 205520 |
| Kinross Gold Corp. | 35000 | &nbsp;&nbsp; 516647 |
| Lundin Gold, Inc. | 11200 | &nbsp;&nbsp; 456823 |
| MAG Silver Corp. | 4500 | &nbsp;&nbsp; 69886 |

---

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

Allspring Real Return Portfolio \| 19

------

Consolidated portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Metals & mining**(continued) |  |  |
| New Gold, Inc.† | 33000 | &nbsp;&nbsp; $131416 |
| Newmont Corp. | 11000 | &nbsp;&nbsp; 579480 |
| Northern Star Resources Ltd. | 16000 | &nbsp;&nbsp; 196539 |
| OceanaGold Corp. | 38000 | &nbsp;&nbsp; 134513 |
| Orla Mining Ltd.† | 7000 | &nbsp;&nbsp; 77078 |
| Osisko Gold Royalties Ltd. | 3500 | &nbsp;&nbsp; 83882 |
| Pan American Silver Corp. | 479 | &nbsp;&nbsp; 12060 |
| Pan American Silver Corp.-U.S. Exchange Traded Shares | 7000 | &nbsp;&nbsp; 176260 |
| Royal Gold, Inc. | 1100 | &nbsp;&nbsp; 200981 |
| Skeena Resources Ltd.† | 7000 | &nbsp;&nbsp; 83679 |
| Snowline Gold Corp.† | 11000 | &nbsp;&nbsp; 64312 |
| Torex Gold Resources, Inc.† | 8800 | &nbsp;&nbsp; 285014 |
| Wheaton Precious Metals Corp. | 4400 | &nbsp;&nbsp; 367390 |
|  |  | &nbsp;&nbsp; **7575527** |
| **Real estate: 6.12%** |  |  |
| **Health care REITs: 0.53%** |  |  |
| Alexandria Real Estate Equities, Inc. | 2989 | &nbsp;&nbsp; 217181 |
| Welltower, Inc. | 8675 | &nbsp;&nbsp; 1323718 |
|  |  | &nbsp;&nbsp; **1540899** |
| **Industrial REITs: 0.77%** |  |  |
| First Industrial Realty Trust, Inc. | 8097 | &nbsp;&nbsp; 385255 |
| Prologis, Inc. | 11524 | &nbsp;&nbsp; 1177753 |
| Rexford Industrial Realty, Inc. | 4833 | &nbsp;&nbsp; 159972 |
| Terreno Realty Corp. | 9102 | &nbsp;&nbsp; 512716 |
|  |  | &nbsp;&nbsp; **2235696** |
| **Office REITs: 0.18%** |  |  |
| BXP, Inc. | 8157 | &nbsp;&nbsp; **519846** |
| **Real estate management & development: 0.21%** |  |  |
| CBRE Group, Inc. Class A† | 4962 | &nbsp;&nbsp; **606257** |
| **Residential REITs: 1.17%** |  |  |
| American Homes 4 Rent Class A | 13796 | &nbsp;&nbsp; 515832 |
| Camden Property Trust | 4669 | &nbsp;&nbsp; 531332 |
| Independence Realty Trust, Inc. | 16922 | &nbsp;&nbsp; 328795 |
| Invitation Homes, Inc. | 14978 | &nbsp;&nbsp; 512098 |
| Mid-America Apartment Communities, Inc. | 3936 | &nbsp;&nbsp; 628382 |
| Sun Communities, Inc. | 6802 | &nbsp;&nbsp; 846373 |
|  |  | &nbsp;&nbsp; **3362812** |
| **Retail REITs: 0.33%** |  |  |
| Federal Realty Investment Trust | 2814 | &nbsp;&nbsp; 264572 |
| Simon Property Group, Inc. | 4283 | &nbsp;&nbsp; 674059 |
|  |  | &nbsp;&nbsp; **938631** |
| **Specialized REITs: 2.93%** |  |  |
| American Tower Corp. | 7220 | &nbsp;&nbsp; 1627460 |

---

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

20 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialized REITs**(continued) |  |  |
| Crown Castle, Inc. | 3895 | &nbsp;&nbsp; $411935 |
| CubeSmart | 7933 | &nbsp;&nbsp; 322635 |
| Equinix, Inc. | 1665 | &nbsp;&nbsp; 1433149 |
| Extra Space Storage, Inc. | 4969 | &nbsp;&nbsp; 728058 |
| Four Corners Property Trust, Inc. | 8027 | &nbsp;&nbsp; 224355 |
| Gaming & Leisure Properties, Inc. | 18049 | &nbsp;&nbsp; 863825 |
| Iron Mountain, Inc. | 7334 | &nbsp;&nbsp; 657640 |
| SBA Communications Corp. Class A | 3513 | &nbsp;&nbsp; 855064 |
| VICI Properties, Inc. Class A | 19352 | &nbsp;&nbsp; 619651 |
| Weyerhaeuser Co. | 28000 | &nbsp;&nbsp; 725480 |
|  |  | &nbsp;&nbsp; **8469252** |
| **Utilities: 0.48%** |  |  |
| **Electric utilities: 0.29%** |  |  |
| FirstEnergy Corp. | 19444 | &nbsp;&nbsp; **833759** |
| **Water utilities: 0.19%** |  |  |
| American Water Works Co., Inc. | 3800 | &nbsp;&nbsp; **558638** |
| **Total common stocks (Cost $66,089,555)** |  | &nbsp;&nbsp; **76033830** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Corporate bonds and notes: 7.50%** |  |  |  |  |
| **Basic materials: 0.24%** |  |  |  |  |
| **Chemicals: 0.11%** |  |  |  |  |
| Chemours Co. | 5.38<br> %<br>| &nbsp;&nbsp; 5-15-2027 | $205000 | &nbsp;&nbsp; 199636 |
| SCIH Salt Holdings, Inc.144A | 4.88 | &nbsp;&nbsp; 5-1-2028 | 120000 | &nbsp;&nbsp; 114960 |
|  |  |  |  | &nbsp;&nbsp; **314596** |
| **Iron/steel: 0.08%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 6.88 | &nbsp;&nbsp; 11-1-2029 | 245000 | &nbsp;&nbsp; **237289** |
| **Mining: 0.05%** |  |  |  |  |
| Kaiser Aluminum Corp.144A | 4.63 | &nbsp;&nbsp; 3-1-2028 | 145000 | &nbsp;&nbsp; **139512** |
| **Communications: 0.87%** |  |  |  |  |
| **Advertising: 0.11%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.144A | 5.13 | &nbsp;&nbsp; 8-15-2027 | 90000 | &nbsp;&nbsp; 87506 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 5.00 | &nbsp;&nbsp; 8-15-2027 | 215000 | &nbsp;&nbsp; 210677 |
|  |  |  |  | &nbsp;&nbsp; **298183** |
| **Internet: 0.16%** |  |  |  |  |
| Arches Buyer, Inc.144A | 4.25 | &nbsp;&nbsp; 6-1-2028 | 170000 | &nbsp;&nbsp; 159873 |
| Gen Digital, Inc.144A | 6.75 | &nbsp;&nbsp; 9-30-2027 | 295000 | &nbsp;&nbsp; 299836 |
|  |  |  |  | &nbsp;&nbsp; **459709** |
| **Media: 0.56%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.13 | &nbsp;&nbsp; 5-1-2027 | 565000 | &nbsp;&nbsp; 557271 |
| DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A | 5.88 | &nbsp;&nbsp; 8-15-2027 | 220000 | &nbsp;&nbsp; 212624 |

---

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

Allspring Real Return Portfolio \| 21

------

Consolidated portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Media**(continued) |  |  |  |  |
| Nexstar Media, Inc.144A | 5.63<br> %<br>| &nbsp;&nbsp; 7-15-2027 | $170000 | &nbsp;&nbsp; $168411 |
| Paramount Global (3 Month LIBOR+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 120000 | &nbsp;&nbsp; 110757 |
| Sirius XM Radio LLC144A | 5.00 | &nbsp;&nbsp; 8-1-2027 | 577000 | &nbsp;&nbsp; 570062 |
|  |  |  |  | &nbsp;&nbsp; **1619125** |
| **Telecommunications: 0.04%** |  |  |  |  |
| Frontier Communications Holdings LLC144A | 5.88 | &nbsp;&nbsp; 10-15-2027 | 80000 | &nbsp;&nbsp; 79910 |
| Viasat, Inc.144A | 5.63 | &nbsp;&nbsp; 4-15-2027 | 45000 | &nbsp;&nbsp; 44084 |
|  |  |  |  | &nbsp;&nbsp; **123994** |
| **Consumer, cyclical: 1.73%** |  |  |  |  |
| **Airlines: 0.16%** |  |  |  |  |
| American Airlines, Inc.144A | 7.25 | &nbsp;&nbsp; 2-15-2028 | 105000 | &nbsp;&nbsp; 103717 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.50 | &nbsp;&nbsp; 4-20-2026 | 329765 | &nbsp;&nbsp; 327568 |
| Hawaiian Airlines Pass-Through Certificates Series 2013-1 Class 1A | 3.90 | &nbsp;&nbsp; 1-15-2026 | 27493 | &nbsp;&nbsp; 26836 |
|  |  |  |  | &nbsp;&nbsp; **458121** |
| **Auto manufacturers: 0.10%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 4.13 | &nbsp;&nbsp; 8-17-2027 | 300000 | &nbsp;&nbsp; **287697** |
| **Auto parts & equipment: 0.07%** |  |  |  |  |
| American Axle & Manufacturing, Inc. | 6.50 | &nbsp;&nbsp; 4-1-2027 | 80000 | &nbsp;&nbsp; 78014 |
| Dana, Inc. | 5.63 | &nbsp;&nbsp; 6-15-2028 | 120000 | &nbsp;&nbsp; 118998 |
|  |  |  |  | &nbsp;&nbsp; **197012** |
| **Distribution/wholesale: 0.04%** |  |  |  |  |
| Ritchie Bros Holdings, Inc.144A | 7.75 | &nbsp;&nbsp; 3-15-2031 | 110000 | &nbsp;&nbsp; **115333** |
| **Entertainment: 0.50%** |  |  |  |  |
| Churchill Downs, Inc.144A | 5.50 | &nbsp;&nbsp; 4-1-2027 | 430000 | &nbsp;&nbsp; 425838 |
| Cinemark USA, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2028 | 200000 | &nbsp;&nbsp; 196383 |
| Live Nation Entertainment, Inc.144A | 6.50 | &nbsp;&nbsp; 5-15-2027 | 415000 | &nbsp;&nbsp; 419442 |
| Six Flags Entertainment Corp.144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 200000 | &nbsp;&nbsp; 197835 |
| Six Flags Entertainment Corp.144A | 7.00 | &nbsp;&nbsp; 7-1-2025 | 208000 | &nbsp;&nbsp; 208155 |
|  |  |  |  | &nbsp;&nbsp; **1447653** |
| **Home builders: 0.14%** |  |  |  |  |
| Taylor Morrison Communities, Inc.144A | 5.75 | &nbsp;&nbsp; 1-15-2028 | 290000 | &nbsp;&nbsp; 290131 |
| Tri Pointe Homes, Inc. | 5.70 | &nbsp;&nbsp; 6-15-2028 | 130000 | &nbsp;&nbsp; 129942 |
|  |  |  |  | &nbsp;&nbsp; **420073** |
| **Housewares: 0.06%** |  |  |  |  |
| Newell Brands, Inc. | 5.70 | &nbsp;&nbsp; 4-1-2026 | 190000 | &nbsp;&nbsp; **187486** |
| **Leisure time: 0.27%** |  |  |  |  |
| NCL Corp. Ltd.144A | 5.88 | &nbsp;&nbsp; 2-15-2027 | 255000 | &nbsp;&nbsp; 253810 |
| NCL Corp. Ltd.144A | 8.13 | &nbsp;&nbsp; 1-15-2029 | 85000 | &nbsp;&nbsp; 89013 |
| Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 39000 | &nbsp;&nbsp; 37148 |

---

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

22 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Leisure time**(continued) |  |  |  |  |
| Viking Cruises Ltd.144A | 5.88<br> %<br>| &nbsp;&nbsp; 9-15-2027 | $285000 | &nbsp;&nbsp; $284422 |
| VOC Escrow Ltd.144A | 5.00 | &nbsp;&nbsp; 2-15-2028 | 120000 | &nbsp;&nbsp; 117695 |
|  |  |  |  | &nbsp;&nbsp; **782088** |
| **Retail: 0.39%** |  |  |  |  |
| Advance Auto Parts, Inc. | 1.75 | &nbsp;&nbsp; 10-1-2027 | 115000 | &nbsp;&nbsp; 103386 |
| Gap, Inc.144A | 3.63 | &nbsp;&nbsp; 10-1-2029 | 155000 | &nbsp;&nbsp; 140141 |
| Group 1 Automotive, Inc.144A | 6.38 | &nbsp;&nbsp; 1-15-2030 | 145000 | &nbsp;&nbsp; 146481 |
| Lithia Motors, Inc.144A | 4.63 | &nbsp;&nbsp; 12-15-2027 | 30000 | &nbsp;&nbsp; 29129 |
| Macy's Retail Holdings LLC144A | 5.88 | &nbsp;&nbsp; 4-1-2029 | 135000 | &nbsp;&nbsp; 128022 |
| PetSmart, Inc./PetSmart Finance Corp.144A | 4.75 | &nbsp;&nbsp; 2-15-2028 | 235000 | &nbsp;&nbsp; 224602 |
| Raising Cane's Restaurants LLC144A | 9.38 | &nbsp;&nbsp; 5-1-2029 | 285000 | &nbsp;&nbsp; 302030 |
| Walgreens Boots Alliance, Inc. | 3.45 | &nbsp;&nbsp; 6-1-2026 | 45000 | &nbsp;&nbsp; 43978 |
|  |  |  |  | &nbsp;&nbsp; **1117769** |
| **Consumer, non-cyclical: 0.66%** |  |  |  |  |
| **Commercial services: 0.39%** |  |  |  |  |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas <br> Luxco 4 Sarl144A<br>| 4.63 | &nbsp;&nbsp; 6-1-2028 | 75000 | &nbsp;&nbsp; 71816 |
| CoreCivic, Inc. | 8.25 | &nbsp;&nbsp; 4-15-2029 | 325000 | &nbsp;&nbsp; 342586 |
| GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 400000 | &nbsp;&nbsp; 420499 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.144A | 5.75 | &nbsp;&nbsp; 4-15-2026 | 281000 | &nbsp;&nbsp; 280720 |
| Veritiv Operating Co.144A | 10.50 | &nbsp;&nbsp; 11-30-2030 | 15000 | &nbsp;&nbsp; 15668 |
|  |  |  |  | &nbsp;&nbsp; **1131289** |
| **Cosmetics/Personal Care: 0.06%** |  |  |  |  |
| Edgewell Personal Care Co.144A | 5.50 | &nbsp;&nbsp; 6-1-2028 | 160000 | &nbsp;&nbsp; **157183** |
| **Food: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC144A<br>| 6.50 | &nbsp;&nbsp; 2-15-2028 | 100000 | &nbsp;&nbsp; 101592 |
| B&G Foods, Inc.144A | 8.00 | &nbsp;&nbsp; 9-15-2028 | 160000 | &nbsp;&nbsp; 158742 |
|  |  |  |  | &nbsp;&nbsp; **260334** |
| **Healthcare-services: 0.07%** |  |  |  |  |
| Tenet Healthcare Corp. | 4.63 | &nbsp;&nbsp; 6-15-2028 | 70000 | &nbsp;&nbsp; 68171 |
| Tenet Healthcare Corp. | 6.13 | &nbsp;&nbsp; 10-1-2028 | 145000 | &nbsp;&nbsp; 144653 |
|  |  |  |  | &nbsp;&nbsp; **212824** |
| **Household products/wares: 0.01%** |  |  |  |  |
| Central Garden & Pet Co. | 5.13 | &nbsp;&nbsp; 2-1-2028 | 40000 | &nbsp;&nbsp; **39541** |
| **Pharmaceuticals: 0.04%** |  |  |  |  |
| AdaptHealth LLC144A | 6.13 | &nbsp;&nbsp; 8-1-2028 | 105000 | &nbsp;&nbsp; **101833** |
| **Energy: 1.20%** |  |  |  |  |
| **Energy-alternate sources: 0.09%** |  |  |  |  |
| TerraForm Power Operating LLC144A | 5.00 | &nbsp;&nbsp; 1-31-2028 | 285000 | &nbsp;&nbsp; **277590** |

---

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

Allspring Real Return Portfolio \| 23

------

Consolidated portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas: 0.14%** |  |  |  |  |
| Civitas Resources, Inc.144A | 8.38<br> %<br>| &nbsp;&nbsp; 7-1-2028 | $100000 | &nbsp;&nbsp; $98244 |
| Encino Acquisition Partners Holdings LLC144A | 8.50 | &nbsp;&nbsp; 5-1-2028 | 110000 | &nbsp;&nbsp; 110078 |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.25 | &nbsp;&nbsp; 11-1-2028 | 160000 | &nbsp;&nbsp; 154826 |
| Nabors Industries, Inc.144A | 7.38 | &nbsp;&nbsp; 5-15-2027 | 50000 | &nbsp;&nbsp; 47144 |
|  |  |  |  | &nbsp;&nbsp; **410292** |
| **Oil & gas services: 0.30%** |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.144A | 6.88 | &nbsp;&nbsp; 4-1-2027 | 210000 | &nbsp;&nbsp; 209705 |
| Bristow Group, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2028 | 240000 | &nbsp;&nbsp; 232836 |
| Oceaneering International, Inc. | 6.00 | &nbsp;&nbsp; 2-1-2028 | 365000 | &nbsp;&nbsp; 347017 |
| USA Compression Partners LP/USA Compression Finance Corp. | 6.88 | &nbsp;&nbsp; 9-1-2027 | 55000 | &nbsp;&nbsp; 54533 |
| USA Compression Partners LP/USA Compression Finance Corp.144A | 7.13 | &nbsp;&nbsp; 3-15-2029 | 25000 | &nbsp;&nbsp; 25242 |
|  |  |  |  | &nbsp;&nbsp; **869333** |
| **Pipelines: 0.67%** |  |  |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.144A | 5.75 | &nbsp;&nbsp; 1-15-2028 | 110000 | &nbsp;&nbsp; 109341 |
| Buckeye Partners LP144A | 6.88 | &nbsp;&nbsp; 7-1-2029 | 115000 | &nbsp;&nbsp; 117166 |
| &nbsp;&nbsp; Energy Transfer LP Series F (5 Year Treasury Constant <br> Maturity+5.13%)ʊ±<br>| 6.75 | &nbsp;&nbsp; 5-15-2025 | 40000 | &nbsp;&nbsp; 39868 |
| &nbsp;&nbsp; Energy Transfer LP Series H (5 Year Treasury Constant <br> Maturity+5.69%)ʊ±<br>| 6.50 | &nbsp;&nbsp; 11-15-2026 | 20000 | &nbsp;&nbsp; 19862 |
| Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 9-1-2028 | 305000 | &nbsp;&nbsp; 308719 |
| Hess Midstream Operations LP144A | 5.88 | &nbsp;&nbsp; 3-1-2028 | 180000 | &nbsp;&nbsp; 180378 |
| Kinetik Holdings LP144A | 6.63 | &nbsp;&nbsp; 12-15-2028 | 375000 | &nbsp;&nbsp; 377741 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A | 6.00 | &nbsp;&nbsp; 3-1-2027 | 400000 | &nbsp;&nbsp; 394845 |
| Venture Global LNG, Inc.144A | 8.13 | &nbsp;&nbsp; 6-1-2028 | 380000 | &nbsp;&nbsp; 377368 |
|  |  |  |  | &nbsp;&nbsp; **1925288** |
| **Financial: 1.34%** |  |  |  |  |
| **Banks: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Citigroup, Inc. Series X (5 Year Treasury Constant <br> Maturity+3.42%)ʊ±<br>| 3.88 | &nbsp;&nbsp; 2-18-2026 | 25000 | &nbsp;&nbsp; **24314** |
| **Diversified financial services: 0.72%** |  |  |  |  |
| &nbsp;&nbsp; Aircastle Ltd. Series A (5 Year Treasury Constant <br> Maturity+4.41%)144Aʊ±<br>| 5.25 | &nbsp;&nbsp; 6-15-2026 | 100000 | &nbsp;&nbsp; 97161 |
| Encore Capital Group, Inc.144A | 9.25 | &nbsp;&nbsp; 4-1-2029 | 185000 | &nbsp;&nbsp; 195284 |
| Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 200000 | &nbsp;&nbsp; 199275 |
| Nationstar Mortgage Holdings, Inc.144A | 6.00 | &nbsp;&nbsp; 1-15-2027 | 215000 | &nbsp;&nbsp; 215094 |
| Nationstar Mortgage Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 8-1-2029 | 90000 | &nbsp;&nbsp; 91476 |
| Navient Corp. | 4.88 | &nbsp;&nbsp; 3-15-2028 | 70000 | &nbsp;&nbsp; 67332 |
| Navient Corp. | 5.00 | &nbsp;&nbsp; 3-15-2027 | 115000 | &nbsp;&nbsp; 113850 |
| Navient Corp. | 6.75 | &nbsp;&nbsp; 6-25-2025 | 145000 | &nbsp;&nbsp; 144997 |
| OneMain Finance Corp. | 7.13 | &nbsp;&nbsp; 3-15-2026 | 320000 | &nbsp;&nbsp; 322798 |
| PRA Group, Inc.144A | 8.38 | &nbsp;&nbsp; 2-1-2028 | 250000 | &nbsp;&nbsp; 252500 |
| United Wholesale Mortgage LLC144A | 5.75 | &nbsp;&nbsp; 6-15-2027 | 375000 | &nbsp;&nbsp; 369970 |
|  |  |  |  | &nbsp;&nbsp; **2069737** |

---

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

24 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Insurance: 0.13%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer144A | 6.75<br> %<br>| &nbsp;&nbsp; 4-15-2028 | $210000 | &nbsp;&nbsp; $211512 |
| AmWINS Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 150000 | &nbsp;&nbsp; 151788 |
|  |  |  |  | &nbsp;&nbsp; **363300** |
| **Investment Companies: 0.03%** |  |  |  |  |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 6.25 | &nbsp;&nbsp; 5-15-2026 | 99000 | &nbsp;&nbsp; **98632** |
| **REITs: 0.45%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc.144A | 3.75 | &nbsp;&nbsp; 1-15-2027 | 30000 | &nbsp;&nbsp; 28513 |
| Brandywine Operating Partnership LP | 3.95 | &nbsp;&nbsp; 11-15-2027 | 135000 | &nbsp;&nbsp; 127239 |
| Iron Mountain, Inc.144A | 5.25 | &nbsp;&nbsp; 3-15-2028 | 360000 | &nbsp;&nbsp; 354453 |
| &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.144A<br>| 4.75 | &nbsp;&nbsp; 6-15-2029 | 220000 | &nbsp;&nbsp; 210587 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK <br> Finance Co-Issuer144A<br>| 5.88 | &nbsp;&nbsp; 10-1-2028 | 110000 | &nbsp;&nbsp; 107345 |
| Service Properties Trust | 5.25 | &nbsp;&nbsp; 2-15-2026 | 175000 | &nbsp;&nbsp; 172822 |
| Service Properties Trust144A | 8.63 | &nbsp;&nbsp; 11-15-2031 | 20000 | &nbsp;&nbsp; 21221 |
| Starwood Property Trust, Inc.144A | 3.63 | &nbsp;&nbsp; 7-15-2026 | 290000 | &nbsp;&nbsp; 283084 |
|  |  |  |  | &nbsp;&nbsp; **1305264** |
| **Industrial: 1.06%** |  |  |  |  |
| **Aerospace/defense: 0.20%** |  |  |  |  |
| Spirit AeroSystems, Inc.144A | 9.38 | &nbsp;&nbsp; 11-30-2029 | 165000 | &nbsp;&nbsp; 175590 |
| Spirit AeroSystems, Inc.144A | 9.75 | &nbsp;&nbsp; 11-15-2030 | 40000 | &nbsp;&nbsp; 44276 |
| TransDigm, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2029 | 350000 | &nbsp;&nbsp; 356550 |
|  |  |  |  | &nbsp;&nbsp; **576416** |
| **Building materials: 0.11%** |  |  |  |  |
| JELD-WEN, Inc.144A | 4.88 | &nbsp;&nbsp; 12-15-2027 | 75000 | &nbsp;&nbsp; 69274 |
| Standard Industries, Inc.144A | 5.00 | &nbsp;&nbsp; 2-15-2027 | 250000 | &nbsp;&nbsp; 248117 |
|  |  |  |  | &nbsp;&nbsp; **317391** |
| **Electrical components & equipment: 0.16%** |  |  |  |  |
| Energizer Holdings, Inc.144A | 4.75 | &nbsp;&nbsp; 6-15-2028 | 165000 | &nbsp;&nbsp; 158972 |
| Energizer Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 12-31-2027 | 65000 | &nbsp;&nbsp; 65229 |
| WESCO Distribution, Inc.144A | 6.38 | &nbsp;&nbsp; 3-15-2029 | 240000 | &nbsp;&nbsp; 243171 |
|  |  |  |  | &nbsp;&nbsp; **467372** |
| **Environmental control: 0.01%** |  |  |  |  |
| Clean Harbors, Inc.144A | 4.88 | &nbsp;&nbsp; 7-15-2027 | 40000 | &nbsp;&nbsp; **39394** |
| **Machinery-diversified: 0.11%** |  |  |  |  |
| Chart Industries, Inc.144A | 7.50 | &nbsp;&nbsp; 1-1-2030 | 10000 | &nbsp;&nbsp; 10375 |
| TK Elevator U.S. Newco, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2027 | 310000 | &nbsp;&nbsp; 305256 |
|  |  |  |  | &nbsp;&nbsp; **315631** |
| **Packaging & containers: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging <br> Finance PLC144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2027 | 355000 | &nbsp;&nbsp; 353697 |

---

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

Allspring Real Return Portfolio \| 25

------

Consolidated portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Packaging & containers**(continued) |  |  |  |  |
| Ball Corp. | 6.88<br> %<br>| &nbsp;&nbsp; 3-15-2028 | $60000 | &nbsp;&nbsp; $61454 |
| Berry Global, Inc.144A | 4.50 | &nbsp;&nbsp; 2-15-2026 | 15000 | &nbsp;&nbsp; 14969 |
| Berry Global, Inc.144A | 5.63 | &nbsp;&nbsp; 7-15-2027 | 105000 | &nbsp;&nbsp; 104906 |
| Clydesdale Acquisition Holdings, Inc.144A | 6.63 | &nbsp;&nbsp; 4-15-2029 | 165000 | &nbsp;&nbsp; 166211 |
| Clydesdale Acquisition Holdings, Inc.144A | 6.88 | &nbsp;&nbsp; 1-15-2030 | 30000 | &nbsp;&nbsp; 30481 |
| Crown Americas LLC/Crown Americas Capital Corp. VI | 4.75 | &nbsp;&nbsp; 2-1-2026 | 40000 | &nbsp;&nbsp; 39768 |
| Owens-Brockway Glass Container, Inc.144A | 6.63 | &nbsp;&nbsp; 5-13-2027 | 145000 | &nbsp;&nbsp; 144634 |
|  |  |  |  | &nbsp;&nbsp; **916120** |
| **Trucking & leasing: 0.15%** |  |  |  |  |
| Fortress Transportation & Infrastructure Investors LLC144A | 5.50 | &nbsp;&nbsp; 5-1-2028 | 430000 | &nbsp;&nbsp; **422284** |
| **Technology: 0.08%** |  |  |  |  |
| **Computers: 0.06%** |  |  |  |  |
| Seagate HDD Cayman | 8.25 | &nbsp;&nbsp; 12-15-2029 | 155000 | &nbsp;&nbsp; **166189** |
| **Software: 0.02%** |  |  |  |  |
| Rocket Software, Inc.144A | 9.00 | &nbsp;&nbsp; 11-28-2028 | 70000 | &nbsp;&nbsp; **72124** |
| **Utilities: 0.32%** |  |  |  |  |
| **Electric: 0.32%** |  |  |  |  |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 305000 | &nbsp;&nbsp; 289808 |
| PG&E Corp. | 5.00 | &nbsp;&nbsp; 7-1-2028 | 175000 | &nbsp;&nbsp; 170698 |
| Vistra Operations Co. LLC144A | 5.00 | &nbsp;&nbsp; 7-31-2027 | 150000 | &nbsp;&nbsp; 148694 |
| XPLR Infrastructure Operating Partners LP144A | 3.88 | &nbsp;&nbsp; 10-15-2026 | 145000 | &nbsp;&nbsp; 139880 |
| XPLR Infrastructure Operating Partners LP144A | 4.50 | &nbsp;&nbsp; 9-15-2027 | 195000 | &nbsp;&nbsp; 184360 |
|  |  |  |  | &nbsp;&nbsp; **933440** |
| **Total corporate bonds and notes (Cost $21,534,406)** |  |  |  | &nbsp;&nbsp; **21678755** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 1.32%** |  |  |
| **Exchange-traded funds: 1.32%** |  |  |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 42314 | &nbsp;&nbsp; **3806568** |
| **Total investment companies (Cost $3,894,486)** |  | &nbsp;&nbsp; **3806568** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Loans: 0.20%** |  |  |  |  |
| **Communications: 0.01%** |  |  |  |  |
| **Media: 0.01%** |  |  |  |  |
| DIRECTV Financing LLC (U.S. SOFR 3 Month+5.00%)± | 9.54 | &nbsp;&nbsp; 8-2-2027 | $16617 | &nbsp;&nbsp; **16594** |
| **Consumer, cyclical: 0.04%** |  |  |  |  |
| **Airlines: 0.02%** |  |  |  |  |
| SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)± | 8.02 | &nbsp;&nbsp; 10-20-2027 | 65924 | &nbsp;&nbsp; **66405** |
| **Retail: 0.02%** |  |  |  |  |
| Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+3.25%)± | 7.81 | &nbsp;&nbsp; 3-3-2028 | 60000 | &nbsp;&nbsp; **52189** |

---

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

26 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Consumer, non-cyclical: 0.03%** |  |  |  |  |
| **Healthcare-services: 0.03%** |  |  |  |  |
| Modivcare, Inc. (U.S. SOFR 3 Month+4.75%)± | 9.05<br> %<br>| &nbsp;&nbsp; 7-1-2031 | $109722 | &nbsp;&nbsp; $73651 |
| Modivcare, Inc. (U.S. SOFR 3 Month+7.50%)± | 11.71 | &nbsp;&nbsp; 1-9-2026 | 18826 | &nbsp;&nbsp; 14196 |
|  |  |  |  | &nbsp;&nbsp; **87847** |
| **Financial: 0.08%** |  |  |  |  |
| **Insurance: 0.08%** |  |  |  |  |
| Asurion LLC (U.S. SOFR 1 Month+3.25%)± | 7.69 | &nbsp;&nbsp; 12-23-2026 | 141643 | &nbsp;&nbsp; 140381 |
| Asurion LLC (U.S. SOFR 1 Month+3.25%)± | 7.69 | &nbsp;&nbsp; 7-31-2027 | 94508 | &nbsp;&nbsp; 92303 |
|  |  |  |  | &nbsp;&nbsp; **232684** |
| **Utilities: 0.04%** |  |  |  |  |
| **Electric: 0.04%** |  |  |  |  |
| Constellation Renewables LLC (U.S. SOFR 3 Month+2.25%)± | 6.56 | &nbsp;&nbsp; 12-15-2027 | 110335 | &nbsp;&nbsp; **110128** |
| **Total loans (Cost $609,990)** |  |  |  | &nbsp;&nbsp; **565847** |
| **U.S. Treasury securities: 23.38%** |  |  |  |  |
| TIPS | 0.13 | &nbsp;&nbsp; 4-15-2026 | 3290714 | &nbsp;&nbsp; 3269727 |
| TIPS | 0.13 | &nbsp;&nbsp; 7-15-2026 | 4518643 | &nbsp;&nbsp; 4506176 |
| TIPS | 0.13 | &nbsp;&nbsp; 4-15-2027 | 5480209 | &nbsp;&nbsp; 5402621 |
| TIPS | 0.13 | &nbsp;&nbsp; 1-15-2030 | 5208042 | &nbsp;&nbsp; 4917006 |
| TIPS | 0.13 | &nbsp;&nbsp; 7-15-2030 | 4703567 | &nbsp;&nbsp; 4416567 |
| TIPS | 0.13 | &nbsp;&nbsp; 1-15-2031 | 514739 | &nbsp;&nbsp; 475787 |
| TIPS | 0.13 | &nbsp;&nbsp; 7-15-2031 | 1749800 | &nbsp;&nbsp; 1605616 |
| TIPS | 0.13 | &nbsp;&nbsp; 1-15-2032 | 3003875 | &nbsp;&nbsp; 2711757 |
| TIPS | 0.13 | &nbsp;&nbsp; 2-15-2051 | 2916452 | &nbsp;&nbsp; 1602710 |
| TIPS | 0.25 | &nbsp;&nbsp; 7-15-2029 | 1153697 | &nbsp;&nbsp; 1109900 |
| TIPS | 0.25 | &nbsp;&nbsp; 2-15-2050 | 198547 | &nbsp;&nbsp; 115934 |
| TIPS | 0.38 | &nbsp;&nbsp; 1-15-2027 | 112262 | &nbsp;&nbsp; 111503 |
| TIPS | 0.38 | &nbsp;&nbsp; 7-15-2027 | 2210636 | &nbsp;&nbsp; 2195662 |
| TIPS | 0.50 | &nbsp;&nbsp; 1-15-2028 | 4623869 | &nbsp;&nbsp; 4565294 |
| TIPS | 0.63 | &nbsp;&nbsp; 2-15-2043 | 471801 | &nbsp;&nbsp; 352847 |
| TIPS | 0.75 | &nbsp;&nbsp; 2-15-2042 | 833027 | &nbsp;&nbsp; 650596 |
| TIPS | 0.88 | &nbsp;&nbsp; 1-15-2029 | 3026058 | &nbsp;&nbsp; 2990179 |
| TIPS | 1.00 | &nbsp;&nbsp; 2-15-2048 | 1481344 | &nbsp;&nbsp; 1097075 |
| TIPS | 1.00 | &nbsp;&nbsp; 2-15-2049 | 1540438 | &nbsp;&nbsp; 1126355 |
| TIPS | 1.38 | &nbsp;&nbsp; 7-15-2033 | 4763881 | &nbsp;&nbsp; 4616046 |
| TIPS | 1.38 | &nbsp;&nbsp; 2-15-2044 | 1478412 | &nbsp;&nbsp; 1249805 |
| TIPS | 1.50 | &nbsp;&nbsp; 2-15-2053 | 1282558 | &nbsp;&nbsp; 1025018 |
| TIPS | 1.63 | &nbsp;&nbsp; 10-15-2027 | 4431814 | &nbsp;&nbsp; 4522433 |
| TIPS | 1.75 | &nbsp;&nbsp; 1-15-2034 | 1857805 | &nbsp;&nbsp; 1839688 |
| TIPS | 1.88 | &nbsp;&nbsp; 7-15-2034 | 3589092 | &nbsp;&nbsp; 3592906 |
| TIPS | 2.13 | &nbsp;&nbsp; 1-15-2035 | 2749730 | &nbsp;&nbsp; 2798159 |
| TIPS | 2.13 | &nbsp;&nbsp; 2-15-2040 | 1417018 | &nbsp;&nbsp; 1408199 |
| TIPS | 2.13 | &nbsp;&nbsp; 2-15-2041 | 1959450 | &nbsp;&nbsp; 1930014 |
| TIPS | 2.13 | &nbsp;&nbsp; 2-15-2054 | 395021 | &nbsp;&nbsp; 364081 |

---

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

Allspring Real Return Portfolio \| 27

------

Consolidated portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| TIPS | 2.50<br> %<br>| &nbsp;&nbsp; 1-15-2029 | $832138 | &nbsp;&nbsp; $871206 |
| TIPS | 3.88 | &nbsp;&nbsp; 4-15-2029 | 116441 | &nbsp;&nbsp; 128182 |
| **Total U.S. Treasury securities (Cost $70,609,615)** |  |  |  | &nbsp;&nbsp; **67569049** |
| **Yankee corporate bonds and notes: 1.14%** |  |  |  |  |
| **Basic materials: 0.06%** |  |  |  |  |
| **Mining: 0.06%** |  |  |  |  |
| Alumina Pty. Ltd.144A | 6.13 | &nbsp;&nbsp; 3-15-2030 | 170000 | &nbsp;&nbsp; **168580** |
| **Communications: 0.16%** |  |  |  |  |
| **Internet: 0.11%** |  |  |  |  |
| Rakuten Group, Inc.144A | 11.25 | &nbsp;&nbsp; 2-15-2027 | 295000 | &nbsp;&nbsp; **315272** |
| **Media: 0.05%** |  |  |  |  |
| Virgin Media Vendor Financing Notes IV DAC144A | 5.00 | &nbsp;&nbsp; 7-15-2028 | 155000 | &nbsp;&nbsp; **149908** |
| **Consumer, cyclical: 0.48%** |  |  |  |  |
| **Airlines: 0.27%** |  |  |  |  |
| Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50 | &nbsp;&nbsp; 7-15-2026 | 475000 | &nbsp;&nbsp; 498750 |
| Latam Airlines Group SA144A | 13.38 | &nbsp;&nbsp; 10-15-2029 | 265000 | &nbsp;&nbsp; 296533 |
|  |  |  |  | &nbsp;&nbsp; **795283** |
| **Leisure time: 0.21%** |  |  |  |  |
| Carnival Corp.144A | 5.75 | &nbsp;&nbsp; 3-1-2027 | 150000 | &nbsp;&nbsp; 149470 |
| Royal Caribbean Cruises Ltd.144A | 5.38 | &nbsp;&nbsp; 7-15-2027 | 455000 | &nbsp;&nbsp; 454469 |
|  |  |  |  | &nbsp;&nbsp; **603939** |
| **Financial: 0.12%** |  |  |  |  |
| **Banks: 0.07%** |  |  |  |  |
| Intesa Sanpaolo SpA (5 Year USD Swap Rate+5.46%)144Aʊ± | 7.70 | &nbsp;&nbsp; 9-17-2025 | 200000 | &nbsp;&nbsp; **200623** |
| **Diversified financial services: 0.05%** |  |  |  |  |
| Macquarie Airfinance Holdings Ltd.144A | 6.40 | &nbsp;&nbsp; 3-26-2029 | 140000 | &nbsp;&nbsp; **143692** |
| **Industrial: 0.12%** |  |  |  |  |
| **Aerospace/defense: 0.06%** |  |  |  |  |
| Bombardier, Inc.144A | 6.00 | &nbsp;&nbsp; 2-15-2028 | 185000 | &nbsp;&nbsp; **182948** |
| **Packaging & containers: 0.06%** |  |  |  |  |
| Trivium Packaging Finance BV144A | 5.50 | &nbsp;&nbsp; 8-15-2026 | 160000 | &nbsp;&nbsp; **158428** |
| **Technology: 0.13%** |  |  |  |  |
| **Software: 0.13%** |  |  |  |  |
| Open Text Corp.144A | 3.88 | &nbsp;&nbsp; 2-15-2028 | 80000 | &nbsp;&nbsp; 76468 |
| Open Text Corp.144A | 6.90 | &nbsp;&nbsp; 12-1-2027 | 275000 | &nbsp;&nbsp; 282844 |
|  |  |  |  | &nbsp;&nbsp; **359312** |

---

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

28 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities: 0.07%** |  |  |  |  |
| **Electric: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (5 Year Treasury Constant <br> Maturity+3.25%)±<br>| 4.75<br> %<br>| &nbsp;&nbsp; 1-18-2082 | $10000 | &nbsp;&nbsp; $9388 |
| Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 205000 | &nbsp;&nbsp; 205277 |
|  |  |  |  | &nbsp;&nbsp; **214665** |
| **Total yankee corporate bonds and notes (Cost $3,263,403)** |  |  |  | &nbsp;&nbsp; **3292650** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 33.60%** |  |  |  |  |
| **Investment companies: 33.60%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞\* |  | 4.26 | 97077493 | &nbsp;&nbsp; **97077493** |
| **Total short-term investments (Cost $97,077,493)** |  |  |  | &nbsp;&nbsp; **97077493** |
| **Total investments in securities (Cost $263,078,948)** | 93.45<br> %<br>|  |  | &nbsp;&nbsp; 270024192 |
| Other assets and liabilities, net | 6.55 |  |  | &nbsp;&nbsp; 18921662 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$288945854** |

---

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

---

| | |
|:---|:---|
| † | Non-income-earning security |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| \* | A portion of the holding represents an investment held in Real Return Special Investments (Cayman) Ltd., the consolidated entity. |

---

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

---

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

---

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<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 <br> Select Class<br>| $107853407 | $177191489 | $(187967403)<br>| $0 | $0 | $97077493 | 97077493 | $3993123 |

---

**Forward foreign currency contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be <br>received | Currency to be <br>received | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement <br>date<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| USD | 735509 | AUD | 1163000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(9835)<br>|

---

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

Allspring Real Return Portfolio \| 29

------

Consolidated portfolio of investments—April 30, 2025

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| USD | 504617 | BRL | 2951000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(9878)<br>|
| BRL | 6638000 | USD | 1147669 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 9641 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1102064 | BRL | 6537000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (37637)<br>|
| USD | 1273609 | CAD | 1825000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (53395)<br>|
| USD | 1013424 | CHF | 888000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (68218)<br>|
| CHF | 1607000 | USD | 1884312 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 73120 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 520930 | CLP | 486616000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 7180 | &nbsp;&nbsp;&nbsp; 0 |
| CLP | 1032854000 | USD | 1088017 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 2430 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 986593 | CLP | 973688000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (41388)<br>|
| USD | 874482 | CZK | 20067000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (37470)<br>|
| CZK | 41637000 | USD | 1808594 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 83615 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1090001 | EUR | 997000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (42502)<br>|
| EUR | 2050000 | USD | 2228024 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 100592 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 294522 | EUR | 268000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (9902)<br>|
| USD | 937097 | GBP | 725000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (29283)<br>|
| GBP | 1501000 | USD | 1942037 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 58703 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 616303 | HUF | 227362000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (19146)<br>|
| HUF | 483997000 | USD | 1305431 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 47283 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1426862 | IDR | 23391547000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 20193 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 3010844 | INR | 263488000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (98090)<br>|
| INR | 453514000 | USD | 5266254 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 84825 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 921788 | JPY | 135501000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (30923)<br>|
| JPY | 258495000 | USD | 1742430 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 75055 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 831820 | KRW | 1203081000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (16816)<br>|
| USD | 673388 | MXN | 13532000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (12583)<br>|
| MXN | 28347000 | USD | 1375353 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 61627 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 670586 | NOK | 7145000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (16220)<br>|
| NOK | 14768000 | USD | 1417020 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 2538 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 752388 | NZD | 1308000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (25670)<br>|
| USD | 746977 | PLN | 2877000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (13251)<br>|
| PLN | 6007000 | USD | 1553163 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 34146 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 764706 | SEK | 7706000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (34694)<br>|
| SEK | 15558000 | USD | 1572035 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 41912 | &nbsp;&nbsp;&nbsp; 0 |
| ZAR | 12800000 | USD | 698568 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (12806)<br>|
| USD | 1149902 | ZAR | 22338000 | Morgan Stanley, Inc. | 6-18-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (46860)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$702860** | &nbsp;&nbsp;&nbsp; **$(666567)**<br>|

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| MEFF Madrid IBEX 35 Index | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 5-16-2025 | &nbsp;&nbsp; $2642367 | &nbsp;&nbsp; $2851348 | &nbsp;&nbsp; $208981 | &nbsp;&nbsp; $0 |
| LME Nickel Futures\*\* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; 671286 | &nbsp;&nbsp; 641339 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (29947)<br>|
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; 1707058 | &nbsp;&nbsp; 1611353 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (95705)<br>|
| Volatility Index | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 5-21-2025 | &nbsp;&nbsp; 1837392 | &nbsp;&nbsp; 1776807 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (60585)<br>|
| Hang Seng Index | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 5-29-2025 | &nbsp;&nbsp; 5652107 | &nbsp;&nbsp; 5695497 | &nbsp;&nbsp; 43390 | &nbsp;&nbsp; 0 |
| IFSC NIFTY 50 Index | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 5-29-2025 | &nbsp;&nbsp; 5696691 | &nbsp;&nbsp; 5708313 | &nbsp;&nbsp; 11622 | &nbsp;&nbsp; 0 |
| NY Harbor ULSD Futures\*\* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 5-30-2025 | &nbsp;&nbsp; 162361 | &nbsp;&nbsp; 168151 | &nbsp;&nbsp; 5790 | &nbsp;&nbsp; 0 |
| 10-Year Euro BUND Index | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 6-6-2025 | &nbsp;&nbsp; 79278157 | &nbsp;&nbsp; 79719280 | &nbsp;&nbsp; 441123 | &nbsp;&nbsp; 0 |
| French Government Bond | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 6-6-2025 | &nbsp;&nbsp; 14884045 | &nbsp;&nbsp; 14944791 | &nbsp;&nbsp; 60746 | &nbsp;&nbsp; 0 |
| Lean Hogs Futures\*\* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6-13-2025 | &nbsp;&nbsp; 38545 | &nbsp;&nbsp; 39310 | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 0 |

---

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

30 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—April 30, 2025

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts<br>| Expiration<br> date<br>| Notional<br> cost<br>| Notional<br> value<br>| Unrealized<br> gains<br>| Unrealized<br> losses<br>|
| **Long** (continued) |  |  |  |  |  |  |
| 10-Year Australian Bond | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; $34827119 | &nbsp;&nbsp; $35349757 | &nbsp;&nbsp; $522638 | &nbsp;&nbsp; $0 |
| Japanese Yen Futures | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; 15234679 | &nbsp;&nbsp; 15579319 | &nbsp;&nbsp; 344640 | &nbsp;&nbsp; 0 |
| LME Copper Futures\*\* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; 968469 | &nbsp;&nbsp; 914277 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (54192)<br>|
| LME Nickel Futures\*\* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; 280762 | &nbsp;&nbsp; 276063 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (4699)<br>|
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; 537234 | &nbsp;&nbsp; 539926 | &nbsp;&nbsp; 2692 | &nbsp;&nbsp; 0 |
| LME Zinc Futures\*\* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; 365088 | &nbsp;&nbsp; 322514 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (42574)<br>|
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 6-18-2025 | &nbsp;&nbsp; 3020276 | &nbsp;&nbsp; 3029906 | &nbsp;&nbsp; 9630 | &nbsp;&nbsp; 0 |
| 10-Year Canadian Bond | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 6-19-2025 | &nbsp;&nbsp; 35836230 | &nbsp;&nbsp; 36148977 | &nbsp;&nbsp; 312747 | &nbsp;&nbsp; 0 |
| DAX Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; 662003 | &nbsp;&nbsp; 640202 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (21801)<br>|
| E-Mini Russell 1000 Value Index | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; 5507636 | &nbsp;&nbsp; 5755840 | &nbsp;&nbsp; 248204 | &nbsp;&nbsp; 0 |
| FTSE 100 Index | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; 2982285 | &nbsp;&nbsp; 2932795 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (49490)<br>|
| MSCI EAFE Index | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; 24534758 | &nbsp;&nbsp; 24697530 | &nbsp;&nbsp; 162772 | &nbsp;&nbsp; 0 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; 3049392 | &nbsp;&nbsp; 3052500 | &nbsp;&nbsp; 3108 | &nbsp;&nbsp; 0 |
| U.S. Real Estate Futures | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; 10419100 | &nbsp;&nbsp; 10270260 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (148840)<br>|
| Gold 100 Troy Ounces Futures\*\* | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 6-26-2025 | &nbsp;&nbsp; 16081306 | &nbsp;&nbsp; 16927410 | &nbsp;&nbsp; 846104 | &nbsp;&nbsp; 0 |
| Henry Hub Natural Gas Futures\*\* | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 6-26-2025 | &nbsp;&nbsp; 678508 | &nbsp;&nbsp; 727000 | &nbsp;&nbsp; 48492 | &nbsp;&nbsp; 0 |
| Long Gilt Futures | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 6-26-2025 | &nbsp;&nbsp; 34004808 | &nbsp;&nbsp; 34399032 | &nbsp;&nbsp; 394224 | &nbsp;&nbsp; 0 |
| Live Cattle Futures\*\* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 6-30-2025 | &nbsp;&nbsp; 160815 | &nbsp;&nbsp; 166720 | &nbsp;&nbsp; 5905 | &nbsp;&nbsp; 0 |
| Number 2 Cotton Futures\*\* | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 7-9-2025 | &nbsp;&nbsp; 631771 | &nbsp;&nbsp; 627190 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (4581)<br>|
| Corn Futures\*\* | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 356683 | &nbsp;&nbsp; 356625 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (58)<br>|
| Hard Red Winter Wheat Futures\*\* | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 1176518 | &nbsp;&nbsp; 1085475 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (91043)<br>|
| Soybean Meal Futures\*\* | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 933040 | &nbsp;&nbsp; 923800 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (9240)<br>|
| Soybean Oil Futures\*\* | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 925101 | &nbsp;&nbsp; 998988 | &nbsp;&nbsp; 73887 | &nbsp;&nbsp; 0 |
| Wheat Futures\*\* | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 668769 | &nbsp;&nbsp; 636900 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (31869)<br>|
| Cocoa Futures\*\* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7-16-2025 | &nbsp;&nbsp; 153856 | &nbsp;&nbsp; 177740 | &nbsp;&nbsp; 23884 | &nbsp;&nbsp; 0 |
| **Short** |  |  |  |  |  |  |
| CAC 40 Index | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 5-16-2025 | &nbsp;&nbsp; (815233)<br>| &nbsp;&nbsp; (853206)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (37973)<br>|
| LME Nickel Futures\*\* | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; (677904)<br>| &nbsp;&nbsp; (641339)<br>| &nbsp;&nbsp; 36565 | &nbsp;&nbsp; 0 |
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp; 5-19-2025 | &nbsp;&nbsp; (1656810)<br>| &nbsp;&nbsp; (1611353)<br>| &nbsp;&nbsp; 45457 | &nbsp;&nbsp; 0 |
| Light Sweet Crude Oil Futures\*\* | &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; 5-20-2025 | &nbsp;&nbsp; (486845)<br>| &nbsp;&nbsp; (465680)<br>| &nbsp;&nbsp; 21165 | &nbsp;&nbsp; 0 |
| Brent Crude Oil Futures\*\* | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 5-30-2025 | &nbsp;&nbsp; (320343)<br>| &nbsp;&nbsp; (305300)<br>| &nbsp;&nbsp; 15043 | &nbsp;&nbsp; 0 |
| Reformulated Gasoline Blendstock for Oxygen Blending <br> Futures\*\*<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 5-30-2025 | &nbsp;&nbsp; (169907)<br>| &nbsp;&nbsp; (169487)<br>| &nbsp;&nbsp; 420 | &nbsp;&nbsp; 0 |
| 10-Year Euro BUND Index | &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; 6-6-2025 | &nbsp;&nbsp; (2691549)<br>| &nbsp;&nbsp; (2687167)<br>| &nbsp;&nbsp; 4382 | &nbsp;&nbsp; 0 |
| 30-Year Euro BUXL Futures | &nbsp;&nbsp; (67)<br>| &nbsp;&nbsp; 6-6-2025 | &nbsp;&nbsp; (9794082)<br>| &nbsp;&nbsp; (9419312)<br>| &nbsp;&nbsp; 374770 | &nbsp;&nbsp; 0 |
| Gas Oil Futures\*\* | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 6-12-2025 | &nbsp;&nbsp; (120695)<br>| &nbsp;&nbsp; (119700)<br>| &nbsp;&nbsp; 995 | &nbsp;&nbsp; 0 |
| TOPIX Index | &nbsp;&nbsp; (69)<br>| &nbsp;&nbsp; 6-12-2025 | &nbsp;&nbsp; (11717265)<br>| &nbsp;&nbsp; (12858477)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1141212)<br>|
| LME Copper Futures\*\* | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; (969671)<br>| &nbsp;&nbsp; (914277)<br>| &nbsp;&nbsp; 55394 | &nbsp;&nbsp; 0 |
| LME Lead Futures\*\* | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; (358028)<br>| &nbsp;&nbsp; (342853)<br>| &nbsp;&nbsp; 15175 | &nbsp;&nbsp; 0 |
| LME Nickel Futures\*\* | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; (374272)<br>| &nbsp;&nbsp; (368084)<br>| &nbsp;&nbsp; 6188 | &nbsp;&nbsp; 0 |
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; (835379)<br>| &nbsp;&nbsp; (839885)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (4506)<br>|
| LME Zinc Futures\*\* | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 6-16-2025 | &nbsp;&nbsp; (365085)<br>| &nbsp;&nbsp; (322514)<br>| &nbsp;&nbsp; 42571 | &nbsp;&nbsp; 0 |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (278)<br>| &nbsp;&nbsp; 6-18-2025 | &nbsp;&nbsp; (30512250)<br>| &nbsp;&nbsp; (31196813)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (684563)<br>|
| S&P ASX Share Price Index 200 | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 6-19-2025 | &nbsp;&nbsp; (1275906)<br>| &nbsp;&nbsp; (1303840)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (27934)<br>|
| S&P/TSX 60 Index | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 6-19-2025 | &nbsp;&nbsp; (984289)<br>| &nbsp;&nbsp; (1084433)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (100144)<br>|
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; (781766)<br>| &nbsp;&nbsp; (786340)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (4574)<br>|
| E-Mini Russell 2000 Index | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; (708357)<br>| &nbsp;&nbsp; (689430)<br>| &nbsp;&nbsp; 18927 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; (127)<br>| &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; (33936541)<br>| &nbsp;&nbsp; (35477450)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1540909)<br>|
| Euro STOXX 50 Index | &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; (726517)<br>| &nbsp;&nbsp; (809965)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (83448)<br>|
| FTSE 100 Index | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; (1030302)<br>| &nbsp;&nbsp; (1127998)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (97696)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; 6-20-2025 | &nbsp;&nbsp; (760587)<br>| &nbsp;&nbsp; (832500)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (71913)<br>|

---

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

Allspring Real Return Portfolio \| 31

------

Consolidated portfolio of investments—April 30, 2025

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts<br>| Expiration<br> date<br>| Notional<br> cost<br>| Notional<br> value<br>| Unrealized<br> gains<br>| Unrealized<br> losses<br>|
| **Short** (continued) |  |  |  |  |  |  |
| Long Gilt Futures | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; 6-26-2025 | &nbsp;&nbsp; $(1967751)<br>| &nbsp;&nbsp; $(1994147)<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(26396)<br>|
| Number 11 World Sugar Futures\*\* | &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; 6-30-2025 | &nbsp;&nbsp; (350658)<br>| &nbsp;&nbsp; (347760)<br>| &nbsp;&nbsp; 2898 | &nbsp;&nbsp; 0 |
| Soybean Futures\*\* | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; (158726)<br>| &nbsp;&nbsp; (156675)<br>| &nbsp;&nbsp; 2051 | &nbsp;&nbsp; 0 |
| C Coffee Futures\*\* | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 7-21-2025 | &nbsp;&nbsp; (798112)<br>| &nbsp;&nbsp; (901688)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (103576)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$4413345** | &nbsp;&nbsp; **$(4569468)**<br>|

---

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

\*\* Represents an investment held in Real Return Special Investments (Cayman) Ltd., the consolidated entity.

