N-CSR

Expiration

date

Warrants: 0.00%

Energy: 0.00%

Energy equipment & services: 0.00%

Parker Drilling Co.†

Total warrants (Cost $0)

Registrant is making a filing for 15 of its series: Allspring Asset Allocation Fund, Allspring C&B Large Cap Value Fund, Allspring Core Bond Fund, Allspring Emerging Growth Fund, Allspring Growth Balanced Fund, Allspring Index Fund, Allspring Moderate Balanced Fund, Allspring Real Return Fund, Allspring Small Company Growth Fund, Allspring Small Company Value Fund, Allspring Spectrum Aggressive Growth Fund, Allspring Spectrum Conservative Growth Fund, Allspring Spectrum Growth Fund, Allspring Spectrum Income Allocation Fund, and Allspring Spectrum Moderate Growth Fund

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Allspring Asset Allocation Fund for the 12-month period that ended May 31, 2023. Globally, stocks and bonds experienced heightened volatility and poor performance through the challenging period. The market was focused on persistently high inflation as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war. Markets received a boost in December with the removal of China’s strict COVID-19 lockdowns. In March 2023, a new wave of market anxiety resulted from several bank failures and unease over the possibility of more rate hikes. However, investors regained confidence and markets finished the period in relative calm.

For the 12-month period, stocks and bonds—both domestic U.S. and global—had mixed results. For the period, U.S. stocks, based on the S&P 500 Index,1 gained 2.92%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),2 lost 1.41%, while the MSCI EM Index (Net) (USD)3 had weaker performance, with a return of -8.49%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index4 returned -2.14%, the Bloomberg Global Aggregate ex-USD Index (unhedged)5 fell 6.49%, the Bloomberg Municipal Bond Index6 gained 0.49%, and the ICE BofA U.S. High Yield Index7 returned -0.09%.

High inflation and central bank rate hikes rocked markets.

In June 2022, stocks posted losses after a turbulent few months following Russia’s invasion of Ukraine, resulting in their worst first half of a year in 50 years. Bonds didn’t fare much better. Driving the losses were rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation. The Federal Reserve (Fed) raised its short-term rate by 0.75% in June. Meanwhile, the U.S. unemployment rate remained historically low at 3.6% and the housing market remained only marginally affected by sharply higher mortgage rates.

Markets rebounded in July, led by U.S. stocks. While U.S. economic activity showed signs of waning, the country’s labor market remained strong: July nonfarm payrolls grew by more than 500,000 and U.S. unemployment dipped to 3.5%. Meanwhile, crude oil and retail gasoline prices—major contributors to recent overall inflation—fell substantially from earlier highs. And while U.S. home prices rose, sales fell as houses became less affordable with mortgage rates at a 13-year high. The Fed raised the federal funds rate another 0.75% in July—to a range of 2.25% to 2.50%—and forecasts pointed to further rate hikes.

“ In June 2022, stocks posted losses after a turbulent few months following Russia’s invasion of Ukraine, resulting in their worst first half of a year in 50 years. Bonds didn’t fare much better. Driving the losses were rising global inflation and fears of recession as central banks increased rates to try to curb soaring inflation. ”

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

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

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

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

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

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

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

2 | Allspring Asset Allocation Fund

Letter to shareholders (unaudited)

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

In September, all asset classes suffered further major losses. Central banks kept up their battle against rapidly rising prices with more rate hikes. The strength of the U.S. dollar weighed on results for investors holding non-U.S.-dollar assets. U.S. mortgage rates jumped to near 7% on 30-year fixed-rate mortgages; the decreased housing affordability began to cool demand somewhat. The U.K. experienced a sharp sell-off of government bonds and the British pound in September as investors panicked in response to a new government budget that was seen as financially unsound. The Bank of England (BoE) then stepped in and bought long-dated government bonds.

Equities had a reprieve in October. Globally, developed markets outpaced emerging market equities, which were hurt by weakness among Chinese stocks. Central banks continued to try to curtail high inflation with aggressive interest rate hikes. Geopolitical risks persisted, including the ongoing Russia-Ukraine war and economic, financial market, and political turmoil in the U.K. Concerns over Europe’s energy crisis eased thanks to unseasonably warm weather and plentiful gas on hand. The U.S. labor market continued its resilience against rising prices as unemployment remained near a record low.