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

32 \| Allspring Real Return Portfolio

------

Consolidated statement of assets and liabilities—April 30, 2025

Consolidated financial statements

Consolidated statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $166,001,455) | $172946699 |
| Investments in affiliated securities, at value (cost $97,077,493) | 97077493 |
| Cash | 83003 |
| Cash at broker segregated for futures contracts | 17737800 |
| Segregated cash for forward foreign currency contracts | 10000 |
| Foreign currency, at value (cost $35,860) | 35367 |
| Receivable for dividends and interest | 880485 |
| Receivable for daily variation margin on open futures contracts | 804623 |
| Unrealized gains on forward foreign currency contracts | 702860 |
| Receivable for investments sold | 25172 |
| Prepaid expenses and other assets | 5437 |
| **Total assets** | **290308939** |
| Liabilities |  |
| Unrealized losses on forward foreign currency contracts | 666567 |
| Payable for daily variation margin on open futures contracts | 426933 |
| Payable for investments purchased | 139475 |
| Advisory fee payable | 76066 |
| Trustees' fees and expenses payable | 1846 |
| Accrued expenses and other liabilities | 52198 |
| **Total liabilities** | **1363085** |
| **Total net assets**  | **$288945854** |

---

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

Allspring Real Return Portfolio \| 33

------

Consolidated Statement of operations

Consolidated statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $4145355 |
| Income from affiliated securities | 3993123 |
| Dividends (net of foreign withholdings taxes of $15,066) | 1463570 |
| **Total investment income** | **9602048** |
| Expenses |  |
| Advisory fee | 1003937 |
| Custody and accounting fees | 55997 |
| Professional fees | 82919 |
| Registration fees | 14 |
| Interest holder report expenses | 2764 |
| Trustees' fees and expenses | 15996 |
| Other fees and expenses | 22322 |
| **Total expenses** | **1183949** |
| Less: Fee waivers and/or expense reimbursements | (205111)<br>|
| **Net expenses** | **978838** |
| **Net investment income** | **8623210** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 3281802 |
| Foreign currency and foreign currency translations | (19717)<br>|
| Forward foreign currency contracts | (487385)<br>|
| Futures contracts | 7579706 |
| **Net realized gains on investments** | **10354406** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 6622949 |
| Foreign currency and foreign currency translations | 16 |
| Forward foreign currency contracts | (51172)<br>|
| Futures contracts | 2675424 |
| **Net change in unrealized gains (losses) on investments** | **9247217** |
| **Net realized and unrealized gains (losses) on investments** | **19601623** |
| **Net increase in net assets resulting from operations** | **$28224833** |

---

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

34 \| Allspring Real Return Portfolio

------

Consolidated statement of changes in net assets

Consolidated statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | &nbsp;&nbsp; Year ended<br> April 30, 2024<sup>1</sup> | &nbsp;&nbsp; Year ended <br>May 31, 2023 |
| Operations |  |  |  |
| Net investment income | &nbsp;&nbsp; $8623210 | &nbsp;&nbsp; $8493371 | &nbsp;&nbsp; $9604298 |
| Net realized gains (losses) on investments | &nbsp;&nbsp; 10354406 | &nbsp;&nbsp; (7716409)<br>| &nbsp;&nbsp; 529750 |
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; 9247217 | &nbsp;&nbsp; 4732005 | &nbsp;&nbsp; (16005461)<br>|
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **28224833** | &nbsp;&nbsp; **5508967** | &nbsp;&nbsp; **(5871413)**<br>|
| Capital transactions |  |  |  |
| Transactions in investors' beneficial interests |  |  |  |
| Contributions | &nbsp;&nbsp; 99392530 | &nbsp;&nbsp; 81881639 | &nbsp;&nbsp; 41232899 |
| Withdrawals | &nbsp;&nbsp; (76986128)<br>| &nbsp;&nbsp; (60836515)<br>| &nbsp;&nbsp; (55196249)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** | &nbsp;&nbsp; **22406402** | &nbsp;&nbsp; **21045124** | &nbsp;&nbsp; **(13963350)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **50631235** | &nbsp;&nbsp; **26554091** | &nbsp;&nbsp; **(19834763)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **238314619** | &nbsp;&nbsp; **211760528** | &nbsp;&nbsp; **231595291** |
| **End of period** | &nbsp;&nbsp; **$288945854** | &nbsp;&nbsp; **$238314619** | &nbsp;&nbsp; **$211760528** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

Allspring Real Return Portfolio \| 35

------

Consolidated financial highlights

Consolidated financial highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
|  | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Total return**<sup>2</sup> <br>| **12.02%**<br>| **2.30%**<br>| &nbsp;&nbsp; **(2.73)%**<br>| &nbsp;&nbsp; **(0.14)%**<br>| **9.58%**<br>| **5.92%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.47<br> %<br>| 0.46<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.45<br> %<br>|
| Net expenses<sup>3</sup> <br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Net investment income | 3.44<br> %<br>| 4.07<br> %<br>| 4.45<br> %<br>| 5.54<br> %<br>| 2.57<br> %<br>| 2.16<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Portfolio turnover rate | 61<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

<sup>3</sup> Net expense ratios reflect voluntary waivers, if any.

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

36 \| Allspring Real Return Portfolio

------

Notes to consolidated financial statements

Notes to consolidated financial statements

1. ORGANIZATION

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

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

2. INVESTMENT IN SUBSIDIARY

The Portfolio invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Real Return Special Investments (Cayman) Ltd (the "Subsidiary"), a wholly owned subsidiary incorporated on June 27, 2023 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of April 30, 2025, the Subsidiary had $33,601,461 of investments in affiliates and cash at broker segregated for futures contacts representing 99.94% of its net assets. As of April 30, 2025, the Portfolio held $33,622,588 in the Subsidiary, representing 13.17% of the Portfolio's net assets prior to consolidation.

The consolidated financial statements of the Portfolio include the financial results of the Subsidiary. The Consolidated portfolio of investments includes positions of the Portfolio and the Subsidiary and the consolidated financial statements include the accounts of the Portfolio and the Subsidiary. Accordingly, all interfund balances and transactions between the Portfolio and the Subsidiary have been eliminated in consolidation.

3. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the consolidated financial statements of the Portfolio, 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 consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On April 30, 2025, such fair value pricing was used in pricing certain foreign securities.

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

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

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports

Allspring Real Return Portfolio \| 37

------

Notes to consolidated financial statements

of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Foreign currency translation

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

Loans

The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent the remaining obligation of the Portfolio to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Consolidated statement of assets and liabilities.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Portfolio is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Portfolio and the counterparty.

Futures contracts

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

Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or 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 Consolidated statement of assets and liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Consolidated statement of operations.

Inflation-indexed bonds and TIPS

The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide

38 \| Allspring Real Return Portfolio

------

Notes to consolidated financial statements

a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Security transactions and income recognition

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

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

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

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

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

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Portfolio based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Federal and other taxes

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Portfolio is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Portfolio in the current period nor carried forward to offset taxable income in future periods.

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

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $265,396,367 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $19620854 |
| Gross unrealized losses | &nbsp;&nbsp; (15112859)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$4507995** |

---

Allspring Real Return Portfolio \| 39

------

Notes to consolidated financial statements

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

4. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $4580758 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $4580758 |
| *Consumer discretionary* | &nbsp;&nbsp; 5351986 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5351986 |
| *Consumer staples* | &nbsp;&nbsp; 2355632 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2355632 |
| *Energy* | &nbsp;&nbsp; 1765121 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1765121 |
| *Financials* | &nbsp;&nbsp; 8334567 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8334567 |
| *Health care* | &nbsp;&nbsp; 5104944 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5104944 |
| *Industrials* | &nbsp;&nbsp; 7426318 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7426318 |
| *Information technology* | &nbsp;&nbsp; 12567861 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12567861 |
| *Materials* | &nbsp;&nbsp; 9244194 | &nbsp;&nbsp;&nbsp; 236659 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9480853 |
| *Real estate* | &nbsp;&nbsp; 17673393 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17673393 |
| *Utilities* | &nbsp;&nbsp; 1392397 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1392397 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 21678755 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 21678755 |
| **Investment companies** | &nbsp;&nbsp; 3806568 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3806568 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 565847 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 565847 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 67569049 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 67569049 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3292650 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3292650 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 97077493 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 97077493 |
|  | &nbsp;&nbsp; 244250281 | &nbsp;&nbsp;&nbsp; 25773911 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 270024192 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 702860 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 702860 |
| **Futures contracts** | &nbsp;&nbsp; 4413345 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4413345 |
| **Total assets** | &nbsp;&nbsp; **$248663626** | &nbsp;&nbsp;&nbsp; **$26476771** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$275140397** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $666567 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $666567 |
| **Futures contracts** | &nbsp;&nbsp; 4569468 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4569468 |
| **Total liabilities** | &nbsp;&nbsp; **$4569468** | &nbsp;&nbsp;&nbsp; **$666567** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$5236035** |

---

Futures contracts and forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Consolidated portfolio of investments. For futures contracts, the current day's variation margin is reported on the Consolidated statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

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

40 \| Allspring Real Return Portfolio

------

Notes to consolidated financial statements

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

5. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

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

---

For the year ended April 30, 2025, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio's average daily net assets.

The Subsidiary has entered into a separate advisory contract with Allspring Funds Management to manage the investment and reinvestment of its assets in conformity with its investment objectives and restrictions. Under this agreement, the Subsidiary does not pay Allspring Funds Management a fee for its services.

Allspring Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments") and Allspring Global Investments (UK) Limited ("Allspring UK"), each an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, serves as subadvisers to the Portfolio. Effective December 1, 2023 Allspring UK became a subadviser of the Portfolio. Allspring Investments receives a subadvisory fee at an annual rate starting at 0.18% and declining to 0.12% as the average daily net assets of the Portfolio increase. Allspring UK receives a subadvisory fee for portfolio management services on the assets it co-manages with Allspring Investments at an annual rate starting at 0.10% and declining to 0.06%.

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

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the year ended April 30, 2025.

6. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales proceeds | Sales proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26172832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $116068719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9320691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $81203272 |

---

7. DERIVATIVE TRANSACTIONS

During the year ended April 30, 2025, the Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Portfolio also entered into forward foreign currency contracts for economic hedging purposes.

Allspring Real Return Portfolio \| 41

------

Notes to consolidated financial statements

The volume of the Portfolio's derivative activity during the year ended April 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $9395374 |
| Average contract amounts to sell | &nbsp;&nbsp; 16756223 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $261580764 |
| Average notional balance on short futures | &nbsp;&nbsp; 82435338 |

---

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of April 30, 2025 by primary risk type on the Consolidated statement of assets and liabilities was as follows for the Portfolio:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign <br> currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $702860 | $702860 |
| Futures contracts | &nbsp;&nbsp; 2,120,260 <br>\*<br>| 1,251,441 <br>\*<br>| 697,004 <br>\*<br>| 344,640 <br>\*<br>| 4413345 |
|  | &nbsp;&nbsp; $2120260 | $1251441 | $697004 | $1047500 | $5116205 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $666567 | $666567 |
| Futures contracts | &nbsp;&nbsp; 710,959 <br>\*<br>| 471,990 <br>\*<br>| 3,386,519 <br>\*<br>| 0 | 4569468 |
|  | &nbsp;&nbsp; $710959 | $471990 | $3386519 | $666567 | $5236035 |

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Consolidated Portfolio of investments. For futures contracts, only the current day's variation margin as of April 30, 2025 is reported separately on the Consolidated Statement of assets and liabilities. 

The effect of derivative instruments on the Consolidated statement of operations for the year ended April 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign <br> currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $(487385)<br>| $(487385)<br>|
| Futures contracts | &nbsp;&nbsp; 2107591 | 110588 | 5078611 | 282916 | 7579706 |
|  | &nbsp;&nbsp; $2107591 | $110588 | $5078611 | $(204469)<br>| $7092321 |
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $(51172)<br>| $(51172)<br>|
| Futures contracts | &nbsp;&nbsp; 3769373 | 1062156 | (1416995)<br>| (739110)<br>| 2675424 |
|  | &nbsp;&nbsp; $3769373 | $1062156 | $(1416995)<br>| $(790282)<br>| $2624252 |

---

For certain types of derivative transactions, the Portfolio has entered into International Swaps and Derivatives Association, Inc. master agreements ("ISDA Master Agreements") or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Portfolio to offset, with each counterparty, certain derivative financial instrument's assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Portfolio under ISDA Master Agreements or similar agreements, if any, are reported separately in the Consolidated statement of assets and liabilities. Securities pledged as collateral, if any, are noted in the Consolidated portfolio of investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Consolidated statement of assets and liabilities are

42 \| Allspring Real Return Portfolio

------

Notes to consolidated financial statements

not offset across transactions between the Portfolio and the applicable counterparty. A reconciliation of the gross amounts on the Consolidated statement of assets and liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Consolidated <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Morgan Stanley, Inc. | &nbsp;&nbsp; $702860 | $(666567)<br>| $0 | $36293 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Consolidated <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<br>| Net amount <br>of liabilities<br>|
| Morgan Stanley, Inc. | &nbsp;&nbsp; $666567 | $(666567)<br>| $0 | $0 |

---

8. BANK BORROWINGS

The Portfolio, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio interest holder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended April 30, 2025, there were no borrowings by the Portfolio under the agreement.

9. INDEMNIFICATION

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

Allspring Real Return Portfolio \| 43

------

Report of independent registered public accounting firm

To the Interest Holders of the Portfolio and Board of Trustees

Allspring Master Trust:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statement of assets and liabilities of Allspring Real Return Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the consolidated portfolio of investments, as of April 30, 2025, the related consolidated statements of operations for the year then ended, the consolidated statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Portfolio as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the consolidated financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements and consolidated financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated 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 Portfolio 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 consolidated financial statements and consolidated 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 consolidated financial statements and consolidated 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 consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian, transfer agent, agent banks and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g46179imge37fc1f72.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

June 26, 2025

44 \| Allspring Real Return Portfolio

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 6% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended April 30, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $157,890 of income dividends paid during the fiscal year ended April 30, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended April 30, 2025, $1,458,976 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended April 30, 2025, 22% of the ordinary income distributed was derived from interest on U.S. government securities.

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 and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com.** 

Allspring Real Return Fund \| 45

------

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

46 \| Allspring Real Return Fund

------

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------

*This page is intentionally left blank.*

------

![](g46179img1e19e9bb1.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

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

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

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

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

![](g46179img6d5064d33.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* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR1753 04-25**

------

![](g46179img617180a81.jpg)

Allspring Core Bond Fund

Long Form Financial Statements

Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **<u>[Allspring Core Bond Fund](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_POI-PageBlank-76_1)</u>** |  |
| **[Portfolio of investments](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_POI-PageBlank-76_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_FS-PageBlank-76_1)** |  |
| [Statement of assets and liabilities](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_FS-PageBlank-76_1) | 3 |
| [Statement of operations](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_FS-PageBlank-76_2) | 4 |
| [Statement of changes in net assets](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_FS-PageBlank-76_3) | 5 |
| [Financial highlights](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_FIHI-PageBlank-76_1) | 7 |
| **[Notes to financial statements](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_NTF-PageBlank-76_1)** | 12 |
| **[Report of independent registered public accounting firm](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_AUD-PageBlank-76_1)** | 16 |
| **<u>[Allspring Core Bond Portfolio](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_POI2-PageBlank-61_1)</u>** |  |
| **[Portfolio of investments](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_POI2-PageBlank-61_1)** | 17 |
| **[Item 7. Financial statements and financial highlights](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_FS2-PageBlank-61_1)** |  |
| [Statement of assets and liabilities](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_FS2-PageBlank-61_1) | 46 |
| [Statement of operations](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_FS2-PageBlank-61_2) | 47 |
| [Statement of changes in net assets](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_FS2-PageBlank-61_3) | 48 |
| [Financial highlights](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_FH2-PageBlank-61_1) | 49 |
| **[Notes to financial statements](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_NTF2-PageBlank-61_1)** | 50 |
| **[Report of independent registered public accounting firm](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_AUD2-PageBlank-61_1)** | 54 |
| **[Other information](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_OI-PageBlank-76_1)** | 55 |
| [Item 8. Changes in and disagreements with accountants](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_OI-PageBlank-76_2) | 56 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_OI-PageBlank-76_2) | 56 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_OI-PageBlank-76_2) | 56 |
| [Item 11. Statement regarding basis for board](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_OI-PageBlank-76_2)['](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_OI-PageBlank-76_2)[s approval of investment](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_OI-PageBlank-76_2)<br> [advisory contract](#xx_97555b24-57ea-4fca-a4f7-86e13f13b009_OI-PageBlank-76_2)<br>| 56 |

---

Allspring Core Bond Fund \| 1

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  |  | Value |
| **Investment companies: 100.05%** |  |  |
| **Affiliated master portfolio: 100.05%** |  |  |
| Allspring Core Bond Portfolio |  | &nbsp;&nbsp; **$5101205532** |
| **Total investment companies (Cost $5,150,608,995)** |  | &nbsp;&nbsp; **5101205532** |
| **Total investments in securities (Cost $5,150,608,995)** | 100.05<br> %<br>| &nbsp;&nbsp; 5101205532 |
| Other assets and liabilities, net | (0.05)<br>| &nbsp;&nbsp; (2559079)<br>|
| **Total net assets** | **100.00%**<br>| &nbsp;&nbsp; **$5098646453** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Value, <br>end of <br>period<br>|
| Allspring Core Bond Portfolio | 96.77<br> %<br>| 97.24<br> %<br>| &nbsp;&nbsp; $(12793217)<br>| &nbsp;&nbsp; $184395398 | &nbsp;&nbsp; $7840488 | &nbsp;&nbsp; $235324049 | &nbsp;&nbsp; $5101205532 |

---

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

2 \| Allspring Core Bond Fund

------

Statement of assets and liabilities—April 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in affiliated Master Portfolio, at value (cost $5,150,608,995) | $5101205532 |
| Receivable for Fund shares sold | 3787006 |
| Receivable from manager | 191483 |
| Prepaid expenses and other assets | 162800 |
| **Total assets** | **5105346821** |
| Liabilities |  |
| Payable for Fund shares redeemed | 4008256 |
| Dividends payable | 2221686 |
| Administration fees payable | 282404 |
| Shareholder servicing fees payable | 104073 |
| Distribution fee payable | 4269 |
| Accrued expenses and other liabilities | 79680 |
| **Total liabilities** | **6700368** |
| **Total net assets**  | **$5098646453** |
| Net assets consist of |  |
| Paid-in capital | $5854113978 |
| Total distributable loss | (755467525)<br>|
| **Total net assets** | **$5098646453** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $297113797 |
| Shares outstanding–Class A<sup>1</sup> <br>| 26113242 |
| Net asset value per share–Class A | $11.38 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $11.92 |
| Net assets–Class C | $7161054 |
| Shares outstanding–Class C<sup>1</sup> <br>| 636117 |
| Net asset value per share–Class C | $11.26 |
| Net assets–Class R6 | $1761819060 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 159030552 |
| Net asset value per share–Class R6 | $11.08 |
| Net assets–Administrator Class | $207344506 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 18696352 |
| Net asset value per share–Administrator Class | $11.09 |
| Net assets–Institutional Class | $2825208036 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 255089811 |
| Net asset value per share–Institutional Class | $11.08 |

---

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

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

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

Allspring Core Bond Fund \| 3

------

Statement of operations—year ended April 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest allocated from affiliated Master Portfolio | $235324049 |
| Affiliated income allocated from affiliated Master Portfolio | 7840488 |
| Expenses allocated from affiliated Master Portfolio | (18142764)<br>|
| Waivers allocated from affiliated Master Portfolio | 1262058 |
| **Total investment income** | **226283831** |
| Expenses |  |
| Management fee | 2541306 |
| Administration fees |  |
| Class A | 431405 |
| Class C | 10528 |
| Class R6 | 507779 |
| Administrator Class | 209490 |
| Institutional Class | 2327181 |
| Shareholder servicing fees |  |
| Class A | 719008 |
| Class C | 17547 |
| Administrator Class | 520576 |
| Distribution fee |  |
| Class C | 52641 |
| Custody and accounting fees | 112492 |
| Professional fees | 46858 |
| Registration fees | 183000 |
| Shareholder report expenses | 192501 |
| Trustees' fees and expenses | 45806 |
| Other fees and expenses | 90314 |
| **Total expenses** | **8008432** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (4759436)<br>|
| Class A | (48394)<br>|
| Class C | (7)<br>|
| Administrator Class | (3487)<br>|
| **Net expenses** | **3197108** |
| **Net investment income** | **223086723** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments allocated from affiliated Master Portfolio** | **(12793217)**<br>|
| **Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio** | **184395398** |
| **Net realized and unrealized gains (losses) on investments** | **171602181** |
| **Net increase in net assets resulting from operations** | **$394688904** |

---

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

4 \| Allspring Core Bond Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2024<sup>1</sup> | Year ended<br> April 30, 2024<sup>1</sup> | Year ended <br>May 31, 2023 | Year ended <br>May 31, 2023 |
| Operations |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $223086723 |  | &nbsp;&nbsp; $176180306 |  | &nbsp;&nbsp; $129513108 |
| Net realized losses on investments |  | &nbsp;&nbsp; (12793217)<br>|  | &nbsp;&nbsp; (182272819)<br>|  | &nbsp;&nbsp; (312035594)<br>|
| Net change in unrealized gains <br> (losses) on investments<br>|  | &nbsp;&nbsp; 184395398 |  | &nbsp;&nbsp; 7473247 |  | &nbsp;&nbsp; 85016436 |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>|  | &nbsp;&nbsp; **394688904** |  | &nbsp;&nbsp; **1380734** |  | &nbsp;&nbsp; **(97506050)**<br>|
| Distributions to shareholders <br> from<br>|  |  |  |  |  |  |
| Net investment income and net realized <br> gains<br>|  |  |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (11741556)<br>|  | &nbsp;&nbsp; (9712170)<br>|  | &nbsp;&nbsp; (7675142)<br>|
| Class C |  | &nbsp;&nbsp; (232490)<br>|  | &nbsp;&nbsp; (201046)<br>|  | &nbsp;&nbsp; (131223)<br>|
| Class R |  | &nbsp;&nbsp; N/A |  | &nbsp;&nbsp; (2333 )<sup>2</sup><br>|  | &nbsp;&nbsp; (34090)<br>|
| Class R4 |  | &nbsp;&nbsp; N/A |  | &nbsp;&nbsp; (1594 )<sup>2</sup><br>|  | &nbsp;&nbsp; (48723)<br>|
| Class R6 |  | &nbsp;&nbsp; (75079282)<br>|  | &nbsp;&nbsp; (57542491)<br>|  | &nbsp;&nbsp; (44157011)<br>|
| Administrator Class |  | &nbsp;&nbsp; (8618798)<br>|  | &nbsp;&nbsp; (4826674)<br>|  | &nbsp;&nbsp; (2554745)<br>|
| Institutional Class |  | &nbsp;&nbsp; (127539841)<br>|  | &nbsp;&nbsp; (106334309)<br>|  | &nbsp;&nbsp; (74306035)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(223211967)**<br>|  | &nbsp;&nbsp; **(178620617)**<br>|  | &nbsp;&nbsp; **(128906969)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |  |  |
| Class A | 4661696 | &nbsp;&nbsp; 52933029 | &nbsp;&nbsp; 3775381 | &nbsp;&nbsp; 42217288 | &nbsp;&nbsp; 3547996 | &nbsp;&nbsp; 40597860 |
| Class C | 219232 | &nbsp;&nbsp; 2462892 | &nbsp;&nbsp; 230161 | &nbsp;&nbsp; 2548056 | &nbsp;&nbsp; 203641 | &nbsp;&nbsp; 2319261 |
| Class R | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 2735 <br><sup>2</sup><br>| &nbsp;&nbsp; 30355 <br><sup>2</sup><br>| &nbsp;&nbsp; 9751 | &nbsp;&nbsp; 109924 |
| Class R4 | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 247 <br><sup>2</sup><br>| &nbsp;&nbsp; 2744 <br><sup>2</sup><br>| &nbsp;&nbsp; 81024 | &nbsp;&nbsp; 891840 |
| Class R6 | 60922007 | &nbsp;&nbsp; 673617154 | &nbsp;&nbsp; 41123495 | &nbsp;&nbsp; 447263936 | &nbsp;&nbsp; 48253518 | &nbsp;&nbsp; 536236583 |
| Administrator Class | 4618240 | &nbsp;&nbsp; 51100653 | &nbsp;&nbsp; 13960930 | &nbsp;&nbsp; 151000798 | &nbsp;&nbsp; 1484991 | &nbsp;&nbsp; 16856217 |
| Institutional Class | 82262885 | &nbsp;&nbsp; 907263665 | &nbsp;&nbsp; 94350577 | &nbsp;&nbsp; 1027044433 | &nbsp;&nbsp; 95825733 | &nbsp;&nbsp; 1072136843 |
|  |  | &nbsp;&nbsp; 1687377393 |  | &nbsp;&nbsp; 1670107610 |  | &nbsp;&nbsp; 1669148528 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A | 975694 | &nbsp;&nbsp; 11081103 | &nbsp;&nbsp; 814015 | &nbsp;&nbsp; 9094710 | &nbsp;&nbsp; 629058 | &nbsp;&nbsp; 7205833 |
| Class C | 20637 | &nbsp;&nbsp; 231858 | &nbsp;&nbsp; 18095 | &nbsp;&nbsp; 200099 | &nbsp;&nbsp; 11516 | &nbsp;&nbsp; 130427 |
| Class R | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 <br><sup>2</sup><br>| &nbsp;&nbsp; 2140 | &nbsp;&nbsp; 23904 |
| Class R4 | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 <br><sup>2</sup><br>| &nbsp;&nbsp; 4370 | &nbsp;&nbsp; 48723 |
| Class R6 | 4570905 | &nbsp;&nbsp; 50549524 | &nbsp;&nbsp; 3607558 | &nbsp;&nbsp; 39257749 | &nbsp;&nbsp; 3183589 | &nbsp;&nbsp; 35516927 |
| Administrator Class | 772973 | &nbsp;&nbsp; 8556931 | &nbsp;&nbsp; 434982 | &nbsp;&nbsp; 4743442 | &nbsp;&nbsp; 207042 | &nbsp;&nbsp; 2323885 |
| Institutional Class | 11359176 | &nbsp;&nbsp; 125539412 | &nbsp;&nbsp; 9600161 | &nbsp;&nbsp; 104449143 | &nbsp;&nbsp; 6456679 | &nbsp;&nbsp; 72012292 |
|  |  | &nbsp;&nbsp; 195958828 |  | &nbsp;&nbsp; 157745143 |  | &nbsp;&nbsp; 117261991 |
| Payment for shares redeemed |  |  |  |  |  |  |
| Class A | (4198271)<br>| &nbsp;&nbsp; (47504128)<br>| &nbsp;&nbsp; (4012900)<br>| &nbsp;&nbsp; (44818619)<br>| &nbsp;&nbsp; (7212437)<br>| &nbsp;&nbsp; (82273020)<br>|
| Class C | (260024)<br>| &nbsp;&nbsp; (2915168)<br>| &nbsp;&nbsp; (199174)<br>| &nbsp;&nbsp; (2203392)<br>| &nbsp;&nbsp; (264946)<br>| &nbsp;&nbsp; (3003853)<br>|
| Class R | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; (2903 )<sup>2</sup><br>| &nbsp;&nbsp; (32239 )<sup>2</sup><br>| &nbsp;&nbsp; (17679)<br>| &nbsp;&nbsp; (198692)<br>|
| Class R4 | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; (2032 )<sup>2</sup><br>| &nbsp;&nbsp; (22570 )<sup>2</sup><br>| &nbsp;&nbsp; (144850)<br>| &nbsp;&nbsp; (1619238)<br>|

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> For the period from June 1, 2023 to June 16, 2023

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

Allspring Core Bond Fund \| 5

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2024<sup>1</sup> | Year ended<br> April 30, 2024<sup>1</sup> | Year ended<br> May 31, 2023 | Year ended<br> May 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Class R6 | (46100352)<br>| &nbsp;&nbsp; $(508992308)<br>| &nbsp;&nbsp; (37838638)<br>| &nbsp;&nbsp; $(411501397)<br>| &nbsp;&nbsp; (59239090)<br>| &nbsp;&nbsp; $(658796705)<br>|
| Administrator Class | (4747749)<br>| &nbsp;&nbsp; (52641885)<br>| &nbsp;&nbsp; (2661233)<br>| &nbsp;&nbsp; (28819058)<br>| &nbsp;&nbsp; (10522094)<br>| &nbsp;&nbsp; (119107953)<br>|
| Institutional Class | (106307226)<br>| &nbsp;&nbsp; (1174928928)<br>| &nbsp;&nbsp; (73252492)<br>| &nbsp;&nbsp; (797810765)<br>| &nbsp;&nbsp; (74572722)<br>| &nbsp;&nbsp; (831757832)<br>|
|  |  | &nbsp;&nbsp; (1786982417)<br>|  | &nbsp;&nbsp; (1285208040)<br>|  | &nbsp;&nbsp; (1696757293)<br>|
| Share conversions |  |  |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 114873 | &nbsp;&nbsp; 1307735 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class R | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (117853 )<sup>3</sup><br>| &nbsp;&nbsp; (1307735 )<sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class R4 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (72695 )<sup>3</sup><br>| &nbsp;&nbsp; (806720 )<sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 72800 | &nbsp;&nbsp; 806720 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting** <br> **from capital share transactions**<br>|  | &nbsp;&nbsp; **96353804** |  | &nbsp;&nbsp; **542644713** |  | &nbsp;&nbsp; **89653226** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **267830741** |  | &nbsp;&nbsp; **365404830** |  | &nbsp;&nbsp; **(136759793)**<br>|
| Net assets |  |  |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **4830815712** |  | &nbsp;&nbsp; **4465410882** |  | &nbsp;&nbsp; **4602170675** |
| **End of period** |  | &nbsp;&nbsp; **$5098646453** |  | &nbsp;&nbsp; **$4830815712** |  | &nbsp;&nbsp; **$4465410882** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>3</sup> Effective at the close of business on June 16, 2023, Class R and Class R4 shares each became Class A and Institutional Class shares of the Fund, respectively, in a tax free conversion. Shareholders of Class R and Class R4 shares received Class A and Institutional Class shares, respectively, at a value equal to the value of their respective shares immediately prior to the conversion. Class R and Class R4 shares are no longer offered by the Fund.

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

6 \| Allspring Core Bond Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.99** | &nbsp;&nbsp; **$11.42** | &nbsp;&nbsp; **$12.01** | &nbsp;&nbsp; **$13.43** | &nbsp;&nbsp; **$14.17** | &nbsp;&nbsp; **$13.28** |
| Net investment income | 0.46 <br><sup>2</sup><br>| 0.40 <br><sup>2</sup><br>| 0.31 <br><sup>2</sup><br>| 0.12 | 0.12 <br><sup>2</sup><br>| 0.25 |
| Net realized and unrealized gains (losses) on investments | 0.39 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.06)<br>| 0.93 |
| Total from investment operations | 0.85 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.18)<br>| 0.06 | 1.18 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.46)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions to shareholders | (0.46)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$11.38** | &nbsp;&nbsp; **$10.99** | &nbsp;&nbsp; **$11.42** | &nbsp;&nbsp; **$12.01** | &nbsp;&nbsp; **$13.43** | &nbsp;&nbsp; **$14.17** |
| **Total return**<sup>3</sup> <br>| **7.85%**<br>| &nbsp;&nbsp; **(0.23)%**<br>| &nbsp;&nbsp; **(2.33)%**<br>| &nbsp;&nbsp; **(8.95)%**<br>| **0.31%**<br>| **9.03%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 0.79<br> %<br>| 0.79<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>|
| Net expenses | 0.68<br> %<br>| 0.70<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>|
| Net investment income | 4.08<br> %<br>| 3.88<br> %<br>| 2.66<br> %<br>| 0.91<br> %<br>| 0.87<br> %<br>| 1.85<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 373<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|
| Net assets, end of period (000s omitted) | $297114 | &nbsp;&nbsp; $271188 | &nbsp;&nbsp; $273980 | &nbsp;&nbsp; $324431 | &nbsp;&nbsp; $370882 | &nbsp;&nbsp; $299642 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.33% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.33% |
| Year ended May 31, 2023 | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Core Bond Fund \| 7

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.87** | &nbsp;&nbsp; **$11.30** | &nbsp;&nbsp; **$11.88** | &nbsp;&nbsp; **$13.29** | &nbsp;&nbsp; **$14.03** | &nbsp;&nbsp; **$13.15** |
| Net investment income | 0.37 <br><sup>2</sup><br>| 0.32 <br><sup>2</sup><br>| 0.22 <br><sup>2</sup><br>| 0.05 | 0.03 | 0.15 |
| Net realized and unrealized gains (losses) on investments | 0.39 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.07)<br>| 0.92 |
| Total from investment operations | 0.76 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.04)<br>| 1.07 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions to shareholders | (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | **$11.26** | &nbsp;&nbsp; **$10.87** | &nbsp;&nbsp; **$11.30** | &nbsp;&nbsp; **$11.88** | &nbsp;&nbsp; **$13.29** | &nbsp;&nbsp; **$14.03** |
| **Total return**<sup>3</sup> <br>| **7.07%**<br>| &nbsp;&nbsp; **(0.96)%**<br>| &nbsp;&nbsp; **(3.03)%**<br>| &nbsp;&nbsp; **(9.65)%**<br>| &nbsp;&nbsp; **(0.45)%**<br>| **8.22%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.54<br> %<br>| 1.54<br> %<br>| 1.58<br> %<br>| 1.57<br> %<br>| 1.57<br> %<br>| 1.57<br> %<br>|
| Net expenses | 1.45<br> %<br>| 1.45<br> %<br>| 1.52<br> %<br>| 1.53<br> %<br>| 1.53<br> %<br>| 1.53<br> %<br>|
| Net investment income | 3.31<br> %<br>| 3.13<br> %<br>| 1.92<br> %<br>| 0.13<br> %<br>| 0.16<br> %<br>| 1.11<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 373<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|
| Net assets, end of period (000s omitted) | $7161 | &nbsp;&nbsp; $7137 | &nbsp;&nbsp; $6863 | &nbsp;&nbsp; $7806 | &nbsp;&nbsp; $13399 | &nbsp;&nbsp; $27971 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.33% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.33% |
| Year ended May 31, 2023 | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

8 \| Allspring Core Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class R6 | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.70** | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$11.69** | &nbsp;&nbsp; **$13.08** | &nbsp;&nbsp; **$13.82** | &nbsp;&nbsp; **$12.95** |
| Net investment income | 0.49 <br><sup>2</sup><br>| 0.42 <br><sup>2</sup><br>| 0.34 <br><sup>2</sup><br>| 0.17 | 0.18 <br><sup>2</sup><br>| 0.30 |
| Net realized and unrealized gains (losses) on investments | 0.38 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.06)<br>| 0.91 |
| Total from investment operations | 0.87 | 0.01 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.10)<br>| 0.12 | 1.21 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.49)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions to shareholders | (0.49)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Net asset value, end of period** | **$11.08** | &nbsp;&nbsp; **$10.70** | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$11.69** | &nbsp;&nbsp; **$13.08** | &nbsp;&nbsp; **$13.82** |
| **Total return**<sup>3</sup> <br>| **8.23%**<br>| **0.09%**<br>| &nbsp;&nbsp; **(1.90)%**<br>| &nbsp;&nbsp; **(8.61)%**<br>| **0.70%**<br>| **9.42%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.45<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>|
| Net expenses | 0.33<br> %<br>| 0.33<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>|
| Net investment income | 4.43<br> %<br>| 4.26<br> %<br>| 3.06<br> %<br>| 1.32<br> %<br>| 1.29<br> %<br>| 2.26<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 373<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|
| Net assets, end of period (000s omitted) | $1761819 | &nbsp;&nbsp; $1494334 | &nbsp;&nbsp; $1476551 | &nbsp;&nbsp; $1643353 | &nbsp;&nbsp; $1978164 | &nbsp;&nbsp; $2545332 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.33% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.33% |
| Year ended May 31, 2023 | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Core Bond Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Administrator Class | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.71** | &nbsp;&nbsp; **$11.13** | &nbsp;&nbsp; **$11.70** | &nbsp;&nbsp; **$13.09** | &nbsp;&nbsp; **$13.83** | &nbsp;&nbsp; **$12.96** |
| Net investment income | 0.45 <br><sup>2</sup><br>| 0.40 <br><sup>2</sup><br>| 0.29 <br><sup>2</sup><br>| 0.13 | 0.13 | 0.26 |
| Net realized and unrealized gains (losses) on investments | 0.38 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.06)<br>| 0.90 |
| Total from investment operations | 0.83 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.14)<br>| 0.07 | 1.16 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.45)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions to shareholders | (0.45)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$11.09** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$11.13** | &nbsp;&nbsp; **$11.70** | &nbsp;&nbsp; **$13.09** | &nbsp;&nbsp; **$13.83** |
| **Total return**<sup>3</sup> <br>| **7.88%**<br>| &nbsp;&nbsp; **(0.19)%**<br>| &nbsp;&nbsp; **(2.22)%**<br>| &nbsp;&nbsp; **(8.90)%**<br>| **0.37%**<br>| **9.14%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 0.74<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>|
| Net expenses | 0.65<br> %<br>| 0.65<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Net investment income | 4.11<br> %<br>| 4.00<br> %<br>| 2.60<br> %<br>| 0.99<br> %<br>| 0.95<br> %<br>| 1.92<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 373<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|
| Net assets, end of period (000s omitted) | $207345 | &nbsp;&nbsp; $193394 | &nbsp;&nbsp; $70352 | &nbsp;&nbsp; $177305 | &nbsp;&nbsp; $214796 | &nbsp;&nbsp; $218522 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.33% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.33% |
| Year ended May 31, 2023 | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

10 \| Allspring Core Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.70** | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$11.69** | &nbsp;&nbsp; **$13.07** | &nbsp;&nbsp; **$13.82** | &nbsp;&nbsp; **$12.94** |
| Net investment income | 0.48 <br><sup>2</sup><br>| 0.42 <br><sup>2</sup><br>| 0.34 <br><sup>2</sup><br>| 0.16 | 0.17 | 0.29 |
| Net realized and unrealized gains (losses) on investments | 0.38 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (0.07)<br>| 0.92 |
| Total from investment operations | 0.86 | 0.00 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.10)<br>| 0.10 | 1.21 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.48)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.30)<br>|
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions to shareholders | (0.48)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Net asset value, end of period** | **$11.08** | &nbsp;&nbsp; **$10.70** | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$11.69** | &nbsp;&nbsp; **$13.07** | &nbsp;&nbsp; **$13.82** |
| **Total return**<sup>3</sup> <br>| **8.18%**<br>| **0.04%**<br>| &nbsp;&nbsp; **(1.95)%**<br>| &nbsp;&nbsp; **(8.59)%**<br>| **0.58%**<br>| **9.45%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 0.47<br> %<br>| 0.47<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>|
| Net expenses | 0.38<br> %<br>| 0.38<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>|
| Net investment income | 4.38<br> %<br>| 4.21<br> %<br>| 3.05<br> %<br>| 1.27<br> %<br>| 1.22<br> %<br>| 2.21<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 373<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|
| Net assets, end of period (000s omitted) | $2825208 | &nbsp;&nbsp; $2864763 | &nbsp;&nbsp; $2635520 | &nbsp;&nbsp; $2446260 | &nbsp;&nbsp; $2749647 | &nbsp;&nbsp; $2365421 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.33% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.33% |
| Year ended May 31, 2023 | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Core Bond Fund \| 11

------

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Core Bond Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of April 30, 2025, the Fund owned 97.24% of Allspring Core Bond Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the year ended April 30, 2025 are included in this report and should be read in conjunction with the Fund's financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily.

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

Investment transactions, income and expenses

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

Distributions to shareholders

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

12 \| Allspring Core Bond Fund

------

Notes to financial statements

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $5,157,988,762 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $3192 |
| Gross unrealized losses | &nbsp;&nbsp; (56786422)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(56783230)**<br>|

---

As of April 30, 2025, the Fund had capital loss carryforwards which consist of $297,480,448 in short-term capital losses $401,247,329 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At April 30, 2025, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| Affiliated Master Portfolio | Investment objective | &nbsp;&nbsp;&nbsp; Fair value of affiliated <br>Master Portfolio<br>|
| Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation | $5101205532 |

---

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays, generally on a monthly basis, Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.050<br> %<br>|
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |

---

For the year ended April 30, 2025, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee, generally paid on a monthly basis, from the affiliated Master Portfolio for those services.

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Allspring Core Bond Fund \| 13

------

Notes to financial statements

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of April 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.70<br> %<br>|
| Class C | 1.45 |
| Class R6 | 0.33 |
| Administrator Class | 0.65 |
| Institutional Class | 0.38 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended April 30, 2025, Allspring Funds Distributor received $7,272 from the sale of Class A shares and $5 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended April 30, 2025.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding short-term securities, for the year ended April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales proceeds | Sales proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17062303247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2669942392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17196511596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2437934842 |

---

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 April 30, 2025, there were no borrowings by the Fund under the agreement.

14 \| Allspring Core Bond Fund

------

Notes to financial statements

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

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the year ended April 30, 2025, eleven months ended April 30, 2024 and year ended May 31, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended <br>April 30 | Year ended <br>April 30 | Year ended <br>May 31,<br>|
|  | 2025 | 2024 | 2023 |
| **Ordinary income** | $223211967 | $178620617 | $128906969 |

---

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $2321795 | &nbsp;&nbsp; $(56783230)<br>| &nbsp;&nbsp;&nbsp; $(698727777)<br>|

---

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Allspring Core Bond Fund \| 15

------

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 Core Bond Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023, 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 interests held as of April 30, 2025, by correspondence with the transfer agent of the master portfolio. 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.

![](g46179img906e0f6d2.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

June 26, 2025

16 \| Allspring Core Bond Fund

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 45.81%** |  |  |  |  |
| FHLMC | 2.00<br> %<br>| &nbsp;&nbsp; 11-1-2030 | $3742384 | &nbsp;&nbsp; $3586543 |
| FHLMC | 2.00 | &nbsp;&nbsp; 12-1-2030 | 1908471 | &nbsp;&nbsp; 1828857 |
| FHLMC | 2.00 | &nbsp;&nbsp; 6-1-2040 | 7805205 | &nbsp;&nbsp; 6895405 |
| FHLMC | 2.00 | &nbsp;&nbsp; 7-1-2040 | 14705339 | &nbsp;&nbsp; 12990242 |
| FHLMC | 2.00 | &nbsp;&nbsp; 8-1-2040 | 8362783 | &nbsp;&nbsp; 7384036 |
| FHLMC | 2.00 | &nbsp;&nbsp; 10-1-2040 | 8377498 | &nbsp;&nbsp; 7235616 |
| FHLMC | 2.00 | &nbsp;&nbsp; 11-1-2040 | 15578609 | &nbsp;&nbsp; 13455131 |
| FHLMC | 2.00 | &nbsp;&nbsp; 12-1-2040 | 2749312 | &nbsp;&nbsp; 2372265 |
| FHLMC | 2.00 | &nbsp;&nbsp; 1-1-2041 | 2131984 | &nbsp;&nbsp; 1839608 |
| FHLMC | 2.00 | &nbsp;&nbsp; 2-1-2041 | 2183485 | &nbsp;&nbsp; 1882447 |
| FHLMC | 2.00 | &nbsp;&nbsp; 11-1-2041 | 4286814 | &nbsp;&nbsp; 3667772 |
| FHLMC | 2.00 | &nbsp;&nbsp; 3-1-2042 | 4850075 | &nbsp;&nbsp; 4136088 |
| FHLMC | 2.00 | &nbsp;&nbsp; 2-1-2047 | 1948956 | &nbsp;&nbsp; 1562628 |
| FHLMC | 2.00 | &nbsp;&nbsp; 12-1-2051 | 1271796 | &nbsp;&nbsp; 1040984 |
| FHLMC | 2.50 | &nbsp;&nbsp; 10-1-2032 | 65113817 | &nbsp;&nbsp; 62728519 |
| FHLMC | 2.50 | &nbsp;&nbsp; 4-1-2037 | 3423650 | &nbsp;&nbsp; 3209752 |
| FHLMC | 2.50 | &nbsp;&nbsp; 4-1-2042 | 1639748 | &nbsp;&nbsp; 1445482 |
| FHLMC | 2.50 | &nbsp;&nbsp; 5-1-2042 | 5428200 | &nbsp;&nbsp; 4770032 |
| FHLMC | 2.50 | &nbsp;&nbsp; 6-1-2042 | 1983512 | &nbsp;&nbsp; 1748524 |
| FHLMC | 2.50 | &nbsp;&nbsp; 8-1-2043 | 4859180 | &nbsp;&nbsp; 4363319 |
| FHLMC | 2.50 | &nbsp;&nbsp; 6-1-2046 | 5828612 | &nbsp;&nbsp; 5161619 |
| FHLMC | 2.50 | &nbsp;&nbsp; 9-1-2051 | 9125091 | &nbsp;&nbsp; 7713043 |
| FHLMC | 2.50 | &nbsp;&nbsp; 1-1-2052 | 56782734 | &nbsp;&nbsp; 47948375 |
| FHLMC | 2.50 | &nbsp;&nbsp; 2-1-2052 | 910284 | &nbsp;&nbsp; 763984 |
| FHLMC | 2.50 | &nbsp;&nbsp; 3-1-2052 | 3214463 | &nbsp;&nbsp; 2701272 |
| FHLMC | 3.00 | &nbsp;&nbsp; 4-1-2040 | 2336087 | &nbsp;&nbsp; 2176500 |
| FHLMC | 3.00 | &nbsp;&nbsp; 3-1-2043 | 2022630 | &nbsp;&nbsp; 1840436 |
| FHLMC | 3.00 | &nbsp;&nbsp; 4-1-2043 | 2762504 | &nbsp;&nbsp; 2516917 |
| FHLMC | 3.00 | &nbsp;&nbsp; 8-1-2043 | 4282854 | &nbsp;&nbsp; 3896780 |
| FHLMC | 3.00 | &nbsp;&nbsp; 2-1-2045 | 6636925 | &nbsp;&nbsp; 5967472 |
| FHLMC | 3.00 | &nbsp;&nbsp; 4-1-2045 | 10415597 | &nbsp;&nbsp; 9457257 |
| FHLMC | 3.00 | &nbsp;&nbsp; 5-1-2045 | 3498846 | &nbsp;&nbsp; 3125309 |
| FHLMC | 3.00 | &nbsp;&nbsp; 9-1-2046 | 4930427 | &nbsp;&nbsp; 4390626 |
| FHLMC | 3.00 | &nbsp;&nbsp; 5-1-2049 | 2769782 | &nbsp;&nbsp; 2463184 |
| FHLMC | 3.00 | &nbsp;&nbsp; 11-1-2049 | 3297053 | &nbsp;&nbsp; 2929356 |
| FHLMC | 3.00 | &nbsp;&nbsp; 5-1-2043 | 6762689 | &nbsp;&nbsp; 6169973 |
| FHLMC | 3.00 | &nbsp;&nbsp; 1-1-2046 | 3335353 | &nbsp;&nbsp; 3045607 |
| FHLMC | 3.00 | &nbsp;&nbsp; 2-1-2047 | 1347354 | &nbsp;&nbsp; 1228415 |
| FHLMC | 3.00 | &nbsp;&nbsp; 4-1-2047 | 20652308 | &nbsp;&nbsp; 18348439 |
| FHLMC | 4.00 | &nbsp;&nbsp; 3-1-2050 | 9245483 | &nbsp;&nbsp; 8767177 |
| FHLMC | 4.50 | &nbsp;&nbsp; 6-1-2039 | 134372 | &nbsp;&nbsp; 134203 |
| FHLMC | 4.50 | &nbsp;&nbsp; 7-1-2039 | 155075 | &nbsp;&nbsp; 154889 |
| FHLMC | 5.50 | &nbsp;&nbsp; 4-1-2054 | 12775034 | &nbsp;&nbsp; 12752586 |
| FHLMC | 5.50 | &nbsp;&nbsp; 5-1-2054 | 6476520 | &nbsp;&nbsp; 6466807 |
| FHLMC | 5.50 | &nbsp;&nbsp; 12-1-2054 | 2531709 | &nbsp;&nbsp; 2582784 |
| FHLMC | 6.00 | &nbsp;&nbsp; 7-1-2054 | 4276763 | &nbsp;&nbsp; 4431568 |
| FHLMC | 6.00 | &nbsp;&nbsp; 9-1-2054 | 32904049 | &nbsp;&nbsp; 34108033 |
| FHLMC | 6.00 | &nbsp;&nbsp; 10-1-2054 | 5666818 | &nbsp;&nbsp; 5874743 |

---

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

Allspring Core Bond Portfolio \| 17

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FHLMC | 6.00<br> %<br>| &nbsp;&nbsp; 12-1-2054 | $3887088 | &nbsp;&nbsp; $4037885 |
| FHLMC | 6.50 | &nbsp;&nbsp; 9-1-2054 | 13171047 | &nbsp;&nbsp; 13852059 |
| FHLMC | 6.50 | &nbsp;&nbsp; 10-1-2054 | 3879702 | &nbsp;&nbsp; 4093990 |
| FHLMC | 6.50 | &nbsp;&nbsp; 11-1-2054 | 1006951 | &nbsp;&nbsp; 1057855 |
| FHLMC | 6.50 | &nbsp;&nbsp; 1-1-2055 | 2589179 | &nbsp;&nbsp; 2725040 |
| FHLMC | 6.50 | &nbsp;&nbsp; 2-1-2055 | 2207728 | &nbsp;&nbsp; 2323572 |
| FHLMC | 6.50 | &nbsp;&nbsp; 3-1-2055 | 2288057 | &nbsp;&nbsp; 2409520 |
| FHLMC STRIPS Series 264 Class 30 | 3.00 | &nbsp;&nbsp; 7-15-2042 | 4450298 | &nbsp;&nbsp; 4090566 |
| &nbsp;&nbsp; FHLMC STRIPS Series 271 Class F5 (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.96 | &nbsp;&nbsp; 8-15-2042 | 1351071 | &nbsp;&nbsp; 1328399 |
| &nbsp;&nbsp; FHLMC STRIPS Series 272 Class F1 (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.96 | &nbsp;&nbsp; 8-15-2042 | 2084451 | &nbsp;&nbsp; 2049581 |
| &nbsp;&nbsp; FHLMC STRIPS Series 280 Class F1 (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.96 | &nbsp;&nbsp; 9-15-2042 | 2123520 | &nbsp;&nbsp; 2087814 |
| FHLMC (30 Day Average U.S. SOFR+2.14%)± | 3.95 | &nbsp;&nbsp; 8-1-2052 | 2723040 | &nbsp;&nbsp; 2622126 |
| FHLMC (30 Day Average U.S. SOFR+2.31%)± | 4.22 | &nbsp;&nbsp; 5-1-2053 | 7859903 | &nbsp;&nbsp; 7785096 |
| FHLMC (30 Day Average U.S. SOFR+2.35%)± | 4.62 | &nbsp;&nbsp; 3-1-2053 | 6310075 | &nbsp;&nbsp; 6188400 |
| FHLMC (RFUCCT1Y+1.62%)± | 3.11 | &nbsp;&nbsp; 2-1-2050 | 3098249 | &nbsp;&nbsp; 3090492 |
| FHLMC (RFUCCT1Y+1.64%)± | 4.66 | &nbsp;&nbsp; 11-1-2048 | 1808291 | &nbsp;&nbsp; 1877842 |
| FHLMC Series 1897 Class K | 7.00 | &nbsp;&nbsp; 9-15-2026 | 16 | &nbsp;&nbsp; 16 |
| FHLMC Series 326 Class F2 (30 Day Average U.S. SOFR+0.66%)± | 5.01 | &nbsp;&nbsp; 3-15-2044 | 1956023 | &nbsp;&nbsp; 1948667 |
| &nbsp;&nbsp; FHLMC Series 3693 Class FC (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.96 | &nbsp;&nbsp; 7-15-2040 | 1646944 | &nbsp;&nbsp; 1631668 |
| FHLMC Series 3919 Class FA (30 Day Average U.S. SOFR+0.61%)± | 4.96 | &nbsp;&nbsp; 9-15-2041 | 1583690 | &nbsp;&nbsp; 1567892 |
| &nbsp;&nbsp; FHLMC Series 3958 Class AF (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.91 | &nbsp;&nbsp; 11-15-2041 | 1484065 | &nbsp;&nbsp; 1467235 |
| &nbsp;&nbsp; FHLMC Series 3975 Class FA (30 Day Average <br> U.S. SOFR+0.60%)±<br>| 4.95 | &nbsp;&nbsp; 12-15-2041 | 1388777 | &nbsp;&nbsp; 1374876 |
| &nbsp;&nbsp; FHLMC Series 3990 Class FG (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.91 | &nbsp;&nbsp; 1-15-2042 | 1738050 | &nbsp;&nbsp; 1717735 |
| &nbsp;&nbsp; FHLMC Series 4059 Class FP (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.91 | &nbsp;&nbsp; 6-15-2042 | 1962517 | &nbsp;&nbsp; 1936752 |
| FHLMC Series 4091 Class BX | 3.25 | &nbsp;&nbsp; 10-15-2041 | 2318659 | &nbsp;&nbsp; 2172999 |
| FHLMC Series 4091 Class MX | 3.25 | &nbsp;&nbsp; 2-15-2042 | 1825945 | &nbsp;&nbsp; 1702951 |
| FHLMC Series 4091 Class EX | 3.38 | &nbsp;&nbsp; 7-15-2042 | 1428373 | &nbsp;&nbsp; 1341547 |
| &nbsp;&nbsp; FHLMC Series 4091 Class FN (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.86 | &nbsp;&nbsp; 8-15-2042 | 1456115 | &nbsp;&nbsp; 1432491 |
| FHLMC Series 4117 Class HB | 2.50 | &nbsp;&nbsp; 10-15-2042 | 1552800 | &nbsp;&nbsp; 1382202 |
| FHLMC Series 4122 Class FP (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 10-15-2042 | 2658724 | &nbsp;&nbsp; 2607506 |
| FHLMC Series 4160 Class HP | 2.50 | &nbsp;&nbsp; 1-15-2033 | 1696951 | &nbsp;&nbsp; 1629273 |
| &nbsp;&nbsp; FHLMC Series 4184 Class FN (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.81 | &nbsp;&nbsp; 3-15-2043 | 1191639 | &nbsp;&nbsp; 1170626 |
| FHLMC Series 4205 Class PA | 1.75 | &nbsp;&nbsp; 5-15-2043 | 1367004 | &nbsp;&nbsp; 1175840 |
| FHLMC Series 4240 Class FA (30 Day Average U.S. SOFR+0.61%)± | 4.96 | &nbsp;&nbsp; 8-15-2043 | 3829225 | &nbsp;&nbsp; 3760599 |
| FHLMC Series 4273 Class PF (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 11-15-2043 | 1657825 | &nbsp;&nbsp; 1645826 |
| FHLMC Series 4281 Class FA (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 12-15-2043 | 705084 | &nbsp;&nbsp; 698111 |
| &nbsp;&nbsp; FHLMC Series 4286 Class VF (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.91 | &nbsp;&nbsp; 12-15-2043 | 3052713 | &nbsp;&nbsp; 2999749 |

---

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

18 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; FHLMC Series 4303 Class FA (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.81<br> %<br>| &nbsp;&nbsp; 2-15-2044 | $1265461 | &nbsp;&nbsp; $1241100 |
| FHLMC Series 4427 Class CE | 3.00 | &nbsp;&nbsp; 2-15-2034 | 472331 | &nbsp;&nbsp; 465750 |
| FHLMC Series 4446 Class CP | 2.25 | &nbsp;&nbsp; 3-15-2045 | 1732112 | &nbsp;&nbsp; 1538072 |
| FHLMC Series 4527 Class GA | 3.00 | &nbsp;&nbsp; 2-15-2044 | 3363075 | &nbsp;&nbsp; 3233127 |
| FHLMC Series 4533 Class AB | 3.00 | &nbsp;&nbsp; 6-15-2044 | 4517285 | &nbsp;&nbsp; 4350110 |
| FHLMC Series 4544 Class P | 2.50 | &nbsp;&nbsp; 1-15-2046 | 10080714 | &nbsp;&nbsp; 8833061 |
| FHLMC Series 4582 Class HA | 3.00 | &nbsp;&nbsp; 9-15-2045 | 7014599 | &nbsp;&nbsp; 6666776 |
| &nbsp;&nbsp; FHLMC Series 4587 Class AF (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.81 | &nbsp;&nbsp; 6-15-2046 | 2180281 | &nbsp;&nbsp; 2162880 |
| FHLMC Series 4604 Class FB (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 8-15-2046 | 4062720 | &nbsp;&nbsp; 4022162 |
| &nbsp;&nbsp; FHLMC Series 4611 Class BF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.86 | &nbsp;&nbsp; 6-15-2041 | 15474456 | &nbsp;&nbsp; 15321906 |
| FHLMC Series 4620 Class LF (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 10-15-2046 | 2229188 | &nbsp;&nbsp; 2199489 |
| FHLMC Series 4628 Class KF (30 Day Average U.S. SOFR+0.61%)± | 4.96 | &nbsp;&nbsp; 1-15-2055 | 2181537 | &nbsp;&nbsp; 2132273 |
| FHLMC Series 4709 Class FA (30 Day Average U.S. SOFR+0.41%)± | 4.76 | &nbsp;&nbsp; 8-15-2047 | 1626863 | &nbsp;&nbsp; 1595730 |
| FHLMC Series 4719 Class LM | 3.00 | &nbsp;&nbsp; 9-15-2047 | 1529495 | &nbsp;&nbsp; 1369975 |
| FHLMC Series 4719 Class LA | 3.50 | &nbsp;&nbsp; 9-15-2047 | 2033268 | &nbsp;&nbsp; 1883260 |
| FHLMC Series 4742 Class PA | 3.00 | &nbsp;&nbsp; 10-15-2047 | 3214158 | &nbsp;&nbsp; 2945366 |
| FHLMC Series 4753 Class BD | 3.00 | &nbsp;&nbsp; 1-15-2048 | 1882885 | &nbsp;&nbsp; 1696322 |
| FHLMC Series 4826 Class KF (30 Day Average U.S. SOFR+0.41%)± | 4.76 | &nbsp;&nbsp; 9-15-2048 | 1230519 | &nbsp;&nbsp; 1198190 |
| FHLMC Series 4854 Class FB (30 Day Average U.S. SOFR+0.41%)± | 4.76 | &nbsp;&nbsp; 1-15-2049 | 4227711 | &nbsp;&nbsp; 4177838 |
| FHLMC Series 4857 Class JA | 3.35 | &nbsp;&nbsp; 1-15-2049 | 5984825 | &nbsp;&nbsp; 5724123 |
| FHLMC Series 4880 Class DA | 3.00 | &nbsp;&nbsp; 5-15-2050 | 2722123 | &nbsp;&nbsp; 2504894 |
| &nbsp;&nbsp; FHLMC Series 4903 Class NF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 8-25-2049 | 1238248 | &nbsp;&nbsp; 1212543 |
| FHLMC Series 4927 Class BG | 3.00 | &nbsp;&nbsp; 11-25-2049 | 2746936 | &nbsp;&nbsp; 2540139 |
| FHLMC Series 4937 Class MD | 2.50 | &nbsp;&nbsp; 10-25-2049 | 2865445 | &nbsp;&nbsp; 2548912 |
| FHLMC Series 4940 Class AG | 3.00 | &nbsp;&nbsp; 5-15-2040 | 1835896 | &nbsp;&nbsp; 1739939 |
| FHLMC Series 4941 Class GA | 2.00 | &nbsp;&nbsp; 12-15-2047 | 1578692 | &nbsp;&nbsp; 1328230 |
| FHLMC Series 4954 Class LB | 2.50 | &nbsp;&nbsp; 2-25-2050 | 1388994 | &nbsp;&nbsp; 1221840 |
| FHLMC Series 4957 Class MY | 3.00 | &nbsp;&nbsp; 2-25-2050 | 1883000 | &nbsp;&nbsp; 1561166 |
| &nbsp;&nbsp; FHLMC Series 4988 Class KF (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.82 | &nbsp;&nbsp; 7-25-2050 | 2473681 | &nbsp;&nbsp; 2445912 |
| &nbsp;&nbsp; FHLMC Series 4993 Class KF (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.92 | &nbsp;&nbsp; 7-25-2050 | 11547196 | &nbsp;&nbsp; 11081923 |
| &nbsp;&nbsp; FHLMC Series 5004 Class FM (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.82 | &nbsp;&nbsp; 8-25-2050 | 2314214 | &nbsp;&nbsp; 2202310 |
| FHLMC Series 5020 Class ET | 3.50 | &nbsp;&nbsp; 10-25-2050 | 2484511 | &nbsp;&nbsp; 2283241 |
| FHLMC Series 5058 Class BC | 5.00 | &nbsp;&nbsp; 11-25-2050 | 1851687 | &nbsp;&nbsp; 1829450 |
| FHLMC Series 5091 Class AB | 1.50 | &nbsp;&nbsp; 3-25-2051 | 4925108 | &nbsp;&nbsp; 3995432 |
| FHLMC Series 5092 Class HE | 2.00 | &nbsp;&nbsp; 2-25-2051 | 3015823 | &nbsp;&nbsp; 2494224 |
| FHLMC Series 5114 Class AD | 1.50 | &nbsp;&nbsp; 8-25-2047 | 12490234 | &nbsp;&nbsp; 10813908 |
| FHLMC Series 5116 Class PB | 2.25 | &nbsp;&nbsp; 2-25-2051 | 3051750 | &nbsp;&nbsp; 2688070 |
| FHLMC Series 5118 Class CA | 1.50 | &nbsp;&nbsp; 10-15-2033 | 2577228 | &nbsp;&nbsp; 2377352 |
| FHLMC Series 5119 Class AB | 1.50 | &nbsp;&nbsp; 8-25-2049 | 2911164 | &nbsp;&nbsp; 2322799 |
| &nbsp;&nbsp; FHLMC Series 5119 Class QF (30 Day Average <br> U.S. SOFR+0.20%)±<br>| 4.55 | &nbsp;&nbsp; 6-25-2051 | 3410562 | &nbsp;&nbsp; 3183394 |

---

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

Allspring Core Bond Portfolio \| 19

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FHLMC Series 5178 Class TP | 2.50<br> %<br>| &nbsp;&nbsp; 4-25-2049 | $3870291 | &nbsp;&nbsp; $3435473 |
| FHLMC Series 5182 Class M | 2.50 | &nbsp;&nbsp; 5-25-2049 | 2245323 | &nbsp;&nbsp; 2029339 |
| FHLMC Series 5201 Class CA | 2.50 | &nbsp;&nbsp; 7-25-2048 | 3186696 | &nbsp;&nbsp; 2922652 |
| FHLMC Series 5202 Class BH | 2.00 | &nbsp;&nbsp; 12-25-2047 | 1761498 | &nbsp;&nbsp; 1625085 |
| FHLMC Series 5202 Class KA | 2.50 | &nbsp;&nbsp; 6-25-2049 | 2920332 | &nbsp;&nbsp; 2620893 |
| FHLMC Series 5202 Class TA | 2.50 | &nbsp;&nbsp; 12-25-2048 | 5364996 | &nbsp;&nbsp; 4937296 |
| FHLMC Series 5206 Class CD | 3.50 | &nbsp;&nbsp; 5-25-2049 | 3480054 | &nbsp;&nbsp; 3252371 |
| FHLMC Series 5207 Class PA | 3.00 | &nbsp;&nbsp; 6-25-2051 | 3887048 | &nbsp;&nbsp; 3483834 |
| FHLMC Series 5209 Class EA | 3.00 | &nbsp;&nbsp; 8-25-2050 | 2856673 | &nbsp;&nbsp; 2627374 |
| FHLMC Series 5209 Class EJ | 3.00 | &nbsp;&nbsp; 8-25-2050 | 2856673 | &nbsp;&nbsp; 2627374 |
| FHLMC Series 5210 Class DC | 3.00 | &nbsp;&nbsp; 9-25-2051 | 2845556 | &nbsp;&nbsp; 2663711 |
| FHLMC Series 5217 Class CD | 2.50 | &nbsp;&nbsp; 7-25-2049 | 2604315 | &nbsp;&nbsp; 2425299 |
| FHLMC Series 5220 Class QK | 3.50 | &nbsp;&nbsp; 9-25-2050 | 5348639 | &nbsp;&nbsp; 5118824 |
| FHLMC Series 5228 Class TN | 3.50 | &nbsp;&nbsp; 7-25-2039 | 2566254 | &nbsp;&nbsp; 2463592 |
| FHLMC Series 5335 Class FB (30 Day Average U.S. SOFR+0.81%)± | 5.16 | &nbsp;&nbsp; 10-15-2039 | 5012522 | &nbsp;&nbsp; 5019051 |
| &nbsp;&nbsp; FHLMC Series 5338 Class FH (30 Day Average <br> U.S. SOFR+0.41%)±<br>| 4.76 | &nbsp;&nbsp; 4-15-2045 | 4529625 | &nbsp;&nbsp; 4420618 |
| &nbsp;&nbsp; FHLMC Series 5396 Class HF (30 Day Average <br> U.S. SOFR+0.95%)±<br>| 5.30 | &nbsp;&nbsp; 4-25-2054 | 6350522 | &nbsp;&nbsp; 6380169 |
| &nbsp;&nbsp; FHLMC Series 5399 Class FB (30 Day Average <br> U.S. SOFR+0.90%)±<br>| 5.25 | &nbsp;&nbsp; 4-25-2054 | 4159556 | &nbsp;&nbsp; 4152011 |
| FHLMC Series 5410 Class JY | 3.00 | &nbsp;&nbsp; 3-15-2044 | 3133266 | &nbsp;&nbsp; 2704646 |
| &nbsp;&nbsp; FHLMC Series 5451 Class FD (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.86 | &nbsp;&nbsp; 1-15-2044 | 2445667 | &nbsp;&nbsp; 2404057 |
| FHLMC Series 5452 Class KY | 3.00 | &nbsp;&nbsp; 3-15-2044 | 3353681 | &nbsp;&nbsp; 2916479 |
| FNMA | 2.00 | &nbsp;&nbsp; 10-1-2030 | 1581559 | &nbsp;&nbsp; 1516479 |
| FNMA | 2.00 | &nbsp;&nbsp; 12-1-2030 | 1824722 | &nbsp;&nbsp; 1748712 |
| FNMA | 2.00 | &nbsp;&nbsp; 2-1-2031 | 8814790 | &nbsp;&nbsp; 8433638 |
| FNMA | 2.00 | &nbsp;&nbsp; 3-1-2031 | 3453973 | &nbsp;&nbsp; 3304787 |
| FNMA | 2.00 | &nbsp;&nbsp; 6-1-2040 | 2628940 | &nbsp;&nbsp; 2323272 |
| FNMA | 2.00 | &nbsp;&nbsp; 7-1-2040 | 7934370 | &nbsp;&nbsp; 6817140 |
| FNMA | 2.00 | &nbsp;&nbsp; 8-1-2040 | 20053009 | &nbsp;&nbsp; 17706233 |
| FNMA | 2.00 | &nbsp;&nbsp; 9-1-2040 | 8950772 | &nbsp;&nbsp; 7900034 |
| FNMA | 2.00 | &nbsp;&nbsp; 10-1-2040 | 13526973 | &nbsp;&nbsp; 11933854 |
| FNMA | 2.00 | &nbsp;&nbsp; 11-1-2040 | 7813700 | &nbsp;&nbsp; 6892058 |
| FNMA | 2.00 | &nbsp;&nbsp; 12-1-2040 | 18490217 | &nbsp;&nbsp; 15969914 |
| FNMA | 2.00 | &nbsp;&nbsp; 4-1-2041 | 3300562 | &nbsp;&nbsp; 2843979 |
| FNMA | 2.00 | &nbsp;&nbsp; 10-1-2041 | 6002205 | &nbsp;&nbsp; 5164674 |
| FNMA | 2.00 | &nbsp;&nbsp; 11-1-2041 | 2010098 | &nbsp;&nbsp; 1726267 |
| FNMA | 2.00 | &nbsp;&nbsp; 4-1-2042 | 3167006 | &nbsp;&nbsp; 2716054 |
| FNMA | 2.00 | &nbsp;&nbsp; 5-1-2042 | 5294720 | &nbsp;&nbsp; 4477519 |
| FNMA | 2.00 | &nbsp;&nbsp; 4-1-2046 | 9742853 | &nbsp;&nbsp; 8008260 |
| FNMA | 2.00 | &nbsp;&nbsp; 1-1-2047 | 1803715 | &nbsp;&nbsp; 1478610 |
| FNMA | 2.00 | &nbsp;&nbsp; 3-1-2047 | 12986434 | &nbsp;&nbsp; 10620514 |
| FNMA%% | 2.00 | &nbsp;&nbsp; 5-13-2055 | 17800000 | &nbsp;&nbsp; 14114675 |
| FNMA | 2.50 | &nbsp;&nbsp; 5-1-2037 | 3674113 | &nbsp;&nbsp; 3431282 |
| FNMA | 2.50 | &nbsp;&nbsp; 12-1-2040 | 5468439 | &nbsp;&nbsp; 4929657 |
| FNMA | 2.50 | &nbsp;&nbsp; 5-1-2041 | 6021801 | &nbsp;&nbsp; 5318013 |

---

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

20 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA | 2.50<br> %<br>| &nbsp;&nbsp; 8-1-2041 | $3245172 | &nbsp;&nbsp; $2864184 |
| FNMA | 2.50 | &nbsp;&nbsp; 2-1-2042 | 3319405 | &nbsp;&nbsp; 2969332 |
| FNMA | 2.50 | &nbsp;&nbsp; 5-1-2042 | 4473395 | &nbsp;&nbsp; 3943436 |
| FNMA | 2.50 | &nbsp;&nbsp; 6-1-2042 | 4035332 | &nbsp;&nbsp; 3557272 |
| FNMA | 2.50 | &nbsp;&nbsp; 12-1-2047 | 8065026 | &nbsp;&nbsp; 7254435 |
| FNMA | 2.50 | &nbsp;&nbsp; 10-1-2050 | 5379772 | &nbsp;&nbsp; 4552700 |
| FNMA | 2.50 | &nbsp;&nbsp; 11-1-2050 | 2349095 | &nbsp;&nbsp; 1986236 |
| FNMA | 2.50 | &nbsp;&nbsp; 6-1-2051 | 5566677 | &nbsp;&nbsp; 4688690 |
| FNMA | 2.50 | &nbsp;&nbsp; 3-1-2052 | 8397628 | &nbsp;&nbsp; 7067630 |
| FNMA | 3.00 | &nbsp;&nbsp; 5-1-2040 | 5393050 | &nbsp;&nbsp; 5021075 |
| FNMA | 3.00 | &nbsp;&nbsp; 11-1-2042 | 2882978 | &nbsp;&nbsp; 2628636 |
| FNMA | 3.00 | &nbsp;&nbsp; 1-1-2043 | 2983504 | &nbsp;&nbsp; 2739812 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2043 | 14519632 | &nbsp;&nbsp; 12897171 |
| FNMA | 3.00 | &nbsp;&nbsp; 7-1-2043 | 2356852 | &nbsp;&nbsp; 2137231 |
| FNMA | 3.00 | &nbsp;&nbsp; 8-1-2043 | 3219446 | &nbsp;&nbsp; 2919444 |
| FNMA | 3.00 | &nbsp;&nbsp; 9-1-2043 | 2419530 | &nbsp;&nbsp; 2206195 |
| FNMA | 3.00 | &nbsp;&nbsp; 12-1-2043 | 3026464 | &nbsp;&nbsp; 2744240 |
| FNMA | 3.00 | &nbsp;&nbsp; 1-1-2044 | 4150459 | &nbsp;&nbsp; 3802100 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2044 | 3085449 | &nbsp;&nbsp; 2803482 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2045 | 4955030 | &nbsp;&nbsp; 4505157 |
| FNMA | 3.00 | &nbsp;&nbsp; 3-1-2045 | 8901518 | &nbsp;&nbsp; 7972383 |
| FNMA | 3.00 | &nbsp;&nbsp; 10-1-2046 | 11440265 | &nbsp;&nbsp; 10249457 |
| FNMA | 3.00 | &nbsp;&nbsp; 11-1-2046 | 9239669 | &nbsp;&nbsp; 8207762 |
| FNMA | 3.00 | &nbsp;&nbsp; 12-1-2046 | 12760696 | &nbsp;&nbsp; 11328090 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2047 | 33047966 | &nbsp;&nbsp; 30011491 |
| FNMA | 3.00 | &nbsp;&nbsp; 9-1-2047 | 1490308 | &nbsp;&nbsp; 1326125 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2048 | 2140446 | &nbsp;&nbsp; 1904982 |
| FNMA | 3.00 | &nbsp;&nbsp; 4-1-2048 | 10168954 | &nbsp;&nbsp; 9233310 |
| FNMA | 3.00 | &nbsp;&nbsp; 8-1-2048 | 5734400 | &nbsp;&nbsp; 5155231 |
| FNMA | 3.00 | &nbsp;&nbsp; 12-1-2048 | 5956610 | &nbsp;&nbsp; 5282431 |
| FNMA | 3.00 | &nbsp;&nbsp; 1-1-2049 | 9574396 | &nbsp;&nbsp; 8634447 |
| FNMA | 3.00 | &nbsp;&nbsp; 10-1-2049 | 38032316 | &nbsp;&nbsp; 34556620 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2050 | 55075064 | &nbsp;&nbsp; 49099618 |
| FNMA | 3.00 | &nbsp;&nbsp; 5-1-2050 | 10998985 | &nbsp;&nbsp; 9954780 |
| FNMA | 3.00 | &nbsp;&nbsp; 7-1-2050 | 22865514 | &nbsp;&nbsp; 20231662 |
| FNMA%% | 3.00 | &nbsp;&nbsp; 2-25-2052 | 300000 | &nbsp;&nbsp; 260311 |
| FNMA | 3.00 | &nbsp;&nbsp; 4-1-2052 | 12702645 | &nbsp;&nbsp; 11186167 |
| FNMA | 3.00 | &nbsp;&nbsp; 7-1-2052 | 2237802 | &nbsp;&nbsp; 2024021 |
| FNMA | 3.00 | &nbsp;&nbsp; 10-1-2052 | 16081735 | &nbsp;&nbsp; 14096203 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2055 | 1657902 | &nbsp;&nbsp; 1452704 |
| FNMA | 3.00 | &nbsp;&nbsp; 7-1-2060 | 21854435 | &nbsp;&nbsp; 19025099 |
| FNMA | 3.00 | &nbsp;&nbsp; 8-1-2042 | 2097355 | &nbsp;&nbsp; 1912330 |
| FNMA | 3.50 | &nbsp;&nbsp; 6-1-2042 | 2017218 | &nbsp;&nbsp; 1901802 |
| FNMA | 3.50 | &nbsp;&nbsp; 1-1-2044 | 1155664 | &nbsp;&nbsp; 1086502 |
| FNMA | 4.00 | &nbsp;&nbsp; 1-1-2027 | 1142693 | &nbsp;&nbsp; 1137198 |
| FNMA | 4.00 | &nbsp;&nbsp; 3-1-2035 | 3488959 | &nbsp;&nbsp; 3471333 |
| FNMA | 4.00 | &nbsp;&nbsp; 9-1-2045 | 436995 | &nbsp;&nbsp; 417678 |
| FNMA | 4.00 | &nbsp;&nbsp; 1-1-2046 | 3312556 | &nbsp;&nbsp; 3164076 |

---

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

Allspring Core Bond Portfolio \| 21

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA | 4.00<br> %<br>| &nbsp;&nbsp; 3-1-2047 | $1376135 | &nbsp;&nbsp; $1315534 |
| FNMA | 4.00 | &nbsp;&nbsp; 4-1-2047 | 339472 | &nbsp;&nbsp; 323058 |
| FNMA | 4.00 | &nbsp;&nbsp; 10-1-2047 | 383187 | &nbsp;&nbsp; 364658 |
| FNMA | 4.00 | &nbsp;&nbsp; 7-1-2048 | 10923264 | &nbsp;&nbsp; 10401239 |
| FNMA | 4.00 | &nbsp;&nbsp; 12-1-2048 | 1725178 | &nbsp;&nbsp; 1641180 |
| FNMA | 4.50 | &nbsp;&nbsp; 3-1-2043 | 1859261 | &nbsp;&nbsp; 1842459 |
| FNMA | 4.50 | &nbsp;&nbsp; 10-1-2045 | 2946873 | &nbsp;&nbsp; 2885002 |
| FNMA | 4.50 | &nbsp;&nbsp; 2-1-2046 | 85844 | &nbsp;&nbsp; 83740 |
| FNMA | 4.50 | &nbsp;&nbsp; 7-1-2048 | 2842464 | &nbsp;&nbsp; 2789857 |
| FNMA | 4.50 | &nbsp;&nbsp; 11-1-2048 | 1176698 | &nbsp;&nbsp; 1154471 |
| FNMA | 5.50 | &nbsp;&nbsp; 12-1-2053 | 9234762 | &nbsp;&nbsp; 9223295 |
| FNMA | 5.50 | &nbsp;&nbsp; 2-1-2054 | 49025584 | &nbsp;&nbsp; 48977292 |
| FNMA | 5.50 | &nbsp;&nbsp; 3-1-2054 | 10856888 | &nbsp;&nbsp; 10837810 |
| FNMA%% | 5.50 | &nbsp;&nbsp; 6-15-2054 | 53000000 | &nbsp;&nbsp; 52850389 |
| FNMA | 5.50 | &nbsp;&nbsp; 7-1-2054 | 4828029 | &nbsp;&nbsp; 4895348 |
| FNMA | 5.50 | &nbsp;&nbsp; 9-1-2054 | 11371436 | &nbsp;&nbsp; 11353796 |
| FNMA | 5.50 | &nbsp;&nbsp; 10-1-2054 | 7229152 | &nbsp;&nbsp; 7343743 |
| FNMA | 5.50 | &nbsp;&nbsp; 11-1-2054 | 7621996 | &nbsp;&nbsp; 7742818 |
| FNMA | 5.50 | &nbsp;&nbsp; 12-1-2054 | 7331250 | &nbsp;&nbsp; 7447463 |
| FNMA | 5.50 | &nbsp;&nbsp; 1-1-2055 | 10188095 | &nbsp;&nbsp; 10352324 |
| FNMA%% | 5.50 | &nbsp;&nbsp; 5-15-2055 | 94800000 | &nbsp;&nbsp; 94595348 |
| FNMA | 6.00 | &nbsp;&nbsp; 12-1-2053 | 2441171 | &nbsp;&nbsp; 2514896 |
| FNMA | 6.00 | &nbsp;&nbsp; 6-1-2054 | 3799299 | &nbsp;&nbsp; 3941998 |
| FNMA | 6.00 | &nbsp;&nbsp; 7-1-2054 | 4418530 | &nbsp;&nbsp; 4589931 |
| FNMA | 6.00 | &nbsp;&nbsp; 9-1-2054 | 50396955 | &nbsp;&nbsp; 51488736 |
| FNMA | 6.00 | &nbsp;&nbsp; 10-1-2054 | 9898724 | &nbsp;&nbsp; 10118902 |
| FNMA | 6.00 | &nbsp;&nbsp; 11-1-2054 | 8193139 | &nbsp;&nbsp; 8496644 |
| FNMA | 6.00 | &nbsp;&nbsp; 12-1-2054 | 2585290 | &nbsp;&nbsp; 2685565 |
| FNMA | 6.00 | &nbsp;&nbsp; 1-1-2055 | 11470061 | &nbsp;&nbsp; 11874244 |
| FNMA | 6.00 | &nbsp;&nbsp; 4-1-2055 | 30840550 | &nbsp;&nbsp; 31370159 |
| FNMA%% | 6.00 | &nbsp;&nbsp; 5-15-2055 | 46300000 | &nbsp;&nbsp; 46967238 |
| FNMA | 6.50 | &nbsp;&nbsp; 12-1-2053 | 2759755 | &nbsp;&nbsp; 2923775 |
| FNMA | 6.50 | &nbsp;&nbsp; 9-1-2054 | 4424781 | &nbsp;&nbsp; 4662369 |
| FNMA | 6.50 | &nbsp;&nbsp; 10-1-2054 | 4092661 | &nbsp;&nbsp; 4315708 |
| FNMA | 6.50 | &nbsp;&nbsp; 3-1-2055 | 3116611 | &nbsp;&nbsp; 3283967 |
| FNMA Interest STRIPS Series 414 Class A35 | 3.50 | &nbsp;&nbsp; 10-25-2042 | 3843831 | &nbsp;&nbsp; 3625226 |
| FNMA Principal STRIPS¤ | 0.00 | &nbsp;&nbsp; 11-15-2030 | 18777000 | &nbsp;&nbsp; 15046546 |
| FNMA (30 Day Average U.S. SOFR+2.12%)± | 3.94 | &nbsp;&nbsp; 8-1-2052 | 1896787 | &nbsp;&nbsp; 1832099 |
| FNMA (30 Day Average U.S. SOFR+2.12%)± | 4.07 | &nbsp;&nbsp; 7-1-2052 | 4038338 | &nbsp;&nbsp; 3918153 |
| FNMA (30 Day Average U.S. SOFR+2.12%)± | 4.11 | &nbsp;&nbsp; 9-1-2052 | 3547874 | &nbsp;&nbsp; 3521713 |
| FNMA (30 Day Average U.S. SOFR+2.12%)± | 4.61 | &nbsp;&nbsp; 8-1-2052 | 4254771 | &nbsp;&nbsp; 4195676 |
| FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.12 | &nbsp;&nbsp; 10-1-2052 | 9272047 | &nbsp;&nbsp; 9202612 |
| FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.15 | &nbsp;&nbsp; 11-1-2052 | 2999849 | &nbsp;&nbsp; 2976914 |
| FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.36 | &nbsp;&nbsp; 7-1-2052 | 4761591 | &nbsp;&nbsp; 4722068 |
| FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.60 | &nbsp;&nbsp; 8-1-2052 | 5342354 | &nbsp;&nbsp; 5324426 |
| FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.65 | &nbsp;&nbsp; 8-1-2052 | 2628829 | &nbsp;&nbsp; 2623018 |
| FNMA (30 Day Average U.S. SOFR+2.31%)± | 4.97 | &nbsp;&nbsp; 5-1-2055 | 4310788 | &nbsp;&nbsp; 4300554 |
| FNMA (30 Day Average U.S. SOFR+2.33%)± | 4.53 | &nbsp;&nbsp; 4-1-2053 | 15498098 | &nbsp;&nbsp; 15205186 |

---

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

22 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA (RFUCCT1Y+1.60%)± | 6.03<br> %<br>| &nbsp;&nbsp; 3-1-2050 | $3419273 | &nbsp;&nbsp; $3553078 |
| FNMA (RFUCCT1Y+1.61%)± | 2.77 | &nbsp;&nbsp; 6-1-2050 | 1900160 | &nbsp;&nbsp; 1824748 |
| &nbsp;&nbsp; FNMA Series 2010-107 Class FB (30 Day Average <br> U.S. SOFR+0.52%)±<br>| 4.88 | &nbsp;&nbsp; 9-25-2040 | 1154958 | &nbsp;&nbsp; 1140816 |
| FNMA Series 2011-111 Class DB | 4.00 | &nbsp;&nbsp; 11-25-2041 | 2441869 | &nbsp;&nbsp; 2363763 |
| &nbsp;&nbsp; FNMA Series 2011-117 Class AF (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.92 | &nbsp;&nbsp; 11-25-2041 | 1027341 | &nbsp;&nbsp; 1015462 |
| &nbsp;&nbsp; FNMA Series 2011-117 Class FA (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.92 | &nbsp;&nbsp; 11-25-2041 | 3174543 | &nbsp;&nbsp; 3138638 |
| &nbsp;&nbsp; FNMA Series 2011-127 Class FC (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.92 | &nbsp;&nbsp; 12-25-2041 | 1468531 | &nbsp;&nbsp; 1449384 |
| &nbsp;&nbsp; FNMA Series 2011-142 Class EF (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.97 | &nbsp;&nbsp; 1-25-2042 | 1639224 | &nbsp;&nbsp; 1621721 |
| &nbsp;&nbsp; FNMA Series 2011-55 Class FH (30 Day Average <br> U.S. SOFR+0.55%)±<br>| 4.91 | &nbsp;&nbsp; 6-25-2041 | 1184258 | &nbsp;&nbsp; 1176799 |
| &nbsp;&nbsp; FNMA Series 2012-106 Class FA (30 Day Average <br> U.S. SOFR+0.45%)±<br>| 4.81 | &nbsp;&nbsp; 10-25-2042 | 990143 | &nbsp;&nbsp; 973368 |
| &nbsp;&nbsp; FNMA Series 2012-12 Class FA (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.97 | &nbsp;&nbsp; 2-25-2042 | 1465115 | &nbsp;&nbsp; 1449148 |
| &nbsp;&nbsp; FNMA Series 2012-133 Class JF (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.82 | &nbsp;&nbsp; 12-25-2042 | 1716605 | &nbsp;&nbsp; 1678225 |
| FNMA Series 2012-151 Class NX | 1.50 | &nbsp;&nbsp; 1-25-2043 | 1507381 | &nbsp;&nbsp; 1292782 |
| &nbsp;&nbsp; FNMA Series 2012-47 Class JF (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.97 | &nbsp;&nbsp; 5-25-2042 | 1955175 | &nbsp;&nbsp; 1933731 |
| FNMA Series 2013-11 Class AP | 1.50 | &nbsp;&nbsp; 1-25-2043 | 4233287 | &nbsp;&nbsp; 3903695 |
| &nbsp;&nbsp; FNMA Series 2013-15 Class FA (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.82 | &nbsp;&nbsp; 3-25-2043 | 2062627 | &nbsp;&nbsp; 2016974 |
| FNMA Series 2013-43 Class BP | 1.75 | &nbsp;&nbsp; 5-25-2043 | 1852059 | &nbsp;&nbsp; 1595982 |
| FNMA Series 2013-49 Class AP | 1.75 | &nbsp;&nbsp; 5-25-2043 | 1338078 | &nbsp;&nbsp; 1130565 |
| FNMA Series 2014-17 Class DY | 3.50 | &nbsp;&nbsp; 4-25-2044 | 3273000 | &nbsp;&nbsp; 3013568 |
| FNMA Series 2014-25 Class EL | 3.00 | &nbsp;&nbsp; 5-25-2044 | 1992081 | &nbsp;&nbsp; 1840488 |
| &nbsp;&nbsp; FNMA Series 2014-74 Class FC (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 11-25-2044 | 1659778 | &nbsp;&nbsp; 1627627 |
| &nbsp;&nbsp; FNMA Series 2015-26 Class GF (30 Day Average <br> U.S. SOFR+0.41%)±<br>| 4.77 | &nbsp;&nbsp; 5-25-2045 | 3021372 | &nbsp;&nbsp; 2950197 |
| &nbsp;&nbsp; FNMA Series 2015-32 Class FA (30 Day Average <br> U.S. SOFR+0.41%)±<br>| 4.77 | &nbsp;&nbsp; 5-25-2045 | 1911059 | &nbsp;&nbsp; 1860332 |
| &nbsp;&nbsp; FNMA Series 2015-48 Class FB (30 Day Average <br> U.S. SOFR+0.41%)±<br>| 4.77 | &nbsp;&nbsp; 7-25-2045 | 2264421 | &nbsp;&nbsp; 2205419 |
| FNMA Series 2015-72 Class GL | 3.00 | &nbsp;&nbsp; 10-25-2045 | 1638044 | &nbsp;&nbsp; 1420351 |
| FNMA Series 2015-8 Class AP | 2.00 | &nbsp;&nbsp; 3-25-2045 | 3803110 | &nbsp;&nbsp; 3415109 |
| FNMA Series 2015-84 Class PA | 1.70 | &nbsp;&nbsp; 8-25-2033 | 2935421 | &nbsp;&nbsp; 2759574 |
| &nbsp;&nbsp; FNMA Series 2016-11 Class CF (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.82 | &nbsp;&nbsp; 3-25-2046 | 1134733 | &nbsp;&nbsp; 1122201 |
| &nbsp;&nbsp; FNMA Series 2016-11 Class FG (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.82 | &nbsp;&nbsp; 3-25-2046 | 1549848 | &nbsp;&nbsp; 1527659 |
| &nbsp;&nbsp; FNMA Series 2016-19 Class FD (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 4-25-2046 | 6712311 | &nbsp;&nbsp; 6656121 |

---

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

Allspring Core Bond Portfolio \| 23

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; FNMA Series 2016-22 Class FA (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87<br> %<br>| &nbsp;&nbsp; 4-25-2046 | $2938461 | &nbsp;&nbsp; $2890535 |
| &nbsp;&nbsp; FNMA Series 2016-22 Class FG (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 4-25-2046 | 2551663 | &nbsp;&nbsp; 2509020 |
| FNMA Series 2016-48 Class MA | 2.00 | &nbsp;&nbsp; 6-25-2038 | 5105623 | &nbsp;&nbsp; 4771746 |
| FNMA Series 2016-57 Class PC | 1.75 | &nbsp;&nbsp; 6-25-2046 | 12329712 | &nbsp;&nbsp; 10525526 |
| &nbsp;&nbsp; FNMA Series 2016-61 Class BF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 9-25-2046 | 733628 | &nbsp;&nbsp; 728109 |
| FNMA Series 2016-64 Class BC | 1.75 | &nbsp;&nbsp; 9-25-2046 | 2903591 | &nbsp;&nbsp; 2710440 |
| &nbsp;&nbsp; FNMA Series 2016-69 Class BF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 10-25-2046 | 2377645 | &nbsp;&nbsp; 2345872 |
| &nbsp;&nbsp; FNMA Series 2016-75 Class FE (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 10-25-2046 | 1837590 | &nbsp;&nbsp; 1818653 |
| &nbsp;&nbsp; FNMA Series 2016-78 Class FA (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 3-25-2044 | 1204671 | &nbsp;&nbsp; 1187284 |
| &nbsp;&nbsp; FNMA Series 2016-79 Class FH (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 11-25-2046 | 1827672 | &nbsp;&nbsp; 1804574 |
| &nbsp;&nbsp; FNMA Series 2016-82 Class FE (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 11-25-2046 | 4099565 | &nbsp;&nbsp; 4053493 |
| &nbsp;&nbsp; FNMA Series 2016-82 Class FH (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 11-25-2046 | 3737640 | &nbsp;&nbsp; 3679002 |
| &nbsp;&nbsp; FNMA Series 2016-84 Class FB (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 11-25-2046 | 1775901 | &nbsp;&nbsp; 1747207 |
| &nbsp;&nbsp; FNMA Series 2016-86 Class FE (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 11-25-2046 | 4633126 | &nbsp;&nbsp; 4585751 |
| &nbsp;&nbsp; FNMA Series 2016-88 Class CF (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.92 | &nbsp;&nbsp; 12-25-2046 | 3147874 | &nbsp;&nbsp; 3106227 |
| &nbsp;&nbsp; FNMA Series 2016-91 Class AF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 12-25-2046 | 1672156 | &nbsp;&nbsp; 1654106 |
| &nbsp;&nbsp; FNMA Series 2017-11 Class FA (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 3-25-2047 | 778523 | &nbsp;&nbsp; 769527 |
| &nbsp;&nbsp; FNMA Series 2017-113 Class FB (30 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.72 | &nbsp;&nbsp; 1-25-2048 | 786461 | &nbsp;&nbsp; 774392 |
| &nbsp;&nbsp; FNMA Series 2017-12 Class FD (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 3-25-2047 | 1900311 | &nbsp;&nbsp; 1874235 |
| FNMA Series 2017-13 Class PA | 3.00 | &nbsp;&nbsp; 8-25-2046 | 1684757 | &nbsp;&nbsp; 1571338 |
| &nbsp;&nbsp; FNMA Series 2017-23 Class FA (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 4-25-2047 | 2057549 | &nbsp;&nbsp; 2037855 |
| FNMA Series 2017-24 Class PG | 2.63 | &nbsp;&nbsp; 4-25-2047 | 6814721 | &nbsp;&nbsp; 5963642 |
| &nbsp;&nbsp; FNMA Series 2017-26 Class FA (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.82 | &nbsp;&nbsp; 4-25-2047 | 4858526 | &nbsp;&nbsp; 4793307 |
| FNMA Series 2017-35 Class MC | 2.63 | &nbsp;&nbsp; 12-25-2044 | 1612830 | &nbsp;&nbsp; 1563114 |
| &nbsp;&nbsp; FNMA Series 2017-82 Class FE (30 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.72 | &nbsp;&nbsp; 10-25-2047 | 1834863 | &nbsp;&nbsp; 1826905 |
| &nbsp;&nbsp; FNMA Series 2017-9 Class BF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 3-25-2047 | 2204021 | &nbsp;&nbsp; 2175234 |
| &nbsp;&nbsp; FNMA Series 2017-9 Class DF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 3-25-2047 | 1599258 | &nbsp;&nbsp; 1578453 |

---

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

24 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; FNMA Series 2017-9 Class EF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87<br> %<br>| &nbsp;&nbsp; 3-25-2047 | $848539 | &nbsp;&nbsp; $839858 |
| &nbsp;&nbsp; FNMA Series 2017-96 Class FB (30 Day Average <br> U.S. SOFR+0.41%)±<br>| 4.77 | &nbsp;&nbsp; 12-25-2047 | 2971679 | &nbsp;&nbsp; 2916711 |
| &nbsp;&nbsp; FNMA Series 2018-1 Class FA (30 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.72 | &nbsp;&nbsp; 2-25-2048 | 1292910 | &nbsp;&nbsp; 1276719 |
| FNMA Series 2018-14 Class KC | 3.00 | &nbsp;&nbsp; 3-25-2048 | 1900332 | &nbsp;&nbsp; 1813478 |
| &nbsp;&nbsp; FNMA Series 2018-36 Class FD (30 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.72 | &nbsp;&nbsp; 6-25-2048 | 3948123 | &nbsp;&nbsp; 3894333 |
| FNMA Series 2018-38 Class MA | 3.30 | &nbsp;&nbsp; 6-25-2048 | 3086489 | &nbsp;&nbsp; 2938396 |
| FNMA Series 2018-45 Class TM | 3.00 | &nbsp;&nbsp; 6-25-2048 | 2577754 | &nbsp;&nbsp; 2334333 |
| FNMA Series 2018-55 Class GA | 3.38 | &nbsp;&nbsp; 8-25-2048 | 2434969 | &nbsp;&nbsp; 2315760 |
| FNMA Series 2018-64 Class A | 3.00 | &nbsp;&nbsp; 9-25-2048 | 2144303 | &nbsp;&nbsp; 1881197 |
| FNMA Series 2018-85 Class EA | 3.50 | &nbsp;&nbsp; 12-25-2048 | 1582234 | &nbsp;&nbsp; 1534733 |
| &nbsp;&nbsp; FNMA Series 2018-86 Class AF (30 Day Average <br> U.S. SOFR+0.41%)±<br>| 4.77 | &nbsp;&nbsp; 12-25-2048 | 626733 | &nbsp;&nbsp; 618804 |
| FNMA Series 2019-13 Class PE | 3.00 | &nbsp;&nbsp; 3-25-2049 | 1573563 | &nbsp;&nbsp; 1424811 |
| &nbsp;&nbsp; FNMA Series 2019-15 Class FA (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.97 | &nbsp;&nbsp; 4-25-2049 | 1142774 | &nbsp;&nbsp; 1113447 |
| FNMA Series 2019-25 Class PA | 3.00 | &nbsp;&nbsp; 5-25-2048 | 4350366 | &nbsp;&nbsp; 4068312 |
| &nbsp;&nbsp; FNMA Series 2019-41 Class FG (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.97 | &nbsp;&nbsp; 8-25-2059 | 3046937 | &nbsp;&nbsp; 2982690 |
| &nbsp;&nbsp; FNMA Series 2019-43 Class FC (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87 | &nbsp;&nbsp; 8-25-2049 | 2191578 | &nbsp;&nbsp; 2144532 |
| &nbsp;&nbsp; FNMA Series 2019-67 Class FB (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.92 | &nbsp;&nbsp; 11-25-2049 | 1207624 | &nbsp;&nbsp; 1182909 |
| FNMA Series 2019-81 Class LH | 3.00 | &nbsp;&nbsp; 12-25-2049 | 1972716 | &nbsp;&nbsp; 1772525 |
| FNMA Series 2020-45 Class JL | 3.00 | &nbsp;&nbsp; 7-25-2040 | 3535703 | &nbsp;&nbsp; 3258096 |
| FNMA Series 2020-48 Class AB | 2.00 | &nbsp;&nbsp; 7-25-2050 | 2768877 | &nbsp;&nbsp; 2385456 |
| FNMA Series 2020-57 Class LJ | 2.00 | &nbsp;&nbsp; 8-25-2050 | 11880000 | &nbsp;&nbsp; 8589461 |
| FNMA Series 2020-59 Class NC | 3.00 | &nbsp;&nbsp; 8-25-2040 | 2673938 | &nbsp;&nbsp; 2469523 |
| FNMA Series 2020-70 Class AD | 1.50 | &nbsp;&nbsp; 10-25-2050 | 8275878 | &nbsp;&nbsp; 6270833 |
| FNMA Series 2021-27 Class EC | 1.50 | &nbsp;&nbsp; 5-25-2051 | 8150128 | &nbsp;&nbsp; 6572874 |
| FNMA Series 2021-40 Class DW | 2.00 | &nbsp;&nbsp; 6-25-2041 | 668980 | &nbsp;&nbsp; 588975 |
| FNMA Series 2021-42 Class AC | 2.00 | &nbsp;&nbsp; 2-25-2051 | 2472938 | &nbsp;&nbsp; 2146805 |
| FNMA Series 2021-78 Class ND | 1.50 | &nbsp;&nbsp; 11-25-2051 | 4485953 | &nbsp;&nbsp; 3678007 |
| FNMA Series 2021-84 Class MA | 2.00 | &nbsp;&nbsp; 10-25-2051 | 2831276 | &nbsp;&nbsp; 2327980 |
| FNMA Series 2021-91 Class AB | 2.50 | &nbsp;&nbsp; 9-25-2049 | 2977968 | &nbsp;&nbsp; 2637587 |
| FNMA Series 2021-95 Class CP | 1.50 | &nbsp;&nbsp; 8-25-2051 | 1590621 | &nbsp;&nbsp; 1341861 |
| FNMA Series 2022-11 Class D | 3.00 | &nbsp;&nbsp; 1-25-2050 | 2007172 | &nbsp;&nbsp; 1855475 |
| FNMA Series 2022-18 Class DL | 3.25 | &nbsp;&nbsp; 7-25-2046 | 4393582 | &nbsp;&nbsp; 4142559 |
| FNMA Series 2022-3 Class N | 2.00 | &nbsp;&nbsp; 10-25-2047 | 8889227 | &nbsp;&nbsp; 7874545 |
| FNMA Series 2022-4 Class MH | 3.00 | &nbsp;&nbsp; 9-25-2048 | 3395744 | &nbsp;&nbsp; 3178612 |
| FNMA Series 2022-62 Class KA | 3.25 | &nbsp;&nbsp; 9-25-2052 | 2003193 | &nbsp;&nbsp; 1890103 |
| FNMA Series 2022-89 Class AY | 3.00 | &nbsp;&nbsp; 2-25-2048 | 3870259 | &nbsp;&nbsp; 3289118 |
| FNMA Series 2022-9 Class DJ | 3.25 | &nbsp;&nbsp; 3-25-2049 | 2442301 | &nbsp;&nbsp; 2291246 |
| FNMA Series 2023-14 Class EJ | 2.75 | &nbsp;&nbsp; 4-25-2049 | 3202775 | &nbsp;&nbsp; 2973529 |

---

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

Allspring Core Bond Portfolio \| 25

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; FNMA Series 2023-37 Class FH (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.87<br> %<br>| &nbsp;&nbsp; 1-25-2050 | $4938736 | &nbsp;&nbsp; $4839565 |
| &nbsp;&nbsp; FNMA Series 2023-38 Class FC (30 Day Average <br> U.S. SOFR+0.66%)±<br>| 5.02 | &nbsp;&nbsp; 6-25-2040 | 4142647 | &nbsp;&nbsp; 4129822 |
| &nbsp;&nbsp; FNMA Series 2023-38 Class FD (30 Day Average <br> U.S. SOFR+0.86%)±<br>| 5.20 | &nbsp;&nbsp; 10-25-2039 | 1352292 | &nbsp;&nbsp; 1345508 |
| FNMA Series 2024-64 Class KY | 3.00 | &nbsp;&nbsp; 12-25-2043 | 1950398 | &nbsp;&nbsp; 1684593 |
| GNMA | 2.50 | &nbsp;&nbsp; 12-20-2037 | 3350672 | &nbsp;&nbsp; 3099520 |
| GNMA | 2.50 | &nbsp;&nbsp; 6-20-2038 | 6291224 | &nbsp;&nbsp; 5811646 |
| GNMA | 2.50 | &nbsp;&nbsp; 7-20-2050 | 20103428 | &nbsp;&nbsp; 16787648 |
| GNMA | 3.00 | &nbsp;&nbsp; 6-20-2043 | 3637454 | &nbsp;&nbsp; 3241168 |
| GNMA | 3.00 | &nbsp;&nbsp; 8-20-2043 | 1092472 | &nbsp;&nbsp; 973664 |
| GNMA | 3.00 | &nbsp;&nbsp; 11-15-2047 | 9088948 | &nbsp;&nbsp; 8253824 |
| GNMA | 3.00 | &nbsp;&nbsp; 10-20-2050 | 7777470 | &nbsp;&nbsp; 6915516 |
| GNMA | 4.00 | &nbsp;&nbsp; 8-20-2052 | 42371793 | &nbsp;&nbsp; 39606273 |
| GNMA | 4.50 | &nbsp;&nbsp; 2-20-2049 | 2448171 | &nbsp;&nbsp; 2365639 |
| GNMA%% | 5.50 | &nbsp;&nbsp; 5-15-2054 | 18900000 | &nbsp;&nbsp; 18889885 |
| GNMA%% | 5.50 | &nbsp;&nbsp; 6-15-2054 | 25700000 | &nbsp;&nbsp; 25657132 |
| GNMA | 6.00 | &nbsp;&nbsp; 1-20-2053 | 3866778 | &nbsp;&nbsp; 3967085 |
| GNMA Series 2010-163 Class NC | 4.00 | &nbsp;&nbsp; 12-20-2040 | 2430809 | &nbsp;&nbsp; 2418004 |
| GNMA Series 2013-152 Class HA | 2.50 | &nbsp;&nbsp; 6-20-2043 | 2683923 | &nbsp;&nbsp; 2484423 |
| GNMA Series 2014-133 Class BP | 2.25 | &nbsp;&nbsp; 9-20-2044 | 2287526 | &nbsp;&nbsp; 2056063 |
| GNMA Series 2014-149 Class KP | 2.25 | &nbsp;&nbsp; 7-16-2044 | 1965649 | &nbsp;&nbsp; 1805628 |
| GNMA Series 2014-181 Class L | 3.00 | &nbsp;&nbsp; 12-20-2044 | 1923408 | &nbsp;&nbsp; 1744520 |
| GNMA Series 2015-144 Class CA | 2.50 | &nbsp;&nbsp; 10-20-2045 | 2880157 | &nbsp;&nbsp; 2546333 |
| GNMA Series 2016-136 Class A | 3.00 | &nbsp;&nbsp; 7-20-2044 | 1778362 | &nbsp;&nbsp; 1603716 |
| GNMA Series 2016-93 Class AB | 1.75 | &nbsp;&nbsp; 7-20-2044 | 3546787 | &nbsp;&nbsp; 2918875 |
| GNMA Series 2016-99 Class TL | 2.00 | &nbsp;&nbsp; 4-16-2044 | 5146234 | &nbsp;&nbsp; 4271299 |
| GNMA Series 2017-139 Class GA | 3.00 | &nbsp;&nbsp; 9-20-2047 | 6537820 | &nbsp;&nbsp; 5926169 |
| GNMA Series 2017-167 Class BQ | 2.50 | &nbsp;&nbsp; 8-20-2044 | 2023974 | &nbsp;&nbsp; 1904249 |
| GNMA Series 2018-65 Class DC | 3.50 | &nbsp;&nbsp; 5-20-2048 | 2433839 | &nbsp;&nbsp; 2241821 |
| GNMA Series 2020-63 Class UD | 1.75 | &nbsp;&nbsp; 4-20-2050 | 2096664 | &nbsp;&nbsp; 1730339 |
| GNMA Series 2021-105 Class P | 1.75 | &nbsp;&nbsp; 6-20-2051 | 10065231 | &nbsp;&nbsp; 8141178 |
| GNMA Series 2021-107 Class DB | 1.75 | &nbsp;&nbsp; 4-20-2051 | 9356470 | &nbsp;&nbsp; 7573716 |
| GNMA Series 2021-135 Class A | 2.00 | &nbsp;&nbsp; 8-20-2051 | 2308271 | &nbsp;&nbsp; 1874081 |
| GNMA Series 2021-160 Class NE | 2.00 | &nbsp;&nbsp; 9-20-2051 | 17655914 | &nbsp;&nbsp; 14971920 |
| GNMA Series 2021-215 Class GA | 2.00 | &nbsp;&nbsp; 12-20-2051 | 15251875 | &nbsp;&nbsp; 13241957 |
| GNMA Series 2021-225 Class YC | 2.00 | &nbsp;&nbsp; 12-20-2051 | 1839755 | &nbsp;&nbsp; 1541788 |
| GNMA Series 2021-24 Class BC | 1.25 | &nbsp;&nbsp; 2-20-2051 | 3792376 | &nbsp;&nbsp; 2966507 |
| GNMA Series 2021-27 Class BD | 5.00 | &nbsp;&nbsp; 2-20-2051 | 2195730 | &nbsp;&nbsp; 2181575 |
| GNMA Series 2021-27 Class CW±± | 5.00 | &nbsp;&nbsp; 2-20-2051 | 1372486 | &nbsp;&nbsp; 1363753 |
| GNMA Series 2021-27 Class NT | 5.00 | &nbsp;&nbsp; 2-20-2051 | 2450543 | &nbsp;&nbsp; 2409842 |
| GNMA Series 2021-27 Class Q | 5.00 | &nbsp;&nbsp; 2-20-2051 | 2204195 | &nbsp;&nbsp; 2190080 |
| GNMA Series 2021-8 Class CY | 5.00 | &nbsp;&nbsp; 1-20-2051 | 783372 | &nbsp;&nbsp; 778125 |
| GNMA Series 2021-89 Class LK | 2.00 | &nbsp;&nbsp; 5-20-2051 | 5525023 | &nbsp;&nbsp; 4707563 |
| GNMA Series 2021-97 Class QK | 2.00 | &nbsp;&nbsp; 6-20-2051 | 13302910 | &nbsp;&nbsp; 11074808 |
| GNMA Series 2022-107 Class C | 2.50 | &nbsp;&nbsp; 6-20-2051 | 10165593 | &nbsp;&nbsp; 8586415 |
| GNMA Series 2022-138 Class PT | 2.50 | &nbsp;&nbsp; 10-20-2051 | 14784885 | &nbsp;&nbsp; 12281776 |