Stocks and bonds rallied in November. Economic news was encouraging, driven by U.S. labor market strength. Although central banks kept increasing rates, hopes rose for an easing in the pace of rate hikes and a possible end to central bank monetary tightening in 2023. Although inflation remained at record highs in the eurozone, we began to see signs of a possible decline in inflationary pressures as U.S. inflation moderated, with a 7.1% annual price rise in November and a monthly price increase of just 0.1%. China’s economic data remained weak, reflecting its zero-COVID-19 policy.

Financial markets cooled in December, with U.S. equities declining overall in response to a weakening U.S. dollar. Fixed income securities ended one of their worst years ever, with generally flat monthly returns as markets weighed the hopes for an end to the monetary tightening cycle with the reality that central banks had not completed their jobs yet. U.S. Consumer Price Index (CPI)1 data showed a strong consistent trend downward, which brought down the 12-month CPI to 6.5% in December from 9.1% in June. Other countries and regions reported still-high but declining inflation rates as the year wound down.

The year 2023 began with a rally across global equities and fixed income securities. Investor optimism rose in response to data indicating declining inflation rates and the reopening of China’s economy with the abrupt end to its zero-COVID-19 policy. The U.S. reported surprisingly strong job gains—employers added more than 500,000 jobs—and unemployment fell to 3.4%, the lowest level since 1969. Meanwhile, wage growth, seen as a potential contributor to ongoing high inflation, continued to moderate. All eyes remained fixed on the Fed and on how many more rate hikes remain in this tightening cycle. The 0.25% federal funds rate hike announced in January was the Fed’s smallest rate increase since March 2022.

Markets declined in February as investors responded unfavorably to resilient economic data. The takeaway: Central banks will likely continue their monetary tightening cycle for longer than markets had priced in. In this environment—where strong economic data is seen as bad news—the resilient U.S. labor market was seen as a negative while the inflation rate had not been falling quickly enough for the Fed, which raised interest rates by 0.25% in early February. Meanwhile, the BoE and the European Central Bank (ECB) both raised rates by 0.50%.

The U.S. Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

Allspring Asset Allocation Fund | 3

Letter to shareholders (unaudited)

“ The collapse of Silicon Valley Bank in March, the second-largest banking failure in U.S. history, led to a classic bank run that spread to Europe where Switzerland’s Credit Suisse was taken over by its rival, UBS. ”

The collapse of Silicon Valley Bank in March, the second-largest banking failure in U.S. history, led to a classic bank run that spread to Europe where Switzerland’s Credit Suisse was taken over by its rival, UBS. The banking industry turmoil created an additional challenge for central banks in balancing inflationary concerns against potential economic weakening. Meanwhile, recent data pointed to economic strength in the U.S., Europe, and China. And China’s economy continued to rebound after the removal of its COVID-19 lockdown. Inflation rates in the U.S., the U.K., and Europe all remained higher than central bank targets, leading to additional rate hikes in March.

Economic data released in April pointed to global resilience, as Purchasing Managers Indexes1 in the U.S., U.K., and eurozone beat expectations, and China reported first-quarter annualized economic growth of 4.5%. Despite banking industry stress, developed market stocks had monthly gains. The U.S. labor market remained strong, with a 3.5% jobless rate and monthly payroll gains above 200,000. However, uncertainty and inflationary concerns weighed on investors in the U.S. and abroad.

May was marked by a divergence between expanding activity in services and an overall contraction in manufacturing activity in the U.S., U.K., and eurozone. Core inflation remained elevated in the U.S. and Europe, despite the ongoing efforts of the Fed and ECB, which included rate hikes of 0.25% by both in May. Stubborn inflation and the resilient U.S. labor market led to expectations of further interest rate hikes, overall monthly declines across bond indexes, and mixed results for stocks in May. Investor worries over a U.S. debt ceiling impasse were modest, and market confidence was buoyed by a deal in late May to avert a potential U.S. debt default.