---

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

26 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| GNMA Series 2022-153 Class KA | 4.00<br> %<br>| &nbsp;&nbsp; 12-20-2049 | $2721709 | &nbsp;&nbsp; $2668987 |
| &nbsp;&nbsp; GNMA Series 2022-197 Class LF (30 Day Average <br> U.S. SOFR+0.70%)±<br>| 5.05 | &nbsp;&nbsp; 11-20-2052 | 9461405 | &nbsp;&nbsp; 9318837 |
| GNMA Series 2022-205 Class A | 2.00 | &nbsp;&nbsp; 9-20-2051 | 3799859 | &nbsp;&nbsp; 3068088 |
| GNMA Series 2022-24 Class AH | 2.50 | &nbsp;&nbsp; 2-20-2052 | 994236 | &nbsp;&nbsp; 845471 |
| GNMA Series 2022-31 Class GH | 2.50 | &nbsp;&nbsp; 12-20-2049 | 6382653 | &nbsp;&nbsp; 5755109 |
| GNMA Series 2022-34 Class DN | 3.50 | &nbsp;&nbsp; 9-20-2041 | 5342539 | &nbsp;&nbsp; 5024698 |
| GNMA Series 2022-46 Class LY | 3.00 | &nbsp;&nbsp; 3-20-2052 | 1342000 | &nbsp;&nbsp; 1105318 |
| GNMA Series 2022-5 Class BA | 2.00 | &nbsp;&nbsp; 10-20-2049 | 12886277 | &nbsp;&nbsp; 10877852 |
| GNMA Series 2022-50 Class CA | 3.00 | &nbsp;&nbsp; 3-20-2052 | 10071612 | &nbsp;&nbsp; 8982600 |
| GNMA Series 2022-66 Class CG | 3.50 | &nbsp;&nbsp; 4-20-2052 | 6005264 | &nbsp;&nbsp; 5726953 |
| GNMA Series 2022-78 Class HW | 2.50 | &nbsp;&nbsp; 4-20-2052 | 2260000 | &nbsp;&nbsp; 1762848 |
| GNMA Series 2022-84 Class A | 2.50 | &nbsp;&nbsp; 1-20-2052 | 3594113 | &nbsp;&nbsp; 3017544 |
| GNMA Series 2022-9 Class GA | 2.00 | &nbsp;&nbsp; 1-20-2052 | 2680069 | &nbsp;&nbsp; 2204139 |
| GNMA Series 2023-196 Class E | 3.00 | &nbsp;&nbsp; 9-20-2048 | 3786667 | &nbsp;&nbsp; 3594086 |
| GNMA Series 2023-81 Class YJ | 3.50 | &nbsp;&nbsp; 6-20-2053 | 13331906 | &nbsp;&nbsp; 11430819 |
| GNMA Series 2024-110 Class JC | 3.00 | &nbsp;&nbsp; 9-20-2047 | 17907285 | &nbsp;&nbsp; 16898218 |
| GNMA Series 2024-110 Class JL | 3.00 | &nbsp;&nbsp; 10-20-2049 | 3616000 | &nbsp;&nbsp; 3071172 |
| GNMA Series 2024-184 Class GC | 3.50 | &nbsp;&nbsp; 10-20-2051 | 21677647 | &nbsp;&nbsp; 20702723 |
| GNMA Series 2024-45 Class BD | 2.00 | &nbsp;&nbsp; 3-20-2054 | 2380430 | &nbsp;&nbsp; 2179372 |
| GNMA Series 2025-1 Class GC | 3.50 | &nbsp;&nbsp; 10-20-2051 | 44427457 | &nbsp;&nbsp; 42417044 |
| GNMA Series 2025-7 Class EL | 2.50 | &nbsp;&nbsp; 1-20-2055 | 1551252 | &nbsp;&nbsp; 1104570 |
| **Total agency securities (Cost $2,418,379,861)** |  |  |  | &nbsp;&nbsp; **2403086505** |
| **Asset-backed securities: 8.97%** |  |  |  |  |
| Ally Auto Receivables Trust Series 2022-3 Class A4 | 5.07 | &nbsp;&nbsp; 10-16-2028 | 1860000 | &nbsp;&nbsp; 1870727 |
| Ally Auto Receivables Trust Series 2024-2 Class A4 | 4.14 | &nbsp;&nbsp; 10-15-2030 | 2653000 | &nbsp;&nbsp; 2637178 |
| &nbsp;&nbsp; American Express Credit Account Master Trust Series 2023-4 <br> Class A<br>| 5.15 | &nbsp;&nbsp; 9-15-2030 | 11700000 | &nbsp;&nbsp; 12069704 |
| &nbsp;&nbsp; American Express Credit Account Master Trust Series 2025-1 <br> Class A<br>| 4.56 | &nbsp;&nbsp; 12-15-2029 | 15446000 | &nbsp;&nbsp; 15628929 |
| AmeriCredit Automobile Receivables Trust Series 2022-2 Class A3 | 4.38 | &nbsp;&nbsp; 4-18-2028 | 823653 | &nbsp;&nbsp; 823014 |
| AmeriCredit Automobile Receivables Trust Series 2023-1 Class A3 | 5.62 | &nbsp;&nbsp; 11-18-2027 | 1579083 | &nbsp;&nbsp; 1585660 |
| AmeriCredit Automobile Receivables Trust Series 2023-2 Class A3 | 5.81 | &nbsp;&nbsp; 5-18-2028 | 3502000 | &nbsp;&nbsp; 3538970 |
| BA Credit Card Trust Series 2023-A2 Class A2 | 4.98 | &nbsp;&nbsp; 11-15-2028 | 14708000 | &nbsp;&nbsp; 14886362 |
| BA Credit Card Trust Series 2024-A1 Class A | 4.93 | &nbsp;&nbsp; 5-15-2029 | 6206000 | &nbsp;&nbsp; 6308534 |
| CarMax Auto Owner Trust Series 2025-2 Class A3%% | 4.48 | &nbsp;&nbsp; 3-15-2030 | 8378000 | &nbsp;&nbsp; 8400144 |
| Chase Auto Owner Trust Series 2022-AA Class A4144A | 3.99 | &nbsp;&nbsp; 3-27-2028 | 2419000 | &nbsp;&nbsp; 2409650 |
| Chase Issuance Trust Series 2024-A2 Class A | 4.72 | &nbsp;&nbsp; 1-15-2031 | 18516000 | &nbsp;&nbsp; 18805296 |
| &nbsp;&nbsp; College Avenue Student Loans LLC Series 2017-A Class A1 <br> (U.S. SOFR 1 Month+1.76%)144A±<br>| 6.09 | &nbsp;&nbsp; 11-26-2046 | 888254 | &nbsp;&nbsp; 895249 |
| College Avenue Student Loans LLC Series 2018-A Class A2144A | 4.13 | &nbsp;&nbsp; 12-26-2047 | 788486 | &nbsp;&nbsp; 773404 |
| College Avenue Student Loans LLC Series 2019-A Class A2144A | 3.28 | &nbsp;&nbsp; 12-28-2048 | 1388446 | &nbsp;&nbsp; 1324476 |
| Discover Card Execution Note Trust Series 2023-A2 Class A | 4.93 | &nbsp;&nbsp; 6-15-2028 | 12550000 | &nbsp;&nbsp; 12640790 |
| Ford Credit Auto Lease Trust Series 2024-A Class A4 | 5.05 | &nbsp;&nbsp; 6-15-2027 | 1926000 | &nbsp;&nbsp; 1937400 |
| Ford Credit Auto Lease Trust Series 2025-A Class A3 | 4.72 | &nbsp;&nbsp; 6-15-2028 | 3193000 | &nbsp;&nbsp; 3212640 |
| Ford Credit Auto Owner Trust Series 2022-1 Class A144A | 3.88 | &nbsp;&nbsp; 11-15-2034 | 6732000 | &nbsp;&nbsp; 6681014 |
| Ford Credit Auto Owner Trust Series 2022-D Class A4 | 5.30 | &nbsp;&nbsp; 3-15-2028 | 1673000 | &nbsp;&nbsp; 1692278 |

---

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

Allspring Core Bond Portfolio \| 27

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| Ford Credit Auto Owner Trust Series 2024-D Class A3 | 4.61<br> %<br>| &nbsp;&nbsp; 8-15-2029 | $1992000 | &nbsp;&nbsp; $2011581 |
| Ford Credit Auto Owner Trust Series 2025-1 Class A144Aøø | 4.86 | &nbsp;&nbsp; 8-15-2037 | 13860000 | &nbsp;&nbsp; 14097315 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A Series 2024-3 <br> Class A1144A<br>| 4.30 | &nbsp;&nbsp; 9-15-2029 | 11200000 | &nbsp;&nbsp; 11207731 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A Series 2024-4 <br> Class A144A<br>| 4.40 | &nbsp;&nbsp; 9-15-2031 | 5075000 | &nbsp;&nbsp; 5065858 |
| GM Financial Automobile Leasing Trust Series 2023-3 Class A4 | 5.44 | &nbsp;&nbsp; 8-20-2027 | 1557000 | &nbsp;&nbsp; 1564826 |
| GM Financial Automobile Leasing Trust Series 2025-1 Class A3 | 4.66 | &nbsp;&nbsp; 2-21-2028 | 3079000 | &nbsp;&nbsp; 3100990 |
| &nbsp;&nbsp; GM Financial Revolving Receivables Trust Series 2024-1 <br> Class A144A<br>| 4.98 | &nbsp;&nbsp; 12-11-2036 | 2770000 | &nbsp;&nbsp; 2832295 |
| &nbsp;&nbsp; GM Financial Revolving Receivables Trust Series 2024-2 <br> Class A144A<br>| 4.52 | &nbsp;&nbsp; 3-11-2037 | 2817000 | &nbsp;&nbsp; 2832268 |
| &nbsp;&nbsp; GM Financial Revolving Receivables Trust Series 2025-1 <br> Class A144A<br>| 4.64 | &nbsp;&nbsp; 12-11-2037 | 18525000 | &nbsp;&nbsp; 18656833 |
| &nbsp;&nbsp; GMF Floorplan Owner Revolving Trust Series 2024-4A <br> Class A1144A<br>| 4.73 | &nbsp;&nbsp; 11-15-2029 | 6751000 | &nbsp;&nbsp; 6823859 |
| &nbsp;&nbsp; GMF Floorplan Owner Revolving Trust Series 2025-2A <br> Class A144A<br>| 4.64 | &nbsp;&nbsp; 3-15-2030 | 9195000 | &nbsp;&nbsp; 9277858 |
| Honda Auto Receivables Owner Trust Series 2025-2 Class A3%% | 4.15 | &nbsp;&nbsp; 10-15-2029 | 5793000 | &nbsp;&nbsp; 5796168 |
| Honda Auto Receivables Owner Trust Series 2025-2 Class A4%% | 4.28 | &nbsp;&nbsp; 8-15-2031 | 5238000 | &nbsp;&nbsp; 5241274 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust Series 2025-A <br> Class A3144A<br>| 4.83 | &nbsp;&nbsp; 1-18-2028 | 3740000 | &nbsp;&nbsp; 3777112 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust Series 2025-B <br> Class A3144A<br>| 4.53 | &nbsp;&nbsp; 4-17-2028 | 6992000 | &nbsp;&nbsp; 6997439 |
| Hyundai Auto Receivables Trust Series 2022-A Class A3 | 2.22 | &nbsp;&nbsp; 10-15-2026 | 813142 | &nbsp;&nbsp; 810239 |
| Hyundai Auto Receivables Trust Series 2022-A Class A4 | 2.35 | &nbsp;&nbsp; 4-17-2028 | 1708000 | &nbsp;&nbsp; 1686237 |
| Hyundai Auto Receivables Trust Series 2023-A Class A4 | 4.48 | &nbsp;&nbsp; 7-17-2028 | 3320000 | &nbsp;&nbsp; 3320872 |
| Hyundai Auto Receivables Trust Series 2023-B Class A3 | 5.48 | &nbsp;&nbsp; 4-17-2028 | 2002355 | &nbsp;&nbsp; 2015855 |
| Mercedes-Benz Auto Receivables Trust Series 2022-1 Class A4 | 5.25 | &nbsp;&nbsp; 2-15-2029 | 3874000 | &nbsp;&nbsp; 3920667 |
| Mercedes-Benz Auto Receivables Trust Series 2025-1 Class A3 | 4.78 | &nbsp;&nbsp; 12-17-2029 | 3988000 | &nbsp;&nbsp; 4044563 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2018-DA <br> Class A2A144A<br>| 4.00 | &nbsp;&nbsp; 12-15-2059 | 1473413 | &nbsp;&nbsp; 1459262 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2019-A <br> Class A2A144A<br>| 3.42 | &nbsp;&nbsp; 1-15-2043 | 878731 | &nbsp;&nbsp; 870394 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2019-CA <br> Class A2144A<br>| 3.13 | &nbsp;&nbsp; 2-15-2068 | 958233 | &nbsp;&nbsp; 941799 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2019-D <br> Class A2A144A<br>| 3.01 | &nbsp;&nbsp; 12-15-2059 | 3655760 | &nbsp;&nbsp; 3555731 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2019-FA <br> Class A2144A<br>| 2.60 | &nbsp;&nbsp; 8-15-2068 | 1871706 | &nbsp;&nbsp; 1804037 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2020-GA <br> Class A144A<br>| 1.17 | &nbsp;&nbsp; 9-16-2069 | 2221683 | &nbsp;&nbsp; 2064094 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2021-BA <br> Class A144A<br>| 0.94 | &nbsp;&nbsp; 7-15-2069 | 871630 | &nbsp;&nbsp; 796174 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2021-CA <br> Class A144A<br>| 1.06 | &nbsp;&nbsp; 10-15-2069 | 3704194 | &nbsp;&nbsp; 3328106 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2021-EA <br> Class A144A<br>| 0.97 | &nbsp;&nbsp; 12-16-2069 | 7678574 | &nbsp;&nbsp; 6760815 |

---

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

28 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2021-FA <br> Class A144A<br>| 1.11<br> %<br>| &nbsp;&nbsp; 2-18-2070 | $3470633 | &nbsp;&nbsp; $3089502 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2022-A <br> Class A144A<br>| 2.23 | &nbsp;&nbsp; 7-15-2070 | 2568929 | &nbsp;&nbsp; 2305745 |
| Navient Student Loan Trust Series 2021-3A Class A1A144A | 1.77 | &nbsp;&nbsp; 8-25-2070 | 3459759 | &nbsp;&nbsp; 3031641 |
| &nbsp;&nbsp; Nelnet Student Loan Trust Series 2004-4 Class A5 (90 Day Average <br> U.S. SOFR+0.42%)±<br>| 4.78 | &nbsp;&nbsp; 1-25-2037 | 1240541 | &nbsp;&nbsp; 1233931 |
| &nbsp;&nbsp; Nelnet Student Loan Trust Series 2005-1 Class A5 (90 Day Average <br> U.S. SOFR+0.37%)±<br>| 4.73 | &nbsp;&nbsp; 10-25-2033 | 5022551 | &nbsp;&nbsp; 4966878 |
| &nbsp;&nbsp; Nelnet Student Loan Trust Series 2005-2 Class A5 (90 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.72 | &nbsp;&nbsp; 3-23-2037 | 4806969 | &nbsp;&nbsp; 4758549 |
| &nbsp;&nbsp; Nelnet Student Loan Trust Series 2005-3 Class A5 (90 Day Average <br> U.S. SOFR+0.38%)±<br>| 4.74 | &nbsp;&nbsp; 12-24-2035 | 3484934 | &nbsp;&nbsp; 3454221 |
| Nissan Auto Lease Trust Series 2025-A Class A3 | 4.75 | &nbsp;&nbsp; 3-15-2028 | 6032000 | &nbsp;&nbsp; 6094570 |
| Nissan Auto Receivables Owner Trust Series 2022-B Class A4 | 4.45 | &nbsp;&nbsp; 11-15-2029 | 2437000 | &nbsp;&nbsp; 2443579 |
| &nbsp;&nbsp; PenFed Auto Receivables Owner Trust Series 2022-A <br> Class A4144A<br>| 4.18 | &nbsp;&nbsp; 12-15-2028 | 1287922 | &nbsp;&nbsp; 1285576 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class A3 | 5.63 | &nbsp;&nbsp; 1-16-2029 | 4490000 | &nbsp;&nbsp; 4520833 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class A3 | 4.67 | &nbsp;&nbsp; 8-15-2029 | 4443000 | &nbsp;&nbsp; 4466534 |
| SBNA Auto Lease Trust Series 2024-C Class A4144A | 4.42 | &nbsp;&nbsp; 3-20-2029 | 2530000 | &nbsp;&nbsp; 2528814 |
| SBNA Auto Lease Trust Series 2024-C Class A3144A | 4.56 | &nbsp;&nbsp; 2-22-2028 | 3746000 | &nbsp;&nbsp; 3750765 |
| SBNA Auto Receivables Trust Series 2024-A Class A4144A | 5.21 | &nbsp;&nbsp; 4-16-2029 | 1116000 | &nbsp;&nbsp; 1128739 |
| SBNA Auto Receivables Trust Series 2024-A Class A3144A | 5.32 | &nbsp;&nbsp; 12-15-2028 | 2591221 | &nbsp;&nbsp; 2599075 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust Series 2024-1A <br> Class A4144A<br>| 4.94 | &nbsp;&nbsp; 1-21-2031 | 971000 | &nbsp;&nbsp; 985049 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust Series 2024-1A <br> Class A3144A<br>| 4.95 | &nbsp;&nbsp; 5-21-2029 | 5724000 | &nbsp;&nbsp; 5758180 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust Series 2024-2A <br> Class A3144A<br>| 5.33 | &nbsp;&nbsp; 11-20-2029 | 3687000 | &nbsp;&nbsp; 3731943 |
| SMB Private Education Loan Trust Series 2021-A Class APT1144A | 1.07 | &nbsp;&nbsp; 1-15-2053 | 4684747 | &nbsp;&nbsp; 4211440 |
| &nbsp;&nbsp; SoFi Professional Loan Program LLC Series 2017-D <br> Class A2FX144A<br>| 2.65 | &nbsp;&nbsp; 9-25-2040 | 36620 | &nbsp;&nbsp; 36108 |
| &nbsp;&nbsp; SoFi Professional Loan Program LLC Series 2021-B <br> Class AFX144A<br>| 1.14 | &nbsp;&nbsp; 2-15-2047 | 2654685 | &nbsp;&nbsp; 2321871 |
| Synchrony Card Issuance Trust Series 2025-A1 Class A | 4.78 | &nbsp;&nbsp; 2-15-2031 | 9059000 | &nbsp;&nbsp; 9202110 |
| T-Mobile U.S. Trust Series 2022-1A Class A144A | 4.91 | &nbsp;&nbsp; 5-22-2028 | 1472197 | &nbsp;&nbsp; 1472936 |
| T-Mobile U.S. Trust Series 2024-1A Class A144A | 5.05 | &nbsp;&nbsp; 9-20-2029 | 5829000 | &nbsp;&nbsp; 5875596 |
| T-Mobile U.S. Trust Series 2024-2A Class A144A | 4.25 | &nbsp;&nbsp; 5-21-2029 | 4740000 | &nbsp;&nbsp; 4734286 |
| T-Mobile U.S. Trust Series 2025-1A Class A144A | 4.74 | &nbsp;&nbsp; 11-20-2029 | 4502000 | &nbsp;&nbsp; 4557085 |
| Toyota Auto Receivables Owner Trust Series 2022-D Class A4 | 5.43 | &nbsp;&nbsp; 4-17-2028 | 2132000 | &nbsp;&nbsp; 2174014 |
| Toyota Auto Receivables Owner Trust Series 2023-B Class A3 | 4.71 | &nbsp;&nbsp; 2-15-2028 | 4203149 | &nbsp;&nbsp; 4209875 |
| Toyota Auto Receivables Owner Trust Series 2023-C Class A3 | 5.16 | &nbsp;&nbsp; 4-17-2028 | 5998000 | &nbsp;&nbsp; 6031589 |
| Toyota Auto Receivables Owner Trust Series 2025-B Class A3 | 4.34 | &nbsp;&nbsp; 11-15-2029 | 6142000 | &nbsp;&nbsp; 6151597 |
| Toyota Auto Receivables Owner Trust Series 2025-B Class A4 | 4.49 | &nbsp;&nbsp; 6-17-2030 | 3164000 | &nbsp;&nbsp; 3169191 |
| Verizon Master Trust Series 2023-1 Class A | 4.49 | &nbsp;&nbsp; 1-22-2029 | 6417000 | &nbsp;&nbsp; 6403517 |
| Verizon Master Trust Series 2023-4 Class A1A | 5.16 | &nbsp;&nbsp; 6-20-2029 | 11813000 | &nbsp;&nbsp; 11930647 |
| Verizon Master Trust Series 2024-1 Class A1A | 5.00 | &nbsp;&nbsp; 12-20-2028 | 8712000 | &nbsp;&nbsp; 8736504 |
| Verizon Master Trust Series 2024-7 Class A144A | 4.35 | &nbsp;&nbsp; 8-20-2032 | 8142000 | &nbsp;&nbsp; 8091231 |
| Verizon Master Trust Series 2025-2 Class A144A | 4.94 | &nbsp;&nbsp; 1-20-2033 | 10359000 | &nbsp;&nbsp; 10536382 |

---

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

Allspring Core Bond Portfolio \| 29

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| Verizon Master Trust Series 2025-3 Class A1A | 4.51<br> %<br>| &nbsp;&nbsp; 3-20-2030 | $9454000 | &nbsp;&nbsp; $9505823 |
| Verizon Master Trust Series 2025-4 Class A144A | 4.76 | &nbsp;&nbsp; 3-21-2033 | 9454000 | &nbsp;&nbsp; 9542033 |
| Volkswagen Auto Loan Enhanced Trust Series 2023-1 Class A3 | 5.02 | &nbsp;&nbsp; 6-20-2028 | 5050000 | &nbsp;&nbsp; 5075552 |
| Volkswagen Auto Loan Enhanced Trust Series 2024-1 Class A3 | 4.63 | &nbsp;&nbsp; 7-20-2029 | 2622000 | &nbsp;&nbsp; 2643218 |
| Volkswagen Auto Loan Enhanced Trust Series 2025-1 Class A4 | 4.61 | &nbsp;&nbsp; 7-21-2031 | 3438000 | &nbsp;&nbsp; 3472838 |
| WF Card Issuance Trust Series 2024-A1 Class A | 4.94 | &nbsp;&nbsp; 2-15-2029 | 11097000 | &nbsp;&nbsp; 11249362 |
| WF Card Issuance Trust Series 2024-A2 Class A | 4.29 | &nbsp;&nbsp; 10-15-2029 | 7171000 | &nbsp;&nbsp; 7201920 |
| &nbsp;&nbsp; World Financial Network Credit Card Master Note Trust <br> Series 2024-B Class A<br>| 4.62 | &nbsp;&nbsp; 5-15-2031 | 3804000 | &nbsp;&nbsp; 3835668 |
| &nbsp;&nbsp; World Financial Network Credit Card Master Trust Series 2024-A <br> Class A<br>| 5.47 | &nbsp;&nbsp; 2-15-2031 | 1339000 | &nbsp;&nbsp; 1369449 |
| **Total asset-backed securities (Cost $471,219,792)** |  |  |  | &nbsp;&nbsp; **470659637** |
| **Corporate bonds and notes: 22.00%** |  |  |  |  |
| **Basic materials: 0.44%** |  |  |  |  |
| **Chemicals: 0.12%** |  |  |  |  |
| Dow Chemical Co. | 5.35 | &nbsp;&nbsp; 3-15-2035 | 4661000 | &nbsp;&nbsp; 4529486 |
| Dow Chemical Co. | 5.95 | &nbsp;&nbsp; 3-15-2055 | 1554000 | &nbsp;&nbsp; 1447761 |
|  |  |  |  | &nbsp;&nbsp; **5977247** |
| **Mining: 0.32%** |  |  |  |  |
| Glencore Funding LLC144A | 5.19 | &nbsp;&nbsp; 4-1-2030 | 5414000 | &nbsp;&nbsp; 5481658 |
| Glencore Funding LLC144A | 5.63 | &nbsp;&nbsp; 4-4-2034 | 2100000 | &nbsp;&nbsp; 2100162 |
| Glencore Funding LLC144A | 5.67 | &nbsp;&nbsp; 4-1-2035 | 4899000 | &nbsp;&nbsp; 4886951 |
| Glencore Funding LLC144A | 6.14 | &nbsp;&nbsp; 4-1-2055 | 1837000 | &nbsp;&nbsp; 1779989 |
| Newmont Corp./Newcrest Finance Pty. Ltd. | 5.35 | &nbsp;&nbsp; 3-15-2034 | 2645000 | &nbsp;&nbsp; 2689024 |
|  |  |  |  | &nbsp;&nbsp; **16937784** |
| **Communications: 1.58%** |  |  |  |  |
| **Internet: 0.79%** |  |  |  |  |
| Alphabet, Inc.%% | 4.00 | &nbsp;&nbsp; 5-15-2030 | 3359000 | &nbsp;&nbsp; 3356750 |
| Alphabet, Inc.%% | 4.50 | &nbsp;&nbsp; 5-15-2035 | 7288000 | &nbsp;&nbsp; 7191536 |
| Alphabet, Inc.%% | 5.25 | &nbsp;&nbsp; 5-15-2055 | 2555000 | &nbsp;&nbsp; 2521826 |
| Alphabet, Inc.%% | 5.30 | &nbsp;&nbsp; 5-15-2065 | 2555000 | &nbsp;&nbsp; 2524277 |
| Meta Platforms, Inc. | 4.55 | &nbsp;&nbsp; 8-15-2031 | 2782000 | &nbsp;&nbsp; 2820041 |
| Meta Platforms, Inc. | 4.75 | &nbsp;&nbsp; 8-15-2034 | 4636000 | &nbsp;&nbsp; 4617316 |
| Meta Platforms, Inc. | 5.40 | &nbsp;&nbsp; 8-15-2054 | 1032000 | &nbsp;&nbsp; 992998 |
| Meta Platforms, Inc. | 5.55 | &nbsp;&nbsp; 8-15-2064 | 4955000 | &nbsp;&nbsp; 4766438 |
| Netflix, Inc. | 4.90 | &nbsp;&nbsp; 8-15-2034 | 3508000 | &nbsp;&nbsp; 3537462 |
| Netflix, Inc. | 5.40 | &nbsp;&nbsp; 8-15-2054 | 3064000 | &nbsp;&nbsp; 2972858 |
| Uber Technologies, Inc. | 4.80 | &nbsp;&nbsp; 9-15-2034 | 4584000 | &nbsp;&nbsp; 4440987 |
| Uber Technologies, Inc. | 5.35 | &nbsp;&nbsp; 9-15-2054 | 2150000 | &nbsp;&nbsp; 1969125 |
|  |  |  |  | &nbsp;&nbsp; **41711614** |
| **Media: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 3.50 | &nbsp;&nbsp; 6-1-2041 | 918000 | &nbsp;&nbsp; 627373 |

---

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

30 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Media**(continued) |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 3.50<br> %<br>| &nbsp;&nbsp; 3-1-2042 | $4484000 | &nbsp;&nbsp; $3008516 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 3.90 | &nbsp;&nbsp; 6-1-2052 | 1303000 | &nbsp;&nbsp; 825286 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 5.25 | &nbsp;&nbsp; 4-1-2053 | 2194000 | &nbsp;&nbsp; 1734244 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 5.50 | &nbsp;&nbsp; 4-1-2063 | 934000 | &nbsp;&nbsp; 733613 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 6.10 | &nbsp;&nbsp; 6-1-2029 | 4688000 | &nbsp;&nbsp; 4854807 |
| Comcast Corp. | 2.99 | &nbsp;&nbsp; 11-1-2063 | 1998000 | &nbsp;&nbsp; 1122090 |
| Comcast Corp. | 4.05 | &nbsp;&nbsp; 11-1-2052 | 1721000 | &nbsp;&nbsp; 1283656 |
| Comcast Corp. | 5.35 | &nbsp;&nbsp; 5-15-2053 | 2895000 | &nbsp;&nbsp; 2655755 |
|  |  |  |  | &nbsp;&nbsp; **16845340** |
| **Telecommunications: 0.47%** |  |  |  |  |
| AT&T, Inc. | 3.50 | &nbsp;&nbsp; 6-1-2041 | 1706000 | &nbsp;&nbsp; 1309893 |
| AT&T, Inc. | 3.50 | &nbsp;&nbsp; 9-15-2053 | 2647000 | &nbsp;&nbsp; 1771708 |
| AT&T, Inc. | 3.55 | &nbsp;&nbsp; 9-15-2055 | 2643000 | &nbsp;&nbsp; 1769955 |
| AT&T, Inc. | 3.65 | &nbsp;&nbsp; 9-15-2059 | 1671000 | &nbsp;&nbsp; 1105247 |
| AT&T, Inc. | 3.80 | &nbsp;&nbsp; 12-1-2057 | 2328000 | &nbsp;&nbsp; 1602503 |
| T-Mobile USA, Inc. | 5.13 | &nbsp;&nbsp; 5-15-2032 | 3896000 | &nbsp;&nbsp; 3939120 |
| T-Mobile USA, Inc. | 5.30 | &nbsp;&nbsp; 5-15-2035 | 3126000 | &nbsp;&nbsp; 3138526 |
| T-Mobile USA, Inc. | 5.88 | &nbsp;&nbsp; 11-15-2055 | 1869000 | &nbsp;&nbsp; 1841718 |
| Verizon Communications, Inc. | 2.99 | &nbsp;&nbsp; 10-30-2056 | 2676000 | &nbsp;&nbsp; 1589987 |
| Verizon Communications, Inc. | 5.25 | &nbsp;&nbsp; 4-2-2035 | 4674000 | &nbsp;&nbsp; 4697999 |
| Verizon Communications, Inc. | 5.50 | &nbsp;&nbsp; 2-23-2054 | 1789000 | &nbsp;&nbsp; 1716099 |
|  |  |  |  | &nbsp;&nbsp; **24482755** |
| **Consumer, cyclical: 1.58%** |  |  |  |  |
| **Airlines: 0.11%** |  |  |  |  |
| Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.75 | &nbsp;&nbsp; 10-20-2028 | 5861000 | &nbsp;&nbsp; **5825544** |
| **Auto manufacturers: 0.77%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 2.90 | &nbsp;&nbsp; 2-10-2029 | 13450000 | &nbsp;&nbsp; 11965750 |
| General Motors Financial Co., Inc. | 2.70 | &nbsp;&nbsp; 6-10-2031 | 6783000 | &nbsp;&nbsp; 5805264 |
| General Motors Financial Co., Inc. | 5.35 | &nbsp;&nbsp; 1-7-2030 | 1904000 | &nbsp;&nbsp; 1908801 |
| Hyundai Capital America144A | 5.15 | &nbsp;&nbsp; 3-27-2030 | 5742000 | &nbsp;&nbsp; 5735084 |
| Hyundai Capital America144A | 5.40 | &nbsp;&nbsp; 3-29-2032 | 4636000 | &nbsp;&nbsp; 4593458 |
| Volkswagen Group of America Finance LLC144A | 5.35 | &nbsp;&nbsp; 3-27-2030 | 4711000 | &nbsp;&nbsp; 4702061 |
| Volkswagen Group of America Finance LLC144A | 5.80 | &nbsp;&nbsp; 3-27-2035 | 5545000 | &nbsp;&nbsp; 5514843 |
|  |  |  |  | &nbsp;&nbsp; **40225261** |
| **Entertainment: 0.09%** |  |  |  |  |
| Warnermedia Holdings, Inc. | 5.05 | &nbsp;&nbsp; 3-15-2042 | 3366000 | &nbsp;&nbsp; 2537168 |
| Warnermedia Holdings, Inc. | 5.14 | &nbsp;&nbsp; 3-15-2052 | 2820000 | &nbsp;&nbsp; 1927927 |
|  |  |  |  | &nbsp;&nbsp; **4465095** |

---

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

Allspring Core Bond Portfolio \| 31

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Retail: 0.61%** |  |  |  |  |
| Dick's Sporting Goods, Inc. | 4.10<br> %<br>| &nbsp;&nbsp; 1-15-2052 | $5758000 | &nbsp;&nbsp; $3945248 |
| Home Depot, Inc. | 3.63 | &nbsp;&nbsp; 4-15-2052 | 1737000 | &nbsp;&nbsp; 1256232 |
| Home Depot, Inc. | 4.75 | &nbsp;&nbsp; 6-25-2029 | 2716000 | &nbsp;&nbsp; 2774632 |
| Home Depot, Inc. | 4.85 | &nbsp;&nbsp; 6-25-2031 | 1804000 | &nbsp;&nbsp; 1842145 |
| Lowe's Cos., Inc. | 3.50 | &nbsp;&nbsp; 4-1-2051 | 2157000 | &nbsp;&nbsp; 1454129 |
| Lowe's Cos., Inc. | 4.25 | &nbsp;&nbsp; 4-1-2052 | 3975000 | &nbsp;&nbsp; 3030998 |
| McDonald's Corp. Series I | 6.30 | &nbsp;&nbsp; 3-1-2038 | 2722000 | &nbsp;&nbsp; 2938988 |
| Walmart, Inc. | 4.35 | &nbsp;&nbsp; 4-28-2030 | 6328000 | &nbsp;&nbsp; 6402235 |
| Walmart, Inc. | 4.90 | &nbsp;&nbsp; 4-28-2035 | 8287000 | &nbsp;&nbsp; 8394326 |
|  |  |  |  | &nbsp;&nbsp; **32038933** |
| **Consumer, non-cyclical: 4.36%** |  |  |  |  |
| **Agriculture: 0.99%** |  |  |  |  |
| BAT Capital Corp. | 4.39 | &nbsp;&nbsp; 8-15-2037 | 1406000 | &nbsp;&nbsp; 1232868 |
| BAT Capital Corp. | 4.54 | &nbsp;&nbsp; 8-15-2047 | 3771000 | &nbsp;&nbsp; 2967570 |
| BAT Capital Corp. | 5.63 | &nbsp;&nbsp; 8-15-2035 | 7513000 | &nbsp;&nbsp; 7543037 |
| BAT Capital Corp. | 6.25 | &nbsp;&nbsp; 8-15-2055 | 2672000 | &nbsp;&nbsp; 2609902 |
| Bunge Ltd. Finance Corp. | 1.63 | &nbsp;&nbsp; 8-17-2025 | 1833000 | &nbsp;&nbsp; 1815907 |
| Bunge Ltd. Finance Corp. | 4.20 | &nbsp;&nbsp; 9-17-2029 | 3744000 | &nbsp;&nbsp; 3696806 |
| Bunge Ltd. Finance Corp. | 4.65 | &nbsp;&nbsp; 9-17-2034 | 6880000 | &nbsp;&nbsp; 6673186 |
| Philip Morris International, Inc. | 4.13 | &nbsp;&nbsp; 4-28-2028 | 7868000 | &nbsp;&nbsp; 7859402 |
| Philip Morris International, Inc. | 4.38 | &nbsp;&nbsp; 4-30-2030 | 6659000 | &nbsp;&nbsp; 6618506 |
| Philip Morris International, Inc. | 4.88 | &nbsp;&nbsp; 4-30-2035 | 7058000 | &nbsp;&nbsp; 6920919 |
| Philip Morris International, Inc. | 5.00 | &nbsp;&nbsp; 11-17-2025 | 3771000 | &nbsp;&nbsp; 3780684 |
|  |  |  |  | &nbsp;&nbsp; **51718787** |
| **Beverages: 0.22%** |  |  |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 4.70 | &nbsp;&nbsp; 2-1-2036 | 9364000 | &nbsp;&nbsp; 9052580 |
| Anheuser-Busch InBev Worldwide, Inc. | 5.45 | &nbsp;&nbsp; 1-23-2039 | 1817000 | &nbsp;&nbsp; 1841176 |
| Coca-Cola Co. | 5.20 | &nbsp;&nbsp; 1-14-2055 | 868000 | &nbsp;&nbsp; 829889 |
|  |  |  |  | &nbsp;&nbsp; **11723645** |
| **Biotechnology: 0.12%** |  |  |  |  |
| Amgen, Inc. | 5.60 | &nbsp;&nbsp; 3-2-2043 | 2597000 | &nbsp;&nbsp; 2526691 |
| Amgen, Inc. | 5.65 | &nbsp;&nbsp; 3-2-2053 | 2378000 | &nbsp;&nbsp; 2282414 |
| Gilead Sciences, Inc. | 4.00 | &nbsp;&nbsp; 9-1-2036 | 1819000 | &nbsp;&nbsp; 1643268 |
|  |  |  |  | &nbsp;&nbsp; **6452373** |
| **Commercial services: 0.04%** |  |  |  |  |
| Rollins, Inc.144A | 5.25 | &nbsp;&nbsp; 2-24-2035 | 2175000 | &nbsp;&nbsp; **2169855** |
| **Food: 0.14%** |  |  |  |  |
| JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group144A | 6.38 | &nbsp;&nbsp; 2-25-2055 | 886000 | &nbsp;&nbsp; 900149 |
| Kroger Co. | 5.50 | &nbsp;&nbsp; 9-15-2054 | 870000 | &nbsp;&nbsp; 813806 |
| Sysco Corp. | 5.10 | &nbsp;&nbsp; 9-23-2030 | 4526000 | &nbsp;&nbsp; 4609546 |
| Tyson Foods, Inc. | 5.15 | &nbsp;&nbsp; 8-15-2044 | 997000 | &nbsp;&nbsp; 893526 |
|  |  |  |  | &nbsp;&nbsp; **7217027** |

---

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

32 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Healthcare-products: 0.23%** |  |  |  |  |
| Alcon Finance Corp.144A | 5.38<br> %<br>| &nbsp;&nbsp; 12-6-2032 | $6836000 | &nbsp;&nbsp; $6919735 |
| Stryker Corp. | 4.85 | &nbsp;&nbsp; 2-10-2030 | 5089000 | &nbsp;&nbsp; 5159531 |
|  |  |  |  | &nbsp;&nbsp; **12079266** |
| **Healthcare-services: 1.06%** |  |  |  |  |
| CommonSpirit Health | 3.35 | &nbsp;&nbsp; 10-1-2029 | 1669000 | &nbsp;&nbsp; 1580055 |
| Elevance Health, Inc. | 4.75 | &nbsp;&nbsp; 2-15-2030 | 3081000 | &nbsp;&nbsp; 3106945 |
| Elevance Health, Inc. | 4.95 | &nbsp;&nbsp; 11-1-2031 | 2763000 | &nbsp;&nbsp; 2789616 |
| Elevance Health, Inc. | 5.15 | &nbsp;&nbsp; 6-15-2029 | 3927000 | &nbsp;&nbsp; 4025601 |
| Elevance Health, Inc. | 5.70 | &nbsp;&nbsp; 2-15-2055 | 861000 | &nbsp;&nbsp; 824249 |
| HCA, Inc. | 3.63 | &nbsp;&nbsp; 3-15-2032 | 2874000 | &nbsp;&nbsp; 2606850 |
| HCA, Inc. | 5.25 | &nbsp;&nbsp; 6-15-2049 | 3222000 | &nbsp;&nbsp; 2795248 |
| HCA, Inc. | 5.50 | &nbsp;&nbsp; 3-1-2032 | 6169000 | &nbsp;&nbsp; 6245598 |
| HCA, Inc. | 5.90 | &nbsp;&nbsp; 6-1-2053 | 4964000 | &nbsp;&nbsp; 4701701 |
| HCA, Inc. | 6.20 | &nbsp;&nbsp; 3-1-2055 | 4055000 | &nbsp;&nbsp; 3973002 |
| UnitedHealth Group, Inc. | 3.05 | &nbsp;&nbsp; 5-15-2041 | 836000 | &nbsp;&nbsp; 606451 |
| UnitedHealth Group, Inc. | 4.60 | &nbsp;&nbsp; 4-15-2027 | 3719000 | &nbsp;&nbsp; 3760664 |
| UnitedHealth Group, Inc. | 5.15 | &nbsp;&nbsp; 7-15-2034 | 5231000 | &nbsp;&nbsp; 5247760 |
| UnitedHealth Group, Inc. | 5.50 | &nbsp;&nbsp; 7-15-2044 | 2177000 | &nbsp;&nbsp; 2111856 |
| UnitedHealth Group, Inc. | 5.63 | &nbsp;&nbsp; 7-15-2054 | 5804000 | &nbsp;&nbsp; 5581471 |
| UnitedHealth Group, Inc. | 5.75 | &nbsp;&nbsp; 7-15-2064 | 1921000 | &nbsp;&nbsp; 1853229 |
| UnitedHealth Group, Inc. | 5.88 | &nbsp;&nbsp; 2-15-2053 | 3493000 | &nbsp;&nbsp; 3474868 |
|  |  |  |  | &nbsp;&nbsp; **55285164** |
| **Pharmaceuticals: 1.56%** |  |  |  |  |
| AbbVie, Inc. | 3.20 | &nbsp;&nbsp; 11-21-2029 | 6639000 | &nbsp;&nbsp; 6328151 |
| AbbVie, Inc. | 4.05 | &nbsp;&nbsp; 11-21-2039 | 1887000 | &nbsp;&nbsp; 1634713 |
| AbbVie, Inc. | 4.25 | &nbsp;&nbsp; 11-21-2049 | 6551000 | &nbsp;&nbsp; 5312939 |
| AbbVie, Inc. | 4.50 | &nbsp;&nbsp; 5-14-2035 | 276000 | &nbsp;&nbsp; 264447 |
| AbbVie, Inc. | 4.55 | &nbsp;&nbsp; 3-15-2035 | 779000 | &nbsp;&nbsp; 750312 |
| AbbVie, Inc. | 4.80 | &nbsp;&nbsp; 3-15-2027 | 4503000 | &nbsp;&nbsp; 4561159 |
| AbbVie, Inc. | 4.88 | &nbsp;&nbsp; 3-15-2030 | 3623000 | &nbsp;&nbsp; 3702754 |
| AbbVie, Inc. | 4.95 | &nbsp;&nbsp; 3-15-2031 | 2703000 | &nbsp;&nbsp; 2765981 |
| AbbVie, Inc. | 5.05 | &nbsp;&nbsp; 3-15-2034 | 4503000 | &nbsp;&nbsp; 4540906 |
| AbbVie, Inc. | 5.20 | &nbsp;&nbsp; 3-15-2035 | 4207000 | &nbsp;&nbsp; 4262512 |
| AbbVie, Inc. | 5.60 | &nbsp;&nbsp; 3-15-2055 | 415000 | &nbsp;&nbsp; 411920 |
| Becton Dickinson & Co. | 5.08 | &nbsp;&nbsp; 6-7-2029 | 1771000 | &nbsp;&nbsp; 1804400 |
| CVS Health Corp. | 4.78 | &nbsp;&nbsp; 3-25-2038 | 1975000 | &nbsp;&nbsp; 1781201 |
| CVS Health Corp. | 5.05 | &nbsp;&nbsp; 3-25-2048 | 8176000 | &nbsp;&nbsp; 6948667 |
| CVS Health Corp. | 5.55 | &nbsp;&nbsp; 6-1-2031 | 3571000 | &nbsp;&nbsp; 3668821 |
| CVS Health Corp. | 5.70 | &nbsp;&nbsp; 6-1-2034 | 3667000 | &nbsp;&nbsp; 3723984 |
| CVS Health Corp. | 6.05 | &nbsp;&nbsp; 6-1-2054 | 2013000 | &nbsp;&nbsp; 1938977 |
| Eli Lilly & Co. | 4.20 | &nbsp;&nbsp; 8-14-2029 | 5660000 | &nbsp;&nbsp; 5687314 |
| Eli Lilly & Co. | 4.60 | &nbsp;&nbsp; 8-14-2034 | 4663000 | &nbsp;&nbsp; 4595799 |
| Eli Lilly & Co. | 4.70 | &nbsp;&nbsp; 2-9-2034 | 3577000 | &nbsp;&nbsp; 3547207 |
| Eli Lilly & Co. | 4.90 | &nbsp;&nbsp; 2-12-2032 | 3617000 | &nbsp;&nbsp; 3711972 |
| Eli Lilly & Co. | 5.05 | &nbsp;&nbsp; 8-14-2054 | 436000 | &nbsp;&nbsp; 406402 |
| Eli Lilly & Co. | 5.10 | &nbsp;&nbsp; 2-12-2035 | 1944000 | &nbsp;&nbsp; 1985148 |

---

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

Allspring Core Bond Portfolio \| 33

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Pharmaceuticals**(continued) |  |  |  |  |
| Eli Lilly & Co. | 5.10<br> %<br>| &nbsp;&nbsp; 2-9-2064 | $1796000 | &nbsp;&nbsp; $1649284 |
| Eli Lilly & Co. | 5.50 | &nbsp;&nbsp; 2-12-2055 | 2252000 | &nbsp;&nbsp; 2257875 |
| Eli Lilly & Co. | 5.60 | &nbsp;&nbsp; 2-12-2065 | 2484000 | &nbsp;&nbsp; 2478868 |
| Merck & Co., Inc. | 2.35 | &nbsp;&nbsp; 6-24-2040 | 1510000 | &nbsp;&nbsp; 1051227 |
|  |  |  |  | &nbsp;&nbsp; **81772940** |
| **Energy: 1.03%** |  |  |  |  |
| **Oil & gas: 0.46%** |  |  |  |  |
| Chevron USA, Inc. | 4.98 | &nbsp;&nbsp; 4-15-2035 | 569000 | &nbsp;&nbsp; 569717 |
| ConocoPhillips Co. | 5.50 | &nbsp;&nbsp; 1-15-2055 | 1097000 | &nbsp;&nbsp; 1016712 |
| ConocoPhillips Co. | 5.55 | &nbsp;&nbsp; 3-15-2054 | 1377000 | &nbsp;&nbsp; 1286941 |
| Devon Energy Corp. | 5.20 | &nbsp;&nbsp; 9-15-2034 | 6056000 | &nbsp;&nbsp; 5678188 |
| Devon Energy Corp. | 5.75 | &nbsp;&nbsp; 9-15-2054 | 2986000 | &nbsp;&nbsp; 2544630 |
| Diamondback Energy, Inc. | 5.15 | &nbsp;&nbsp; 1-30-2030 | 3362000 | &nbsp;&nbsp; 3411655 |
| Diamondback Energy, Inc. | 5.20 | &nbsp;&nbsp; 4-18-2027 | 1800000 | &nbsp;&nbsp; 1825305 |
| Diamondback Energy, Inc. | 5.55 | &nbsp;&nbsp; 4-1-2035 | 4659000 | &nbsp;&nbsp; 4579141 |
| Diamondback Energy, Inc. | 5.75 | &nbsp;&nbsp; 4-18-2054 | 2982000 | &nbsp;&nbsp; 2664573 |
| Diamondback Energy, Inc. | 5.90 | &nbsp;&nbsp; 4-18-2064 | 905000 | &nbsp;&nbsp; 802470 |
|  |  |  |  | &nbsp;&nbsp; **24379332** |
| **Pipelines: 0.57%** |  |  |  |  |
| Energy Transfer LP | 5.25 | &nbsp;&nbsp; 7-1-2029 | 4542000 | &nbsp;&nbsp; 4602969 |
| Energy Transfer LP | 5.30 | &nbsp;&nbsp; 4-15-2047 | 1817000 | &nbsp;&nbsp; 1534391 |
| Energy Transfer LP | 5.70 | &nbsp;&nbsp; 4-1-2035 | 5306000 | &nbsp;&nbsp; 5252015 |
| Energy Transfer LP | 5.95 | &nbsp;&nbsp; 5-15-2054 | 7310000 | &nbsp;&nbsp; 6645578 |
| Energy Transfer LP144A | 6.00 | &nbsp;&nbsp; 2-1-2029 | 3295000 | &nbsp;&nbsp; 3330985 |
| Energy Transfer LP | 6.20 | &nbsp;&nbsp; 4-1-2055 | 355000 | &nbsp;&nbsp; 333078 |
| Kinder Morgan, Inc.%% | 5.15 | &nbsp;&nbsp; 6-1-2030 | 3103000 | &nbsp;&nbsp; 3132645 |
| ONEOK, Inc. | 5.05 | &nbsp;&nbsp; 11-1-2034 | 936000 | &nbsp;&nbsp; 887557 |
| ONEOK, Inc. | 5.70 | &nbsp;&nbsp; 11-1-2054 | 3892000 | &nbsp;&nbsp; 3453516 |
| ONEOK, Inc. | 5.85 | &nbsp;&nbsp; 11-1-2064 | 724000 | &nbsp;&nbsp; 645612 |
|  |  |  |  | &nbsp;&nbsp; **29818346** |
| **Financial: 6.54%** |  |  |  |  |
| **Banks: 4.33%** |  |  |  |  |
| Bank of America Corp. (U.S. SOFR+0.96%)± | 1.73 | &nbsp;&nbsp; 7-22-2027 | 11302000 | &nbsp;&nbsp; 10926737 |
| Bank of America Corp. (U.S. SOFR+1.37%)± | 1.92 | &nbsp;&nbsp; 10-24-2031 | 1568000 | &nbsp;&nbsp; 1352478 |
| Bank of America Corp. (U.S. SOFR 3 Month+1.25%)± | 2.50 | &nbsp;&nbsp; 2-13-2031 | 3535000 | &nbsp;&nbsp; 3199840 |
| Bank of New York Mellon Corp. (U.S. SOFR+0.89%)± | 4.94 | &nbsp;&nbsp; 2-11-2031 | 5116000 | &nbsp;&nbsp; 5204645 |
| Citigroup, Inc. (U.S. SOFR+0.87%)± | 4.79 | &nbsp;&nbsp; 3-4-2029 | 6336000 | &nbsp;&nbsp; 6367259 |
| Citigroup, Inc. (U.S. SOFR+1.34%)± | 4.54 | &nbsp;&nbsp; 9-19-2030 | 7506000 | &nbsp;&nbsp; 7429666 |
| Citigroup, Inc. (U.S. SOFR+1.47%)± | 5.33 | &nbsp;&nbsp; 3-27-2036 | 6386000 | &nbsp;&nbsp; 6334238 |
| Citigroup, Inc. (U.S. SOFR+1.75%)± | 5.61 | &nbsp;&nbsp; 3-4-2056 | 4349000 | &nbsp;&nbsp; 4155775 |
| Citigroup, Inc. (U.S. SOFR+1.83%)± | 6.02 | &nbsp;&nbsp; 1-24-2036 | 9796000 | &nbsp;&nbsp; 9822975 |
| Citigroup, Inc. (U.S. SOFR+2.06%)± | 5.83 | &nbsp;&nbsp; 2-13-2035 | 1977000 | &nbsp;&nbsp; 1965361 |
| Citigroup, Inc. (U.S. SOFR+2.66%)± | 6.17 | &nbsp;&nbsp; 5-25-2034 | 1771000 | &nbsp;&nbsp; 1812734 |
| Goldman Sachs Bank USA (U.S. SOFR+0.75%)± | 5.41 | &nbsp;&nbsp; 5-21-2027 | 4528000 | &nbsp;&nbsp; 4570418 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.08%)± | 5.21 | &nbsp;&nbsp; 1-28-2031 | 7154000 | &nbsp;&nbsp; 7275917 |

---

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

34 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.14%)± | 4.69<br> %<br>| &nbsp;&nbsp; 10-23-2030 | $5418000 | &nbsp;&nbsp; $5404761 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.21%)± | 5.05 | &nbsp;&nbsp; 7-23-2030 | 2797000 | &nbsp;&nbsp; 2830317 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.42%)± | 5.02 | &nbsp;&nbsp; 10-23-2035 | 6432000 | &nbsp;&nbsp; 6232379 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.55%)± | 5.33 | &nbsp;&nbsp; 7-23-2035 | 5564000 | &nbsp;&nbsp; 5529684 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.58%)± | 5.22 | &nbsp;&nbsp; 4-23-2031 | 11014000 | &nbsp;&nbsp; 11217199 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.70%)± | 5.73 | &nbsp;&nbsp; 1-28-2056 | 2549000 | &nbsp;&nbsp; 2482536 |
| JPMorgan Chase & Co. (U.S. SOFR+1.04%)± | 4.60 | &nbsp;&nbsp; 10-22-2030 | 7225000 | &nbsp;&nbsp; 7220111 |
| JPMorgan Chase & Co. (U.S. SOFR+1.44%)± | 5.10 | &nbsp;&nbsp; 4-22-2031 | 6234000 | &nbsp;&nbsp; 6346923 |
| JPMorgan Chase & Co. (U.S. SOFR+1.46%)± | 5.29 | &nbsp;&nbsp; 7-22-2035 | 2782000 | &nbsp;&nbsp; 2786506 |
| JPMorgan Chase & Co. (U.S. SOFR+1.68%)± | 5.57 | &nbsp;&nbsp; 4-22-2036 | 1301000 | &nbsp;&nbsp; 1330697 |
| JPMorgan Chase & Co. (U.S. SOFR+2.04%)± | 2.52 | &nbsp;&nbsp; 4-22-2031 | 8366000 | &nbsp;&nbsp; 7571258 |
| Morgan Stanley (U.S. SOFR+1.11%)± | 5.23 | &nbsp;&nbsp; 1-15-2031 | 8960000 | &nbsp;&nbsp; 9135512 |
| Morgan Stanley (U.S. SOFR+1.22%)± | 5.04 | &nbsp;&nbsp; 7-19-2030 | 8341000 | &nbsp;&nbsp; 8443870 |
| Morgan Stanley (U.S. SOFR+1.38%)± | 4.99 | &nbsp;&nbsp; 4-12-2029 | 9194000 | &nbsp;&nbsp; 9319416 |
| Morgan Stanley (U.S. SOFR+1.51%)± | 5.19 | &nbsp;&nbsp; 4-17-2031 | 6636000 | &nbsp;&nbsp; 6756306 |
| Morgan Stanley (U.S. SOFR+1.58%)± | 5.83 | &nbsp;&nbsp; 4-19-2035 | 8234000 | &nbsp;&nbsp; 8501940 |
| Morgan Stanley (U.S. SOFR+1.63%)± | 5.45 | &nbsp;&nbsp; 7-20-2029 | 3523000 | &nbsp;&nbsp; 3616637 |
| PNC Financial Services Group, Inc. (U.S. SOFR+1.26%)± | 4.81 | &nbsp;&nbsp; 10-21-2032 | 4153000 | &nbsp;&nbsp; 4116985 |
| Santander Holdings USA, Inc. (U.S. SOFR+1.88%)± | 5.74 | &nbsp;&nbsp; 3-20-2031 | 2336000 | &nbsp;&nbsp; 2360085 |
| Santander Holdings USA, Inc. (U.S. SOFR+2.14%)± | 6.34 | &nbsp;&nbsp; 5-31-2035 | 2849000 | &nbsp;&nbsp; 2911117 |
| State Street Corp. | 4.54 | &nbsp;&nbsp; 2-28-2028 | 2384000 | &nbsp;&nbsp; 2409066 |
| State Street Corp. | 4.73 | &nbsp;&nbsp; 2-28-2030 | 7243000 | &nbsp;&nbsp; 7329000 |
| Wells Fargo & Co. (U.S. SOFR+1.07%)± | 5.71 | &nbsp;&nbsp; 4-22-2028 | 2820000 | &nbsp;&nbsp; 2882564 |
| Wells Fargo & Co. (U.S. SOFR+1.11%)± | 5.24 | &nbsp;&nbsp; 1-24-2031 | 5852000 | &nbsp;&nbsp; 5973355 |
| Wells Fargo & Co. (U.S. SOFR+1.37%)± | 4.97 | &nbsp;&nbsp; 4-23-2029 | 9315000 | &nbsp;&nbsp; 9432421 |
| Wells Fargo & Co. (U.S. SOFR+1.50%)± | 5.15 | &nbsp;&nbsp; 4-23-2031 | 7848000 | &nbsp;&nbsp; 7969734 |
| Wells Fargo & Co. (U.S. SOFR+1.74%)± | 5.57 | &nbsp;&nbsp; 7-25-2029 | 1773000 | &nbsp;&nbsp; 1824094 |
| Wells Fargo & Co. (U.S. SOFR+1.79%)± | 6.30 | &nbsp;&nbsp; 10-23-2029 | 1804000 | &nbsp;&nbsp; 1903824 |
| Wells Fargo & Co. (U.S. SOFR+2.10%)± | 4.90 | &nbsp;&nbsp; 7-25-2033 | 2809000 | &nbsp;&nbsp; 2759689 |
|  |  |  |  | &nbsp;&nbsp; **227016029** |
| **Diversified financial services: 0.61%** |  |  |  |  |
| American Express Co. (U.S. SOFR+1.02%)± | 5.09 | &nbsp;&nbsp; 1-30-2031 | 2461000 | &nbsp;&nbsp; 2505705 |
| American Express Co. (U.S. SOFR+1.26%)± | 4.73 | &nbsp;&nbsp; 4-25-2029 | 6783000 | &nbsp;&nbsp; 6845550 |
| American Express Co. (U.S. SOFR+1.32%)± | 5.44 | &nbsp;&nbsp; 1-30-2036 | 3220000 | &nbsp;&nbsp; 3250091 |
| American Express Co. (U.S. SOFR+1.44%)± | 5.02 | &nbsp;&nbsp; 4-25-2031 | 6291000 | &nbsp;&nbsp; 6393248 |
| American Express Co. (U.S. SOFR+1.79%)± | 5.67 | &nbsp;&nbsp; 4-25-2036 | 2360000 | &nbsp;&nbsp; 2422421 |
| Apollo Global Management, Inc. | 5.80 | &nbsp;&nbsp; 5-21-2054 | 1107000 | &nbsp;&nbsp; 1060947 |
| Ares Management Corp. | 5.60 | &nbsp;&nbsp; 10-11-2054 | 2711000 | &nbsp;&nbsp; 2481955 |
| Capital One Financial Corp. (U.S. SOFR+2.26%)± | 6.05 | &nbsp;&nbsp; 2-1-2035 | 6962000 | &nbsp;&nbsp; 7116465 |
|  |  |  |  | &nbsp;&nbsp; **32076382** |
| **Investment Companies: 0.45%** |  |  |  |  |
| Apollo Debt Solutions BDC144A | 6.55 | &nbsp;&nbsp; 3-15-2032 | 2686000 | &nbsp;&nbsp; 2701953 |
| Ares Strategic Income Fund BDC144A | 6.20 | &nbsp;&nbsp; 3-21-2032 | 3581000 | &nbsp;&nbsp; 3536968 |
| Bain Capital Specialty Finance, Inc. BDC | 5.95 | &nbsp;&nbsp; 3-15-2030 | 2409000 | &nbsp;&nbsp; 2360083 |
| Blue Owl Credit Income Corp. BDC144A | 6.60 | &nbsp;&nbsp; 9-15-2029 | 3577000 | &nbsp;&nbsp; 3616869 |
| FS KKR Capital Corp. BDC | 6.13 | &nbsp;&nbsp; 1-15-2030 | 5116000 | &nbsp;&nbsp; 5028127 |

---

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

Allspring Core Bond Portfolio \| 35

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Investment Companies**(continued) |  |  |  |  |
| Goldman Sachs Private Credit Corp. BDC144A%% | 6.25<br> %<br>| &nbsp;&nbsp; 5-6-2030 | $3619000 | &nbsp;&nbsp; $3619483 |
| Oaktree Specialty Lending Corp. BDC | 6.34 | &nbsp;&nbsp; 2-27-2030 | 3078000 | &nbsp;&nbsp; 3037912 |
|  |  |  |  | &nbsp;&nbsp; **23901395** |
| **Real estate: 0.10%** |  |  |  |  |
| CBRE Services, Inc.%% | 4.80 | &nbsp;&nbsp; 6-15-2030 | 2714000 | &nbsp;&nbsp; 2698834 |
| CBRE Services, Inc.%% | 5.50 | &nbsp;&nbsp; 6-15-2035 | 2349000 | &nbsp;&nbsp; 2340196 |
|  |  |  |  | &nbsp;&nbsp; **5039030** |
| **REITs: 1.05%** |  |  |  |  |
| Agree LP | 2.00 | &nbsp;&nbsp; 6-15-2028 | 2776000 | &nbsp;&nbsp; 2578560 |
| Agree LP | 2.60 | &nbsp;&nbsp; 6-15-2033 | 757000 | &nbsp;&nbsp; 617487 |
| Agree LP | 4.80 | &nbsp;&nbsp; 10-1-2032 | 1669000 | &nbsp;&nbsp; 1611453 |
| American Homes 4 Rent LP | 3.63 | &nbsp;&nbsp; 4-15-2032 | 3064000 | &nbsp;&nbsp; 2783835 |
| American Homes 4 Rent LP | 4.30 | &nbsp;&nbsp; 4-15-2052 | 1374000 | &nbsp;&nbsp; 1035635 |
| American Homes 4 Rent LP | 5.50 | &nbsp;&nbsp; 7-15-2034 | 1247000 | &nbsp;&nbsp; 1237793 |
| Brixmor Operating Partnership LP | 2.50 | &nbsp;&nbsp; 8-16-2031 | 2932000 | &nbsp;&nbsp; 2529829 |
| Crown Castle, Inc. | 2.10 | &nbsp;&nbsp; 4-1-2031 | 3012000 | &nbsp;&nbsp; 2559852 |
| Crown Castle, Inc. | 5.80 | &nbsp;&nbsp; 3-1-2034 | 2722000 | &nbsp;&nbsp; 2785468 |
| Essex Portfolio LP | 2.55 | &nbsp;&nbsp; 6-15-2031 | 1581000 | &nbsp;&nbsp; 1401441 |
| Essex Portfolio LP | 5.50 | &nbsp;&nbsp; 4-1-2034 | 1865000 | &nbsp;&nbsp; 1874834 |
| Invitation Homes Operating Partnership LP | 2.00 | &nbsp;&nbsp; 8-15-2031 | 528000 | &nbsp;&nbsp; 442568 |
| Invitation Homes Operating Partnership LP | 4.15 | &nbsp;&nbsp; 4-15-2032 | 3051000 | &nbsp;&nbsp; 2839673 |
| Invitation Homes Operating Partnership LP | 4.88 | &nbsp;&nbsp; 2-1-2035 | 2709000 | &nbsp;&nbsp; 2575343 |
| Kimco Realty OP LLC | 4.85 | &nbsp;&nbsp; 3-1-2035 | 2440000 | &nbsp;&nbsp; 2339978 |
| Realty Income Corp. | 2.10 | &nbsp;&nbsp; 3-15-2028 | 1719000 | &nbsp;&nbsp; 1614028 |
| Realty Income Corp. | 2.85 | &nbsp;&nbsp; 12-15-2032 | 2219000 | &nbsp;&nbsp; 1912703 |
| Realty Income Corp. | 3.40 | &nbsp;&nbsp; 1-15-2030 | 1837000 | &nbsp;&nbsp; 1746157 |
| Realty Income Corp. | 4.90 | &nbsp;&nbsp; 7-15-2033 | 2640000 | &nbsp;&nbsp; 2594561 |
| Realty Income Corp. | 5.13 | &nbsp;&nbsp; 4-15-2035 | 2344000 | &nbsp;&nbsp; 2323032 |
| Regency Centers LP | 2.95 | &nbsp;&nbsp; 9-15-2029 | 4198000 | &nbsp;&nbsp; 3934489 |
| Regency Centers LP | 5.25 | &nbsp;&nbsp; 1-15-2034 | 3598000 | &nbsp;&nbsp; 3601420 |
| Store Capital LLC | 2.70 | &nbsp;&nbsp; 12-1-2031 | 1066000 | &nbsp;&nbsp; 902358 |
| Store Capital LLC | 2.75 | &nbsp;&nbsp; 11-18-2030 | 2711000 | &nbsp;&nbsp; 2379995 |
| Store Capital LLC144A | 5.40 | &nbsp;&nbsp; 4-30-2030 | 1819000 | &nbsp;&nbsp; 1814266 |
| Sun Communities Operating LP | 4.20 | &nbsp;&nbsp; 4-15-2032 | 3366000 | &nbsp;&nbsp; 3159080 |
|  |  |  |  | &nbsp;&nbsp; **55195838** |
| **Industrial: 1.37%** |  |  |  |  |
| **Aerospace/defense: 0.32%** |  |  |  |  |
| Boeing Co. | 5.81 | &nbsp;&nbsp; 5-1-2050 | 3141000 | &nbsp;&nbsp; 2944100 |
| Boeing Co. | 6.86 | &nbsp;&nbsp; 5-1-2054 | 1827000 | &nbsp;&nbsp; 1951279 |
| General Dynamics Corp.%% | 4.95 | &nbsp;&nbsp; 8-15-2035 | 3501000 | &nbsp;&nbsp; 3512587 |
| Howmet Aerospace, Inc. | 4.85 | &nbsp;&nbsp; 10-15-2031 | 2411000 | &nbsp;&nbsp; 2421235 |
| Lockheed Martin Corp. | 4.80 | &nbsp;&nbsp; 8-15-2034 | 3712000 | &nbsp;&nbsp; 3681543 |
| Lockheed Martin Corp. | 5.20 | &nbsp;&nbsp; 2-15-2055 | 1358000 | &nbsp;&nbsp; 1260594 |
| Lockheed Martin Corp. | 5.20 | &nbsp;&nbsp; 2-15-2064 | 1278000 | &nbsp;&nbsp; 1159881 |
|  |  |  |  | &nbsp;&nbsp; **16931219** |

---

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

36 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Building materials: 0.06%** |  |  |  |  |
| CRH America Finance, Inc. | 5.50<br> %<br>| &nbsp;&nbsp; 1-9-2035 | $2949000 | &nbsp;&nbsp; **$2993779** |
| **Machinery-construction & mining: 0.32%** |  |  |  |  |
| Caterpillar Financial Services Corp. | 4.38 | &nbsp;&nbsp; 8-16-2029 | 3712000 | &nbsp;&nbsp; 3730638 |
| Caterpillar Financial Services Corp. | 4.45 | &nbsp;&nbsp; 10-16-2026 | 3712000 | &nbsp;&nbsp; 3739585 |
| Caterpillar Financial Services Corp. | 4.85 | &nbsp;&nbsp; 2-27-2029 | 3571000 | &nbsp;&nbsp; 3650733 |
| Caterpillar Financial Services Corp. | 5.00 | &nbsp;&nbsp; 5-14-2027 | 5416000 | &nbsp;&nbsp; 5523257 |
|  |  |  |  | &nbsp;&nbsp; **16644213** |
| **Machinery-diversified: 0.52%** |  |  |  |  |
| Deere & Co. | 5.45 | &nbsp;&nbsp; 1-16-2035 | 8132000 | &nbsp;&nbsp; 8408822 |
| Deere & Co. | 5.70 | &nbsp;&nbsp; 1-19-2055 | 3760000 | &nbsp;&nbsp; 3868225 |
| John Deere Capital Corp. | 4.15 | &nbsp;&nbsp; 9-15-2027 | 3550000 | &nbsp;&nbsp; 3560865 |
| John Deere Capital Corp. | 4.50 | &nbsp;&nbsp; 1-8-2027 | 4476000 | &nbsp;&nbsp; 4514140 |
| John Deere Capital Corp. | 4.65 | &nbsp;&nbsp; 1-7-2028 | 3153000 | &nbsp;&nbsp; 3208118 |
| John Deere Capital Corp. | 4.85 | &nbsp;&nbsp; 6-11-2029 | 588000 | &nbsp;&nbsp; 602778 |
| John Deere Capital Corp. | 5.15 | &nbsp;&nbsp; 9-8-2026 | 3312000 | &nbsp;&nbsp; 3359945 |
|  |  |  |  | &nbsp;&nbsp; **27522893** |
| **Transportation: 0.15%** |  |  |  |  |
| Burlington Northern Santa Fe LLC | 4.45 | &nbsp;&nbsp; 1-15-2053 | 711000 | &nbsp;&nbsp; 594240 |
| Burlington Northern Santa Fe LLC | 5.20 | &nbsp;&nbsp; 4-15-2054 | 1888000 | &nbsp;&nbsp; 1766691 |
| Crowley Conro LLC | 4.18 | &nbsp;&nbsp; 8-15-2043 | 2145222 | &nbsp;&nbsp; 1913110 |
| Union Pacific Corp. | 2.38 | &nbsp;&nbsp; 5-20-2031 | 1693000 | &nbsp;&nbsp; 1511781 |
| Union Pacific Corp. | 2.80 | &nbsp;&nbsp; 2-14-2032 | 2296000 | &nbsp;&nbsp; 2053178 |
|  |  |  |  | &nbsp;&nbsp; **7839000** |
| **Technology: 2.61%** |  |  |  |  |
| **Computers: 0.50%** |  |  |  |  |
| Accenture Capital, Inc. | 4.05 | &nbsp;&nbsp; 10-4-2029 | 707000 | &nbsp;&nbsp; 702469 |
| Accenture Capital, Inc. | 4.25 | &nbsp;&nbsp; 10-4-2031 | 7220000 | &nbsp;&nbsp; 7142777 |
| Accenture Capital, Inc. | 4.50 | &nbsp;&nbsp; 10-4-2034 | 3971000 | &nbsp;&nbsp; 3827376 |
| Apple, Inc. | 2.38 | &nbsp;&nbsp; 2-8-2041 | 1295000 | &nbsp;&nbsp; 896943 |
| Apple, Inc. | 2.65 | &nbsp;&nbsp; 5-11-2050 | 1410000 | &nbsp;&nbsp; 878765 |
| Apple, Inc. | 2.65 | &nbsp;&nbsp; 2-8-2051 | 1089000 | &nbsp;&nbsp; 673926 |
| Apple, Inc. | 3.95 | &nbsp;&nbsp; 8-8-2052 | 3406000 | &nbsp;&nbsp; 2699782 |
| Hewlett Packard Enterprise Co. | 5.60 | &nbsp;&nbsp; 10-15-2054 | 1933000 | &nbsp;&nbsp; 1782607 |
| NetApp, Inc. | 5.50 | &nbsp;&nbsp; 3-17-2032 | 5750000 | &nbsp;&nbsp; 5821205 |
| NetApp, Inc. | 5.70 | &nbsp;&nbsp; 3-17-2035 | 1570000 | &nbsp;&nbsp; 1577147 |
|  |  |  |  | &nbsp;&nbsp; **26002997** |
| **Semiconductors: 1.42%** |  |  |  |  |
| Broadcom, Inc.144A | 2.45 | &nbsp;&nbsp; 2-15-2031 | 2784000 | &nbsp;&nbsp; 2459884 |
| Broadcom, Inc. | 3.15 | &nbsp;&nbsp; 11-15-2025 | 2086000 | &nbsp;&nbsp; 2069734 |
| Broadcom, Inc. | 4.15 | &nbsp;&nbsp; 2-15-2028 | 4430000 | &nbsp;&nbsp; 4413369 |
| Broadcom, Inc. | 4.55 | &nbsp;&nbsp; 2-15-2032 | 4513000 | &nbsp;&nbsp; 4423066 |
| Broadcom, Inc. | 4.80 | &nbsp;&nbsp; 10-15-2034 | 6319000 | &nbsp;&nbsp; 6151393 |
| Broadcom, Inc.144A | 4.93 | &nbsp;&nbsp; 5-15-2037 | 2544000 | &nbsp;&nbsp; 2436505 |

---

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

Allspring Core Bond Portfolio \| 37

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Semiconductors**(continued) |  |  |  |  |
| Broadcom, Inc. | 5.05<br> %<br>| &nbsp;&nbsp; 7-12-2029 | $6493000 | &nbsp;&nbsp; $6620120 |
| Broadcom, Inc. | 5.15 | &nbsp;&nbsp; 11-15-2031 | 11502000 | &nbsp;&nbsp; 11724863 |
| Foundry JV Holdco LLC144A | 5.50 | &nbsp;&nbsp; 1-25-2031 | 3014000 | &nbsp;&nbsp; 3052171 |
| Foundry JV Holdco LLC144A | 5.90 | &nbsp;&nbsp; 1-25-2033 | 1459000 | &nbsp;&nbsp; 1488012 |
| Foundry JV Holdco LLC144A | 6.10 | &nbsp;&nbsp; 1-25-2036 | 1681000 | &nbsp;&nbsp; 1712690 |
| Foundry JV Holdco LLC144A | 6.20 | &nbsp;&nbsp; 1-25-2037 | 2760000 | &nbsp;&nbsp; 2826098 |
| Foundry JV Holdco LLC144A | 6.30 | &nbsp;&nbsp; 1-25-2039 | 2340000 | &nbsp;&nbsp; 2428540 |
| Intel Corp. | 2.80 | &nbsp;&nbsp; 8-12-2041 | 1529000 | &nbsp;&nbsp; 989383 |
| Intel Corp. | 3.25 | &nbsp;&nbsp; 11-15-2049 | 895000 | &nbsp;&nbsp; 546702 |
| Intel Corp. | 5.60 | &nbsp;&nbsp; 2-21-2054 | 897000 | &nbsp;&nbsp; 791547 |
| Intel Corp. | 5.63 | &nbsp;&nbsp; 2-10-2043 | 1020000 | &nbsp;&nbsp; 940951 |
| Intel Corp. | 5.70 | &nbsp;&nbsp; 2-10-2053 | 1654000 | &nbsp;&nbsp; 1473237 |
| Intel Corp. | 5.90 | &nbsp;&nbsp; 2-10-2063 | 1418000 | &nbsp;&nbsp; 1280024 |
| KLA Corp. | 3.30 | &nbsp;&nbsp; 3-1-2050 | 1458000 | &nbsp;&nbsp; 989505 |
| KLA Corp. | 4.70 | &nbsp;&nbsp; 2-1-2034 | 3594000 | &nbsp;&nbsp; 3529047 |
| Micron Technology, Inc. | 5.65 | &nbsp;&nbsp; 11-1-2032 | 2327000 | &nbsp;&nbsp; 2357051 |
| Micron Technology, Inc. | 6.05 | &nbsp;&nbsp; 11-1-2035 | 6356000 | &nbsp;&nbsp; 6444426 |
| Texas Instruments, Inc. | 5.00 | &nbsp;&nbsp; 3-14-2053 | 2127000 | &nbsp;&nbsp; 1927864 |
| Texas Instruments, Inc. | 5.15 | &nbsp;&nbsp; 2-8-2054 | 1796000 | &nbsp;&nbsp; 1669665 |
|  |  |  |  | &nbsp;&nbsp; **74745847** |
| **Software: 0.69%** |  |  |  |  |
| Cadence Design Systems, Inc. | 4.20 | &nbsp;&nbsp; 9-10-2027 | 3364000 | &nbsp;&nbsp; 3363535 |
| Cadence Design Systems, Inc. | 4.30 | &nbsp;&nbsp; 9-10-2029 | 9342000 | &nbsp;&nbsp; 9323142 |
| Cadence Design Systems, Inc. | 4.70 | &nbsp;&nbsp; 9-10-2034 | 7240000 | &nbsp;&nbsp; 7093394 |
| Oracle Corp. | 4.00 | &nbsp;&nbsp; 7-15-2046 | 3089000 | &nbsp;&nbsp; 2318892 |
| Oracle Corp. | 5.38 | &nbsp;&nbsp; 9-27-2054 | 423000 | &nbsp;&nbsp; 374912 |
| Oracle Corp. | 6.00 | &nbsp;&nbsp; 8-3-2055 | 3435000 | &nbsp;&nbsp; 3341258 |
| Synopsys, Inc. | 4.65 | &nbsp;&nbsp; 4-1-2028 | 2715000 | &nbsp;&nbsp; 2746174 |
| Synopsys, Inc. | 4.85 | &nbsp;&nbsp; 4-1-2030 | 3883000 | &nbsp;&nbsp; 3925341 |
| Synopsys, Inc. | 5.00 | &nbsp;&nbsp; 4-1-2032 | 3106000 | &nbsp;&nbsp; 3127562 |
| Synopsys, Inc. | 5.70 | &nbsp;&nbsp; 4-1-2055 | 776000 | &nbsp;&nbsp; 750050 |
|  |  |  |  | &nbsp;&nbsp; **36364260** |
| **Utilities: 2.49%** |  |  |  |  |
| **Electric: 2.49%** |  |  |  |  |
| Alabama Power Co. | 5.10 | &nbsp;&nbsp; 4-2-2035 | 2519000 | &nbsp;&nbsp; 2529034 |
| American Transmission Systems, Inc.144A | 2.65 | &nbsp;&nbsp; 1-15-2032 | 1107000 | &nbsp;&nbsp; 961327 |
| Baltimore Gas & Electric Co. | 2.25 | &nbsp;&nbsp; 6-15-2031 | 2375000 | &nbsp;&nbsp; 2089510 |
| CenterPoint Energy Houston Electric LLC Series AH | 3.60 | &nbsp;&nbsp; 3-1-2052 | 1754000 | &nbsp;&nbsp; 1247097 |
| Consolidated Edison Co. of New York, Inc. | 3.20 | &nbsp;&nbsp; 12-1-2051 | 532000 | &nbsp;&nbsp; 344041 |
| Consolidated Edison Co. of New York, Inc. | 5.38 | &nbsp;&nbsp; 5-15-2034 | 2734000 | &nbsp;&nbsp; 2798085 |
| Consolidated Edison Co. of New York, Inc. | 5.50 | &nbsp;&nbsp; 3-15-2034 | 4534000 | &nbsp;&nbsp; 4695899 |
| Consolidated Edison Co. of New York, Inc. | 5.50 | &nbsp;&nbsp; 3-15-2055 | 3187000 | &nbsp;&nbsp; 3031154 |
| Consolidated Edison Co. of New York, Inc. | 5.70 | &nbsp;&nbsp; 5-15-2054 | 1819000 | &nbsp;&nbsp; 1786170 |
| Consumers Energy Co.%% | 4.50 | &nbsp;&nbsp; 1-15-2031 | 4651000 | &nbsp;&nbsp; 4670934 |
| Consumers Energy Co. | 4.70 | &nbsp;&nbsp; 1-15-2030 | 2021000 | &nbsp;&nbsp; 2049588 |
| Consumers Energy Co.%% | 5.05 | &nbsp;&nbsp; 5-15-2035 | 3435000 | &nbsp;&nbsp; 3444701 |

---

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

38 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| DTE Electric Co. | 2.95<br> %<br>| &nbsp;&nbsp; 3-1-2050 | $2772000 | &nbsp;&nbsp; $1775908 |
| DTE Electric Co. Series B | 3.65 | &nbsp;&nbsp; 3-1-2052 | 1270000 | &nbsp;&nbsp; 913908 |
| Duke Energy Carolinas LLC | 2.55 | &nbsp;&nbsp; 4-15-2031 | 1084000 | &nbsp;&nbsp; 969863 |
| Duke Energy Carolinas LLC | 2.85 | &nbsp;&nbsp; 3-15-2032 | 2949000 | &nbsp;&nbsp; 2611156 |
| Duke Energy Carolinas LLC | 3.55 | &nbsp;&nbsp; 3-15-2052 | 2148000 | &nbsp;&nbsp; 1502053 |
| Duke Energy Carolinas LLC | 5.25 | &nbsp;&nbsp; 3-15-2035 | 2590000 | &nbsp;&nbsp; 2627656 |
| Duke Energy Carolinas LLC | 5.35 | &nbsp;&nbsp; 1-15-2053 | 2081000 | &nbsp;&nbsp; 1954899 |
| Duke Energy Corp. | 3.50 | &nbsp;&nbsp; 6-15-2051 | 1472000 | &nbsp;&nbsp; 976385 |
| Duke Energy Florida LLC | 2.40 | &nbsp;&nbsp; 12-15-2031 | 2367000 | &nbsp;&nbsp; 2073745 |
| Duke Energy Progress LLC | 2.50 | &nbsp;&nbsp; 8-15-2050 | 2396000 | &nbsp;&nbsp; 1369040 |
| Duke Energy Progress LLC | 3.70 | &nbsp;&nbsp; 10-15-2046 | 540000 | &nbsp;&nbsp; 403784 |
| Entergy Arkansas LLC | 2.65 | &nbsp;&nbsp; 6-15-2051 | 2138000 | &nbsp;&nbsp; 1244369 |
| Entergy Arkansas LLC | 5.15 | &nbsp;&nbsp; 1-15-2033 | 3562000 | &nbsp;&nbsp; 3608983 |
| Entergy Mississippi LLC | 5.80 | &nbsp;&nbsp; 4-15-2055 | 2323000 | &nbsp;&nbsp; 2272420 |
| Exelon Corp. | 5.13 | &nbsp;&nbsp; 3-15-2031 | 3108000 | &nbsp;&nbsp; 3163687 |
| Exelon Corp. | 5.88 | &nbsp;&nbsp; 3-15-2055 | 3575000 | &nbsp;&nbsp; 3477042 |
| FirstEnergy Pennsylvania Electric Co.144A | 3.25 | &nbsp;&nbsp; 3-15-2028 | 2313000 | &nbsp;&nbsp; 2243632 |
| FirstEnergy Pennsylvania Electric Co.144A | 4.30 | &nbsp;&nbsp; 1-15-2029 | 2791000 | &nbsp;&nbsp; 2763305 |
| FirstEnergy Pennsylvania Electric Co.144A | 5.15 | &nbsp;&nbsp; 3-30-2026 | 1781000 | &nbsp;&nbsp; 1785992 |
| FirstEnergy Pennsylvania Electric Co.144A | 5.20 | &nbsp;&nbsp; 4-1-2028 | 1827000 | &nbsp;&nbsp; 1862484 |
| Georgia Power Co. | 5.20 | &nbsp;&nbsp; 3-15-2035 | 932000 | &nbsp;&nbsp; 940429 |
| Jersey Central Power & Light Co.144A | 2.75 | &nbsp;&nbsp; 3-1-2032 | 2609000 | &nbsp;&nbsp; 2251018 |
| Jersey Central Power & Light Co.144A | 5.10 | &nbsp;&nbsp; 1-15-2035 | 2113000 | &nbsp;&nbsp; 2082527 |
| MidAmerican Energy Co. | 2.70 | &nbsp;&nbsp; 8-1-2052 | 2058000 | &nbsp;&nbsp; 1221453 |
| Mississippi Power Co. Series 12-A | 4.25 | &nbsp;&nbsp; 3-15-2042 | 1208000 | &nbsp;&nbsp; 1006275 |
| Mississippi Power Co. Series B | 3.10 | &nbsp;&nbsp; 7-30-2051 | 2847000 | &nbsp;&nbsp; 1838278 |
| Northern States Power Co.%% | 5.05 | &nbsp;&nbsp; 5-15-2035 | 3878000 | &nbsp;&nbsp; 3891156 |
| Northern States Power Co. | 5.40 | &nbsp;&nbsp; 3-15-2054 | 1437000 | &nbsp;&nbsp; 1364518 |
| NSTAR Electric Co. | 5.20 | &nbsp;&nbsp; 3-1-2035 | 1399000 | &nbsp;&nbsp; 1398809 |
| NSTAR Electric Co. | 5.40 | &nbsp;&nbsp; 6-1-2034 | 2741000 | &nbsp;&nbsp; 2795250 |
| Oncor Electric Delivery Co. LLC144A | 5.35 | &nbsp;&nbsp; 4-1-2035 | 2182000 | &nbsp;&nbsp; 2209319 |
| Oncor Electric Delivery Co. LLC144A | 5.80 | &nbsp;&nbsp; 4-1-2055 | 2547000 | &nbsp;&nbsp; 2515595 |
| Pacific Gas & Electric Co. | 3.50 | &nbsp;&nbsp; 8-1-2050 | 901000 | &nbsp;&nbsp; 576209 |
| Pacific Gas & Electric Co. | 3.95 | &nbsp;&nbsp; 12-1-2047 | 5409000 | &nbsp;&nbsp; 3790470 |
| Pacific Gas & Electric Co. | 4.20 | &nbsp;&nbsp; 6-1-2041 | 1379000 | &nbsp;&nbsp; 1065095 |
| Pacific Gas & Electric Co. | 4.75 | &nbsp;&nbsp; 2-15-2044 | 799000 | &nbsp;&nbsp; 646695 |
| Pacific Gas & Electric Co. | 4.95 | &nbsp;&nbsp; 7-1-2050 | 6782000 | &nbsp;&nbsp; 5463084 |
| PECO Energy Co. | 2.85 | &nbsp;&nbsp; 9-15-2051 | 2864000 | &nbsp;&nbsp; 1756264 |
| PPL Capital Funding, Inc. | 5.25 | &nbsp;&nbsp; 9-1-2034 | 1650000 | &nbsp;&nbsp; 1649824 |
| Public Service Co. of Oklahoma Series K | 3.15 | &nbsp;&nbsp; 8-15-2051 | 1606000 | &nbsp;&nbsp; 1015559 |
| Public Service Electric & Gas Co. | 1.90 | &nbsp;&nbsp; 8-15-2031 | 4080000 | &nbsp;&nbsp; 3507553 |
| Public Service Electric & Gas Co. | 2.05 | &nbsp;&nbsp; 8-1-2050 | 659000 | &nbsp;&nbsp; 343801 |
| Public Service Electric & Gas Co. | 2.70 | &nbsp;&nbsp; 5-1-2050 | 1110000 | &nbsp;&nbsp; 673549 |
| Public Service Electric & Gas Co. Series Q | 5.05 | &nbsp;&nbsp; 3-1-2035 | 2741000 | &nbsp;&nbsp; 2773005 |
| Public Service Electric & Gas Co. Series Q | 5.50 | &nbsp;&nbsp; 3-1-2055 | 1087000 | &nbsp;&nbsp; 1056547 |
| Public Service Enterprise Group, Inc. | 5.45 | &nbsp;&nbsp; 4-1-2034 | 3056000 | &nbsp;&nbsp; 3089081 |
| San Diego Gas & Electric Co. | 5.40 | &nbsp;&nbsp; 4-15-2035 | 1869000 | &nbsp;&nbsp; 1886292 |
| Sempra (5 Year Treasury Constant Maturity+2.14%)± | 6.55 | &nbsp;&nbsp; 4-1-2055 | 519000 | &nbsp;&nbsp; 472591 |

---

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

Allspring Core Bond Portfolio \| 39

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| Southern California Edison Co. | 5.25<br> %<br>| &nbsp;&nbsp; 3-15-2030 | $1815000 | &nbsp;&nbsp; $1832165 |
| Southern California Edison Co. Series C | 4.13 | &nbsp;&nbsp; 3-1-2048 | 1789000 | &nbsp;&nbsp; 1301261 |
| Trans-Allegheny Interstate Line Co.144A | 5.00 | &nbsp;&nbsp; 1-15-2031 | 3385000 | &nbsp;&nbsp; 3443382 |
| Virginia Electric & Power Co. | 2.95 | &nbsp;&nbsp; 11-15-2051 | 2375000 | &nbsp;&nbsp; 1457709 |
|  |  |  |  | &nbsp;&nbsp; **130562614** |
| **Total corporate bonds and notes (Cost $1,171,808,913)** |  |  |  | &nbsp;&nbsp; **1153961804** |
| **Municipal obligations: 0.29%** |  |  |  |  |
| **Nevada: 0.07%** |  |  |  |  |
| **Airport revenue: 0.07%** |  |  |  |  |
| County of Clark Department of Aviation Series C | 6.82 | &nbsp;&nbsp; 7-1-2045 | 3365000 | &nbsp;&nbsp; **3794339** |
| **New York: 0.09%** |  |  |  |  |
| **Airport revenue: 0.09%** |  |  |  |  |
| Port Authority of New York & New Jersey | 4.46 | &nbsp;&nbsp; 10-1-2062 | 5505000 | &nbsp;&nbsp; **4618071** |
| **Ohio: 0.03%** |  |  |  |  |
| **Education revenue: 0.03%** |  |  |  |  |
| Ohio State University Series A | 4.80 | &nbsp;&nbsp; 6-1-2111 | 1957000 | &nbsp;&nbsp; **1669200** |
| **Texas: 0.10%** |  |  |  |  |
| **Education revenue: 0.02%** |  |  |  |  |
| Board of Regents of the University of Texas System Series B | 2.44 | &nbsp;&nbsp; 8-15-2049 | 1695000 | &nbsp;&nbsp; **1000264** |
| **Transportation revenue: 0.08%** |  |  |  |  |
| North Texas Tollway Authority Series B | 6.72 | &nbsp;&nbsp; 1-1-2049 | 3609000 | &nbsp;&nbsp; **4010185** |
|  |  |  |  | &nbsp;&nbsp; **5010449** |
| **Total municipal obligations (Cost $17,099,547)** |  |  |  | &nbsp;&nbsp; **15092059** |
| **Non-agency mortgage-backed securities: 1.82%** |  |  |  |  |
| Angel Oak Mortgage Trust Series 2020-2 Class A1A144A±± | 2.53 | &nbsp;&nbsp; 1-26-2065 | 927285 | &nbsp;&nbsp; 876921 |
| Angel Oak Mortgage Trust Series 2020-5 Class A1144A±± | 1.37 | &nbsp;&nbsp; 5-25-2065 | 249875 | &nbsp;&nbsp; 239343 |
| Angel Oak Mortgage Trust Series 2021-6 Class A1144A±± | 1.46 | &nbsp;&nbsp; 9-25-2066 | 2163876 | &nbsp;&nbsp; 1813345 |
| Bank5 Trust Series 2025-5YR13 Class A3±± | 5.75 | &nbsp;&nbsp; 1-15-2058 | 1743000 | &nbsp;&nbsp; 1816338 |
| Bank Series 2022-BNK44 Class A5±± | 5.94 | &nbsp;&nbsp; 11-15-2055 | 2017000 | &nbsp;&nbsp; 2112247 |
| Bank Series 2025-BNK49 Class A5±± | 5.62 | &nbsp;&nbsp; 3-15-2058 | 1744000 | &nbsp;&nbsp; 1808922 |
| BBCMS Mortgage Trust Series 2018-C2 Class ASB | 4.24 | &nbsp;&nbsp; 12-15-2051 | 759557 | &nbsp;&nbsp; 756308 |
| BBCMS Mortgage Trust Series 2022-C17 Class A5 | 4.44 | &nbsp;&nbsp; 9-15-2055 | 4118000 | &nbsp;&nbsp; 4003426 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.84 | &nbsp;&nbsp; 3-15-2058 | 10418000 | &nbsp;&nbsp; 10897508 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3%% | 5.66 | &nbsp;&nbsp; 5-15-2058 | 3178000 | &nbsp;&nbsp; 3300776 |
| BMO Mortgage Trust Series 2025-5C10 Class A3%% | 5.58 | &nbsp;&nbsp; 5-15-2058 | 3432000 | &nbsp;&nbsp; 3551935 |
| BMO Mortgage Trust Series 2025-C11 Class A5 | 5.69 | &nbsp;&nbsp; 2-15-2058 | 2573000 | &nbsp;&nbsp; 2680945 |
| Bunker Hill Loan Depositary Trust Series 2019-2 Class A1144A±± | 2.88 | &nbsp;&nbsp; 7-25-2049 | 874952 | &nbsp;&nbsp; 853398 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust Series 2021-VOLT Class A <br> (U.S. SOFR 1 Month+0.81%)144A±<br>| 5.14 | &nbsp;&nbsp; 9-15-2036 | 11682525 | &nbsp;&nbsp; 11573001 |
| COLT Mortgage Loan Trust Series 2021-2 Class A1144A±± | 0.92 | &nbsp;&nbsp; 8-25-2066 | 2918142 | &nbsp;&nbsp; 2444487 |
| COLT Mortgage Loan Trust Series 2021-4 Class A1144A±± | 1.40 | &nbsp;&nbsp; 10-25-2066 | 3004137 | &nbsp;&nbsp; 2515813 |

---

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

40 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| COMM Mortgage Trust Series 2015-LC23 Class A3 | 3.52<br> %<br>| &nbsp;&nbsp; 10-10-2048 | $1901886 | &nbsp;&nbsp; $1893743 |
| GS Mortgage Securities Trust Series 2020-GSA2 Class A4 | 1.72 | &nbsp;&nbsp; 12-12-2053 | 5595000 | &nbsp;&nbsp; 4892280 |
| &nbsp;&nbsp; Impact Funding Affordable Multifamily Housing Mortgage Loan <br> Trust Series 2010-1 Class A1144A<br>| 5.31 | &nbsp;&nbsp; 1-25-2051 | 214414 | &nbsp;&nbsp; 213164 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust <br> Series 2016-JP4 Class A3<br>| 3.39 | &nbsp;&nbsp; 12-15-2049 | 925000 | &nbsp;&nbsp; 910157 |
| MFA Trust Series 2021-NQM2 Class A1144A±± | 1.03 | &nbsp;&nbsp; 11-25-2064 | 1084614 | &nbsp;&nbsp; 946708 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.64 | &nbsp;&nbsp; 3-15-2058 | 3014000 | &nbsp;&nbsp; 3128546 |
| Morgan Stanley Capital I Trust Series 2020-HR8 Class A3 | 1.79 | &nbsp;&nbsp; 7-15-2053 | 2036361 | &nbsp;&nbsp; 1769735 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2019-NQM4 <br> Class A1144A±±<br>| 2.49 | &nbsp;&nbsp; 9-25-2059 | 530882 | &nbsp;&nbsp; 502092 |
| STAR Trust Series 2021-1 Class A1144A±± | 1.22 | &nbsp;&nbsp; 5-25-2065 | 836085 | &nbsp;&nbsp; 780708 |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-3 <br> Class A1144A±±<br>| 1.49 | &nbsp;&nbsp; 4-25-2065 | 707149 | &nbsp;&nbsp; 673969 |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-INV1 <br> Class A1144A±±<br>| 1.03 | &nbsp;&nbsp; 11-25-2055 | 573679 | &nbsp;&nbsp; 539268 |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2021-4 <br> Class A1144A±±<br>| 1.16 | &nbsp;&nbsp; 8-25-2056 | 2535601 | &nbsp;&nbsp; 2236928 |
| &nbsp;&nbsp; SWCH Commercial Mortgage Trust Series 2025-DATA Class A <br> (U.S. SOFR 1 Month+1.44%)144A±<br>| 5.76 | &nbsp;&nbsp; 3-15-2042 | 4330000 | &nbsp;&nbsp; 4254180 |
| Verus Securitization Trust Series 2019-INV3 Class A1144A±± | 3.69 | &nbsp;&nbsp; 11-25-2059 | 209205 | &nbsp;&nbsp; 206742 |
| Verus Securitization Trust Series 2021-1 Class A1144A±± | 0.82 | &nbsp;&nbsp; 1-25-2066 | 1219445 | &nbsp;&nbsp; 1079503 |
| Verus Securitization Trust Series 2021-2 Class A1144A±± | 1.03 | &nbsp;&nbsp; 2-25-2066 | 2286254 | &nbsp;&nbsp; 2024621 |
| Verus Securitization Trust Series 2021-3 Class A1144A±± | 1.05 | &nbsp;&nbsp; 6-25-2066 | 2013211 | &nbsp;&nbsp; 1724107 |
| Verus Securitization Trust Series 2021-4 Class A1144A±± | 0.94 | &nbsp;&nbsp; 7-25-2066 | 2533353 | &nbsp;&nbsp; 2097960 |
| Verus Securitization Trust Series 2021-5 Class A1144A±± | 1.01 | &nbsp;&nbsp; 9-25-2066 | 6206484 | &nbsp;&nbsp; 5307177 |
| Verus Securitization Trust Series 2021-7 Class A1144A±± | 1.83 | &nbsp;&nbsp; 10-25-2066 | 2833507 | &nbsp;&nbsp; 2543090 |
| Verus Securitization Trust Series 2021-8 Class A1144A±± | 1.82 | &nbsp;&nbsp; 11-25-2066 | 2546433 | &nbsp;&nbsp; 2306454 |
| Verus Securitization Trust Series 2021-R1 Class A1144A±± | 0.82 | &nbsp;&nbsp; 10-25-2063 | 739412 | &nbsp;&nbsp; 711255 |
| Verus Securitization Trust Series 2021-R3 Class A1144A±± | 1.02 | &nbsp;&nbsp; 4-25-2064 | 1007345 | &nbsp;&nbsp; 954670 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust Series 2025-C64 <br> Class A5<br>| 5.65 | &nbsp;&nbsp; 2-15-2058 | 2595000 | &nbsp;&nbsp; 2700709 |
| **Total non-agency mortgage-backed securities (Cost $100,982,783)** |  |  |  | &nbsp;&nbsp; **95642479** |
| **U.S. Treasury securities: 17.64%** |  |  |  |  |
| U.S. Treasury Bonds | 1.13 | &nbsp;&nbsp; 5-15-2040 | 5206000 | &nbsp;&nbsp; 3257817 |
| U.S. Treasury Bonds | 1.13 | &nbsp;&nbsp; 8-15-2040 | 39049000 | &nbsp;&nbsp; 24185974 |
| U.S. Treasury Bonds | 1.38 | &nbsp;&nbsp; 11-15-2040 | 104843000 | &nbsp;&nbsp; 67341151 |
| U.S. Treasury Bonds## | 1.75 | &nbsp;&nbsp; 8-15-2041 | 167383000 | &nbsp;&nbsp; 112028920 |
| U.S. Treasury Bonds | 1.88 | &nbsp;&nbsp; 2-15-2041 | 36271000 | &nbsp;&nbsp; 25141754 |
| U.S. Treasury Bonds## | 2.00 | &nbsp;&nbsp; 11-15-2041 | 139246000 | &nbsp;&nbsp; 96596474 |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 8-15-2046 | 6491000 | &nbsp;&nbsp; 4293441 |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 8-15-2049 | 4361000 | &nbsp;&nbsp; 2762080 |
| U.S. Treasury Bonds | 2.38 | &nbsp;&nbsp; 2-15-2042 | 28837000 | &nbsp;&nbsp; 21142252 |
| U.S. Treasury Bonds | 2.50 | &nbsp;&nbsp; 5-15-2046 | 17244000 | &nbsp;&nbsp; 12029711 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2048 | 103981000 | &nbsp;&nbsp; 78050738 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 8-15-2048 | 22431000 | &nbsp;&nbsp; 16758410 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2049 | 15926000 | &nbsp;&nbsp; 11853050 |

---

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

Allspring Core Bond Portfolio \| 41

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Bonds | 3.13<br> %<br>| &nbsp;&nbsp; 5-15-2048 | $13136000 | &nbsp;&nbsp; $10071104 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 2-15-2054 | 16304000 | &nbsp;&nbsp; 15097122 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 8-15-2054 | 64952000 | &nbsp;&nbsp; 60212534 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 11-15-2054 | 11913000 | &nbsp;&nbsp; 11531412 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 5-15-2054 | 8437000 | &nbsp;&nbsp; 8317366 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 2-15-2055 | 2020000 | &nbsp;&nbsp; 1998853 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2045 | 7565000 | &nbsp;&nbsp; 7617009 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 8-31-2027 | 47214000 | &nbsp;&nbsp; 43971726 |
| U.S. Treasury Notes | 1.38 | &nbsp;&nbsp; 10-31-2028 | 913000 | &nbsp;&nbsp; 846023 |
| U.S. Treasury Notes | 1.88 | &nbsp;&nbsp; 2-28-2029 | 30514000 | &nbsp;&nbsp; 28594956 |
| U.S. Treasury Notes | 1.88 | &nbsp;&nbsp; 2-15-2032 | 17658000 | &nbsp;&nbsp; 15503862 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 3-31-2029 | 18956000 | &nbsp;&nbsp; 18078545 |
| U.S. Treasury Notes | 2.75 | &nbsp;&nbsp; 4-30-2027 | 4057000 | &nbsp;&nbsp; 3990598 |
| U.S. Treasury Notes | 2.88 | &nbsp;&nbsp; 5-15-2028 | 16727000 | &nbsp;&nbsp; 16379392 |
| U.S. Treasury Notes | 2.88 | &nbsp;&nbsp; 4-30-2029 | 28190000 | &nbsp;&nbsp; 27372930 |
| U.S. Treasury Notes | 3.63 | &nbsp;&nbsp; 3-31-2030 | 18448000 | &nbsp;&nbsp; 18362246 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 4-30-2027 | 23934000 | &nbsp;&nbsp; 24004119 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 4-15-2028 | 34600000 | &nbsp;&nbsp; 34759485 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 4-30-2030 | 55463000 | &nbsp;&nbsp; 55857307 |
| U.S. Treasury Notes | 4.00 | &nbsp;&nbsp; 4-30-2032 | 16602000 | &nbsp;&nbsp; 16674634 |
| U.S. Treasury Notes | 4.50 | &nbsp;&nbsp; 5-15-2027 | 8489000 | &nbsp;&nbsp; 8634905 |
| U.S. Treasury Notes | 4.63 | &nbsp;&nbsp; 11-15-2026 | 4920000 | &nbsp;&nbsp; 4986112 |
| U.S. Treasury Notes | 4.63 | &nbsp;&nbsp; 2-15-2035 | 16294000 | &nbsp;&nbsp; 16905025 |
| **Total U.S. Treasury securities (Cost $932,031,051)** |  |  |  | &nbsp;&nbsp; **925209037** |
| **Yankee corporate bonds and notes: 2.89%** |  |  |  |  |
| **Consumer, non-cyclical: 0.38%** |  |  |  |  |
| **Agriculture: 0.06%** |  |  |  |  |
| Imperial Brands Finance PLC144A | 5.88 | &nbsp;&nbsp; 7-1-2034 | 3381000 | &nbsp;&nbsp; **3430271** |
| **Food: 0.31%** |  |  |  |  |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | 3.00 | &nbsp;&nbsp; 5-15-2032 | 3521000 | &nbsp;&nbsp; 3040363 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | 3.63 | &nbsp;&nbsp; 1-15-2032 | 4732000 | &nbsp;&nbsp; 4281254 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | 6.50 | &nbsp;&nbsp; 12-1-2052 | 2764000 | &nbsp;&nbsp; 2845582 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | 7.25 | &nbsp;&nbsp; 11-15-2053 | 5320000 | &nbsp;&nbsp; 5971131 |
|  |  |  |  | &nbsp;&nbsp; **16138330** |
| **Pharmaceuticals: 0.01%** |  |  |  |  |
| Pfizer Investment Enterprises Pte. Ltd. | 5.30 | &nbsp;&nbsp; 5-19-2053 | 440000 | &nbsp;&nbsp; **407448** |
| **Energy: 0.27%** |  |  |  |  |
| **Oil & gas: 0.18%** |  |  |  |  |
| Aker BP ASA144A | 5.13 | &nbsp;&nbsp; 10-1-2034 | 6824000 | &nbsp;&nbsp; 6375063 |
| Aker BP ASA144A | 5.80 | &nbsp;&nbsp; 10-1-2054 | 825000 | &nbsp;&nbsp; 721988 |
| Petroleos Mexicanos | 2.46 | &nbsp;&nbsp; 12-15-2025 | 806500 | &nbsp;&nbsp; 790087 |
| TotalEnergies Capital SA | 5.43 | &nbsp;&nbsp; 9-10-2064 | 934000 | &nbsp;&nbsp; 850739 |
| TotalEnergies Capital SA | 5.64 | &nbsp;&nbsp; 4-5-2064 | 897000 | &nbsp;&nbsp; 844066 |
|  |  |  |  | &nbsp;&nbsp; **9581943** |

---

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

42 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Pipelines: 0.09%** |  |  |  |  |
| Galaxy Pipeline Assets Bidco Ltd.144A | 2.16<br> %<br>| &nbsp;&nbsp; 3-31-2034 | $2833605 | &nbsp;&nbsp; $2495023 |
| Galaxy Pipeline Assets Bidco Ltd.144A | 2.63 | &nbsp;&nbsp; 3-31-2036 | 2354000 | &nbsp;&nbsp; 1983245 |
|  |  |  |  | &nbsp;&nbsp; **4478268** |
| **Financial: 1.97%** |  |  |  |  |
| **Banks: 1.97%** |  |  |  |  |
| Banco Nacional de Comercio Exterior SNC144A%% | 5.88 | &nbsp;&nbsp; 5-7-2030 | 3691000 | &nbsp;&nbsp; 3674464 |
| Barclays PLC (U.S. SOFR+1.23%)± | 5.37 | &nbsp;&nbsp; 2-25-2031 | 5400000 | &nbsp;&nbsp; 5472110 |
| Barclays PLC (U.S. SOFR+1.59%)± | 5.79 | &nbsp;&nbsp; 2-25-2036 | 8529000 | &nbsp;&nbsp; 8538519 |
| BNP Paribas SA (U.S. SOFR+1.62%)144A± | 5.79 | &nbsp;&nbsp; 1-13-2033 | 4239000 | &nbsp;&nbsp; 4341473 |
| BNP Paribas SA (U.S. SOFR+1.68%)144A±%% | 5.09 | &nbsp;&nbsp; 5-9-2031 | 7749000 | &nbsp;&nbsp; 7736469 |
| BNP Paribas SA (U.S. SOFR+1.92%)144A± | 5.91 | &nbsp;&nbsp; 11-19-2035 | 2592000 | &nbsp;&nbsp; 2548540 |
| BPCE SA (U.S. SOFR+2.04%)144A± | 6.29 | &nbsp;&nbsp; 1-14-2036 | 4791000 | &nbsp;&nbsp; 4962284 |
| Commonwealth Bank of Australia144A | 4.61 | &nbsp;&nbsp; 3-14-2030 | 2336000 | &nbsp;&nbsp; 2369127 |
| &nbsp;&nbsp; Commonwealth Bank of Australia (1 Year Treasury Constant <br> Maturity+1.32%)144A±<br>| 5.93 | &nbsp;&nbsp; 3-14-2046 | 1924000 | &nbsp;&nbsp; 1860701 |
| Deutsche Bank AG (U.S. SOFR+2.26%)± | 3.74 | &nbsp;&nbsp; 1-7-2033 | 8960000 | &nbsp;&nbsp; 7903122 |
| DNB Bank ASA (U.S. SOFR+1.05%)144A± | 4.85 | &nbsp;&nbsp; 11-5-2030 | 7075000 | &nbsp;&nbsp; 7144999 |
| HSBC Holdings PLC (U.S. SOFR+1.03%)± | 4.90 | &nbsp;&nbsp; 3-3-2029 | 7237000 | &nbsp;&nbsp; 7275635 |
| HSBC Holdings PLC (U.S. SOFR+1.29%)± | 5.13 | &nbsp;&nbsp; 3-3-2031 | 7237000 | &nbsp;&nbsp; 7294708 |
| HSBC Holdings PLC (U.S. SOFR+1.56%)± | 5.45 | &nbsp;&nbsp; 3-3-2036 | 1931000 | &nbsp;&nbsp; 1918852 |
| HSBC Holdings PLC (U.S. SOFR+1.90%)± | 5.87 | &nbsp;&nbsp; 11-18-2035 | 5273000 | &nbsp;&nbsp; 5212012 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant <br> Maturity+1.17%)±<br>| 5.16 | &nbsp;&nbsp; 4-24-2031 | 6289000 | &nbsp;&nbsp; 6404347 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant <br> Maturity+1.27%)±<br>| 5.62 | &nbsp;&nbsp; 4-24-2036 | 5520000 | &nbsp;&nbsp; 5639119 |
| Societe Generale SA144A | 7.37 | &nbsp;&nbsp; 1-10-2053 | 987000 | &nbsp;&nbsp; 997054 |
| &nbsp;&nbsp; Societe Generale SA (1 Year Treasury Constant <br> Maturity+2.95%)144A±<br>| 7.13 | &nbsp;&nbsp; 1-19-2055 | 1720000 | &nbsp;&nbsp; 1678758 |
| Swedbank AB144A | 5.00 | &nbsp;&nbsp; 11-20-2029 | 5274000 | &nbsp;&nbsp; 5381264 |
| &nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 1 <br> Year+1.86%)144A±<br>| 5.38 | &nbsp;&nbsp; 9-6-2045 | 5459000 | &nbsp;&nbsp; 5159326 |
|  |  |  |  | &nbsp;&nbsp; **103512883** |
| **Industrial: 0.15%** |  |  |  |  |
| **Aerospace/defense: 0.09%** |  |  |  |  |
| Embraer Netherlands Finance BV | 5.98 | &nbsp;&nbsp; 2-11-2035 | 4695000 | &nbsp;&nbsp; **4765894** |
| **Building materials: 0.06%** |  |  |  |  |
| CRH SMW Finance DAC | 5.13 | &nbsp;&nbsp; 1-9-2030 | 2949000 | &nbsp;&nbsp; **3005781** |
| **Utilities: 0.12%** |  |  |  |  |
| **Electric: 0.12%** |  |  |  |  |
| Chile Electricity Lux MPC II Sarl144A | 5.58 | &nbsp;&nbsp; 10-20-2035 | 2191566 | &nbsp;&nbsp; 2176773 |
| Chile Electricity Lux MPC II Sarl144A | 5.67 | &nbsp;&nbsp; 10-20-2035 | 4164000 | &nbsp;&nbsp; 4170820 |
|  |  |  |  | &nbsp;&nbsp; **6347593** |
| **Total yankee corporate bonds and notes (Cost $150,694,777)** |  |  |  | &nbsp;&nbsp; **151668411** |

---

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

Allspring Core Bond Portfolio \| 43

------

Portfolio of investments—April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Yankee government bonds: 1.20%** |  |  |  |  |
| **Australia: 0.12%** |  |  |  |  |
| Export Finance & Insurance Corp.144A | 4.63<br> %<br>| &nbsp;&nbsp; 10-26-2027 | $6217000 | &nbsp;&nbsp; **$6348114** |
| **Chile: 0.07%** |  |  |  |  |
| Chile | 5.65 | &nbsp;&nbsp; 1-13-2037 | 3335000 | &nbsp;&nbsp; **3409742** |
| **Israel: 0.39%** |  |  |  |  |
| Israel | 3.88 | &nbsp;&nbsp; 7-3-2050 | 1977000 | &nbsp;&nbsp; 1368855 |
| Israel | 5.38 | &nbsp;&nbsp; 2-19-2030 | 10840000 | &nbsp;&nbsp; 10940487 |
| Israel | 5.63 | &nbsp;&nbsp; 2-19-2035 | 4022000 | &nbsp;&nbsp; 3995052 |
| Israel | 5.75 | &nbsp;&nbsp; 3-12-2054 | 3865000 | &nbsp;&nbsp; 3478500 |
| Israel | 4.50 | &nbsp;&nbsp; 1-17-2033 | 954000 | &nbsp;&nbsp; 891895 |
|  |  |  |  | &nbsp;&nbsp; **20674789** |
| **Mexico: 0.40%** |  |  |  |  |
| Mexico | 2.66 | &nbsp;&nbsp; 5-24-2031 | 7744000 | &nbsp;&nbsp; 6577815 |
| Mexico | 4.60 | &nbsp;&nbsp; 1-23-2046 | 2600000 | &nbsp;&nbsp; 1884397 |
| Mexico | 4.60 | &nbsp;&nbsp; 2-10-2048 | 2227000 | &nbsp;&nbsp; 1581767 |
| Mexico | 4.75 | &nbsp;&nbsp; 3-8-2044 | 1196000 | &nbsp;&nbsp; 903659 |
| Mexico | 3.50 | &nbsp;&nbsp; 2-12-2034 | 12287000 | &nbsp;&nbsp; 10038086 |
|  |  |  |  | &nbsp;&nbsp; **20985724** |
| **Paraguay: 0.13%** |  |  |  |  |
| Paraguay144A | 6.65 | &nbsp;&nbsp; 3-4-2055 | 1566000 | &nbsp;&nbsp; 1548383 |
| Paraguay144A | 5.40 | &nbsp;&nbsp; 3-30-2050 | 6170000 | &nbsp;&nbsp; 5236787 |
|  |  |  |  | &nbsp;&nbsp; **6785170** |
| **Poland: 0.09%** |  |  |  |  |
| Bank Gospodarstwa Krajowego144A | 6.25 | &nbsp;&nbsp; 7-9-2054 | 4843000 | &nbsp;&nbsp; **4836113** |
| **Total yankee government bonds (Cost $63,147,443)** |  |  |  | &nbsp;&nbsp; **63039652** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 5.12%** |  |  |  |  |
| **Investment companies: 5.12%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.26 | 268851171 | &nbsp;&nbsp; **268851171** |
| **Total short-term investments (Cost $268,851,171)** |  |  |  | &nbsp;&nbsp; **268851171** |
| **Total investments in securities (Cost $5,594,215,338)** | 105.74<br> %<br>|  |  | &nbsp;&nbsp; 5547210755 |

---

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

44 \| Allspring Core Bond Portfolio

------

Portfolio of investments—April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **TBA sale commitments: (0.27)%** |  |  |  |  |  |
| **Agency securities: (0.27)%** |  |  |  |  |  |
| FNMA |  | 2.00<br> %<br>| &nbsp;&nbsp; 5-13-2055 | (17800000)<br>| &nbsp;&nbsp; **$(14114675)**<br>|
| **Total agency securities (Cost $(13911117))** |  |  |  |  | &nbsp;&nbsp; **(14114675)**<br>|
| **Total TBA sale commitments (proceeds $(13911117))** | (0.27)%<br>|  |  |  | &nbsp;&nbsp; (14114675)<br>|
| Other assets and liabilities, net | (5.47)<br>|  |  |  | &nbsp;&nbsp; (287035324)<br>|
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$5246060756** |

---

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

---

| | |
|:---|:---|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| %% | The security is purchased on a when-issued basis. |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| 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>|
| 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. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio 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: |
| BDC | Business Development Company |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| REIT | Real estate investment trust |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate trading of registered interest and principal securities |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<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 <br> Fund Select Class<br>| $92880101 | $3218758900 | $(3042787830)<br>| $0 | $0 | $268851171 | 268851171 | $8084379 |

---

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

Allspring Core Bond Portfolio \| 45

------

Statement of assets and liabilities—April 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $5,325,364,167) | $5278359584 |
| Investments in affiliated securities, at value (cost $268,851,171) | 268851171 |
| Cash | 3200 |
| Segregated cash for when-issued securities | 250000 |
| Foreign currency, at value (cost $2,983) | 3145 |
| Receivable for investments sold | 259160087 |
| Receivable for interest | 28580857 |
| Principal paydown receivable | 118973 |
| Prepaid expenses and other assets | 27969 |
| **Total assets** | **5835354986** |
| Liabilities |  |
| Payable for when-issued transactions | 446322821 |
| Payable for investments purchased | 127379515 |
| TBA sale commitments, at value (proceeds received $13,911,117) | 14114675 |
| Advisory fee payable | 1370911 |
| Accrued expenses and other liabilities | 106308 |
| **Total liabilities** | **589294230** |
| **Total net assets**  | **$5246060756** |

---

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

46 \| Allspring Core Bond Portfolio

------

Statement of operations—year ended April 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $242656443 |
| Income from affiliated securities | 8084379 |
| **Total investment income** | **250740822** |
| Expenses |  |
| Advisory fee | 18198547 |
| Custody and accounting fees | 213988 |
| Professional fees | 115280 |
| Registration fees | 14 |
| Interest holder report expenses | 4104 |
| Trustees' fees and expenses | 47071 |
| Other fees and expenses | 128198 |
| **Total expenses** | **18707202** |
| Less: Fee waivers and/or expense reimbursements | (1301300)<br>|
| **Net expenses** | **17405902** |
| **Net investment income** | **233334920** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized losses on |  |
| Unaffiliated securities | (14821172)<br>|
| Foreign currency and foreign currency translations | (2)<br>|
| **Net realized losses on investments** | **(14821174)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 192150137 |
| TBA sale commitments | (203558)<br>|
| Foreign currency and foreign currency translations | 163 |
| **Net change in unrealized gains (losses) on investments** | **191946742** |
| **Net realized and unrealized gains (losses) on investments** | **177125568** |
| **Net increase in net assets resulting from operations** | **$410460488** |

---

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

Allspring Core Bond Portfolio \| 47

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | &nbsp;&nbsp; Year ended<br> April 30, 2024<sup>1</sup> | &nbsp;&nbsp; Year ended <br>May 31, 2023 |
| Operations |  |  |  |
| Net investment income | &nbsp;&nbsp; $233334920 | &nbsp;&nbsp; $185689315 | &nbsp;&nbsp; $139288154 |
| Net realized losses on investments | &nbsp;&nbsp; (14821174)<br>| &nbsp;&nbsp; (192208650)<br>| &nbsp;&nbsp; (329727880)<br>|
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; 191946742 | &nbsp;&nbsp; 9834147 | &nbsp;&nbsp; 90165043 |
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **410460488** | &nbsp;&nbsp; **3314812** | &nbsp;&nbsp; **(100274683)**<br>|
| Capital transactions |  |  |  |
| Transactions in investors' beneficial interests |  |  |  |
| Contributions | &nbsp;&nbsp; 766209972 | &nbsp;&nbsp; 764324836 | &nbsp;&nbsp; 747955348 |
| Withdrawals | &nbsp;&nbsp; (939967594)<br>| &nbsp;&nbsp; (421264999)<br>| &nbsp;&nbsp; (843243755)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(173757622)**<br>| &nbsp;&nbsp; **343059837** | &nbsp;&nbsp; **(95288407)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **236702866** | &nbsp;&nbsp; **346374649** | &nbsp;&nbsp; **(195563090)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **5009357890** | &nbsp;&nbsp; **4662983241** | &nbsp;&nbsp; **4858546331** |
| **End of period** | &nbsp;&nbsp; **$5246060756** | &nbsp;&nbsp; **$5009357890** | &nbsp;&nbsp; **$4662983241** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

48 \| Allspring Core Bond Portfolio

------

Financial highlights

Financial highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
|  | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Total return**<sup>2</sup> <br>| **8.20%**<br>| **0.09%**<br>| &nbsp;&nbsp; **(1.88)%**<br>| &nbsp;&nbsp; **(8.55)%**<br>| **0.65%**<br>| **9.49%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.35<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net expenses<sup>3</sup> <br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income | 4.42<br> %<br>| 4.25<br> %<br>| 3.08<br> %<br>| 1.33<br> %<br>| 1.30<br> %<br>| 2.28<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Portfolio turnover rate | 373<br> %<br>| &nbsp;&nbsp; 349<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

<sup>3</sup> Net expense ratios reflect voluntary waivers, if any.