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

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

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

The Purchasing Managers Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index.

4 | Allspring Asset Allocation Fund

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks long-term total return, consisting of capital appreciation and current income.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Kandarp R. Acharya, CFA, FRM, Petros N. Bocray, CFA, FRM, Travis L. Keshemberg, CFA, CIPM, FRM

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (EAAFX)	7-29-1996	-7.22	3.10	3.36	-1.54	4.32	3.97	1.18	1.12
Class C (EACFX)	10-3-2002	-3.34	3.66	3.42	-2.34	3.66	3.42	1.93	1.87
Class R (EAXFX)	10-10-2003	–	–	–	-1.81	4.13	3.76	1.44	1.38
Administrator Class (EAIFX)	10-3-2002	–	–	–	-0.39	4.87	4.35	1.11	0.95
Institutional Class (EAAIX)	11-30-2012	–	–	–	-1.21	4.67	4.36	0.86	0.80
Asset Allocation Blended Index3	–	–	–	–	0.20	5.51	6.03	–	–
Bloomberg U.S. Aggregate Bond Index4	–	–	–	–	-2.14	0.81	1.39	–	–
MSCI ACWI ex USA Index (Net)5	–	–	–	–	-1.41	2.22	3.83	–	–
Russell 3000® Index6	–	–	–	–	2.03	10.07	11.45	–	–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, allspringglobal.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.43% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and Class C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.12% for Class A, 1.87% for Class C, 1.38% for Class R, 0.95% for Administrator Class and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Source: Allspring Funds Management, LLC. The Asset Allocation Blended Index is composed 45% of the Russell 3000® Index, 35% of the Bloomberg U.S. Aggregate Bond Index and 20% of the MSCI ACWI ex USA Index (Net). Prior to June 16, 2018, it was comprised of 65% of the MSCI ACWI Index (Net) and 35% of the Bloomberg U.S. Aggregate Bond Index. You cannot invest directly in an index.
4	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
5	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
6	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Asset Allocation Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of May 31, 20231

The chart compares the performance of Class A shares for the most recent ten years with the Asset Allocation Blended Index, Bloomberg U.S. Aggregate Bond Index, MSCI

ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and

assumes the maximum initial sales charge of 5.75%.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to high-yield securities risk, mortgage-and asset-backed securities risk, geographic risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Allspring Asset Allocation Fund | 7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

•The Fund underperformed the Asset Allocation Fund Blended Index for the 12-month period that ended May 31, 2023.

•The Tactical Asset Allocation (TAA) overlay was the largest single detractor from relative performance over the period. Poor stock selection among several actively managed equity strategies also detracted.

•Strong relative performance within fixed income investments had the largest positive impact on performance.

Slow growth, rising rates lead to muted market returns.

The trailing 12-month period featured slowing economic growth, rising interest rates, persistently high inflation, and geopolitical uncertainty. The broad equity market posted a small gain despite volatile markets, while bonds posted negative returns over the period.

The 12-month period that ended May 31, 2023, saw a small gain in the broad U.S. equity markets, as illustrated by the Russell 3000® Index’s return of +2.03%. Broad foreign markets did worse, as reflected by the MSCI ACWI ex USA Index (Net)’s return of -1.41%. While these return numbers seem modest, they reflect a recovery from some severe double-digit declines. The broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index, posted a return of -2.14%.

Ten largest holdings (%) as of May 31, 20231
Allspring Managed Fixed Income Portfolio	22.38
Allspring Disciplined U.S. Core Fund Class R6	13.86
Allspring Large Company Value Portfolio	11.49
Allspring Diversified Large Cap Growth Portfolio	11.23
Allspring Disciplined International Developed Markets Portfolio	8.49
Allspring Core Bond Portfolio	6.27
iShares Core MSCI EAFE ETF	3.87
Allspring Real Return Portfolio	3.48
Allspring C&B Large Cap Value Portfolio	3.42
Allspring Factor Enhanced International Equity Portfolio	3.14

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Investment-grade exposure reduced; small high yield bond position added.