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

Allspring Core Bond Portfolio \| 49

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles ("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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

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

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

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

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Foreign currency translation

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

When-issued transactions

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

TBA sale commitments

The Portfolio may enter into To Be Announced ("TBA") sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities or offsetting TBA purchase commitments, which are deliverable on or before the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying

50 \| Allspring Core Bond Portfolio

------

Notes to financial statements

securities, according to the procedures described under "Securities valuation". The contract is marked-to-market daily and the change in market value is recorded by the Portfolio as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Portfolio realizes a gain or loss. If the Portfolio delivers securities under the commitment, the Portfolio realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

Mortgage dollar roll transactions

The Portfolio may engage in mortgage dollar roll transactions through To Be Announced (TBA) mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Portfolio foregoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolio accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Security transactions and income recognition

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

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

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

Federal and other taxes

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

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

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $5,605,245,298 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $46347267 |
| Gross unrealized losses | &nbsp;&nbsp; (104381810)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(58034543)**<br>|

---

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Core Bond Portfolio \| 51

------

Notes to financial statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2403086505 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2403086505 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 470659637 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 470659637 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1153961804 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1153961804 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15092059 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15092059 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 95642479 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 95642479 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 925209037 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 925209037 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 151668411 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 151668411 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 63039652 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 63039652 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 268851171 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 268851171 |
| **Total assets** | &nbsp;&nbsp; **$1194060208** | &nbsp;&nbsp;&nbsp; **$4353150547** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$5547210755** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **TBA sale commitments** |  |  |  |  |
| *Agency securities* | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $14114675 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $14114675 |
| **Total liabilities** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$14114675** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$14114675** |

---

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

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

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

---

For the year ended April 30, 2025, the advisory fee was equivalent to an annual rate of 0.35% of the Portfolio's average daily net assets.

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

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

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the year ended April 30, 2025.

52 \| Allspring Core Bond Portfolio

------

Notes to financial statements

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales proceeds | Sales proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17592676430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2749272614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17731056578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2509547938 |

---

6. BANK BORROWINGS

The Portfolio, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio interest holder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended April 30, 2025, there were no borrowings by the Portfolio under the agreement.

7. INDEMNIFICATION

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

8. OPERATING SEGMENTS

The Portfolio has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Portfolio acts as the Portfolio's CODM. For the periods presented, the Portfolio operated as a single operating segment. The CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Portfolio's prospectus which is executed by the Portfolio'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 Portfolio's single segment. This information is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Allspring Core Bond Portfolio \| 53

------

Report of independent registered public accounting firm

To the Interest Holders of the Portfolio and Board of Trustees

Allspring Master Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Core Bond Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Portfolio'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 Portfolio 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 April 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g46179img906e0f6d2.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

June 26, 2025

54 \| Allspring Core Bond Portfolio

------

Other information (unaudited)

Other information

Tax information

For the fiscal year ended April 30, 2025, $199,049,283 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended April 30, 2025, 25% of the ordinary income distributed was derived from interest on U.S. government securities.

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 and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com.** 

Allspring Core Bond Fund \| 55

------

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

56 \| Allspring Core Bond Fund

------

![](g46179img617180a81.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

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

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

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

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

![](g46179img582771c93.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* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR0940 04-25**

------

![](g46179img4a5bb0e41.jpg)

Allspring Large Cap Value Fund

Long Form Financial Statements

Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **<u>[Allspring Large Cap Value Fund](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_POI-PageBlank-79_1)</u>** |  |
| **[Portfolio of investments](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_POI-PageBlank-79_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_FS-PageBlank-79_1)** |  |
| [Statement of assets and liabilities](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_FS-PageBlank-79_1) | 3 |
| [Statement of operations](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_FS-PageBlank-79_2) | 4 |
| [Statement of changes in net assets](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_FS-PageBlank-79_3) | 5 |
| [Financial highlights](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_FIHI-PageBlank-79_1) | 6 |
| **[Notes to financial statements](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_NTF-PageBlank-79_1)** | 11 |
| **[Report of independent registered public accounting firm](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_AUD-PageBlank-79_1)** | 15 |
| **<u>[Allspring Large Cap Value Portfolio](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_POI2-PageBlank-63_1)</u>** |  |
| **[Portfolio of investments](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_POI2-PageBlank-63_1)** | 16 |
| **[Item 7. Financial statements and financial highlights](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_FS2-PageBlank-63_1)** |  |
| [Statement of assets and liabilities](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_FS2-PageBlank-63_1) | 20 |
| [Statement of operations](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_FS2-PageBlank-63_2) | 21 |
| [Statement of changes in net assets](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_FS2-PageBlank-63_3) | 22 |
| [Financial highlights](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_FH2-PageBlank-63_1) | 23 |
| **[Notes to financial statements](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_NTF2-PageBlank-63_1)** | 24 |
| **[Report of independent registered public accounting firm](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_AUD2-PageBlank-63_1)** | 28 |
| **[Other information](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_OI-PageBlank-79_1)** | 29 |
| [Item 8. Changes in and disagreements with accountants](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_OI-PageBlank-79_2) | 30 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_OI-PageBlank-79_2) | 30 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_OI-PageBlank-79_2) | 30 |
| [Item 11. Statement regarding basis for board](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_OI-PageBlank-79_2)['](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_OI-PageBlank-79_2)[s approval of investment](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_OI-PageBlank-79_2)<br> [advisory contract](#xx_5b8dd46f-e9f9-4f23-879a-f2857d135e6e_OI-PageBlank-79_2)<br>| 30 |

---

Allspring Large Cap Value Fund \| 1

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  |  | Value |
| **Investment companies: 99.91%** |  |  |
| **Affiliated master portfolio: 99.91%** |  |  |
| Allspring Large Cap Value Portfolio |  | &nbsp;&nbsp; **$146526809** |
| **Total investment companies (Cost $134,035,759)** |  | &nbsp;&nbsp; **146526809** |
| **Total investments in securities (Cost $134,035,759)** | 99.91<br> %<br>| &nbsp;&nbsp; 146526809 |
| Other assets and liabilities, net | 0.09 | &nbsp;&nbsp; 124827 |
| **Total net assets** | **100.00%**<br>| &nbsp;&nbsp; **$146651636** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Value, <br>end of <br>period<br>|
| Allspring Large Cap Value Portfolio | 78.81<br> %<br>| 99.99<br> %<br>| &nbsp;&nbsp; $15023883 | &nbsp;&nbsp; $2046218 | &nbsp;&nbsp; $2894799 | &nbsp;&nbsp; $318 | &nbsp;&nbsp; $87959 | &nbsp;&nbsp; $146526809 |

---

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

2 \| Allspring Large Cap Value Fund

------

Statement of assets and liabilities—April 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in affiliated Master Portfolio, at value (cost $134,035,759) | $146526809 |
| Receivable from manager | 30739 |
| Receivable for Fund shares sold | 21647 |
| Prepaid expenses and other assets | 131956 |
| **Total assets** | **146711151** |
| Liabilities |  |
| Administration fees payable | 17761 |
| Shareholder servicing fees payable | 15554 |
| Professional fees payable | 11732 |
| Shareholder report expenses payable | 8229 |
| Payable for Fund shares redeemed | 2012 |
| Distribution fee payable | 1271 |
| Accrued expenses and other liabilities | 2956 |
| **Total liabilities** | **59515** |
| **Total net assets**  | **$146651636** |
| Net assets consist of |  |
| Paid-in capital | $124936306 |
| Total distributable earnings | 21715330 |
| **Total net assets** | **$146651636** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $71896638 |
| Shares outstanding–Class A<sup>1</sup> <br>| 7173347 |
| Net asset value per share–Class A | $10.02 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.63 |
| Net assets–Class C | $2168070 |
| Shares outstanding–Class C<sup>1</sup> <br>| 222541 |
| Net asset value per share–Class C | $9.74 |
| Net assets–Class R6 | $21812425 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 2156777 |
| Net asset value per share–Class R6 | $10.11 |
| Net assets–Administrator Class | $3369643 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 334321 |
| Net asset value per share–Administrator Class | $10.08 |
| Net assets–Institutional Class | $47404860 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 4685989 |
| Net asset value per share–Institutional Class | $10.12 |

---

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

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

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

Allspring Large Cap Value Fund \| 3

------

Statement of operations

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $86,121) | $2894799 |
| Affiliated income allocated from affiliated Master Portfolio | 87959 |
| Interest allocated from affiliated Master Portfolio | 318 |
| Expenses allocated from affiliated Master Portfolio | (1206174)<br>|
| Waivers allocated from affiliated Master Portfolio | 368668 |
| **Total investment income** | **2145570** |
| Expenses |  |
| Management fee | 85642 |
| Administration fees |  |
| Class A | 160359 |
| Class C | 5721 |
| Class R6 | 6872 |
| Administrator Class | 4934 |
| Institutional Class | 80006 |
| Shareholder servicing fees |  |
| Class A | 200449 |
| Class C | 7123 |
| Administrator Class | 9489 |
| Distribution fee |  |
| Class C | 21367 |
| Custody and accounting fees | 6022 |
| Professional fees | 41266 |
| Registration fees | 103767 |
| Shareholder report expenses | 43103 |
| Trustees' fees and expenses | 905 |
| Other fees and expenses | 11308 |
| **Total expenses** | **788333** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (325517)<br>|
| Class A | (27590)<br>|
| Class R6 | (3283)<br>|
| Administrator Class | (1877)<br>|
| Institutional Class | (4839)<br>|
| **Net expenses** | **425227** |
| **Net investment income** | **1720343** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments allocated from affiliated Master Portfolio** | **15023883** |
| **Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio** | **2046218** |
| **Net realized and unrealized gains (losses) on investments** | **17070101** |
| **Net increase in net assets resulting from operations** | **$18790444** |

---

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

4 \| Allspring Large Cap Value Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2024<sup>1</sup> | Year ended<br> April 30, 2024<sup>1</sup> | Year ended <br>May 31, 2023 | Year ended <br>May 31, 2023 |
| Operations |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1720343 |  | &nbsp;&nbsp; $2582647 |  | &nbsp;&nbsp; $2921729 |
| Net realized gains on investments |  | &nbsp;&nbsp; 15023883 |  | &nbsp;&nbsp; 48040681 |  | &nbsp;&nbsp; 19848834 |
| Net change in unrealized gains (losses) on <br> investments<br>|  | &nbsp;&nbsp; 2046218 |  | &nbsp;&nbsp; (14723111)<br>|  | &nbsp;&nbsp; (33458109)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>|  | &nbsp;&nbsp; **18790444** |  | &nbsp;&nbsp; **35900217** |  | &nbsp;&nbsp; **(10687546)**<br>|
| Distributions to shareholders from |  |  |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (20805299)<br>|  | &nbsp;&nbsp; (9124267)<br>|  | &nbsp;&nbsp; (16304617)<br>|
| Class C |  | &nbsp;&nbsp; (766360)<br>|  | &nbsp;&nbsp; (388100)<br>|  | &nbsp;&nbsp; (740826)<br>|
| Class R6 |  | &nbsp;&nbsp; (6671429)<br>|  | &nbsp;&nbsp; (1876212)<br>|  | &nbsp;&nbsp; (3797016)<br>|
| Administrator Class |  | &nbsp;&nbsp; (1059036)<br>|  | &nbsp;&nbsp; (416660)<br>|  | &nbsp;&nbsp; (1047406)<br>|
| Institutional Class |  | &nbsp;&nbsp; (15585217)<br>|  | &nbsp;&nbsp; (11051054)<br>|  | &nbsp;&nbsp; (21328025)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(44887341)**<br>|  | &nbsp;&nbsp; **(22856293)**<br>|  | &nbsp;&nbsp; **(43217890)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |  |  |
| Class A | 424947 | &nbsp;&nbsp; 4740604 | &nbsp;&nbsp; 308556 | &nbsp;&nbsp; 3739064 | &nbsp;&nbsp; 415820 | &nbsp;&nbsp; 5265311 |
| Class C | 31656 | &nbsp;&nbsp; 327732 | &nbsp;&nbsp; 28639 | &nbsp;&nbsp; 335449 | &nbsp;&nbsp; 96897 | &nbsp;&nbsp; 1168445 |
| Class R6 | 1114038 | &nbsp;&nbsp; 13871910 | &nbsp;&nbsp; 119132 | &nbsp;&nbsp; 1497539 | &nbsp;&nbsp; 123974 | &nbsp;&nbsp; 1716518 |
| Administrator Class | 8157 | &nbsp;&nbsp; 90961 | &nbsp;&nbsp; 3874 | &nbsp;&nbsp; 48053 | &nbsp;&nbsp; 3961 | &nbsp;&nbsp; 50313 |
| Institutional Class | 1060344 | &nbsp;&nbsp; 11988792 | &nbsp;&nbsp; 1297021 | &nbsp;&nbsp; 15938036 | &nbsp;&nbsp; 1322276 | &nbsp;&nbsp; 17070664 |
|  |  | &nbsp;&nbsp; 31019999 |  | &nbsp;&nbsp; 21558141 |  | &nbsp;&nbsp; 25271251 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A | 1985767 | &nbsp;&nbsp; 20533374 | &nbsp;&nbsp; 764770 | &nbsp;&nbsp; 8999261 | &nbsp;&nbsp; 1348065 | &nbsp;&nbsp; 16067784 |
| Class C | 76493 | &nbsp;&nbsp; 766360 | &nbsp;&nbsp; 33783 | &nbsp;&nbsp; 388100 | &nbsp;&nbsp; 63426 | &nbsp;&nbsp; 740826 |
| Class R6 | 499948 | &nbsp;&nbsp; 5231151 | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 1104050 | &nbsp;&nbsp; 148681 | &nbsp;&nbsp; 1785702 |
| Administrator Class | 54892 | &nbsp;&nbsp; 570828 | &nbsp;&nbsp; 18230 | &nbsp;&nbsp; 215408 | &nbsp;&nbsp; 53517 | &nbsp;&nbsp; 639939 |
| Institutional Class | 1483116 | &nbsp;&nbsp; 15506441 | &nbsp;&nbsp; 925698 | &nbsp;&nbsp; 10990717 | &nbsp;&nbsp; 1765170 | &nbsp;&nbsp; 21195384 |
|  |  | &nbsp;&nbsp; 42608154 |  | &nbsp;&nbsp; 21697536 |  | &nbsp;&nbsp; 40429635 |
| Payment for shares redeemed |  |  |  |  |  |  |
| Class A | (1725444)<br>| &nbsp;&nbsp; (20138082)<br>| &nbsp;&nbsp; (1289111)<br>| &nbsp;&nbsp; (15627452)<br>| &nbsp;&nbsp; (1910541)<br>| &nbsp;&nbsp; (24861078)<br>|
| Class C | (141728)<br>| &nbsp;&nbsp; (1541695)<br>| &nbsp;&nbsp; (113065)<br>| &nbsp;&nbsp; (1339865)<br>| &nbsp;&nbsp; (134315)<br>| &nbsp;&nbsp; (1653300)<br>|
| Class R6 | (604908)<br>| &nbsp;&nbsp; (6967652)<br>| &nbsp;&nbsp; (402689)<br>| &nbsp;&nbsp; (4941445)<br>| &nbsp;&nbsp; (510778)<br>| &nbsp;&nbsp; (6892525)<br>|
| Administrator Class | (27623)<br>| &nbsp;&nbsp; (292420)<br>| &nbsp;&nbsp; (94720)<br>| &nbsp;&nbsp; (1180768)<br>| &nbsp;&nbsp; (89944)<br>| &nbsp;&nbsp; (1125103)<br>|
| Institutional Class | (5146434)<br>| &nbsp;&nbsp; (61604798)<br>| &nbsp;&nbsp; (3447189)<br>| &nbsp;&nbsp; (42694554)<br>| &nbsp;&nbsp; (3362511)<br>| &nbsp;&nbsp; (44116398)<br>|
|  |  | &nbsp;&nbsp; (90544647)<br>|  | &nbsp;&nbsp; (65784084)<br>|  | &nbsp;&nbsp; (78648404)<br>|
| **Net decrease in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **(16916494)**<br>|  | &nbsp;&nbsp; **(22528407)**<br>|  | &nbsp;&nbsp; **(12947518)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(43013391)**<br>|  | &nbsp;&nbsp; **(9484483)**<br>|  | &nbsp;&nbsp; **(66852954)**<br>|
| Net assets |  |  |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **189665027** |  | &nbsp;&nbsp; **199149510** |  | &nbsp;&nbsp; **266002464** |
| **End of period** |  | &nbsp;&nbsp; **$146651636** |  | &nbsp;&nbsp; **$189665027** |  | &nbsp;&nbsp; **$199149510** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

Allspring Large Cap Value Fund \| 5

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.21** | &nbsp;&nbsp; **$11.52** | &nbsp;&nbsp; **$14.82** | &nbsp;&nbsp; **$17.16** | &nbsp;&nbsp; **$11.49** | &nbsp;&nbsp; **$13.01** |
| Net investment income | 0.10 <br><sup>2</sup><br>| 0.14 <br><sup>2</sup><br>| 0.15 <br><sup>2</sup><br>| 0.11 | 0.10 | 0.12 |
| Net realized and unrealized gains (losses) on investments | 1.24 | 2.00 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.34)<br>| 6.29 | &nbsp;&nbsp; (0.33)<br>|
| Total from investment operations | 1.34 | 2.14 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.23)<br>| 6.39 | &nbsp;&nbsp; (0.21)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.09)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | (3.44)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions to shareholders | (3.53)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (1.31)<br>|
| **Net asset value, end of period** | **$10.02** | &nbsp;&nbsp; **$12.21** | &nbsp;&nbsp; **$11.52** | &nbsp;&nbsp; **$14.82** | &nbsp;&nbsp; **$17.16** | &nbsp;&nbsp; **$11.49** |
| **Total return**<sup>3</sup> <br>| **10.38%**<br>| **19.27%**<br>| &nbsp;&nbsp; **(4.19)%**<br>| &nbsp;&nbsp; **(1.37)%**<br>| **56.98%**<br>| &nbsp;&nbsp; **(3.61)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.10<br> %<br>| 1.22<br> %<br>| 1.22<br> %<br>| 1.19<br> %<br>| 1.24<br> %<br>| 1.27<br> %<br>|
| Net expenses | 0.88<br> %<br>| 1.03<br> %<br>| 1.08<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>|
| Net investment income | 0.85<br> %<br>| 1.22<br> %<br>| 1.13<br> %<br>| 0.69<br> %<br>| 0.73<br> %<br>| 0.92<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 36<br> %<br>| &nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 33<br> %<br>|
| Net assets, end of period (000s omitted) | $71897 | &nbsp;&nbsp; $79214 | &nbsp;&nbsp; $77198 | &nbsp;&nbsp; $101496 | &nbsp;&nbsp; $102332 | &nbsp;&nbsp; $70680 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.49% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.63% |
| Year ended May 31, 2023 | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

6 \| Allspring Large Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$11.97** | &nbsp;&nbsp; **$11.32** | &nbsp;&nbsp; **$14.61** | &nbsp;&nbsp; **$16.97** | &nbsp;&nbsp; **$11.36** | &nbsp;&nbsp; **$12.87** |
| Net investment income (loss) | 0.01 <br><sup>2</sup><br>| 0.05 <br><sup>2</sup><br>| 0.05 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| 0.02 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.22 | 1.96 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.35)<br>| 6.25 | &nbsp;&nbsp; (0.35)<br>|
| Total from investment operations | 1.23 | 2.01 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.36)<br>| 6.22 | &nbsp;&nbsp; (0.33)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>| 0.00 | 0.00 | 0.00 |
| Net realized gains | (3.44)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions to shareholders | (3.46)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.18)<br>|
| **Net asset value, end of period** | **$9.74** | &nbsp;&nbsp; **$11.97** | &nbsp;&nbsp; **$11.32** | &nbsp;&nbsp; **$14.61** | &nbsp;&nbsp; **$16.97** | &nbsp;&nbsp; **$11.36** |
| **Total return**<sup>3</sup> <br>| **9.52%**<br>| **18.40%**<br>| &nbsp;&nbsp; **(4.85)%**<br>| &nbsp;&nbsp; **(2.22)%**<br>| **55.94%**<br>| &nbsp;&nbsp; **(4.41)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.85<br> %<br>| 1.95<br> %<br>| 1.97<br> %<br>| 1.94<br> %<br>| 1.99<br> %<br>| 2.02<br> %<br>|
| Net expenses | 1.66<br> %<br>| 1.81<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>|
| Net investment income (loss) | 0.08<br> %<br>| 0.45<br> %<br>| 0.36<br> %<br>| &nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp; (0.04)%<br>| 0.16<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 36<br> %<br>| &nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 33<br> %<br>|
| Net assets, end of period (000s omitted) | $2168 | &nbsp;&nbsp; $3066 | &nbsp;&nbsp; $3471 | &nbsp;&nbsp; $4103 | &nbsp;&nbsp; $4719 | &nbsp;&nbsp; $3576 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.49% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.63% |
| Year ended May 31, 2023 | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Large Cap Value Fund \| 7

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class R6 | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.29** | &nbsp;&nbsp; **$11.59** | &nbsp;&nbsp; **$14.90** | &nbsp;&nbsp; **$17.24** | &nbsp;&nbsp; **$11.53** | &nbsp;&nbsp; **$13.06** |
| Net investment income | 0.15 <br><sup>2</sup><br>| 0.18 <br><sup>2</sup><br>| 0.20 <br><sup>2</sup><br>| 0.18 <br><sup>2</sup><br>| 0.16 <br><sup>2</sup><br>| 0.18 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.25 | 2.03 | &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.34)<br>| 6.32 | &nbsp;&nbsp; (0.33)<br>|
| Total from investment operations | 1.40 | 2.21 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.16)<br>| 6.48 | &nbsp;&nbsp; (0.15)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized gains | (3.44)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions to shareholders | (3.58)<br>| &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (1.38)<br>|
| **Net asset value, end of period** | **$10.11** | &nbsp;&nbsp; **$12.29** | &nbsp;&nbsp; **$11.59** | &nbsp;&nbsp; **$14.90** | &nbsp;&nbsp; **$17.24** | &nbsp;&nbsp; **$11.53** |
| **Total return**<sup>3</sup> <br>| **10.76%**<br>| **19.73%**<br>| &nbsp;&nbsp; **(3.75)%**<br>| &nbsp;&nbsp; **(0.98)%**<br>| **57.75%**<br>| &nbsp;&nbsp; **(3.25)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 0.68<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>| 0.82<br> %<br>| 0.84<br> %<br>|
| Net expenses | 0.47<br> %<br>| 0.64<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment income | 1.21<br> %<br>| 1.63<br> %<br>| 1.55<br> %<br>| 1.11<br> %<br>| 1.14<br> %<br>| 1.33<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 36<br> %<br>| &nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 33<br> %<br>|
| Net assets, end of period (000s omitted) | $21812 | &nbsp;&nbsp; $14102 | &nbsp;&nbsp; $15505 | &nbsp;&nbsp; $23487 | &nbsp;&nbsp; $47301 | &nbsp;&nbsp; $37859 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.48% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.63% |
| Year ended May 31, 2023 | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

8 \| Allspring Large Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Administrator Class | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.26** | &nbsp;&nbsp; **$11.55** | &nbsp;&nbsp; **$14.86** | &nbsp;&nbsp; **$17.20** | &nbsp;&nbsp; **$11.51** | &nbsp;&nbsp; **$13.03** |
| Net investment income | 0.11 <br><sup>2</sup><br>| 0.15 <br><sup>2</sup><br>| 0.16 <br><sup>2</sup><br>| 0.12 <br><sup>2</sup><br>| 0.11 <br><sup>2</sup><br>| 0.13 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.25 | 2.02 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.33)<br>| 6.30 | &nbsp;&nbsp; (0.33)<br>|
| Total from investment operations | 1.36 | 2.17 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.21)<br>| 6.41 | &nbsp;&nbsp; (0.20)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.10)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | (3.44)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions to shareholders | (3.54)<br>| &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (1.32)<br>|
| **Net asset value, end of period** | **$10.08** | &nbsp;&nbsp; **$12.26** | &nbsp;&nbsp; **$11.55** | &nbsp;&nbsp; **$14.86** | &nbsp;&nbsp; **$17.20** | &nbsp;&nbsp; **$11.51** |
| **Total return**<sup>3</sup> <br>| **10.50%**<br>| **19.44%**<br>| &nbsp;&nbsp; **(4.18)%**<br>| &nbsp;&nbsp; **(1.29)%**<br>| **57.12%**<br>| &nbsp;&nbsp; **(3.56)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.03<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.11<br> %<br>| 1.17<br> %<br>| 1.19<br> %<br>|
| Net expenses | 0.79<br> %<br>| 0.95<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>|
| Net investment income | 0.94<br> %<br>| 1.32<br> %<br>| 1.21<br> %<br>| 0.76<br> %<br>| 0.81<br> %<br>| 1.00<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 36<br> %<br>| &nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 33<br> %<br>|
| Net assets, end of period (000s omitted) | $3370 | &nbsp;&nbsp; $3665 | &nbsp;&nbsp; $4292 | &nbsp;&nbsp; $6001 | &nbsp;&nbsp; $5980 | &nbsp;&nbsp; $6167 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.48% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.63% |
| Year ended May 31, 2023 | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Large Cap Value Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.30** | &nbsp;&nbsp; **$11.59** | &nbsp;&nbsp; **$14.90** | &nbsp;&nbsp; **$17.24** | &nbsp;&nbsp; **$11.53** | &nbsp;&nbsp; **$13.05** |
| Net investment income | 0.14 <br><sup>2</sup><br>| 0.17 <br><sup>2</sup><br>| 0.19 <br><sup>2</sup><br>| 0.16 | 0.15 | 0.16 |
| Net realized and unrealized gains (losses) on investments | 1.25 | 2.03 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.34)<br>| 6.32 | &nbsp;&nbsp; (0.33)<br>|
| Total from investment operations | 1.39 | 2.20 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.18)<br>| 6.47 | &nbsp;&nbsp; (0.17)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | (3.44)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions to shareholders | (3.57)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.35)<br>|
| **Net asset value, end of period** | **$10.12** | &nbsp;&nbsp; **$12.30** | &nbsp;&nbsp; **$11.59** | &nbsp;&nbsp; **$14.90** | &nbsp;&nbsp; **$17.24** | &nbsp;&nbsp; **$11.53** |
| **Total return**<sup>3</sup> <br>| **10.70%**<br>| **19.69%**<br>| &nbsp;&nbsp; **(3.92)%**<br>| &nbsp;&nbsp; **(1.08)%**<br>| **57.58%**<br>| &nbsp;&nbsp; **(3.33)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 0.79<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.86<br> %<br>| 0.91<br> %<br>| 0.94<br> %<br>|
| Net expenses | 0.59<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 1.17<br> %<br>| 1.53<br> %<br>| 1.45<br> %<br>| 1.01<br> %<br>| 1.05<br> %<br>| 1.25<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 36<br> %<br>| &nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 33<br> %<br>|
| Net assets, end of period (000s omitted) | $47405 | &nbsp;&nbsp; $89618 | &nbsp;&nbsp; $98683 | &nbsp;&nbsp; $130915 | &nbsp;&nbsp; $156330 | &nbsp;&nbsp; $96838 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.49% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.63% |
| Year ended May 31, 2023 | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

10 \| Allspring Large Cap Value Fund

------

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Large Cap Value Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of April 30, 2025, the Fund owned 99.99% of Allspring Large Cap Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the year ended April 30, 2025 are included in this report and should be read in conjunction with the Fund's financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily.

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

Investment transactions, income and expenses

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

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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.

Allspring Large Cap Value Fund \| 11

------

Notes to financial statements

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $133,781,975 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $12744834 |
| Gross unrealized losses | &nbsp;&nbsp; (0)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$12744834** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At April 30, 2025, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| Affiliated Master Portfolio | Investment objective | &nbsp;&nbsp;&nbsp; Fair value of affiliated <br>Master Portfolio<br>|
| Allspring Large Cap Value Portfolio | &nbsp;&nbsp; Seeks maximum long-term total return (current income and capital <br> appreciation), consistent with minimizing risk to principal<br>| $146526809 |

---

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays, generally on a monthly basis, Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.050<br> %<br>|
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |

---

For the year ended April 30, 2025, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee, generally paid on a monthly basis, from the affiliated Master Portfolio for those services.

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

12 \| Allspring Large Cap Value Fund

------

Notes to financial statements

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of April 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | EXPENSE RATIO CAPS | RATE PRIOR TO OCTOBER 1, 2024 |
| Class A | 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>|
| Class C | 1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Class R6 | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Administrator Class | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Institutional Class | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended April 30, 2025, Allspring Funds Distributor received $2,933 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended April 30, 2025.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended April 30, 2025 were $63,342,005 and $111,510,811, 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 April 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the year ended April 30, 2025, eleven months ended April 30, 2024 and year ended May 31, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended <br>April 30 | Year ended <br>April 30 | Year ended <br>May 31,<br>|
|  | 2025 | 2024 | 2023 |
| **Ordinary income** | $11975956 | $4146303 | $4141234 |
| **Long-term capital gain** | 32911385 | 18709990 | 39076656 |

---

Allspring Large Cap Value Fund \| 13

------

Notes to financial statements

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $3267287 | &nbsp;&nbsp; $5703209 | &nbsp;&nbsp;&nbsp; $12744834 |

---

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. SUBSEQUENT EVENT

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved a proposal to collapse the master-feeder structure under which the Fund invested 100% of its assets in the Allspring Large Cap Value Portfolio (Large Cap Value Portfolio). The transaction will be accomplished on or about August 8, 2025, by the Fund redeeming, its investment in the affiliated Large Cap Value Portfolio, for an in-kind distribution of securities, along with acquiring the assets and assuming the liabilities of Large Cap Value Portfolio. After the transaction, the Fund will operate as a stand-alone fund with its investments managed by Allspring Funds Management and Allspring Investments. At the same meeting, the Board also approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

14 \| Allspring Large Cap Value Fund

------

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 Large Cap Value Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023, 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 interests held as of April 30, 2025, by correspondence with the transfer agent of the master portfolio. 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.

![](g46179img1e3b6c8f2.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

June 26, 2025

Allspring Large Cap Value Fund \| 15

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.32%** |  |  |
| **Communication services: 3.95%** |  |  |
| **Interactive media & services: 3.95%** |  |  |
| Alphabet, Inc. Class C | 35994 | &nbsp;&nbsp; **$5791075** |
| **Consumer discretionary: 6.77%** |  |  |
| **Automobiles: 2.31%** |  |  |
| General Motors Co. | 74811 | &nbsp;&nbsp; **3384450** |
| **Household durables: 2.75%** |  |  |
| D.R. Horton, Inc. | 31904 | &nbsp;&nbsp; **4030751** |
| **Textiles, apparel & luxury goods: 1.71%** |  |  |
| NIKE, Inc. Class B | 44319 | &nbsp;&nbsp; **2499592** |
| **Consumer staples: 8.30%** |  |  |
| **Consumer staples distribution & retail: 2.08%** |  |  |
| Walmart, Inc. | 31300 | &nbsp;&nbsp; **3043925** |
| **Food products: 3.45%** |  |  |
| Mondelez International, Inc. Class A | 74298 | &nbsp;&nbsp; **5061923** |
| **Personal care products: 2.77%** |  |  |
| Unilever PLC ADR | 63771 | &nbsp;&nbsp; **4052647** |
| **Energy: 5.87%** |  |  |
| **Oil, gas & consumable fuels: 5.87%** |  |  |
| ConocoPhillips | 30927 | &nbsp;&nbsp; 2756214 |
| EOG Resources, Inc. | 19157 | &nbsp;&nbsp; 2113592 |
| Exxon Mobil Corp. | 35400 | &nbsp;&nbsp; 3739302 |
|  |  | &nbsp;&nbsp; **8609108** |
| **Financials: 20.55%** |  |  |
| **Banks: 8.35%** |  |  |
| Bank of America Corp. | 127166 | &nbsp;&nbsp; 5071380 |
| Citigroup, Inc. | 80219 | &nbsp;&nbsp; 5485375 |
| JPMorgan Chase & Co. | 6885 | &nbsp;&nbsp; 1684209 |
|  |  | &nbsp;&nbsp; **12240964** |
| **Capital markets: 3.95%** |  |  |
| Intercontinental Exchange, Inc. | 34425 | &nbsp;&nbsp; **5782367** |
| **Financial services: 6.18%** |  |  |
| Berkshire Hathaway, Inc. Class B† | 9669 | &nbsp;&nbsp; 5155994 |
| Fiserv, Inc.† | 18790 | &nbsp;&nbsp; 3468070 |
| Rocket Cos., Inc. Class A | 33761 | &nbsp;&nbsp; 435855 |
|  |  | &nbsp;&nbsp; **9059919** |
| **Insurance: 2.07%** |  |  |
| American International Group, Inc. | 37222 | &nbsp;&nbsp; **3034338** |

---

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

16 \| Allspring Large Cap Value Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care: 14.68%** |  |  |
| **Biotechnology: 1.78%** |  |  |
| Vertex Pharmaceuticals, Inc.† | 5122 | &nbsp;&nbsp; **$2609659** |
| **Health care equipment & supplies: 2.69%** |  |  |
| Medtronic PLC | 46405 | &nbsp;&nbsp; **3933288** |
| **Health care providers & services: 6.23%** |  |  |
| Cigna Group | 12931 | &nbsp;&nbsp; 4397057 |
| Labcorp Holdings, Inc. | 19621 | &nbsp;&nbsp; 4728857 |
|  |  | &nbsp;&nbsp; **9125914** |
| **Life sciences tools & services: 2.51%** |  |  |
| Danaher Corp. | 9933 | &nbsp;&nbsp; 1979945 |
| ICON PLC ADR† | 11236 | &nbsp;&nbsp; 1701580 |
|  |  | &nbsp;&nbsp; **3681525** |
| **Pharmaceuticals: 1.47%** |  |  |
| Johnson & Johnson | 13792 | &nbsp;&nbsp; **2155827** |
| **Industrials: 18.79%** |  |  |
| **Aerospace & defense: 4.13%** |  |  |
| L3Harris Technologies, Inc. | 9589 | &nbsp;&nbsp; 2109772 |
| RTX Corp. | 31272 | &nbsp;&nbsp; 3944337 |
|  |  | &nbsp;&nbsp; **6054109** |
| **Electrical equipment: 1.44%** |  |  |
| Eaton Corp. PLC | 7154 | &nbsp;&nbsp; **2105923** |
| **Ground transportation: 4.33%** |  |  |
| Canadian Pacific Kansas City Ltd. | 87526 | &nbsp;&nbsp; **6343009** |
| **Industrial conglomerates: 2.55%** |  |  |
| 3M Co. | 4241 | &nbsp;&nbsp; 589117 |
| Honeywell International, Inc. | 14972 | &nbsp;&nbsp; 3151606 |
|  |  | &nbsp;&nbsp; **3740723** |
| **Machinery: 1.38%** |  |  |
| Caterpillar, Inc. | 6531 | &nbsp;&nbsp; **2019842** |
| **Trading companies & distributors: 4.96%** |  |  |
| AerCap Holdings NV | 43642 | &nbsp;&nbsp; 4626052 |
| Air Lease Corp. Class A | 56523 | &nbsp;&nbsp; 2643016 |
|  |  | &nbsp;&nbsp; **7269068** |
| **Information technology: 9.57%** |  |  |
| **IT services: 3.58%** |  |  |
| Accenture PLC Class A | 12076 | &nbsp;&nbsp; 3612535 |
| International Business Machines Corp. | 6730 | &nbsp;&nbsp; 1627449 |
|  |  | &nbsp;&nbsp; **5239984** |

---

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

Allspring Large Cap Value Portfolio \| 17

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Semiconductors & semiconductor equipment: 1.60%** |  |  |
| NXP Semiconductors NV | 12765 | &nbsp;&nbsp; **$2352717** |
| **Software: 4.39%** |  |  |
| Cadence Design Systems, Inc.† | 9573 | &nbsp;&nbsp; 2850265 |
| Microsoft Corp. | 9068 | &nbsp;&nbsp; 3584218 |
|  |  | &nbsp;&nbsp; **6434483** |
| **Materials: 4.03%** |  |  |
| **Chemicals: 2.67%** |  |  |
| CF Industries Holdings, Inc. | 33477 | &nbsp;&nbsp; 2623592 |
| Sherwin-Williams Co. | 3628 | &nbsp;&nbsp; 1280394 |
|  |  | &nbsp;&nbsp; **3903986** |
| **Construction materials: 1.36%** |  |  |
| Vulcan Materials Co. | 7619 | &nbsp;&nbsp; **1998692** |
| **Real estate: 3.87%** |  |  |
| **Real estate management & development: 1.68%** |  |  |
| CBRE Group, Inc. Class A† | 20182 | &nbsp;&nbsp; **2465837** |
| **Specialized REITs: 2.19%** |  |  |
| Public Storage | 10689 | &nbsp;&nbsp; **3211296** |
| **Utilities: 2.94%** |  |  |
| **Electric utilities: 2.94%** |  |  |
| NextEra Energy, Inc. | 64461 | &nbsp;&nbsp; **4311152** |
| **Total common stocks (Cost $126,727,280)** |  | &nbsp;&nbsp; **145548093** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.90%** |  |  |  |  |
| **Investment companies: 0.90%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 1318267 | &nbsp;&nbsp; **1318267** |
| **Total short-term investments (Cost $1,318,267)** |  |  |  | &nbsp;&nbsp; **1318267** |
| **Total investments in securities (Cost $128,045,547)** | 100.22<br> %<br>|  |  | &nbsp;&nbsp; 146866360 |
| Other assets and liabilities, net | (0.22)<br>|  |  | &nbsp;&nbsp; (322173)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$146544187** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt <br> REIT Real estate investment trust

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

18 \| Allspring Large Cap Value Portfolio

------

Portfolio of investments—April 30, 2025

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<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>| $4084378 | $50051630 | $(52817741)<br>| $0 | $0 | $1318267 | 1318267 | $113997 |

---

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

Allspring Large Cap Value Portfolio \| 19

------

Statements of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $126,727,280) | $145548093 |
| Investments in affiliated securities, at value (cost $1,318,267) | 1318267 |
| Cash | 25 |
| Receivable for investments sold | 215618 |
| Receivable for dividends | 38116 |
| Prepaid expenses and other assets | 9910 |
| **Total assets** | **147130029** |
| Liabilities |  |
| Payable for investments purchased | 500731 |
| Advisory fee payable | 45821 |
| Trustees' fees and expenses payable | 4530 |
| Accrued expenses and other liabilities | 34760 |
| **Total liabilities** | **585842** |
| **Total net assets**  | **$146544187** |

---

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

20 \| Allspring Large Cap Value Portfolio

------

Statement of operations

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $112,756) | $3759917 |
| Income from affiliated securities | 113997 |
| Interest | 404 |
| **Total investment income** | **3874318** |
| Expenses |  |
| Advisory fee | 1437138 |
| Custody and accounting fees | 17076 |
| Professional fees | 55378 |
| Registration fees | 103 |
| Interest holder report expenses | 3491 |
| Trustees' fees and expenses | 15955 |
| Interest expense | 12758 |
| Other fees and expenses | 14150 |
| **Total expenses** | **1556049** |
| Less: Fee waivers and/or expense reimbursements | (474261)<br>|
| **Net expenses** | **1081788** |
| **Net investment income** | **2792530** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities (including in-kind redemptions of $4,353,497) | 23329549 |
| Foreign currency and foreign currency translations | (62)<br>|
| **Net realized gains on investments** | **23329487** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (3336332)<br>|
| Foreign currency and foreign currency translations | 124 |
| **Net change in unrealized gains (losses) on investments** | **(3336208)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **19993279** |
| **Net increase in net assets resulting from operations** | **$22785809** |

---

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

Allspring Large Cap Value Portfolio \| 21

------

Statement of operations

Statements of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | &nbsp;&nbsp; Year ended<br> April 30, 2024<sup>1</sup> | &nbsp;&nbsp; Year ended <br>May 31, 2023 |
| Operations |  |  |  |
| Net investment income | &nbsp;&nbsp; $2792530 | &nbsp;&nbsp; $3829755 | &nbsp;&nbsp; $4389636 |
| Net realized gains on investments | &nbsp;&nbsp; 23329487 | &nbsp;&nbsp; 60108038 | &nbsp;&nbsp; 24842159 |
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; (3336208)<br>| &nbsp;&nbsp; (17635165)<br>| &nbsp;&nbsp; (41838078)<br>|
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **22785809** | &nbsp;&nbsp; **46302628** | &nbsp;&nbsp; **(12606283)**<br>|
| Capital transactions |  |  |  |
| Contributions | &nbsp;&nbsp; 7793963 | &nbsp;&nbsp; 8601975 | &nbsp;&nbsp; 9137304 |
| Withdrawals | &nbsp;&nbsp; (124685436)<br>| &nbsp;&nbsp; (67469900)<br>| &nbsp;&nbsp; (76376645)<br>|
| **Net decrease in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(116891473)**<br>| &nbsp;&nbsp; **(58867925)**<br>| &nbsp;&nbsp; **(67239341)**<br>|
| **Total decrease in net assets** | &nbsp;&nbsp; **(94105664)**<br>| &nbsp;&nbsp; **(12565297)**<br>| &nbsp;&nbsp; **(79845624)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **240649851** | &nbsp;&nbsp; **253215148** | &nbsp;&nbsp; **333060772** |
| **End of period** | &nbsp;&nbsp; **$146544187** | &nbsp;&nbsp; **$240649851** | &nbsp;&nbsp; **$253215148** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

22 \| Allspring Large Cap Value Portfolio

------

Financial highlights

Financial highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
|  | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Total return**<sup>2</sup> <br>| **10.81%**<br>| **19.77%**<br>| &nbsp;&nbsp; **(3.77)%**<br>| &nbsp;&nbsp; **(1.05)%**<br>| **57.96%**<br>| &nbsp;&nbsp; **(3.40)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.70 %\*<br>| 0.69<br> %<br>| 0.71<br> %<br>| 0.69<br> %<br>| 0.68<br> %<br>| 0.68<br> %<br>|
| Net expenses<sup>3</sup> <br>| 0.49 %\*<br>| 0.63<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>|
| Net investment income | 1.26 %\*<br>| 1.63<br> %<br>| 1.56<br> %<br>| 1.12<br> %<br>| 1.16<br> %<br>| 1.36<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Portfolio turnover rate | 36<br> %<br>| &nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 33<br> %<br>|

---

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

\* Ratios include interest expense relating to interest associated with borrowings and/or leverage transactions as follows:

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.01% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

<sup>3</sup> Net expense ratios reflect voluntary waivers, if any.

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

Allspring Large Cap Value Portfolio \| 23

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles ("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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

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

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

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.

Foreign currency translation

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

Security transactions and income recognition

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

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

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

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Portfolio based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

24 \| Allspring Large Cap Value Portfolio

------

Notes to financial statements

Federal and other taxes

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

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

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $129,048,609 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $23423346 |
| Gross unrealized losses | &nbsp;&nbsp; (5605595)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$17817751** |

---

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $5791075 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $5791075 |
| *Consumer discretionary* | &nbsp;&nbsp; 9914793 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9914793 |
| *Consumer staples* | &nbsp;&nbsp; 12158495 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12158495 |
| *Energy* | &nbsp;&nbsp; 8609108 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8609108 |
| *Financials* | &nbsp;&nbsp; 30117588 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30117588 |
| *Health care* | &nbsp;&nbsp; 21506213 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 21506213 |
| *Industrials* | &nbsp;&nbsp; 27532674 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27532674 |
| *Information technology* | &nbsp;&nbsp; 14027184 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14027184 |
| *Materials* | &nbsp;&nbsp; 5902678 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5902678 |
| *Real estate* | &nbsp;&nbsp; 5677133 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5677133 |
| *Utilities* | &nbsp;&nbsp; 4311152 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4311152 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 1318267 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1318267 |
| **Total assets** | &nbsp;&nbsp; **$146866360** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$146866360** |

---

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

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

Allspring Large Cap Value Portfolio \| 25

------

Notes to financial statements

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

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

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

---

For the year ended April 30, 2025, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Investments is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Portfolio increase.

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

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the year ended April 30, 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 April 30, 2025 were $78,213,006 and $141,038,942, respectively.

6. BANK BORROWINGS

The Portfolio, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio interest holder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

During the year ended April 30, 2025, the Portfolio had average borrowings outstanding of $195,342 at an average rate of 6.53% and paid interest in the amount of $12,758.

7. INDEMNIFICATION

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

8. REDEMPTIONS IN-KIND

During the year ended April 30, 2025, the Portfolio redeemed assets through an in-kind redemption for shareholders in the Portfolio. The realized gains (losses) recognized by the Portfolio are reflected on the Statement of operations and these redemption transactions are reflected on the Statement of

26 \| Allspring Large Cap Value Portfolio

------

Notes to financial statements

changes in net assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Portfolio redeemed by the shareholder was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Date | Value of <br>securities issued<br>| Cash | &nbsp;&nbsp;&nbsp; Realized <br>gains (losses)<br>| &nbsp;&nbsp;&nbsp; % of the <br>Portfolio<br>|
| &nbsp;&nbsp;&nbsp; 04-11-2025 | &nbsp;&nbsp; $47792695 | &nbsp;&nbsp;&nbsp; $565197 | &nbsp;&nbsp;&nbsp; $4353497 | &nbsp;&nbsp;&nbsp;&nbsp; 25.13<br> %<br>|

---

9. OPERATING SEGMENTS

The Portfolio has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Portfolio acts as the Portfolio's CODM. For the periods presented, the Portfolio operated as a single operating segment. The CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Portfolio's prospectus which is executed by the Portfolio'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 Portfolio's single segment. This information is consistent with that presented within the Portfolio'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.

10. SUBSEQUENT EVENT

At the Board meeting held on May 27-29, 2025, the Board of Trustees approved the collapse of the master-feeder structure under which the affiliated Allspring Large Cap Value Fund (Large Cap Value Fund) invests 100% of its assets in the Portfolio and the liquidation of the Portfolio. The transaction will be accomplished on or about August 8, 2025, by the affiliated Large Cap Value Fund redeeming, in-kind, its investment in the Portfolio and acquiring all the assets and assuming all the liabilities of the Portfolio. After the transaction, the Portfolio will be liquidated.

Allspring Large Cap Value Portfolio \| 27

------

Report of independent registered public accounting firm

To the Interest Holders of the Portfolio and Board of Trustees

Allspring Master Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Large Cap Value Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Portfolio'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 Portfolio 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 April 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g46179img1e3b6c8f2.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

June 26, 2025

28 \| Allspring Large Cap Value Portfolio

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 30% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended April 30, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $32,911,385 was designated as a 20% rate gain distribution for the fiscal year ended

April 30, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $4,316,548 of income dividends paid during the fiscal year ended April 30, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended April 30, 2025, $64,028 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended April 30, 2025, $10,224,284 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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 and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com.** 

Allspring Large Cap Value Fund \| 29

------

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

30 \| Allspring Large Cap Value Fund

------

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------

*This page is intentionally left blank.*

------

![](g46179img4a5bb0e41.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

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

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

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

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

![](g46179imge32d539d3.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* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR1863 04-25**

------

![](g46179img496774631.jpg)

Allspring Small Company Growth Fund

Long Form Financial Statements

Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **<u>[Allspring Small Company Growth Fund](#xx_1204d147-91ab-46c1-972c-74cd404f8193_POI-PageBlank-82_1)</u>** |  |
| **[Portfolio of investments](#xx_1204d147-91ab-46c1-972c-74cd404f8193_POI-PageBlank-82_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_1204d147-91ab-46c1-972c-74cd404f8193_FS-PageBlank-82_1)** |  |
| [Statement of assets and liabilities](#xx_1204d147-91ab-46c1-972c-74cd404f8193_FS-PageBlank-82_1) | 3 |
| [Statement of operations](#xx_1204d147-91ab-46c1-972c-74cd404f8193_FS-PageBlank-82_2) | 4 |
| [Statement of changes in net assets](#xx_1204d147-91ab-46c1-972c-74cd404f8193_FS-PageBlank-82_3) | 5 |
| [Financial highlights](#xx_1204d147-91ab-46c1-972c-74cd404f8193_FIHI-PageBlank-82_1) | 6 |
| **[Notes to financial statements](#xx_1204d147-91ab-46c1-972c-74cd404f8193_NTF-PageBlank-82_1)** | 11 |
| **[Report of independent registered public accounting firm](#xx_1204d147-91ab-46c1-972c-74cd404f8193_AUD-PageBlank-82_1)** | 15 |
| **<u>[Allspring Small Company Growth Portfolio](#xx_1204d147-91ab-46c1-972c-74cd404f8193_POI2-PageBlank-68_1)</u>** |  |
| **[Portfolio of investments](#xx_1204d147-91ab-46c1-972c-74cd404f8193_POI2-PageBlank-68_1)** | 16 |
| **[Item 7. Financial statements and financial highlights](#xx_1204d147-91ab-46c1-972c-74cd404f8193_FS2-PageBlank-68_1)** |  |
| [Statement of assets and liabilities](#xx_1204d147-91ab-46c1-972c-74cd404f8193_FS2-PageBlank-68_1) | 22 |
| [Statement of operations](#xx_1204d147-91ab-46c1-972c-74cd404f8193_FS2-PageBlank-68_2) | 23 |
| [Statement of changes in net assets](#xx_1204d147-91ab-46c1-972c-74cd404f8193_FS2-PageBlank-68_3) | 24 |
| [Financial highlights](#xx_1204d147-91ab-46c1-972c-74cd404f8193_FH2-PageBlank-68_1) | 25 |
| **[Notes to financial statements](#xx_1204d147-91ab-46c1-972c-74cd404f8193_NTF2-PageBlank-68_1)** | 26 |
| **[Report of independent registered public accounting firm](#xx_1204d147-91ab-46c1-972c-74cd404f8193_AUD2-PageBlank-68_1)** | 29 |
| **[Other information](#xx_1204d147-91ab-46c1-972c-74cd404f8193_OI-PageBlank-82_1)** | 30 |
| [Item 8. Changes in and disagreements with accountants](#xx_1204d147-91ab-46c1-972c-74cd404f8193_OI-PageBlank-82_2) | 31 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_1204d147-91ab-46c1-972c-74cd404f8193_OI-PageBlank-82_2) | 31 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_1204d147-91ab-46c1-972c-74cd404f8193_OI-PageBlank-82_2) | 31 |
| [Item 11. Statement regarding basis for board](#xx_1204d147-91ab-46c1-972c-74cd404f8193_OI-PageBlank-82_2)['](#xx_1204d147-91ab-46c1-972c-74cd404f8193_OI-PageBlank-82_2)[s approval of investment](#xx_1204d147-91ab-46c1-972c-74cd404f8193_OI-PageBlank-82_2)<br> [advisory contract](#xx_1204d147-91ab-46c1-972c-74cd404f8193_OI-PageBlank-82_2)<br>| 31 |

---

Allspring Small Company Growth Fund \| 1

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  |  | Value |
| **Investment companies: 102.83%** |  |  |
| **Affiliated master portfolio: 102.83%** |  |  |
| Allspring Small Company Growth Portfolio |  | &nbsp;&nbsp; **$487988199** |
| **Total investment companies (Cost $419,375,955)** |  | &nbsp;&nbsp; **487988199** |
| **Total investments in securities (Cost $419,375,955)** | 102.83<br> %<br>| &nbsp;&nbsp; 487988199 |
| Other assets and liabilities, net | (2.83)<br>| &nbsp;&nbsp; (13444353)<br>|
| **Total net assets** | **100.00%**<br>| &nbsp;&nbsp; **$474543846** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Value, <br>end of <br>period<br>|
| Allspring Small Company Growth <br> Portfolio<br>| 96.91<br> %<br>| 96.87<br> %<br>| &nbsp;&nbsp; $36534595 | &nbsp;&nbsp; $(69036832)<br>| &nbsp;&nbsp; $2178592 | &nbsp;&nbsp; $1768 | &nbsp;&nbsp; $549493 | &nbsp;&nbsp; $487988199 |

---

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

2 \| Allspring Small Company Growth Fund

------

Statement of assets and liabilities—April 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in affiliated Master Portfolio, at value (cost $419,375,955) | $487988199 |
| Receivable for Fund shares sold | 362257 |
| Receivable from manager | 26751 |
| Prepaid expenses and other assets | 93294 |
| **Total assets** | **488470501** |
| Liabilities |  |
| Payable for Fund shares redeemed | 13849640 |
| Administration fees payable | 38411 |
| Shareholder servicing fees payable | 12548 |
| Trustees' fees and expenses payable | 950 |
| Distribution fee payable | 433 |
| Accrued expenses and other liabilities | 24673 |
| **Total liabilities** | **13926655** |
| **Total net assets**  | **$474543846** |
| Net assets consist of |  |
| Paid-in capital | $406118535 |
| Total distributable earnings | 68425311 |
| **Total net assets** | **$474543846** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $27918822 |
| Shares outstanding–Class A<sup>1</sup> <br>| 1151284 |
| Net asset value per share–Class A | $24.25 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $25.73 |
| Net assets–Class C | $726609 |
| Shares outstanding–Class C<sup>1</sup> <br>| 51964 |
| Net asset value per share–Class C | $13.98 |
| Net assets–Class R6 | $174236570 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 5680745 |
| Net asset value per share–Class R6 | $30.67 |
| Net assets–Administrator Class | $34459737 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1252275 |
| Net asset value per share–Administrator Class | $27.52 |
| Net assets–Institutional Class | $237202108 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 7841815 |
| Net asset value per share–Institutional Class | $30.25 |

---

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

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

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

Allspring Small Company Growth Fund \| 3

------

Statement of operations—year ended April 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $12,036) | $2178592 |
| Affiliated income allocated from affiliated Master Portfolio | 549493 |
| Interest allocated from affiliated Master Portfolio | 1768 |
| Expenses allocated from affiliated Master Portfolio | (4494996)<br>|
| **Total investment income** | **(1765143)**<br>|
| Expenses |  |
| Management fee | 273360 |
| Administration fees |  |
| Class A | 88731 |
| Class C | 1786 |
| Class R6 | 51374 |
| Administrator Class | 54846 |
| Institutional Class | 374431 |
| Shareholder servicing fees |  |
| Class A | 110913 |
| Class C | 2224 |
| Administrator Class | 105464 |
| Distribution fee |  |
| Class C | 6674 |
| Custody and accounting fees | 10802 |
| Professional fees | 40884 |
| Registration fees | 85984 |
| Shareholder report expenses | 45353 |
| Trustees' fees and expenses | 17043 |
| Other fees and expenses | 15994 |
| **Total expenses** | **1285863** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (440709)<br>|
| Class A | (1617)<br>|
| Class C | (4)<br>|
| Administrator Class | (8919)<br>|
| Institutional Class | (61737)<br>|
| **Net expenses** | **772877** |
| **Net investment loss** | **(2538020)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments allocated from affiliated Master Portfolio** | **36534595** |
| **Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio** | **(69036832)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(32502237)**<br>|
| **Net decrease in net assets resulting from operations** | **$(35040257)**<br>|

---

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

4 \| Allspring Small Company Growth Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2024<sup>1</sup> | Year ended<br> April 30, 2024<sup>1</sup> | Year ended <br>May 31, 2023 | Year ended <br>May 31, 2023 |
| Operations |  |  |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(2538020)<br>|  | &nbsp;&nbsp; $(2350170)<br>|  | &nbsp;&nbsp; $(3139615)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 36534595 |  | &nbsp;&nbsp; 56352735 |  | &nbsp;&nbsp; 29634010 |
| Net change in unrealized gains (losses) on <br> investments<br>|  | &nbsp;&nbsp; (69036832)<br>|  | &nbsp;&nbsp; 18577530 |  | &nbsp;&nbsp; (31050649)<br>|
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>|  | &nbsp;&nbsp; **(35040257)**<br>|  | &nbsp;&nbsp; **72580095** |  | &nbsp;&nbsp; **(4556254)**<br>|
| Distributions to shareholders from |  |  |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (6891940)<br>|  | &nbsp;&nbsp; (2703387)<br>|  | &nbsp;&nbsp; (2956608)<br>|
| Class C |  | &nbsp;&nbsp; (196289)<br>|  | &nbsp;&nbsp; (117461)<br>|  | &nbsp;&nbsp; (524720)<br>|
| Class R6 |  | &nbsp;&nbsp; (23118438)<br>|  | &nbsp;&nbsp; (6463913)<br>|  | &nbsp;&nbsp; (18290276)<br>|
| Administrator Class |  | &nbsp;&nbsp; (5323627)<br>|  | &nbsp;&nbsp; (2267303)<br>|  | &nbsp;&nbsp; (3736177)<br>|
| Institutional Class |  | &nbsp;&nbsp; (32439733)<br>|  | &nbsp;&nbsp; (13806826)<br>|  | &nbsp;&nbsp; (31910643)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(67970027)**<br>|  | &nbsp;&nbsp; **(25358890)**<br>|  | &nbsp;&nbsp; **(57418424)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |  |  |
| Class A | 415163 | &nbsp;&nbsp; 12210670 | &nbsp;&nbsp; 842346 | &nbsp;&nbsp; 24265972 | &nbsp;&nbsp; 226653 | &nbsp;&nbsp; 6618593 |
| Class C | 11645 | &nbsp;&nbsp; 218562 | &nbsp;&nbsp; 9840 | &nbsp;&nbsp; 189937 | &nbsp;&nbsp; 8202 | &nbsp;&nbsp; 151573 |
| Class R6 | 2860689 | &nbsp;&nbsp; 110660051 | &nbsp;&nbsp; 957721 | &nbsp;&nbsp; 34307783 | &nbsp;&nbsp; 939968 | &nbsp;&nbsp; 32682134 |
| Administrator Class | 118430 | &nbsp;&nbsp; 3964421 | &nbsp;&nbsp; 99121 | &nbsp;&nbsp; 3258303 | &nbsp;&nbsp; 179672 | &nbsp;&nbsp; 5855715 |
| Institutional Class | 2596269 | &nbsp;&nbsp; 92643004 | &nbsp;&nbsp; 3523064 | &nbsp;&nbsp; 123219015 | &nbsp;&nbsp; 5808569 | &nbsp;&nbsp; 199389086 |
|  |  | &nbsp;&nbsp; 219696708 |  | &nbsp;&nbsp; 185241010 |  | &nbsp;&nbsp; 244697101 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A | 128672 | &nbsp;&nbsp; 3731491 | &nbsp;&nbsp; 55967 | &nbsp;&nbsp; 1584996 | &nbsp;&nbsp; 94538 | &nbsp;&nbsp; 2624367 |
| Class C | 8343 | &nbsp;&nbsp; 139916 | &nbsp;&nbsp; 5523 | &nbsp;&nbsp; 99858 | &nbsp;&nbsp; 27185 | &nbsp;&nbsp; 501841 |
| Class R6 | 383968 | &nbsp;&nbsp; 14060900 | &nbsp;&nbsp; 169253 | &nbsp;&nbsp; 5864620 | &nbsp;&nbsp; 535212 | &nbsp;&nbsp; 17897479 |
| Administrator Class | 161683 | &nbsp;&nbsp; 5319386 | &nbsp;&nbsp; 71657 | &nbsp;&nbsp; 2265077 | &nbsp;&nbsp; 121376 | &nbsp;&nbsp; 3732301 |
| Institutional Class | 520678 | &nbsp;&nbsp; 18812065 | &nbsp;&nbsp; 239889 | &nbsp;&nbsp; 8218581 | &nbsp;&nbsp; 460271 | &nbsp;&nbsp; 15239567 |
|  |  | &nbsp;&nbsp; 42063758 |  | &nbsp;&nbsp; 18033132 |  | &nbsp;&nbsp; 39995555 |
| Payment for shares redeemed |  |  |  |  |  |  |
| Class A | (982771)<br>| &nbsp;&nbsp; (28111451)<br>| &nbsp;&nbsp; (343265)<br>| &nbsp;&nbsp; (10054357)<br>| &nbsp;&nbsp; (637477)<br>| &nbsp;&nbsp; (18452346)<br>|
| Class C | (23469)<br>| &nbsp;&nbsp; (438396)<br>| &nbsp;&nbsp; (84851)<br>| &nbsp;&nbsp; (1609184)<br>| &nbsp;&nbsp; (188144)<br>| &nbsp;&nbsp; (3694553)<br>|
| Class R6 | (1268730)<br>| &nbsp;&nbsp; (45518135)<br>| &nbsp;&nbsp; (3933361)<br>| &nbsp;&nbsp; (140189062)<br>| &nbsp;&nbsp; (1131878)<br>| &nbsp;&nbsp; (39699243)<br>|
| Administrator Class | (273619)<br>| &nbsp;&nbsp; (9021088)<br>| &nbsp;&nbsp; (230979)<br>| &nbsp;&nbsp; (7555474)<br>| &nbsp;&nbsp; (242658)<br>| &nbsp;&nbsp; (7818670)<br>|
| Institutional Class | (3307832)<br>| &nbsp;&nbsp; (116364434)<br>| &nbsp;&nbsp; (8090744)<br>| &nbsp;&nbsp; (277115411)<br>| &nbsp;&nbsp; (7571990)<br>| &nbsp;&nbsp; (262535497)<br>|
|  |  | &nbsp;&nbsp; (199453504)<br>|  | &nbsp;&nbsp; (436523488)<br>|  | &nbsp;&nbsp; (332200309)<br>|
| **Net increase (decrease) in net assets resulting** <br> **from capital share transactions**<br>|  | &nbsp;&nbsp; **62306962** |  | &nbsp;&nbsp; **(233249346)**<br>|  | &nbsp;&nbsp; **(47507653)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(40703322)**<br>|  | &nbsp;&nbsp; **(186028141)**<br>|  | &nbsp;&nbsp; **(109482331)**<br>|
| Net assets |  |  |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **515247168** |  | &nbsp;&nbsp; **701275309** |  | &nbsp;&nbsp; **810757640** |
| **End of period** |  | &nbsp;&nbsp; **$474543846** |  | &nbsp;&nbsp; **$515247168** |  | &nbsp;&nbsp; **$701275309** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

Allspring Small Company Growth Fund \| 5

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$29.81** | &nbsp;&nbsp; **$27.83** | &nbsp;&nbsp; **$30.93** | &nbsp;&nbsp; **$61.44** | &nbsp;&nbsp; **$46.62** | &nbsp;&nbsp; **$48.98** |
| Net investment loss | (0.23 )<sup>2</sup><br>| &nbsp;&nbsp; (0.19 )<sup>2</sup><br>| &nbsp;&nbsp; (0.23 )<sup>2</sup><br>| &nbsp;&nbsp; (0.47 )<sup>2</sup><br>| &nbsp;&nbsp; (0.47 )<sup>2</sup><br>| &nbsp;&nbsp; (0.34 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.96)<br>| 0.36 | 0.15 | &nbsp;&nbsp; (5.55)<br>| 24.27 | 2.49 |
| Total from investment operations | (1.19)<br>| 0.17 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (6.02)<br>| 23.80 | 2.15 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (4.37)<br>| 1.81 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (24.49)<br>| &nbsp;&nbsp; (8.98)<br>| &nbsp;&nbsp; (4.51)<br>|
| **Net asset value, end of period** | **$24.25** | &nbsp;&nbsp; **$29.81** | &nbsp;&nbsp; **$27.83** | &nbsp;&nbsp; **$30.93** | &nbsp;&nbsp; **$61.44** | &nbsp;&nbsp; **$46.62** |
| **Total return**<sup>3</sup> <br>| **(6.39)%**<br>| **13.94%**<br>| &nbsp;&nbsp; **(0.22)%**<br>| &nbsp;&nbsp; **(16.59)%**<br>| **53.84%**<br>| **3.70%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.36<br> %<br>| 1.35<br> %<br>| 1.36<br> %<br>| 1.34<br> %<br>| 1.33<br> %<br>| 1.32<br> %<br>|
| Net expenses | 1.28<br> %<br>| 1.28<br> %<br>| 1.29<br> %<br>| 1.29<br> %<br>| 1.29<br> %<br>| 1.32<br> %<br>|
| Net investment loss | (0.76)%<br>| &nbsp;&nbsp; (0.72)%<br>| &nbsp;&nbsp; (0.78)%<br>| &nbsp;&nbsp; (1.04)%<br>| &nbsp;&nbsp; (0.85)%<br>| &nbsp;&nbsp; (0.69)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 56<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $27919 | &nbsp;&nbsp; $47405 | &nbsp;&nbsp; $28813 | &nbsp;&nbsp; $41795 | &nbsp;&nbsp; $44249 | &nbsp;&nbsp; $36534 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.82% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.82% |
| Year ended May 31, 2023 | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

6 \| Allspring Small Company Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$18.97** | &nbsp;&nbsp; **$18.45** | &nbsp;&nbsp; **$21.67** | &nbsp;&nbsp; **$50.65** | &nbsp;&nbsp; **$39.84** | &nbsp;&nbsp; **$42.75** |
| Net investment loss | (0.28 )<sup>2</sup><br>| &nbsp;&nbsp; (0.26 )<sup>2</sup><br>| &nbsp;&nbsp; (0.32 )<sup>2</sup><br>| &nbsp;&nbsp; (0.60 )<sup>2</sup><br>| &nbsp;&nbsp; (0.75 )<sup>2</sup><br>| &nbsp;&nbsp; (0.61 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.34)<br>| &nbsp;&nbsp; (1.03)<br>| 0.12 | &nbsp;&nbsp; (3.89)<br>| 20.54 | 2.21 |
| Total from investment operations | (0.62)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (4.49)<br>| 19.79 | 1.60 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (4.37)<br>| 1.81 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (24.49)<br>| &nbsp;&nbsp; (8.98)<br>| &nbsp;&nbsp; (4.51)<br>|
| **Net asset value, end of period** | **$13.98** | &nbsp;&nbsp; **$18.97** | &nbsp;&nbsp; **$18.45** | &nbsp;&nbsp; **$21.67** | &nbsp;&nbsp; **$50.65** | &nbsp;&nbsp; **$39.84** |
| **Total return**<sup>3</sup> <br>| **(7.10)%**<br>| **13.09%**<br>| &nbsp;&nbsp; **(0.92)%**<br>| &nbsp;&nbsp; **(17.25)%**<br>| **52.86%**<br>| **2.92%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 2.11<br> %<br>| 2.08<br> %<br>| 2.09<br> %<br>| 2.08<br> %<br>| 2.08<br> %<br>| 2.07<br> %<br>|
| Net expenses | 2.03<br> %<br>| 2.03<br> %<br>| 2.04<br> %<br>| 2.04<br> %<br>| 2.04<br> %<br>| 2.07<br> %<br>|
| Net investment loss | (1.52)%<br>| &nbsp;&nbsp; (1.49)%<br>| &nbsp;&nbsp; (1.56)%<br>| &nbsp;&nbsp; (1.71)%<br>| &nbsp;&nbsp; (1.60)%<br>| &nbsp;&nbsp; (1.44)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 56<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $727 | &nbsp;&nbsp; $1052 | &nbsp;&nbsp; $2305 | &nbsp;&nbsp; $6018 | &nbsp;&nbsp; $9235 | &nbsp;&nbsp; $9336 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.82% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.82% |
| Year ended May 31, 2023 | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Small Company Growth Fund \| 7

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class R6 | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$36.53** | &nbsp;&nbsp; **$33.60** | &nbsp;&nbsp; **$36.55** | &nbsp;&nbsp; **$67.95** | &nbsp;&nbsp; **$50.64** | &nbsp;&nbsp; **$52.65** |
| Net investment loss | (0.14 )<sup>2</sup><br>| &nbsp;&nbsp; (0.10 )<sup>2</sup><br>| &nbsp;&nbsp; (0.12 )<sup>2</sup><br>| &nbsp;&nbsp; (0.26 )<sup>2</sup><br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.14 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | (1.35)<br>| 1.22 | 0.19 | &nbsp;&nbsp; (6.65)<br>| 26.46 | 2.64 |
| Total from investment operations | (1.49)<br>| 1.12 | 0.07 | &nbsp;&nbsp; (6.91)<br>| 26.29 | 2.50 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (4.37)<br>| 1.81 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (24.49)<br>| &nbsp;&nbsp; (8.98)<br>| &nbsp;&nbsp; (4.51)<br>|
| **Net asset value, end of period** | **$30.67** | &nbsp;&nbsp; **$36.53** | &nbsp;&nbsp; **$33.60** | &nbsp;&nbsp; **$36.55** | &nbsp;&nbsp; **$67.95** | &nbsp;&nbsp; **$50.64** |
| **Total return**<sup>3</sup> <br>| **(6.02)%**<br>| **14.38%**<br>| **0.24%**<br>| &nbsp;&nbsp; **(16.24)%**<br>| **54.53%**<br>| **4.12%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 0.94<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.91<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net expenses | 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.89<br> %<br>|
| Net investment loss | (0.37)%<br>| &nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp; (0.48)%<br>| &nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp; (0.27)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 56<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $174237 | &nbsp;&nbsp; $135323 | &nbsp;&nbsp; $218785 | &nbsp;&nbsp; $225464 | &nbsp;&nbsp; $407311 | &nbsp;&nbsp; $462050 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.82% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.82% |
| Year ended May 31, 2023 | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

8 \| Allspring Small Company Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Administrator Class | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$33.28** | &nbsp;&nbsp; **$30.85** | &nbsp;&nbsp; **$33.92** | &nbsp;&nbsp; **$64.98** | &nbsp;&nbsp; **$48.87** | &nbsp;&nbsp; **$51.10** |
| Net investment loss | (0.23 )<sup>2</sup><br>| &nbsp;&nbsp; (0.19 )<sup>2</sup><br>| &nbsp;&nbsp; (0.22 )<sup>2</sup><br>| &nbsp;&nbsp; (0.47 )<sup>2</sup><br>| &nbsp;&nbsp; (0.44 )<sup>2</sup><br>| &nbsp;&nbsp; (0.29 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | (1.16)<br>| 0.81 | 0.17 | &nbsp;&nbsp; (6.10)<br>| 25.53 | 2.57 |
| Total from investment operations | (1.39)<br>| 0.62 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (6.57)<br>| 25.09 | 2.28 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (4.37)<br>| 1.81 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (24.49)<br>| &nbsp;&nbsp; (8.98)<br>| &nbsp;&nbsp; (4.51)<br>|
| **Net asset value, end of period** | **$27.52** | &nbsp;&nbsp; **$33.28** | &nbsp;&nbsp; **$30.85** | &nbsp;&nbsp; **$33.92** | &nbsp;&nbsp; **$64.98** | &nbsp;&nbsp; **$48.87** |
| **Total return**<sup>3</sup> <br>| **(6.32)%**<br>| **14.04%**<br>| &nbsp;&nbsp; **(0.11)%**<br>| &nbsp;&nbsp; **(16.52)%**<br>| **54.02%**<br>| **3.80%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.29<br> %<br>| 1.28<br> %<br>| 1.27<br> %<br>| 1.26<br> %<br>| 1.25<br> %<br>| 1.24<br> %<br>|
| Net expenses | 1.19<br> %<br>| 1.19<br> %<br>| 1.19<br> %<br>| 1.19<br> %<br>| 1.19<br> %<br>| 1.20<br> %<br>|
| Net investment loss | (0.69)%<br>| &nbsp;&nbsp; (0.64)%<br>| &nbsp;&nbsp; (0.68)%<br>| &nbsp;&nbsp; (0.93)%<br>| &nbsp;&nbsp; (0.74)%<br>| &nbsp;&nbsp; (0.57)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 56<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $34460 | &nbsp;&nbsp; $41454 | &nbsp;&nbsp; $40293 | &nbsp;&nbsp; $42317 | &nbsp;&nbsp; $62092 | &nbsp;&nbsp; $55917 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.82% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.82% |
| Year ended May 31, 2023 | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Small Company Growth Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$36.10** | &nbsp;&nbsp; **$33.26** | &nbsp;&nbsp; **$36.24** | &nbsp;&nbsp; **$67.62** | &nbsp;&nbsp; **$50.47** | &nbsp;&nbsp; **$52.51** |
| Net investment loss | (0.16 )<sup>2</sup><br>| &nbsp;&nbsp; (0.13 )<sup>2</sup><br>| &nbsp;&nbsp; (0.15 )<sup>2</sup><br>| &nbsp;&nbsp; (0.27 )<sup>2</sup><br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.17 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | (1.32)<br>| 1.16 | 0.19 | &nbsp;&nbsp; (6.62)<br>| 26.42 | 2.64 |
| Total from investment operations | (1.48)<br>| 1.03 | 0.04 | &nbsp;&nbsp; (6.89)<br>| 26.13 | 2.47 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (4.37)<br>| 1.81 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (24.49)<br>| &nbsp;&nbsp; (8.98)<br>| &nbsp;&nbsp; (4.51)<br>|
| **Net asset value, end of period** | **$30.25** | &nbsp;&nbsp; **$36.10** | &nbsp;&nbsp; **$33.26** | &nbsp;&nbsp; **$36.24** | &nbsp;&nbsp; **$67.62** | &nbsp;&nbsp; **$50.47** |
| **Total return**<sup>3</sup> <br>| **(6.07)%**<br>| **14.26%**<br>| **0.16%**<br>| &nbsp;&nbsp; **(16.31)%**<br>| **54.39%**<br>| **4.07%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.04<br> %<br>| 1.03<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net expenses | 0.94<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>| 0.95<br> %<br>|
| Net investment loss | (0.44)%<br>| &nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp; (0.51)%<br>| &nbsp;&nbsp; (0.49)%<br>| &nbsp;&nbsp; (0.32)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 56<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $237202 | &nbsp;&nbsp; $290013 | &nbsp;&nbsp; $411080 | &nbsp;&nbsp; $495163 | &nbsp;&nbsp; $819760 | &nbsp;&nbsp; $793581 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.82% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.82% |
| Year ended May 31, 2023 | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

10 \| Allspring Small Company Growth Fund

------

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 Small Company Growth Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Small Company Growth Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of April 30, 2025, the Fund owned 96.87% of Allspring Small Company Growth Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the year ended April 30, 2025 are included in this report and should be read in conjunction with the Fund's financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily.

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

Investment transactions, income and expenses

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

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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.

Allspring Small Company Growth Fund \| 11

------

Notes to financial statements

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $428,848,032 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $59140167 |
| Gross unrealized losses | &nbsp;&nbsp; (0)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$59140167** |

---

As of April 30, 2025, the Fund had current year post-October capital losses consisting of $3,780,725 in short-term losses and a qualified late-year ordinary loss of $1,005,185 which will both be recognized on the first day of the following fiscal year.

<u></u> <u> Deferred post-October capital loss </u> <br> <u> Short Term </u> <u> Late Year Ordinary Fees Deferred </u> <br> (3,780,725) (1,005,185)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At April 30, 2025, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| Affiliated Master Portfolio | Investment objective | &nbsp;&nbsp;&nbsp; Fair value of affiliated <br>Master Portfolio<br>|
| Allspring Small Company Growth Portfolio | Seek long-term capital appreciation | $487988199 |

---

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays, generally on a monthly basis, Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.050<br> %<br>|
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |

---

For the year ended April 30, 2025, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee, generally paid on a monthly basis, from the affiliated Master Portfolio for those services.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As

12 \| Allspring Small Company Growth Fund

------

Notes to financial statements

compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of April 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.28<br> %<br>|
| Class C | 2.03 |
| Class R6 | 0.86 |
| Administrator Class | 1.19 |
| Institutional Class | 0.94 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended April 30, 2025, Allspring Funds Distributor received $651 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended April 30, 2025.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended April 30, 2025 were $301,192,415 and $306,411,363, 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 April 30, 2025, there were no borrowings by the Fund under the agreement.

Allspring Small Company Growth Fund \| 13

------

Notes to financial statements

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

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the year ended April 30, 2025, eleven months ended April 30, 2024 and year ended May 31, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended <br>April 30 | Year ended <br>April 30 | Year ended <br>May 31,<br>|
|  | 2025 | 2024 | 2023 |
| **Ordinary income** | $557592 | $0 | $0 |
| **Long-term capital gain** | 67412435 | 25358890 | 57418424 |

---

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Post-October <br>capital <br>losses <br>deferred<br>|
| &nbsp;&nbsp;&nbsp; Undistributed <br>long-term <br>gain<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Late-year <br>ordinary <br>losses <br>deferred<br>| Short-term |
| &nbsp;&nbsp;&nbsp; $14071054 | &nbsp;&nbsp; $59140167 | &nbsp;&nbsp;&nbsp; $(1005185)<br>| &nbsp;&nbsp;&nbsp; $(3780725)<br>|

---

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. SUBSEQUENT EVENT

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

14 \| Allspring Small Company Growth Fund

------

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 Small Company Growth Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023, 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 interests held as of April 30, 2025, by correspondence with the transfer agent of the master portfolio. 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.

![](g46179img3653da3f2.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

June 26, 2025

Allspring Small Company Growth Fund \| 15

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 95.30%** |  |  |
| **Communication services: 0.43%** |  |  |
| **Entertainment: 0.43%** |  |  |
| Lions Gate Entertainment Corp. Class B† | 272940 | &nbsp;&nbsp; **$2178061** |
| **Consumer discretionary: 9.59%** |  |  |
| **Automobile components: 1.87%** |  |  |
| Modine Manufacturing Co.† | 52326 | &nbsp;&nbsp; 4271895 |
| Patrick Industries, Inc. | 66868 | &nbsp;&nbsp; 5147498 |
|  |  | &nbsp;&nbsp; **9419393** |
| **Broadline retail: 1.04%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc.† | 49234 | &nbsp;&nbsp; **5224220** |
| **Hotels, restaurants & leisure: 1.85%** |  |  |
| International Game Technology PLC | 327807 | &nbsp;&nbsp; 5376035 |
| Life Time Group Holdings, Inc.† | 128458 | &nbsp;&nbsp; 3938522 |
|  |  | &nbsp;&nbsp; **9314557** |
| **Household durables: 1.07%** |  |  |
| Champion Homes, Inc.† | 62443 | &nbsp;&nbsp; **5401320** |
| **Specialty retail: 2.93%** |  |  |
| Academy Sports & Outdoors, Inc. | 69851 | &nbsp;&nbsp; 2631986 |
| Boot Barn Holdings, Inc.† | 38213 | &nbsp;&nbsp; 3987144 |
| Burlington Stores, Inc.† | 19023 | &nbsp;&nbsp; 4280936 |
| Valvoline, Inc.† | 112224 | &nbsp;&nbsp; 3844794 |
|  |  | &nbsp;&nbsp; **14744860** |
| **Textiles, apparel & luxury goods: 0.83%** |  |  |
| On Holding AG Class A† | 87431 | &nbsp;&nbsp; **4206305** |
| **Consumer staples: 3.54%** |  |  |
| **Beverages: 0.72%** |  |  |
| Celsius Holdings, Inc.† | 103232 | &nbsp;&nbsp; **3608991** |
| **Consumer staples distribution & retail: 1.02%** |  |  |
| Performance Food Group Co.† | 63348 | &nbsp;&nbsp; **5109649** |
| **Food products: 0.42%** |  |  |
| SunOpta, Inc.† | 493337 | &nbsp;&nbsp; **2131216** |
| **Personal care products: 1.38%** |  |  |
| e.l.f. Beauty, Inc.† | 34303 | &nbsp;&nbsp; 2122327 |
| Oddity Tech Ltd. Class A† | 78853 | &nbsp;&nbsp; 4844728 |
|  |  | &nbsp;&nbsp; **6967055** |

---

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

16 \| Allspring Small Company Growth Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Energy: 1.91%** |  |  |
| **Energy equipment & services: 1.54%** |  |  |
| Flowco Holdings, Inc. Class A† | 156771 | &nbsp;&nbsp; $3028816 |
| TechnipFMC PLC | 168136 | &nbsp;&nbsp; 4736391 |
|  |  | &nbsp;&nbsp; **7765207** |
| **Oil, gas & consumable fuels: 0.37%** |  |  |
| Civitas Resources, Inc. | 67465 | &nbsp;&nbsp; **1838421** |
| **Financials: 12.73%** |  |  |
| **Banks: 2.41%** |  |  |
| Coastal Financial Corp.† | 62943 | &nbsp;&nbsp; 5170768 |
| Glacier Bancorp, Inc. | 79442 | &nbsp;&nbsp; 3238056 |
| Triumph Financial, Inc.† | 70334 | &nbsp;&nbsp; 3757242 |
|  |  | &nbsp;&nbsp; **12166066** |
| **Capital markets: 3.39%** |  |  |
| DigitalBridge Group, Inc. | 282017 | &nbsp;&nbsp; 2368943 |
| Evercore, Inc. Class A | 26117 | &nbsp;&nbsp; 5361559 |
| Stifel Financial Corp. | 68382 | &nbsp;&nbsp; 5859653 |
| Virtu Financial, Inc. Class A | 89208 | &nbsp;&nbsp; 3492493 |
|  |  | &nbsp;&nbsp; **17082648** |
| **Financial services: 1.88%** |  |  |
| Essent Group Ltd. | 96508 | &nbsp;&nbsp; 5494200 |
| Shift4 Payments, Inc. Class A† | 48410 | &nbsp;&nbsp; 3959938 |
|  |  | &nbsp;&nbsp; **9454138** |
| **Insurance: 5.05%** |  |  |
| Baldwin Insurance Group, Inc. Class A† | 129939 | &nbsp;&nbsp; 5408061 |
| Bowhead Specialty Holdings, Inc.† | 125202 | &nbsp;&nbsp; 5031869 |
| Palomar Holdings, Inc.† | 30918 | &nbsp;&nbsp; 4483728 |
| Ryan Specialty Holdings, Inc. Class A | 76531 | &nbsp;&nbsp; 5013546 |
| Skyward Specialty Insurance Group, Inc.† | 103790 | &nbsp;&nbsp; 5510211 |
|  |  | &nbsp;&nbsp; **25447415** |
| **Health care: 21.67%** |  |  |
| **Biotechnology: 9.95%** |  |  |
| ADMA Biologics, Inc.† | 161353 | &nbsp;&nbsp; 3840201 |
| Alkermes PLC† | 105673 | &nbsp;&nbsp; 3040212 |
| Amicus Therapeutics, Inc.† | 452010 | &nbsp;&nbsp; 3471437 |
| ARS Pharmaceuticals, Inc.† | 228237 | &nbsp;&nbsp; 3188471 |
| Biohaven Ltd.† | 80653 | &nbsp;&nbsp; 1784044 |
| Blueprint Medicines Corp.† | 43470 | &nbsp;&nbsp; 3890565 |
| Cytokinetics, Inc.† | 70775 | &nbsp;&nbsp; 3032001 |
| Dynavax Technologies Corp.† | 306521 | &nbsp;&nbsp; 3601622 |
| Insmed, Inc.† | 82062 | &nbsp;&nbsp; 5908464 |
| Kiniksa Pharmaceuticals International PLC Class A† | 130344 | &nbsp;&nbsp; 3515378 |
| Neurocrine Biosciences, Inc.† | 33087 | &nbsp;&nbsp; 3563139 |
| Sarepta Therapeutics, Inc.† | 33849 | &nbsp;&nbsp; 2112178 |

---

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

Allspring Small Company Growth Portfolio \| 17

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Biotechnology**(continued) |  |  |
| SpringWorks Therapeutics, Inc.† | 70614 | &nbsp;&nbsp; $3269428 |
| Ultragenyx Pharmaceutical, Inc.† | 84493 | &nbsp;&nbsp; 3293537 |
| Vericel Corp.† | 68823 | &nbsp;&nbsp; 2616651 |
|  |  | &nbsp;&nbsp; **50127328** |
| **Health care equipment & supplies: 3.36%** |  |  |
| Artivion, Inc.† | 141997 | &nbsp;&nbsp; 3363909 |
| CONMED Corp. | 45448 | &nbsp;&nbsp; 2231951 |
| Haemonetics Corp.† | 70322 | &nbsp;&nbsp; 4431693 |
| iRhythm Technologies, Inc.† | 37779 | &nbsp;&nbsp; 4038197 |
| TransMedics Group, Inc.† | 31011 | &nbsp;&nbsp; 2853322 |
|  |  | &nbsp;&nbsp; **16919072** |
| **Health care providers & services: 1.43%** |  |  |
| HealthEquity, Inc.† | 42701 | &nbsp;&nbsp; 3660330 |
| Privia Health Group, Inc.† | 151615 | &nbsp;&nbsp; 3559920 |
|  |  | &nbsp;&nbsp; **7220250** |
| **Health care technology: 2.09%** |  |  |
| Evolent Health, Inc. Class A† | 233606 | &nbsp;&nbsp; 2303355 |
| Phreesia, Inc.† | 132438 | &nbsp;&nbsp; 3305653 |
| Waystar Holding Corp.† | 132083 | &nbsp;&nbsp; 4909525 |
|  |  | &nbsp;&nbsp; **10518533** |
| **Life sciences tools & services: 3.54%** |  |  |
| Adaptive Biotechnologies Corp.† | 314467 | &nbsp;&nbsp; 2314477 |
| Avantor, Inc.† | 409903 | &nbsp;&nbsp; 5324640 |
| Azenta, Inc.† | 70207 | &nbsp;&nbsp; 1849253 |
| BioLife Solutions, Inc.† | 165092 | &nbsp;&nbsp; 3980368 |
| Stevanato Group SpA | 207576 | &nbsp;&nbsp; 4330035 |
|  |  | &nbsp;&nbsp; **17798773** |
| **Pharmaceuticals: 1.30%** |  |  |
| Axsome Therapeutics, Inc.† | 29873 | &nbsp;&nbsp; 3354439 |
| Ocular Therapeutix, Inc.† | 385644 | &nbsp;&nbsp; 3200845 |
|  |  | &nbsp;&nbsp; **6555284** |
| **Industrials: 22.10%** |  |  |
| **Aerospace & defense: 1.61%** |  |  |
| AAR Corp.† | 66528 | &nbsp;&nbsp; 3556587 |
| Kratos Defense & Security Solutions, Inc.† | 135525 | &nbsp;&nbsp; 4578712 |
|  |  | &nbsp;&nbsp; **8135299** |
| **Building products: 3.74%** |  |  |
| AAON, Inc. | 51763 | &nbsp;&nbsp; 4724409 |
| Advanced Drainage Systems, Inc. | 49715 | &nbsp;&nbsp; 5642156 |
| AZEK Co., Inc. Class A† | 84566 | &nbsp;&nbsp; 4191091 |
| Zurn Elkay Water Solutions Corp. | 125892 | &nbsp;&nbsp; 4275292 |
|  |  | &nbsp;&nbsp; **18832948** |

---

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

18 \| Allspring Small Company Growth Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Commercial services & supplies: 1.51%** |  |  |
| CECO Environmental Corp.† | 109776 | &nbsp;&nbsp; $2611571 |
| Montrose Environmental Group, Inc.† | 107835 | &nbsp;&nbsp; 1577626 |
| RB Global, Inc. | 33969 | &nbsp;&nbsp; 3420678 |
|  |  | &nbsp;&nbsp; **7609875** |
| **Construction & engineering: 2.59%** |  |  |
| Construction Partners, Inc. Class A† | 59702 | &nbsp;&nbsp; 4903922 |
| Dycom Industries, Inc.† | 25985 | &nbsp;&nbsp; 4353787 |
| MYR Group, Inc.† | 30813 | &nbsp;&nbsp; 3769046 |
|  |  | &nbsp;&nbsp; **13026755** |
| **Electrical equipment: 0.61%** |  |  |
| Generac Holdings, Inc.† | 26765 | &nbsp;&nbsp; **3061381** |
| **Ground transportation: 0.58%** |  |  |
| Knight-Swift Transportation Holdings, Inc. | 74499 | &nbsp;&nbsp; **2918126** |
| **Machinery: 3.68%** |  |  |
| Chart Industries, Inc.† | 31828 | &nbsp;&nbsp; 4296143 |
| Flowserve Corp. | 79837 | &nbsp;&nbsp; 3611028 |
| JBT Marel Corp. | 35810 | &nbsp;&nbsp; 3769361 |
| SPX Technologies, Inc.† | 43103 | &nbsp;&nbsp; 5782267 |
| Wabash National Corp. | 157777 | &nbsp;&nbsp; 1090239 |
|  |  | &nbsp;&nbsp; **18549038** |
| **Marine transportation: 0.94%** |  |  |
| Kirby Corp.† | 49443 | &nbsp;&nbsp; **4764822** |
| **Professional services: 4.27%** |  |  |
| FTI Consulting, Inc.† | 20964 | &nbsp;&nbsp; 3485894 |
| KBR, Inc. | 118253 | &nbsp;&nbsp; 6244941 |
| SS&C Technologies Holdings, Inc. | 83171 | &nbsp;&nbsp; 6287727 |
| Verra Mobility Corp. Class A† | 251792 | &nbsp;&nbsp; 5489066 |
|  |  | &nbsp;&nbsp; **21507628** |
| **Trading companies & distributors: 2.57%** |  |  |
| Boise Cascade Co. | 32189 | &nbsp;&nbsp; 3002590 |
| Core & Main, Inc. Class A† | 106008 | &nbsp;&nbsp; 5584501 |
| FTAI Aviation Ltd. | 40657 | &nbsp;&nbsp; 4354771 |
|  |  | &nbsp;&nbsp; **12941862** |
| **Information technology: 21.29%** |  |  |
| **Communications equipment: 1.62%** |  |  |
| Ciena Corp.† | 76301 | &nbsp;&nbsp; 5124375 |
| Lumentum Holdings, Inc.† | 51489 | &nbsp;&nbsp; 3039911 |
|  |  | &nbsp;&nbsp; **8164286** |
| **Electronic equipment, instruments & components: 2.66%** |  |  |
| Advanced Energy Industries, Inc. | 41259 | &nbsp;&nbsp; 4019039 |

---

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

Allspring Small Company Growth Portfolio \| 19

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electronic equipment, instruments & components**(continued) |  |  |
| Itron, Inc.† | 38964 | &nbsp;&nbsp; $4336303 |
| PAR Technology Corp.† | 86429 | &nbsp;&nbsp; 5047454 |
|  |  | &nbsp;&nbsp; **13402796** |
| **Semiconductors & semiconductor equipment: 2.68%** |  |  |
| Allegro MicroSystems, Inc.† | 122229 | &nbsp;&nbsp; 2330907 |
| FormFactor, Inc.† | 95316 | &nbsp;&nbsp; 2682192 |
| Onto Innovation, Inc.† | 18059 | &nbsp;&nbsp; 2202656 |
| Synaptics, Inc.† | 64208 | &nbsp;&nbsp; 3573818 |
| Teradyne, Inc. | 36638 | &nbsp;&nbsp; 2718906 |
|  |  | &nbsp;&nbsp; **13508479** |
| **Software: 13.55%** |  |  |
| Agilysys, Inc.† | 47459 | &nbsp;&nbsp; 3528577 |
| Box, Inc. Class A† | 212690 | &nbsp;&nbsp; 6640182 |
| Braze, Inc. Class A† | 107705 | &nbsp;&nbsp; 3352857 |
| Confluent, Inc. Class A† | 165177 | &nbsp;&nbsp; 3932864 |
| CyberArk Software Ltd.† | 17763 | &nbsp;&nbsp; 6255418 |
| JFrog Ltd.† | 157893 | &nbsp;&nbsp; 5332047 |
| LiveRamp Holdings, Inc.† | 113728 | &nbsp;&nbsp; 2975124 |
| nCino, Inc.† | 132145 | &nbsp;&nbsp; 3065764 |
| Nutanix, Inc. Class A† | 63857 | &nbsp;&nbsp; 4386976 |
| Procore Technologies, Inc.† | 61609 | &nbsp;&nbsp; 3948521 |
| PTC, Inc.† | 40770 | &nbsp;&nbsp; 6318127 |
| Q2 Holdings, Inc.† | 44277 | &nbsp;&nbsp; 3508952 |
| SentinelOne, Inc. Class A† | 185236 | &nbsp;&nbsp; 3426866 |
| Sprout Social, Inc. Class A† | 82571 | &nbsp;&nbsp; 1726560 |
| Varonis Systems, Inc. Class B† | 121829 | &nbsp;&nbsp; 5219154 |
| Vertex, Inc. Class A† | 115481 | &nbsp;&nbsp; 4622704 |
|  |  | &nbsp;&nbsp; **68240693** |
| **Technology hardware, storage & peripherals: 0.78%** |  |  |
| Pure Storage, Inc. Class A† | 86191 | &nbsp;&nbsp; **3909624** |
| **Materials: 2.04%** |  |  |
| **Chemicals: 1.23%** |  |  |
| Element Solutions, Inc. | 304184 | &nbsp;&nbsp; **6208396** |
| **Metals & mining: 0.81%** |  |  |
| Steel Dynamics, Inc. | 31448 | &nbsp;&nbsp; **4079120** |
| **Total common stocks (Cost $359,850,976)** |  | &nbsp;&nbsp; **480059890** |

---

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

20 \| Allspring Small Company Growth Portfolio

------

Portfolio of investments—April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 2.83%** |  |  |  |  |
| **Investment companies: 2.83%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 14254176 | &nbsp;&nbsp; **$14254176** |
| **Total short-term investments (Cost $14,254,176)** |  |  |  | &nbsp;&nbsp; **14254176** |
| **Total investments in securities (Cost $374,105,152)** | 98.13<br> %<br>|  |  | &nbsp;&nbsp; 494314066 |
| Other assets and liabilities, net | 1.87 |  |  | &nbsp;&nbsp; 9423226 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$503737292** |

---

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

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

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<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 <br> Select Class<br>| $11643722 | $220558051 | $(217947597)<br>| $0 | $0 | $14254176 | 14254176 | $566275 |

---

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

Allspring Small Company Growth Portfolio \| 21

------

Statement of assets and liabilities—April 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $359,850,976) | $480059890 |
| Investments in affiliated securities, at value (cost $14,254,176) | 14254176 |
| Receivable for investments sold | 10907100 |
| Receivable for dividends | 41441 |
| Prepaid expenses and other assets | 2084 |
| **Total assets** | **505264691** |
| Liabilities |  |
| Payable for investments purchased | 1165536 |
| Advisory fee payable | 321558 |
| Trustees' fees and expenses payable | 476 |
| Accrued expenses and other liabilities | 39829 |
| **Total liabilities** | **1527399** |
| **Total net assets**  | **$503737292** |

---

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

22 \| Allspring Small Company Growth Portfolio

------

Statement of operations—year ended April 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $12,403) | $2245428 |
| Income from affiliated securities | 566275 |
| Interest | 1823 |
| **Total investment income** | **2813526** |
| Expenses |  |
| Advisory fee | 4483683 |
| Custody and accounting fees | 14198 |
| Professional fees | 55666 |
| Registration fees | 103 |
| Interest holder report expenses | 4072 |
| Trustees' fees and expenses | 17333 |
| Interest expense | 1227 |
| Other fees and expenses | 55659 |
| **Total expenses** | **4631941** |
| **Net investment loss** | **(1818415)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments** | **37266659** |
| **Net change in unrealized gains (losses) on investments** | **(70330593)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(33063934)**<br>|
| **Net decrease in net assets resulting from operations** | **$(34882349)**<br>|

---

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

Allspring Small Company Growth Portfolio \| 23

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | &nbsp;&nbsp; Year ended<br> April 30, 2024<sup>1</sup> | &nbsp;&nbsp; Year ended <br>May 31, 2023 |
| Operations |  |  |  |
| Net investment loss | &nbsp;&nbsp; $(1818415)<br>| &nbsp;&nbsp; $(1608028)<br>| &nbsp;&nbsp; $(2242958)<br>|
| Net realized gains on investments | &nbsp;&nbsp; 37266659 | &nbsp;&nbsp; 57215365 | &nbsp;&nbsp; 29814098 |
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; (70330593)<br>| &nbsp;&nbsp; 20269586 | &nbsp;&nbsp; (30986997)<br>|
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **(34882349)**<br>| &nbsp;&nbsp; **75876923** | &nbsp;&nbsp; **(3415857)**<br>|
| Capital transactions |  |  |  |
| Transactions in investors' beneficial interests |  |  |  |
| Contributions | &nbsp;&nbsp; 110263703 | &nbsp;&nbsp; 70264222 | &nbsp;&nbsp; 99599958 |
| Withdrawals | &nbsp;&nbsp; (103065131)<br>| &nbsp;&nbsp; (332276622)<br>| &nbsp;&nbsp; (207887653)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** | &nbsp;&nbsp; **7198572** | &nbsp;&nbsp; **(262012400)**<br>| &nbsp;&nbsp; **(108287695)**<br>|
| **Total decrease in net assets** | &nbsp;&nbsp; **(27683777)**<br>| &nbsp;&nbsp; **(186135477)**<br>| &nbsp;&nbsp; **(111703552)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **531421069** | &nbsp;&nbsp; **717556546** | &nbsp;&nbsp; **829260098** |
| **End of period** | &nbsp;&nbsp; **$503737292** | &nbsp;&nbsp; **$531421069** | &nbsp;&nbsp; **$717556546** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

24 \| Allspring Small Company Growth Portfolio

------

Financial highlights

Financial highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
|  | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Total return**<sup>2</sup> <br>| **(5.90)%**<br>| **14.36%**<br>| **0.24%**<br>| &nbsp;&nbsp; **(16.28)%**<br>| **54.64%**<br>| **4.08%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.82<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>|
| Net expenses<sup>3</sup> <br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>|
| Net investment loss | (0.32)%<br>| &nbsp;&nbsp; (0.28)%<br>| &nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp; (0.42)%<br>| &nbsp;&nbsp; (0.34)%<br>| &nbsp;&nbsp; (0.16)%<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Portfolio turnover rate | 56<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

<sup>3</sup> Net expense ratios reflect voluntary waivers, if any.

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

Allspring Small Company Growth Portfolio \| 25

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles ("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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

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

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

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.

Security transactions and income recognition

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

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

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

Federal and other taxes

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

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

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $390,747,341 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $154123512 |
| Gross unrealized losses | &nbsp;&nbsp; (50556787)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$103566725** |

---

26 \| Allspring Small Company Growth Portfolio

------

Notes to financial statements

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $2178061 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2178061 |
| *Consumer discretionary* | &nbsp;&nbsp; 48310655 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 48310655 |
| *Consumer staples* | &nbsp;&nbsp; 17816911 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17816911 |
| *Energy* | &nbsp;&nbsp; 9603628 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9603628 |
| *Financials* | &nbsp;&nbsp; 64150267 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 64150267 |
| *Health care* | &nbsp;&nbsp; 109139240 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 109139240 |
| *Industrials* | &nbsp;&nbsp; 111347734 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 111347734 |
| *Information technology* | &nbsp;&nbsp; 107225878 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 107225878 |
| *Materials* | &nbsp;&nbsp; 10287516 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10287516 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 14254176 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14254176 |
| **Total assets** | &nbsp;&nbsp; **$494314066** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$494314066** |

---

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

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

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Advisory fee |
| First $500 million | 0.800<br> %<br>|
| Next $500 million | 0.775 |
| Next $1 billion | 0.750 |
| Next $1 billion | 0.725 |
| Next $1 billion | 0.700 |
| Over $4 billion | 0.680 |

---

For the year ended April 30, 2025, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio's average daily net assets.

Allspring Small Company Growth Portfolio \| 27

------

Notes to financial statements

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Peregrine Capital Management, LLC, which is not an affiliate of Allspring Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate of 0.38% of the Portfolio's average daily net assets.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the year ended April 30, 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 April 30, 2025 were $310,225,268 and $315,672,281, respectively.

6. BANK BORROWINGS

The Portfolio, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio interest holder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

During the year ended April 30, 2025, the Portfolio had average borrowings outstanding of $21,644 at an average rate of 5.67% and paid interest in the amount of $1,227.

7. INDEMNIFICATION

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

8. OPERATING SEGMENTS

The Portfolio has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Portfolio acts as the Portfolio's CODM. For the periods presented, the Portfolio operated as a single operating segment. The CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Portfolio's prospectus which is executed by the Portfolio'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 Portfolio's single segment. This information is consistent with that presented within the Portfolio'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.