The allocations among the portfolio’s core holdings remained stable over the period. However, in February, we reduced exposure to investment-grade fixed income and established a small position in high yield bonds. In contrast, the Fund’s TAA overlay was active throughout the year. The overlay had a distinctly defensive posturing at the start of the period, which became less defensive as both stock and bond markets recovered in the second half of the period.

The TAA overlay detracted from relative performance along with poor stock selection.

The TAA overlay was the largest detractor from relative performance, reducing performance by about 50 basis points (bps; 100 bps equal 1.00%) over the entire period. Early on, the overlay was defensively postured.

However, even some of the classic defensive trades detracted from performance. Since the beginning of 2023, we have selectively added risk. Our base case suggests a globally synchronized slowdown in economic activity with inflation more persistent than many local central banks may want it to be. We continue to prefer relative-value trades as opposed to directional trades amid much uncertainty.

Poor stock selection, particularly within U.S. large-cap growth, detracted from performance. The recovery from the market lows since the end of 2022 has been led by a small group of very large growth stocks. Failing to hold the winners in weights equal to the index resulted in underperformance.

Strong relative performance from all fixed income mandates added to performance.

While the broad fixed income markets, as reflected by the Bloomberg U.S. Aggregate Bond Index posted a return of -2.14%, in total, our fixed income portfolio outperformed by about 40 bps. An overweight to credit within the investment-grade portfolio and exposure to growth-sensitive assets within the inflation-sensitive portfolio contributed.

Allocation (%) as of May 31, 2023
	Neutral allocation	Effective allocation1
Stock Funds	65	45
Bond Funds	35	38
International Equity Funds	0	20
Effective Cash	0	(3 )

1	Effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective allocations are subject to change and may have changed since the date specified.

Looking ahead, we are still somewhat guarded.

While U.S. lending standards are tightening and the impact of higher rates is just starting to be felt within the banking sector, the contagion from bank failures in the U.S. has been limited so far. The Federal Reserve (Fed) is likely to be more data dependent from this point forward and the pattern of consistently hiking every quarter should end. However, with real yields on the rise and the U.S. dollar stabilizing, the combination of further Fed balance sheet shrinkage and tighter fiscal policy affected by the debt limit negotiations should put downward pressure on growth. The household sector balance sheet remains healthy and supported by a strong labor market. Negative real wages and fading government support are likely to lead to lower spending going forward.

8 | Allspring Asset Allocation Fund

Fund expenses (unaudited)

Fund expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from December 1, 2022 to May 31, 2023.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during the period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1, 2	Annualized net expense ratio2
Class A
Actual	$1,000.00	$1,000.06	$5.19	1.04 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.75	$5.24	1.04 %
Class C
Actual	$1,000.00	$1,000.01	$8.93	1.79 %
Hypothetical (5% return before expenses)	$1,000.00	$1,016.01	$9.00	1.79 %
Class R
Actual	$1,000.00	$1,000.05	$6.43	1.29 %
Hypothetical (5% return before expenses)	$1,000.00	$1,018.50	$6.49	1.29 %
Administrator Class
Actual	$1,000.00	$1,000.07	$4.29	0.86 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.64	$4.33	0.86 %
Institutional Class
Actual	$1,000.00	$1,000.08	$3.54	0.71 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.39	$3.58	0.71 %

1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 365 (to reflect the one-half-year period).

2 Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests.