28 \| Allspring Small Company Growth Portfolio

------

Report of independent registered public accounting firm

To the Interest Holders of the Portfolio and Board of Trustees

Allspring Master Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Small Company Growth Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of April 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Portfolio'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 Portfolio 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 April 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g46179img3653da3f2.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

June 26, 2025

Allspring Small Company Growth Portfolio \| 29

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended April 30, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $67,412,435 was designated as a 20% rate gain distribution for the fiscal year ended

April 30, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $557,592 of income dividends paid during the fiscal year ended April 30, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended April 30, 2025, $557,592 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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 and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com.** 

30 \| Allspring Small Company Growth Fund

------

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

Allspring Small Company Growth Fund \| 31

------

*This page is intentionally left blank.*

------

![](g46179img496774631.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

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

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

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

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

![](g46179img5d4e79113.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* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR1848 04-25**

------

![](g46179img4ecdccfd1.jpg)

Allspring Small Company Value Fund

Long Form Financial Statements

Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **<u>[Allspring Small Company Value Fund](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_POI-PageBlank-83_1)</u>** |  |
| **[Portfolio of investments](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_POI-PageBlank-83_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_FS-PageBlank-83_1)** |  |
| [Statement of assets and liabilities](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_FS-PageBlank-83_1) | 3 |
| [Statement of operations](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_FS-PageBlank-83_2) | 4 |
| [Statement of changes in net assets](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_FS-PageBlank-83_3) | 5 |
| [Financial highlights](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_FIHI-PageBlank-83_1) | 7 |
| **[Notes to financial statements](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_NTF-PageBlank-83_1)** | 12 |
| **[Report of independent registered public accounting firm](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_AUD-PageBlank-83_1)** | 17 |
| **<u>[Allspring Small Company Value Portfolio](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_POI2-PageBlank-69_1)</u>** |  |
| **[Portfolio of investments](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_POI2-PageBlank-69_1)** | 18 |
| **[Item 7. Financial statements and financial highlights](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_FS2-PageBlank-69_1)** |  |
| [Statement of assets and liabilities](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_FS2-PageBlank-69_1) | 25 |
| [Statement of operations](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_FS2-PageBlank-69_2) | 26 |
| [Statement of changes in net assets](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_FS2-PageBlank-69_3) | 27 |
| [Financial highlights](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_FH2-PageBlank-69_1) | 28 |
| **[Notes to financial statements](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_NTF2-PageBlank-69_1)** | 29 |
| **[Report of independent registered public accounting firm](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_AUD2-PageBlank-69_1)** | 33 |
| **[Other information](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_OI-PageBlank-83_1)** | 34 |
| [Item 8. Changes in and disagreements with accountants](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_OI-PageBlank-83_2) | 35 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_OI-PageBlank-83_2) | 35 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_OI-PageBlank-83_2) | 35 |
| [Item 11. Statement regarding basis for board](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_OI-PageBlank-83_2)['](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_OI-PageBlank-83_2)[s approval of investment](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_OI-PageBlank-83_2)<br> [advisory contract](#xx_3755fecb-9708-4ba2-b43d-594ee3410bd1_OI-PageBlank-83_2)<br>| 35 |

---

Allspring Small Company Value Fund \| 1

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  |  | Value |
| **Investment companies: 99.95%** |  |  |
| **Affiliated master portfolio: 99.95%** |  |  |
| Allspring Small Company Value Portfolio |  | &nbsp;&nbsp; **$544851696** |
| **Total investment companies (Cost $469,737,875)** |  | &nbsp;&nbsp; **544851696** |
| **Total investments in securities (Cost $469,737,875)** | 99.95<br> %<br>| &nbsp;&nbsp; 544851696 |
| Other assets and liabilities, net | 0.05 | &nbsp;&nbsp; 281327 |
| **Total net assets** | **100.00%**<br>| &nbsp;&nbsp; **$545133023** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Value, <br>end of <br>period<br>|
| Allspring Small Company Value <br> Portfolio<br>| 92.00<br> %<br>| 90.89<br> %<br>| &nbsp;&nbsp; $23212643 | &nbsp;&nbsp; $(41768507)<br>| &nbsp;&nbsp; $12023964 | &nbsp;&nbsp; $2427 | &nbsp;&nbsp; $294382 | &nbsp;&nbsp; $544851696 |

---

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

2 \| Allspring Small Company Value Fund

------

Statement of assets and liabilities—April 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in affiliated Master Portfolio, at value (cost $469,737,875) | $544851696 |
| Cash | 2 |
| Receivable for Fund shares sold | 405090 |
| Receivable from manager | 63652 |
| Prepaid expenses and other assets | 93422 |
| **Total assets** | **545413862** |
| Liabilities |  |
| Shareholder servicing fees payable | 95345 |
| Payable for Fund shares redeemed | 91576 |
| Administration fees payable | 73173 |
| Distribution fee payable | 796 |
| Trustees' fees and expenses payable | 430 |
| Accrued expenses and other liabilities | 19519 |
| **Total liabilities** | **280839** |
| **Total net assets**  | **$545133023** |
| Net assets consist of |  |
| Paid-in capital | $483832413 |
| Total distributable earnings | 61300610 |
| **Total net assets** | **$545133023** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $313708887 |
| Shares outstanding–Class A<sup>1</sup> <br>| 9880118 |
| Net asset value per share–Class A | $31.75 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $33.69 |
| Net assets–Class C | $1323877 |
| Shares outstanding–Class C<sup>1</sup> <br>| 49253 |
| Net asset value per share–Class C | $26.88 |
| Net assets–Class R6 | $20016997 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 604879 |
| Net asset value per share–Class R6 | $33.09 |
| Net assets–Administrator Class | $16097683 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 492768 |
| Net asset value per share–Administrator Class | $32.67 |
| Net assets–Institutional Class | $193985579 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 5902684 |
| Net asset value per share–Institutional Class | $32.86 |

---

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

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

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

Allspring Small Company Value Fund \| 3

------

Statement of operations—year ended April 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $32,946) | $12023964 |
| Affiliated income allocated from affiliated Master Portfolio | 294382 |
| Interest allocated from affiliated Master Portfolio | 2427 |
| Interest | 8 |
| Expenses allocated from affiliated Master Portfolio | (5259690)<br>|
| Waivers allocated from affiliated Master Portfolio | 465852 |
| **Total investment income** | **7526943** |
| Expenses |  |
| Management fee | 323889 |
| Administration fees |  |
| Class A | 745691 |
| Class C | 3120 |
| Class R6 | 6423 |
| Administrator Class | 24777 |
| Institutional Class | 302774 |
| Shareholder servicing fees |  |
| Class A | 932113 |
| Class C | 3900 |
| Administrator Class | 47514 |
| Distribution fee |  |
| Class C | 11699 |
| Custody and accounting fees | 11996 |
| Professional fees | 29418 |
| Registration fees | 141942 |
| Shareholder report expenses | 140029 |
| Trustees' fees and expenses | 16289 |
| Other fees and expenses | 56763 |
| **Total expenses** | **2798337** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (844756)<br>|
| Class A | (238474)<br>|
| Class C | (340)<br>|
| Administrator Class | (9548)<br>|
| **Net expenses** | **1705219** |
| **Net investment income** | **5821724** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments allocated from affiliated Master Portfolio** | **23212643** |
| **Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio** | **(41768507)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(18555864)**<br>|
| **Net decrease in net assets resulting from operations** | **$(12734140)**<br>|

---

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

4 \| Allspring Small Company Value Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2024<sup>1</sup> | Year ended<br> April 30, 2024<sup>1</sup> | Year ended <br>May 31, 2023 | Year ended <br>May 31, 2023 |
| Operations |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $5821724 |  | &nbsp;&nbsp; $4601138 |  | &nbsp;&nbsp; $4259156 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 23212643 |  | &nbsp;&nbsp; 28604686 |  | &nbsp;&nbsp; (12161642)<br>|
| Net change in unrealized gains (losses) on <br> investments<br>|  | &nbsp;&nbsp; (41768507)<br>|  | &nbsp;&nbsp; 55806051 |  | &nbsp;&nbsp; (44270421)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>|  | &nbsp;&nbsp; **(12734140)**<br>|  | &nbsp;&nbsp; **89011875** |  | &nbsp;&nbsp; **(52172907)**<br>|
| Distributions to shareholders from |  |  |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (28904189)<br>|  | &nbsp;&nbsp; (2682829)<br>|  | &nbsp;&nbsp; (14333053)<br>|
| Class C |  | &nbsp;&nbsp; (137366)<br>|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (93570)<br>|
| Class R6 |  | &nbsp;&nbsp; (1630283)<br>|  | &nbsp;&nbsp; (215043)<br>|  | &nbsp;&nbsp; (506589)<br>|
| Administrator Class |  | &nbsp;&nbsp; (1442395)<br>|  | &nbsp;&nbsp; (166705)<br>|  | &nbsp;&nbsp; (798183)<br>|
| Institutional Class |  | &nbsp;&nbsp; (17727195)<br>|  | &nbsp;&nbsp; (1194588)<br>|  | &nbsp;&nbsp; (5228302)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(49841428)**<br>|  | &nbsp;&nbsp; **(4259165)**<br>|  | &nbsp;&nbsp; **(20959697)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |  |  |
| Class A | 364142 | &nbsp;&nbsp; 13392473 | &nbsp;&nbsp; 271151 | &nbsp;&nbsp; 9007315 | &nbsp;&nbsp; 398977 | &nbsp;&nbsp; 12672302 |
| Class C | 27596 | &nbsp;&nbsp; 887264 | &nbsp;&nbsp; 4499 | &nbsp;&nbsp; 125743 | &nbsp;&nbsp; 6555 | &nbsp;&nbsp; 180325 |
| Class R6 | 287828 | &nbsp;&nbsp; 10990259 | &nbsp;&nbsp; 240548 | &nbsp;&nbsp; 8243846 | &nbsp;&nbsp; 357751 | &nbsp;&nbsp; 11911540 |
| Administrator Class | 81672 | &nbsp;&nbsp; 3122551 | &nbsp;&nbsp; 58386 | &nbsp;&nbsp; 2030545 | &nbsp;&nbsp; 196183 | &nbsp;&nbsp; 6527787 |
| Institutional Class | 1400503 | &nbsp;&nbsp; 53549918 | &nbsp;&nbsp; 4339134 | &nbsp;&nbsp; 158877502 | &nbsp;&nbsp; 1630016 | &nbsp;&nbsp; 54246836 |
|  |  | &nbsp;&nbsp; 81942465 |  | &nbsp;&nbsp; 178284951 |  | &nbsp;&nbsp; 85538790 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A | 744474 | &nbsp;&nbsp; 28285118 | &nbsp;&nbsp; 73847 | &nbsp;&nbsp; 2629686 | &nbsp;&nbsp; 437444 | &nbsp;&nbsp; 14076915 |
| Class C | 4256 | &nbsp;&nbsp; 137366 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 3383 | &nbsp;&nbsp; 93570 |
| Class R6 | 41236 | &nbsp;&nbsp; 1630283 | &nbsp;&nbsp; 5815 | &nbsp;&nbsp; 215043 | &nbsp;&nbsp; 15179 | &nbsp;&nbsp; 506589 |
| Administrator Class | 35453 | &nbsp;&nbsp; 1385843 | &nbsp;&nbsp; 4346 | &nbsp;&nbsp; 158922 | &nbsp;&nbsp; 23252 | &nbsp;&nbsp; 768015 |
| Institutional Class | 449811 | &nbsp;&nbsp; 17673123 | &nbsp;&nbsp; 32273 | &nbsp;&nbsp; 1186373 | &nbsp;&nbsp; 156571 | &nbsp;&nbsp; 5199039 |
|  |  | &nbsp;&nbsp; 49111733 |  | &nbsp;&nbsp; 4190024 |  | &nbsp;&nbsp; 20644128 |
| Payment for shares redeemed |  |  |  |  |  |  |
| Class A | (1550961)<br>| &nbsp;&nbsp; (56443818)<br>| &nbsp;&nbsp; (1255276)<br>| &nbsp;&nbsp; (42111164)<br>| &nbsp;&nbsp; (1488263)<br>| &nbsp;&nbsp; (47166763)<br>|
| Class C | (28685)<br>| &nbsp;&nbsp; (917919)<br>| &nbsp;&nbsp; (11281)<br>| &nbsp;&nbsp; (318682)<br>| &nbsp;&nbsp; (34738)<br>| &nbsp;&nbsp; (926078)<br>|
| Class R6 | (265725)<br>| &nbsp;&nbsp; (10169946)<br>| &nbsp;&nbsp; (202147)<br>| &nbsp;&nbsp; (7103279)<br>| &nbsp;&nbsp; (124227)<br>| &nbsp;&nbsp; (4060442)<br>|
| Administrator Class | (147906)<br>| &nbsp;&nbsp; (5637178)<br>| &nbsp;&nbsp; (133374)<br>| &nbsp;&nbsp; (4583578)<br>| &nbsp;&nbsp; (311874)<br>| &nbsp;&nbsp; (10266220)<br>|
| Institutional Class | (2870622)<br>| &nbsp;&nbsp; (109309331)<br>| &nbsp;&nbsp; (1151960)<br>| &nbsp;&nbsp; (39641717)<br>| &nbsp;&nbsp; (1435391)<br>| &nbsp;&nbsp; (47534257)<br>|
|  |  | &nbsp;&nbsp; (182478192)<br>|  | &nbsp;&nbsp; (93758420)<br>|  | &nbsp;&nbsp; (109953760)<br>|

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

Allspring Small Company Value Fund \| 5

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2024<sup>1</sup> | Year ended<br> April 30, 2024<sup>1</sup> | Year ended<br> May 31, 2023 | Year ended<br> May 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Net asset value of shares issued in acquisition |  |  |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; 919250 | &nbsp;&nbsp; $32721972 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 36509 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class R6 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 22396 | &nbsp;&nbsp; 828395 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 9163 | &nbsp;&nbsp; 334948 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 81124 | &nbsp;&nbsp; 2982100 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 36903924 |  | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from** <br> **capital share transactions**<br>|  | &nbsp;&nbsp; **(51423994)**<br>|  | &nbsp;&nbsp; **125620479** |  | &nbsp;&nbsp; **(3770842)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(113999562)**<br>|  | &nbsp;&nbsp; **210373189** |  | &nbsp;&nbsp; **(76903446)**<br>|
| Net assets |  |  |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **659132585** |  | &nbsp;&nbsp; **448759396** |  | &nbsp;&nbsp; **525662842** |
| **End of period** |  | &nbsp;&nbsp; **$545133023** |  | &nbsp;&nbsp; **$659132585** |  | &nbsp;&nbsp; **$448759396** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

6 \| Allspring Small Company Value Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$35.41** | &nbsp;&nbsp; **$29.53** | &nbsp;&nbsp; **$34.30** | &nbsp;&nbsp; **$37.11** | &nbsp;&nbsp; **$20.91** | &nbsp;&nbsp; **$24.22** |
| Net investment income | 0.29 <br><sup>2</sup><br>| 0.27 <br><sup>2</sup><br>| 0.24 <br><sup>2</sup><br>| 0.12 <br><sup>2</sup><br>| 0.09 | 0.18 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | (1.01)<br>| 5.89 | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (0.71)<br>| 16.22 | &nbsp;&nbsp; (3.35)<br>|
| Total from investment operations | (0.72)<br>| 6.16 | &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (0.59)<br>| 16.31 | &nbsp;&nbsp; (3.17)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.44)<br>| &nbsp;&nbsp; (0.28)<br>| 0.00 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | (2.50)<br>| 0.00 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.14)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (2.94)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$31.75** | &nbsp;&nbsp; **$35.41** | &nbsp;&nbsp; **$29.53** | &nbsp;&nbsp; **$34.30** | &nbsp;&nbsp; **$37.11** | &nbsp;&nbsp; **$20.91** |
| **Total return**<sup>3</sup> <br>| **(3.34)%**<br>| **20.84%**<br>| &nbsp;&nbsp; **(10.31)%**<br>| &nbsp;&nbsp; **(1.77)%**<br>| **77.80%**<br>| &nbsp;&nbsp; **(13.25)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.30<br> %<br>| 1.30<br> %<br>| 1.32<br> %<br>| 1.32<br> %<br>| 1.32<br> %<br>| 1.32<br> %<br>|
| Net expenses | 1.11<br> %<br>| 1.12<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.13<br> %<br>|
| Net investment income | 0.79<br> %<br>| 0.89<br> %<br>| 0.76<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.74<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 114<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 78<br> %<br>|
| Net assets, end of period (000s omitted) | $313709 | &nbsp;&nbsp; $365526 | &nbsp;&nbsp; $304601 | &nbsp;&nbsp; $376072 | &nbsp;&nbsp; $414013 | &nbsp;&nbsp; $262574 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.74% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.74% |
| Year ended May 31, 2023 | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Small Company Value Fund \| 7

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$30.35** | &nbsp;&nbsp; **$25.30** | &nbsp;&nbsp; **$29.79** | &nbsp;&nbsp; **$32.69** | &nbsp;&nbsp; **$18.43** | &nbsp;&nbsp; **$21.48** |
| Net investment income (loss) | (0.00 )<sup>23</sup><br>| 0.03 <br><sup>3</sup><br>| 0.00 <br><sup>34</sup><br>| &nbsp;&nbsp; (0.12 )<sup>3</sup><br>| &nbsp;&nbsp; (0.07 )<sup>3</sup><br>| 0.01 <br><sup>3</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.81)<br>| 5.02 | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (0.64)<br>| 14.33 | &nbsp;&nbsp; (3.00)<br>|
| Total from investment operations | (0.81)<br>| 5.05 | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (0.76)<br>| 14.26 | &nbsp;&nbsp; (2.99)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.16)<br>| 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.06)<br>|
| Net realized gains | (2.50)<br>| 0.00 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.14)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (2.66)<br>| 0.00 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.14)<br>| 0.00 | &nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of period** | **$26.88** | &nbsp;&nbsp; **$30.35** | &nbsp;&nbsp; **$25.30** | &nbsp;&nbsp; **$29.79** | &nbsp;&nbsp; **$32.69** | &nbsp;&nbsp; **$18.43** |
| **Total return**<sup>5</sup> <br>| **(4.11)%**<br>| **19.92%**<br>| &nbsp;&nbsp; **(10.94)%**<br>| &nbsp;&nbsp; **(2.56)%**<br>| **76.80%**<br>| &nbsp;&nbsp; **(13.98)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 2.05<br> %<br>| 2.05<br> %<br>| 2.07<br> %<br>| 2.07<br> %<br>| 2.06<br> %<br>| 2.08<br> %<br>|
| Net expenses | 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>|
| Net investment income (loss) | (0.00)%<br>| 0.11<br> %<br>| 0.00<br> %<br>| &nbsp;&nbsp; (0.39)%<br>| &nbsp;&nbsp; (0.29)%<br>| 0.02<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>6</sup> <br>| 114<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 78<br> %<br>|
| Net assets, end of period (000s omitted) | $1324 | &nbsp;&nbsp; $1399 | &nbsp;&nbsp; $1307 | &nbsp;&nbsp; $2278 | &nbsp;&nbsp; $3388 | &nbsp;&nbsp; $4431 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.74% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.74% |
| Year ended May 31, 2023 | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Amount is more than $(0.005).

<sup>3</sup> Calculated based upon average shares outstanding

<sup>4</sup> Amount is less than $0.005.

<sup>5</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>6</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

8 \| Allspring Small Company Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class R6 | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$36.81** | &nbsp;&nbsp; **$30.68** | &nbsp;&nbsp; **$35.46** | &nbsp;&nbsp; **$38.33** | &nbsp;&nbsp; **$21.56** | &nbsp;&nbsp; **$24.92** |
| Net investment income | 0.44 <br><sup>2</sup><br>| 0.40 <br><sup>2</sup><br>| 0.37 <br><sup>2</sup><br>| 0.33 | 0.20 | 0.31 |
| Net realized and unrealized gains (losses) on investments | (1.06)<br>| 6.12 | &nbsp;&nbsp; (3.79)<br>| &nbsp;&nbsp; (0.80)<br>| 16.78 | &nbsp;&nbsp; (3.50)<br>|
| Total from investment operations | (0.62)<br>| 6.52 | &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (0.47)<br>| 16.98 | &nbsp;&nbsp; (3.19)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.60)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | (2.50)<br>| 0.00 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.14)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (3.10)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$33.09** | &nbsp;&nbsp; **$36.81** | &nbsp;&nbsp; **$30.68** | &nbsp;&nbsp; **$35.46** | &nbsp;&nbsp; **$38.33** | &nbsp;&nbsp; **$21.56** |
| **Total return**<sup>3</sup> <br>| **(2.99)%**<br>| **21.25%**<br>| &nbsp;&nbsp; **(9.95)%**<br>| &nbsp;&nbsp; **(1.41)%**<br>| **78.63%**<br>| &nbsp;&nbsp; **(12.97)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 0.88<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.90<br> %<br>|
| Net expenses | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 1.15<br> %<br>| 1.27<br> %<br>| 1.11<br> %<br>| 0.71<br> %<br>| 0.73<br> %<br>| 1.22<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 114<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 78<br> %<br>|
| Net assets, end of period (000s omitted) | $20017 | &nbsp;&nbsp; $19936 | &nbsp;&nbsp; $14573 | &nbsp;&nbsp; $8021 | &nbsp;&nbsp; $9007 | &nbsp;&nbsp; $6491 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.74% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.74% |
| Year ended May 31, 2023 | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Small Company Value Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Administrator Class | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$36.36** | &nbsp;&nbsp; **$30.33** | &nbsp;&nbsp; **$35.15** | &nbsp;&nbsp; **$37.98** | &nbsp;&nbsp; **$21.40** | &nbsp;&nbsp; **$24.80** |
| Net investment income | 0.32 <br><sup>2</sup><br>| 0.30 <br><sup>2</sup><br>| 0.28 <br><sup>2</sup><br>| 0.17 <br><sup>2</sup><br>| 0.10 <br><sup>2</sup><br>| 0.21 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | (1.05)<br>| 6.04 | &nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp; (0.75)<br>| 16.62 | &nbsp;&nbsp; (3.43)<br>|
| Total from investment operations | (0.73)<br>| 6.34 | &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (0.58)<br>| 16.72 | &nbsp;&nbsp; (3.22)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.46)<br>| &nbsp;&nbsp; (0.31)<br>| 0.00 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gains | (2.50)<br>| 0.00 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.14)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (2.96)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.18)<br>|
| **Net asset value, end of period** | **$32.67** | &nbsp;&nbsp; **$36.36** | &nbsp;&nbsp; **$30.33** | &nbsp;&nbsp; **$35.15** | &nbsp;&nbsp; **$37.98** | &nbsp;&nbsp; **$21.40** |
| **Total return**<sup>3</sup> <br>| **(3.27)%**<br>| **20.89%**<br>| &nbsp;&nbsp; **(10.20)%**<br>| &nbsp;&nbsp; **(1.71)%**<br>| **77.91%**<br>| &nbsp;&nbsp; **(13.18)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 1.23<br> %<br>| 1.23<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.32<br> %<br>|
| Net expenses | 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>|
| Net investment income | 0.85<br> %<br>| 0.97<br> %<br>| 0.86<br> %<br>| 0.45<br> %<br>| 0.35<br> %<br>| 0.82<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 114<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 78<br> %<br>|
| Net assets, end of period (000s omitted) | $16098 | &nbsp;&nbsp; $19037 | &nbsp;&nbsp; $17743 | &nbsp;&nbsp; $23813 | &nbsp;&nbsp; $32721 | &nbsp;&nbsp; $15581 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.74% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.74% |
| Year ended May 31, 2023 | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

10 \| Allspring Small Company Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$36.58** | &nbsp;&nbsp; **$30.51** | &nbsp;&nbsp; **$35.30** | &nbsp;&nbsp; **$38.13** | &nbsp;&nbsp; **$21.46** | &nbsp;&nbsp; **$24.86** |
| Net investment income | 0.40 <br><sup>2</sup><br>| 0.37 <br><sup>2</sup><br>| 0.35 <br><sup>2</sup><br>| 0.20 <br><sup>2</sup><br>| 0.15 <br><sup>2</sup><br>| 0.25 |
| Net realized and unrealized gains (losses) on investments | (1.06)<br>| 6.08 | &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (0.71)<br>| 16.70 | &nbsp;&nbsp; (3.43)<br>|
| Total from investment operations | (0.66)<br>| 6.45 | &nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp; (0.51)<br>| 16.85 | &nbsp;&nbsp; (3.18)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.56)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains | (2.50)<br>| 0.00 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.14)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (3.06)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Net asset value, end of period** | **$32.86** | &nbsp;&nbsp; **$36.58** | &nbsp;&nbsp; **$30.51** | &nbsp;&nbsp; **$35.30** | &nbsp;&nbsp; **$38.13** | &nbsp;&nbsp; **$21.46** |
| **Total return**<sup>3</sup> <br>| **(3.10)%**<br>| **21.15%**<br>| &nbsp;&nbsp; **(10.03)%**<br>| &nbsp;&nbsp; **(1.53)%**<br>| **78.39%**<br>| &nbsp;&nbsp; **(13.03)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |
| Gross expenses | 0.98<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 1.07<br> %<br>|
| Net expenses | 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment income | 1.05<br> %<br>| 1.15<br> %<br>| 1.06<br> %<br>| 0.54<br> %<br>| 0.52<br> %<br>| 1.04<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 114<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 78<br> %<br>|
| Net assets, end of period (000s omitted) | $193986 | &nbsp;&nbsp; $253235 | &nbsp;&nbsp; $110536 | &nbsp;&nbsp; $115479 | &nbsp;&nbsp; $72123 | &nbsp;&nbsp; $33600 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.74% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.74% |
| Year ended May 31, 2023 | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Small Company Value Fund \| 11

------

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 Small Company Value Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Small Company Value Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of April 30, 2025, the Fund owned 90.89% of Allspring Small Company Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the year ended April 30, 2025 are included in this report and should be read in conjunction with the Fund's financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily.

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

Investment transactions, income and expenses

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

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

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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.

12 \| Allspring Small Company Value Fund

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Notes to financial statements

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $484,496,005 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $60355691 |
| Gross unrealized losses | &nbsp;&nbsp; (0)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$60355691** |

---

As of April 30, 2025, the Fund had current year deferred post-October capital losses consisting of $17,941,910 in short-term losses and $16,960,433 in long-term gains which will be recognized on the first day of the following fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At April 30, 2025, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| Affiliated Master Portfolio | Investment objective | &nbsp;&nbsp;&nbsp; Fair value of affiliated <br>Master Portfolio<br>|
| Allspring Small Company Value Portfolio | Seeks long-term capital appreciation | $544851696 |

---

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays, generally on a monthly basis, Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.050<br> %<br>|
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |

---

For the year ended April 30, 2025, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee, generally paid on a monthly basis, from the affiliated Master Portfolio for those services.

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

Allspring Small Company Value Fund \| 13

------

Notes to financial statements

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of April 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.15<br> %<br>|
| Class C | 1.90 |
| Class R6 | 0.75 |
| Administrator Class | 1.05 |
| Institutional Class | 0.85 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended April 30, 2025, Allspring Funds Distributor received $3,857 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended April 30, 2025.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended April 30, 2025 were $734,803,776 and $823,002,075, respectively.

6. ACQUISITION

After the close of business on February 23, 2024, the Fund acquired the net assets of Allspring Small Cap Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Allspring Small Cap Fund transferred all of its portfolio securities to Allspring Small Company Value Portfolio (a master portfolio in which it invested all of its assets) in exchange for interests in Allspring Small Company Value Portfolio. Immediately thereafter, Allspring Small Cap Fund transferred all of its equity interests in Allspring Small Company Value Portfolio to Allspring Small Cap Fund in exchange for shares of the Fund. Shareholders holding Class A, Class C, Class R6, Administrator Class and Institutional Class shares of Allspring Small Cap Fund received Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Allspring Small Cap Fund for 1,033,128 shares of the Fund valued at $36,903,924 at an exchange ratio of 0.67, 0.65, 0.70, 0.68 and 0.70 for Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Allspring Small Cap Fund with a fair value of $36,835,763, identified cost of $35,601,989 and unrealized gains (losses) of $1,233,774 at February 23, 2024 was (if portfolio and cash is stated) the principal assets acquired by the Fund. The aggregate net assets of Allspring Small Cap Fund and the Fund immediately prior to the acquisition were $36,903,924 and $500,966,436, respectively. The aggregate net assets of the Fund immediately after the acquisition were $537,870,360. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Allspring Small Cap Fund was carried forward to align with ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

14 \| Allspring Small Company Value Fund

------

Notes to financial statements

Assuming the acquisition had been completed June 1, 2023, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the eleven months ended April 30, 2024 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Net <br>investment <br>income<br>| &nbsp;&nbsp;&nbsp; Net realized and <br>unrealized gains (losses) <br>on investments<br>| &nbsp;&nbsp;&nbsp; Net increase <br>&nbsp;&nbsp;&nbsp;&nbsp;(decrease) in net <br>assets resulting <br>from operations<br>|
| **Small Company Value** | &nbsp;&nbsp; $4495325 | &nbsp;&nbsp;&nbsp; $88462885 | &nbsp;&nbsp;&nbsp; $92958210 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Allspring Small Cap Fund that have been included in the Fund's Statement of operations since February 24, 2024.

7. 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 April 30, 2025, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the year ended April 30, 2025, eleven months ended April 30, 2024 and year ended May 31, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended <br>April 30 | Year ended <br>April 30 | Year ended <br>May 31,<br>|
|  | 2025 | 2024 | 2023 |
| **Ordinary income** | $8496380 | $4259165 | $62215 |
| **Long-term capital gain** | 41345048 | 0 | 20897482 |

---

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | Post-October <br>capital <br>losses <br>deferred | Post-October <br>capital <br>losses <br>deferred |
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| Short-term | Long-term |
| &nbsp;&nbsp;&nbsp; $1926396 | &nbsp;&nbsp; $60355691 | &nbsp;&nbsp;&nbsp; $(17941910)<br>| &nbsp;&nbsp;&nbsp; $16960433 |

---

9. CONCENTRATION RISKS

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

10. INDEMNIFICATION

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

11. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may

Allspring Small Company Value Fund \| 15

------

Notes to financial statements

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

12. SUBSEQUENT EVENT

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

16 \| Allspring Small Company Value Fund

------

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 Small Company Value Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023, 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 interests held as of April 30, 2025, by correspondence with the transfer agent of the master portfolio. 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.

![](g46179imgcf3a78bc2.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

June 26, 2025

Allspring Small Company Value Fund \| 17

------

Portfolio of investments—April 30, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.88%** |  |  |
| **Communication services: 1.38%** |  |  |
| **Diversified telecommunication services: 0.55%** |  |  |
| IDT Corp. Class B | 65855 | &nbsp;&nbsp; **$3309214** |
| **Interactive media & services: 0.83%** |  |  |
| Cargurus, Inc.† | 126083 | &nbsp;&nbsp; 3525281 |
| Yelp, Inc. Class A† | 41341 | &nbsp;&nbsp; 1450242 |
|  |  | &nbsp;&nbsp; **4975523** |
| **Consumer discretionary: 12.09%** |  |  |
| **Automobile components: 0.97%** |  |  |
| Patrick Industries, Inc. | 61817 | &nbsp;&nbsp; 4758673 |
| Strattec Security Corp.† | 32495 | &nbsp;&nbsp; 1082733 |
|  |  | &nbsp;&nbsp; **5841406** |
| **Broadline retail: 0.21%** |  |  |
| Dillard's, Inc. Class A | 3541 | &nbsp;&nbsp; **1227523** |
| **Diversified consumer services: 3.73%** |  |  |
| ADT, Inc. | 332509 | &nbsp;&nbsp; 2666722 |
| Adtalem Global Education, Inc.† | 39327 | &nbsp;&nbsp; 4176528 |
| Carriage Services, Inc. Class A | 136619 | &nbsp;&nbsp; 5459295 |
| Grand Canyon Education, Inc.† | 27179 | &nbsp;&nbsp; 4847918 |
| H&R Block, Inc. | 86522 | &nbsp;&nbsp; 5223333 |
|  |  | &nbsp;&nbsp; **22373796** |
| **Hotels, restaurants & leisure: 2.26%** |  |  |
| Brinker International, Inc.† | 24614 | &nbsp;&nbsp; 3305660 |
| Cheesecake Factory, Inc. | 109691 | &nbsp;&nbsp; 5525136 |
| Wyndham Hotels & Resorts, Inc. | 55597 | &nbsp;&nbsp; 4742424 |
|  |  | &nbsp;&nbsp; **13573220** |
| **Household durables: 2.01%** |  |  |
| Cavco Industries, Inc.† | 9559 | &nbsp;&nbsp; 4720712 |
| Century Communities, Inc. | 40778 | &nbsp;&nbsp; 2224032 |
| La-Z-Boy, Inc. | 58882 | &nbsp;&nbsp; 2325839 |
| Meritage Homes Corp. | 41087 | &nbsp;&nbsp; 2799669 |
|  |  | &nbsp;&nbsp; **12070252** |
| **Leisure products: 0.18%** |  |  |
| Peloton Interactive, Inc. Class A† | 155011 | &nbsp;&nbsp; **1068026** |
| **Specialty retail: 2.03%** |  |  |
| Abercrombie & Fitch Co. Class A† | 9552 | &nbsp;&nbsp; 663100 |
| American Eagle Outfitters, Inc. | 151206 | &nbsp;&nbsp; 1592199 |
| Gap, Inc. | 138592 | &nbsp;&nbsp; 3035165 |
| Murphy USA, Inc. | 2888 | &nbsp;&nbsp; 1439870 |
| RealReal, Inc.† | 394680 | &nbsp;&nbsp; 2289144 |

---

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

18 \| Allspring Small Company Value Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialty retail**(continued) |  |  |
| Shoe Carnival, Inc. | 488 | &nbsp;&nbsp; $8481 |
| Urban Outfitters, Inc.† | 59414 | &nbsp;&nbsp; 3135871 |
|  |  | &nbsp;&nbsp; **12163830** |
| **Textiles, apparel & luxury goods: 0.70%** |  |  |
| Carter's, Inc. | 31764 | &nbsp;&nbsp; 1049800 |
| Skechers USA, Inc. Class A† | 65148 | &nbsp;&nbsp; 3128407 |
|  |  | &nbsp;&nbsp; **4178207** |
| **Consumer staples: 3.19%** |  |  |
| **Beverages: 0.73%** |  |  |
| Coca-Cola Consolidated, Inc. | 3237 | &nbsp;&nbsp; **4388757** |
| **Consumer staples distribution & retail: 0.86%** |  |  |
| Ingles Markets, Inc. Class A | 50512 | &nbsp;&nbsp; 3116085 |
| Village Super Market, Inc. Class A | 55058 | &nbsp;&nbsp; 2028887 |
|  |  | &nbsp;&nbsp; **5144972** |
| **Food products: 1.60%** |  |  |
| Flowers Foods, Inc. | 99366 | &nbsp;&nbsp; 1747848 |
| Ingredion, Inc. | 33585 | &nbsp;&nbsp; 4460760 |
| Lancaster Colony Corp. | 20636 | &nbsp;&nbsp; 3359128 |
|  |  | &nbsp;&nbsp; **9567736** |
| **Energy: 5.10%** |  |  |
| **Energy equipment & services: 0.86%** |  |  |
| Helmerich & Payne, Inc. | 271813 | &nbsp;&nbsp; **5134547** |
| **Oil, gas & consumable fuels: 4.24%** |  |  |
| Chord Energy Corp. | 21953 | &nbsp;&nbsp; 1980819 |
| Dorian LPG Ltd. | 111180 | &nbsp;&nbsp; 2381476 |
| Magnolia Oil & Gas Corp. Class A | 314172 | &nbsp;&nbsp; 6449951 |
| Matador Resources Co. | 116141 | &nbsp;&nbsp; 4592215 |
| Permian Resources Corp. Class A | 588221 | &nbsp;&nbsp; 6941008 |
| SM Energy Co. | 134934 | &nbsp;&nbsp; 3075146 |
|  |  | &nbsp;&nbsp; **25420615** |
| **Financials: 28.06%** |  |  |
| **Banks: 16.62%** |  |  |
| Ameris Bancorp | 147607 | &nbsp;&nbsp; 8649770 |
| Atlantic Union Bankshares Corp. | 200417 | &nbsp;&nbsp; 5551551 |
| Banner Corp. | 134768 | &nbsp;&nbsp; 8239715 |
| Customers Bancorp, Inc.† | 152594 | &nbsp;&nbsp; 7629700 |
| FB Financial Corp. | 182767 | &nbsp;&nbsp; 7778564 |
| Great Southern Bancorp, Inc. | 137186 | &nbsp;&nbsp; 7545230 |
| Home BancShares, Inc. | 306301 | &nbsp;&nbsp; 8499853 |
| Independent Bank Corp. | 252579 | &nbsp;&nbsp; 7693556 |
| Prosperity Bancshares, Inc. | 112871 | &nbsp;&nbsp; 7663941 |
| Synovus Financial Corp. | 162075 | &nbsp;&nbsp; 7021089 |
| UMB Financial Corp. | 64909 | &nbsp;&nbsp; 6138444 |

---

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

Allspring Small Company Value Portfolio \| 19

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Banks**(continued) |  |  |
| Wintrust Financial Corp. | 76800 | &nbsp;&nbsp; $8537856 |
| WSFS Financial Corp. | 168185 | &nbsp;&nbsp; 8669937 |
|  |  | &nbsp;&nbsp; **99619206** |
| **Capital markets: 2.53%** |  |  |
| Donnelley Financial Solutions, Inc.† | 128696 | &nbsp;&nbsp; 6203148 |
| Piper Sandler Cos. | 18942 | &nbsp;&nbsp; 4567295 |
| Stifel Financial Corp. | 51503 | &nbsp;&nbsp; 4413292 |
|  |  | &nbsp;&nbsp; **15183735** |
| **Financial services: 2.41%** |  |  |
| Euronet Worldwide, Inc.† | 18348 | &nbsp;&nbsp; 1818287 |
| Federal Agricultural Mortgage Corp. Class C | 24626 | &nbsp;&nbsp; 4317676 |
| Jackson Financial, Inc. Class A | 77257 | &nbsp;&nbsp; 6019093 |
| Walker & Dunlop, Inc. | 30063 | &nbsp;&nbsp; 2301022 |
|  |  | &nbsp;&nbsp; **14456078** |
| **Insurance: 3.35%** |  |  |
| Genworth Financial, Inc. Class A† | 845145 | &nbsp;&nbsp; 5797695 |
| Kemper Corp. | 40141 | &nbsp;&nbsp; 2373136 |
| Lincoln National Corp. | 121696 | &nbsp;&nbsp; 3878451 |
| Unum Group | 103518 | &nbsp;&nbsp; 8039208 |
|  |  | &nbsp;&nbsp; **20088490** |
| **Mortgage real estate investment trusts (REITs): 3.15%** |  |  |
| AGNC Investment Corp. | 1044040 | &nbsp;&nbsp; 9218873 |
| Annaly Capital Management, Inc. | 492481 | &nbsp;&nbsp; 9652628 |
|  |  | &nbsp;&nbsp; **18871501** |
| **Health care: 6.86%** |  |  |
| **Health care equipment & supplies: 2.82%** |  |  |
| ICU Medical, Inc.† | 23622 | &nbsp;&nbsp; 3226529 |
| Integer Holdings Corp.† | 36348 | &nbsp;&nbsp; 4591116 |
| Masimo Corp.† | 31742 | &nbsp;&nbsp; 5109192 |
| Merit Medical Systems, Inc.† | 41964 | &nbsp;&nbsp; 3963500 |
|  |  | &nbsp;&nbsp; **16890337** |
| **Health care providers & services: 3.45%** |  |  |
| Brookdale Senior Living, Inc.† | 731798 | &nbsp;&nbsp; 4800595 |
| Encompass Health Corp. | 45969 | &nbsp;&nbsp; 5377913 |
| Ensign Group, Inc. | 30636 | &nbsp;&nbsp; 3951738 |
| National HealthCare Corp. | 23496 | &nbsp;&nbsp; 2220137 |
| Option Care Health, Inc.† | 134535 | &nbsp;&nbsp; 4346826 |
|  |  | &nbsp;&nbsp; **20697209** |
| **Health care technology: 0.09%** |  |  |
| Teladoc Health, Inc.† | 78206 | &nbsp;&nbsp; **562301** |

---

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

20 \| Allspring Small Company Value Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Pharmaceuticals: 0.50%** |  |  |
| Harmony Biosciences Holdings, Inc.† | 30445 | &nbsp;&nbsp; $897214 |
| Innoviva, Inc.† | 110730 | &nbsp;&nbsp; 2069544 |
|  |  | &nbsp;&nbsp; **2966758** |
| **Industrials: 19.19%** |  |  |
| **Building products: 1.43%** |  |  |
| Gibraltar Industries, Inc.† | 15773 | &nbsp;&nbsp; 835180 |
| UFP Industries, Inc. | 37527 | &nbsp;&nbsp; 3709544 |
| Zurn Elkay Water Solutions Corp. | 118920 | &nbsp;&nbsp; 4038523 |
|  |  | &nbsp;&nbsp; **8583247** |
| **Commercial services & supplies: 3.28%** |  |  |
| ABM Industries, Inc. | 64068 | &nbsp;&nbsp; 3122674 |
| Brady Corp. Class A | 86368 | &nbsp;&nbsp; 6070807 |
| Brink's Co. | 55240 | &nbsp;&nbsp; 4929618 |
| Healthcare Services Group, Inc.† | 171958 | &nbsp;&nbsp; 2443523 |
| Liquidity Services, Inc.† | 97334 | &nbsp;&nbsp; 3093274 |
|  |  | &nbsp;&nbsp; **19659896** |
| **Construction & engineering: 1.33%** |  |  |
| Limbach Holdings, Inc.† | 49532 | &nbsp;&nbsp; 4742194 |
| MYR Group, Inc.† | 23900 | &nbsp;&nbsp; 2923448 |
| Northwest Pipe Co.† | 7033 | &nbsp;&nbsp; 297918 |
|  |  | &nbsp;&nbsp; **7963560** |
| **Electrical equipment: 1.08%** |  |  |
| Atkore, Inc. | 55815 | &nbsp;&nbsp; 3564904 |
| EnerSys | 19059 | &nbsp;&nbsp; 1650510 |
| Generac Holdings, Inc.† | 5221 | &nbsp;&nbsp; 597178 |
| NuScale Power Corp.† | 39930 | &nbsp;&nbsp; 661640 |
|  |  | &nbsp;&nbsp; **6474232** |
| **Ground transportation: 0.76%** |  |  |
| ArcBest Corp. | 31786 | &nbsp;&nbsp; 1860117 |
| Lyft, Inc. Class A† | 215980 | &nbsp;&nbsp; 2678152 |
|  |  | &nbsp;&nbsp; **4538269** |
| **Machinery: 6.94%** |  |  |
| Allison Transmission Holdings, Inc. | 53066 | &nbsp;&nbsp; 4894808 |
| Atmus Filtration Technologies, Inc. | 115309 | &nbsp;&nbsp; 3997763 |
| Blue Bird Corp.† | 83885 | &nbsp;&nbsp; 2925070 |
| ESCO Technologies, Inc. | 29058 | &nbsp;&nbsp; 4546124 |
| Federal Signal Corp. | 58192 | &nbsp;&nbsp; 4738575 |
| Kadant, Inc. | 6498 | &nbsp;&nbsp; 1916910 |
| Miller Industries, Inc. | 82087 | &nbsp;&nbsp; 3349971 |
| Mueller Water Products, Inc. Class A | 199197 | &nbsp;&nbsp; 5226929 |
| Standex International Corp. | 18413 | &nbsp;&nbsp; 2603966 |
| Tennant Co. | 15738 | &nbsp;&nbsp; 1135654 |

---

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

Allspring Small Company Value Portfolio \| 21

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery**(continued) |  |  |
| Timken Co. | 18479 | &nbsp;&nbsp; $1187276 |
| Watts Water Technologies, Inc. Class A | 24344 | &nbsp;&nbsp; 5057466 |
|  |  | &nbsp;&nbsp; **41580512** |
| **Marine transportation: 0.85%** |  |  |
| Matson, Inc. | 46848 | &nbsp;&nbsp; **5110648** |
| **Professional services: 1.75%** |  |  |
| CBIZ, Inc.† | 54332 | &nbsp;&nbsp; 3700009 |
| Korn Ferry | 31388 | &nbsp;&nbsp; 1936640 |
| Paycom Software, Inc. | 21339 | &nbsp;&nbsp; 4830936 |
|  |  | &nbsp;&nbsp; **10467585** |
| **Trading companies & distributors: 1.77%** |  |  |
| Boise Cascade Co. | 43710 | &nbsp;&nbsp; 4077269 |
| GATX Corp. | 32519 | &nbsp;&nbsp; 4746473 |
| Rush Enterprises, Inc. Class A | 35680 | &nbsp;&nbsp; 1819323 |
|  |  | &nbsp;&nbsp; **10643065** |
| **Information technology: 7.81%** |  |  |
| **Electronic equipment, instruments & components: 4.77%** |  |  |
| Belden, Inc. | 52822 | &nbsp;&nbsp; 5446477 |
| CTS Corp. | 15120 | &nbsp;&nbsp; 575770 |
| ePlus, Inc.† | 44965 | &nbsp;&nbsp; 2804017 |
| Insight Enterprises, Inc.† | 29479 | &nbsp;&nbsp; 4076356 |
| OSI Systems, Inc.† | 25588 | &nbsp;&nbsp; 5238887 |
| PC Connection, Inc. | 72541 | &nbsp;&nbsp; 4500444 |
| Sanmina Corp.† | 77337 | &nbsp;&nbsp; 5938708 |
|  |  | &nbsp;&nbsp; **28580659** |
| **IT services: 0.93%** |  |  |
| EPAM Systems, Inc.† | 8711 | &nbsp;&nbsp; 1366843 |
| Kyndryl Holdings, Inc.† | 129601 | &nbsp;&nbsp; 4201664 |
|  |  | &nbsp;&nbsp; **5568507** |
| **Semiconductors & semiconductor equipment: 1.21%** |  |  |
| Cirrus Logic, Inc.† | 57143 | &nbsp;&nbsp; 5488014 |
| FormFactor, Inc.† | 63411 | &nbsp;&nbsp; 1784385 |
|  |  | &nbsp;&nbsp; **7272399** |
| **Software: 0.90%** |  |  |
| ACI Worldwide, Inc.† | 69434 | &nbsp;&nbsp; 3704998 |
| LiveRamp Holdings, Inc.† | 65065 | &nbsp;&nbsp; 1702101 |
|  |  | &nbsp;&nbsp; **5407099** |
| **Materials: 5.28%** |  |  |
| **Chemicals: 2.54%** |  |  |
| Cabot Corp. | 35140 | &nbsp;&nbsp; 2759896 |
| Core Molding Technologies, Inc.† | 62371 | &nbsp;&nbsp; 959266 |

---

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

22 \| Allspring Small Company Value Portfolio

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Chemicals**(continued) |  |  |
| Hawkins, Inc. | 40703 | &nbsp;&nbsp; $4956811 |
| NewMarket Corp. | 10678 | &nbsp;&nbsp; 6570173 |
|  |  | &nbsp;&nbsp; **15246146** |
| **Construction materials: 1.45%** |  |  |
| Eagle Materials, Inc. | 18129 | &nbsp;&nbsp; 4104224 |
| Knife River Corp.† | 48843 | &nbsp;&nbsp; 4560960 |
|  |  | &nbsp;&nbsp; **8665184** |
| **Metals & mining: 0.80%** |  |  |
| Coeur Mining, Inc.† | 96105 | &nbsp;&nbsp; 533383 |
| Hecla Mining Co. | 100406 | &nbsp;&nbsp; 574322 |
| MP Materials Corp.† | 27002 | &nbsp;&nbsp; 660469 |
| Worthington Steel, Inc. | 118715 | &nbsp;&nbsp; 3046227 |
|  |  | &nbsp;&nbsp; **4814401** |
| **Paper & forest products: 0.49%** |  |  |
| Sylvamo Corp. | 48846 | &nbsp;&nbsp; **2912198** |
| **Real estate: 6.40%** |  |  |
| **Industrial REITs: 0.98%** |  |  |
| STAG Industrial, Inc. | 177052 | &nbsp;&nbsp; **5848027** |
| **Office REITs: 0.92%** |  |  |
| Vornado Realty Trust | 156740 | &nbsp;&nbsp; **5529787** |
| **Retail REITs: 2.92%** |  |  |
| Agree Realty Corp. | 67288 | &nbsp;&nbsp; 5222222 |
| Brixmor Property Group, Inc. | 249315 | &nbsp;&nbsp; 6210437 |
| Tanger, Inc. | 192579 | &nbsp;&nbsp; 6068164 |
|  |  | &nbsp;&nbsp; **17500823** |
| **Specialized REITs: 1.58%** |  |  |
| CubeSmart | 110877 | &nbsp;&nbsp; 4509368 |
| PotlatchDeltic Corp. | 129700 | &nbsp;&nbsp; 4979183 |
|  |  | &nbsp;&nbsp; **9488551** |
| **Utilities: 3.52%** |  |  |
| **Electric utilities: 1.75%** |  |  |
| IDACORP, Inc. | 43930 | &nbsp;&nbsp; 5187694 |
| Pinnacle West Capital Corp. | 55886 | &nbsp;&nbsp; 5319229 |
|  |  | &nbsp;&nbsp; **10506923** |
| **Gas utilities: 0.87%** |  |  |
| MDU Resources Group, Inc. | 304187 | &nbsp;&nbsp; **5213765** |
| **Water utilities: 0.90%** |  |  |
| American States Water Co. | 66235 | &nbsp;&nbsp; **5372321** |
| **Total common stocks (Cost $490,246,296)** |  | &nbsp;&nbsp; **592721043** |

---

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

Allspring Small Company Value Portfolio \| 23

------

Portfolio of investments—April 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Investment companies: 0.11%** |  |  |
| **Exchange-traded funds: 0.11%** |  |  |
| iShares Russell 2000 Value ETF | 4550 | &nbsp;&nbsp; **$658840** |
| **Total investment companies (Cost $619,169)** |  | &nbsp;&nbsp; **658840** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.04%** |  |  |  |  |
| **Investment companies: 1.04%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 6270725 | &nbsp;&nbsp; **6270725** |
| **Total short-term investments (Cost $6,270,725)** |  |  |  | &nbsp;&nbsp; **6270725** |
| **Total investments in securities (Cost $497,136,190)** | 100.03<br> %<br>|  |  | &nbsp;&nbsp; 599650608 |
| Other assets and liabilities, net | (0.03)<br>|  |  | &nbsp;&nbsp; (205269)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$599445339** |

---

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

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

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<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>| $7273563 | $103728955 | $(104731793)<br>| $0 | $0 | $6270725 | 6270725 | $320854 |

---

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

24 \| Allspring Small Company Value Portfolio

------

Statement of assets and liabilities—April 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $490,865,465) | $593379883 |
| Investments in affiliated securities, at value (cost $6,270,725) | 6270725 |
| Cash | 54 |
| Receivable for investments sold | 4299787 |
| Receivable for dividends | 502170 |
| Prepaid expenses and other assets | 119 |
| **Total assets** | **604452738** |
| Liabilities |  |
| Payable for investments purchased | 4630309 |
| Advisory fee payable | 347091 |
| Accrued expenses and other liabilities | 29999 |
| **Total liabilities** | **5007399** |
| **Total net assets**  | **$599445339** |

---

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

Allspring Small Company Value Portfolio \| 25

------

Statement of operations—year ended April 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $35,921) | $13106631 |
| Income from affiliated securities | 320854 |
| Interest | 2644 |
| **Total investment income** | **13430129** |
| Expenses |  |
| Advisory fee | 5597476 |
| Custody and accounting fees | 37004 |
| Professional fees | 58104 |
| Registration fees | 103 |
| Interest holder report expenses | 3348 |
| Trustees' fees and expenses | 17575 |
| Other fees and expenses | 19543 |
| **Total expenses** | **5733153** |
| Less: Fee waivers and/or expense reimbursements | (507821)<br>|
| **Net expenses** | **5225332** |
| **Net investment income** | **8204797** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments** | **28244177** |
| **Net change in unrealized gains (losses) on investments** | **(47928647)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(19684470)**<br>|
| **Net decrease in net assets resulting from operations** | **$(11479673)**<br>|

---

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

26 \| Allspring Small Company Value Portfolio

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> April 30, 2025 | &nbsp;&nbsp; Year ended<br> April 30, 2024<sup>1</sup> | &nbsp;&nbsp; Year ended <br>May 31, 2023 |
| Operations |  |  |  |
| Net investment income | &nbsp;&nbsp; $8204797 | &nbsp;&nbsp; $6670522 | &nbsp;&nbsp; $6611825 |
| Net realized gains (losses) on investments | &nbsp;&nbsp; 28244177 | &nbsp;&nbsp; 33937138 | &nbsp;&nbsp; (12010456)<br>|
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; (47928647)<br>| &nbsp;&nbsp; 61235908 | &nbsp;&nbsp; (51512308)<br>|
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **(11479673)**<br>| &nbsp;&nbsp; **101843568** | &nbsp;&nbsp; **(56910939)**<br>|
| Capital transactions |  |  |  |
| Transactions in investors' beneficial interests |  |  |  |
| Contributions | &nbsp;&nbsp; 36714380 | &nbsp;&nbsp; 187185263 | &nbsp;&nbsp; 41481218 |
| Withdrawals | &nbsp;&nbsp; (142370529)<br>| &nbsp;&nbsp; (77896474)<br>| &nbsp;&nbsp; (75314113)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(105656149)**<br>| &nbsp;&nbsp; **109288789** | &nbsp;&nbsp; **(33832895)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(117135822)**<br>| &nbsp;&nbsp; **211132357** | &nbsp;&nbsp; **(90743834)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **716581161** | &nbsp;&nbsp; **505448804** | &nbsp;&nbsp; **596192638** |
| **End of period** | &nbsp;&nbsp; **$599445339** | &nbsp;&nbsp; **$716581161** | &nbsp;&nbsp; **$505448804** |

---

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

Allspring Small Company Value Portfolio \| 27

------

Financial highlights

Financial highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
|  | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Total return**<sup>2</sup> <br>| **(2.96)%**<br>| **21.34%**<br>| &nbsp;&nbsp; **(9.95)%**<br>| &nbsp;&nbsp; **(1.78)%**<br>| **78.76%**<br>| &nbsp;&nbsp; **(13.74)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.81<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net expenses<sup>3</sup> <br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>|
| Net investment income | 1.16<br> %<br>| 1.27<br> %<br>| 1.17<br> %<br>| 0.72<br> %<br>| 0.71<br> %<br>| 1.15<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Portfolio turnover rate | 114<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 78<br> %<br>|

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

<sup>3</sup> Net expense ratios reflect voluntary waivers, if any.

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

28 \| Allspring Small Company Value Portfolio

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles ("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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

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

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

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.

Security transactions and income recognition

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

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

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

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Portfolio based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Federal and other taxes

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

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

Allspring Small Company Value Portfolio \| 29

------

Notes to financial statements

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $510,546,550 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $116045903 |
| Gross unrealized losses | &nbsp;&nbsp; (26941845)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$89104058** |

---

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $8284737 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $8284737 |
| *Consumer discretionary* | &nbsp;&nbsp; 72496260 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 72496260 |
| *Consumer staples* | &nbsp;&nbsp; 19101465 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19101465 |
| *Energy* | &nbsp;&nbsp; 30555162 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30555162 |
| *Financials* | &nbsp;&nbsp; 168219010 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 168219010 |
| *Health care* | &nbsp;&nbsp; 41116605 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 41116605 |
| *Industrials* | &nbsp;&nbsp; 115021014 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 115021014 |
| *Information technology* | &nbsp;&nbsp; 46828664 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 46828664 |
| *Materials* | &nbsp;&nbsp; 31637929 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 31637929 |
| *Real estate* | &nbsp;&nbsp; 38367188 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 38367188 |
| *Utilities* | &nbsp;&nbsp; 21093009 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 21093009 |
| **Investment companies** | &nbsp;&nbsp; 658840 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 658840 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 6270725 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6270725 |
| **Total assets** | &nbsp;&nbsp; **$599650608** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$599650608** |

---

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

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the

30 \| Allspring Small Company Value Portfolio

------

Notes to financial statements

Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Advisory fee |
| First $500 million | 0.800<br> %<br>|
| Next $500 million | 0.775 |
| Next $1 billion | 0.750 |
| Next $1 billion | 0.725 |
| Next $1 billion | 0.700 |
| Over $4 billion | 0.680 |

---

For the year ended April 30, 2025, the advisory fee was equivalent to an annual rate of 0.79% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

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

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the year ended April 30, 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 April 30, 2025 were $801,083,808 and $897,109,628, respectively.

6. BANK BORROWINGS

The Portfolio, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio interest holder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended April 30, 2025, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISKS

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

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

The Portfolio has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Portfolio acts as the Portfolio's CODM. For the periods presented, the Portfolio operated as a single operating segment.

Allspring Small Company Value Portfolio \| 31

------

Notes to financial statements

The CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Portfolio's prospectus which is executed by the Portfolio'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 Portfolio's single segment. This information is consistent with that presented within the Portfolio'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.

32 \| Allspring Small Company Value Portfolio

------

Report of independent registered public accounting firm

To the Interest Holders of the Portfolio and Board of Trustees

Allspring Master Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Small Company Value Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of April 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from June 1, 2023 to April 30, 2024 and the year ended May 31, 2023, and the financial highlights for the year then ended, the period from June 1, 2023 to April 30, 2024 and each of the years in the four-year period ended May 31, 2023, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Portfolio'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 Portfolio 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 April 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g46179imgcf3a78bc2.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

June 26, 2025

Allspring Small Company Value Portfolio \| 33

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended April 30, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $41,345,048 was designated as a 20% rate gain distribution for the fiscal year ended

April 30, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $8,496,273 of income dividends paid during the fiscal year ended April 30, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended April 30, 2025, $211,204 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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 and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com.** 

34 \| Allspring Small Company Value Fund

------

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

Allspring Small Company Value Fund \| 35

------

*This page is intentionally left blank.*

------

![](g46179img4ecdccfd1.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

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

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

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

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

![](g46179img5462c3533.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* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR1815 04-25**

------

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

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

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

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

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

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

------

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

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

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

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

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

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

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

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

(a)(1) [Code of Ethics.](d46179dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d46179dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d46179dex99906cert.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.

------

#### 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 Master Trust | Allspring Master Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: June 26, 2025 | Date: June 26, 2025 |

---

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

---

| | |
|:---|:---|
| Allspring Master Trust | Allspring Master Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: June 26, 2025 | Date: June 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: June 26, 2025 | Date: June 26, 2025 |

---

## 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

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.

------

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](g46179g0701021954268.jpg)

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

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Core Bond Portfolio, Allspring Disciplined International Developed Markets Portfolio, Allspring Disciplined Large Cap Portfolio, Allspring Large Cap Value Portfolio, Allspring Macro Strategies Portfolio, Allspring Real Return Portfolio, Allspring Small Company Growth Portfolio and Allspring Small Company Value Portfolio;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal 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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: June 26, 2025 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Master Trust |

---

------

![LOGO](g46179g0701021954268.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Core Bond Portfolio, Allspring Disciplined International Developed Markets Portfolio, Allspring Disciplined Large Cap Portfolio, Allspring Large Cap Value Portfolio, Allspring Macro Strategies Portfolio, Allspring Real Return Portfolio, Allspring Small Company Growth Portfolio and Allspring Small Company Value Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: June 26, 2025 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Master Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g46179g0701021954268.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Master Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: June 26, 2025

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| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Master Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

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![LOGO](g46179g0701021954268.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Master Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: June 26, 2025

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| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Master Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.