10 | Allspring Asset Allocation Fund

Portfolio of investments—May 31, 2023

Portfolio of investments

		Shares		Value
Investment companies: 99.14%
Affiliated master portfolios: 76.05%
Allspring C&B Large Cap Value Portfolio				$44,382,560
Allspring Core Bond Portfolio				81,323,807
Allspring Disciplined International Developed Markets Portfolio				110,037,004
Allspring Diversified Large Cap Growth Portfolio				145,527,744
Allspring Emerging Growth Portfolio				14,178,374
Allspring Factor Enhanced Emerging Markets Equity Portfolio				17,058,202
Allspring Factor Enhanced International Equity Portfolio				40,700,105
Allspring Large Company Value Portfolio				148,899,874
Allspring Managed Fixed Income Portfolio				290,030,242
Allspring Real Return Portfolio				45,059,059
Allspring Small Company Growth Portfolio				14,465,011
Allspring Small Company Value Portfolio				33,943,623
				985,605,605
Exchange-traded funds: 6.62%
iShares Core MSCI EAFE ETF			760,397	50,209,014
iShares iBoxx High Yield Corporate Bond ETF			480,729	35,626,826
				85,835,840
Stock funds: 16.47%
Allspring Disciplined U.S. Core Fund Class R6♠			9,565,794	179,645,604
Allspring Emerging Markets Equity Fund Class R6♠			710,851	16,968,005
Allspring Emerging Markets Equity Income Fund Class R6♠			1,670,152	16,835,136
				213,448,745
Total investment companies (Cost $1,242,655,262)				1,284,890,190
Total investments in securities (Cost $1,242,655,262)	99.14 %			1,284,890,190
Other assets and liabilities, net	0.86			11,209,438
Total net assets	100.00 %			$1,296,099,628

♠	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, beginning of period	Purchases	Sales proceeds	Net realized gains (losses) on affiliated Underlying Funds	Net change in unrealized gains (losses) on affiliated Underlying Funds	Value, end of period
Investment companies
Allspring Disciplined U.S. Core Fund Class R6	$211,238,729	$24,836,722	$(35,322,762 )	$(7,065,914 )	$(14,041,171 )	$179,645,604
Allspring Emerging Markets Equity Fund Class R6	19,242,347	1,718,321	(2,715,595 )	(285,994 )	(991,074 )	16,968,005
Allspring Emerging Markets Equity Income Fund Class R6	21,014,247	982,899	(2,681,684 )	(174,098 )	(2,306,228 )	16,835,136
				$(7,526,006 )	$(17,338,473 )	$213,448,745

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

Allspring Asset Allocation Fund | 11

Portfolio of investments—May 31, 2023

	Shares, end of period	Dividends from affiliated Underlying Funds	Net realized gains on capital gain distributions from affiliated Underlying Funds
Investment companies
Allspring Disciplined U.S. Core Fund Class R6	9,565,794	$2,588,623	$20,934,054
Allspring Emerging Markets Equity Fund Class R6	710,851	230,112	0
Allspring Emerging Markets Equity Income Fund Class R6	1,670,152	571,632	0
		$3,390,367	$20,934,054

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on investments allocated from affiliated Master Portfolios	Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios	Interest allocated from affiliated Master Portfolios	Dividends allocated from affiliated Master Portfolios	Affiliated Income Allocated from affiliated Master Portfolios	Value, end of period
Allspring C&B Large Cap Value Portfolio	16.61 %	17.53 %	$4,233,534	$(7,086,441 )	$1,125	$1,067,976	$31,098	$44,382,560
Allspring Core Bond Portfolio	1.96	1.74	(6,191,912 )	1,548,543	2,867,207	0	71,118	81,323,807
Allspring Disciplined International Developed Markets Portfolio	86.56	85.71	(3,195,187 )	2,888,699	2,325	3,713,986	75,097	110,037,004
Allspring Diversified Large Cap Growth Portfolio	84.39	83.71	8,551,480	(1,507,539 )	3,598	1,556,113	64,836	145,527,744
Allspring Emerging Growth Portfolio	3.85	4.37	898,357	(912,590 )	348	34,578	13,968	14,178,374
Allspring Factor Enhanced Emerging Markets Equity Portfolio	15.23	16.43	(2,228,382 )	172,106	430	687,737	21,682	17,058,202
Allspring Factor Enhanced International Equity Portfolio	9.49	9.71	(3,196,449 )	2,124,540	0	1,376,116	39,673	40,700,105
Allspring Large Company Value Portfolio	84.92	84.18	(8,754,890 )	(6,094,349 )	4,183	3,713,014	124,020	148,899,874
Allspring Managed Fixed Income Portfolio	81.56	81.08	(5,434,635 )	(10,507,909 )	11,151,001	0	116,721	290,030,242
Allspring Real Return Portfolio	22.84	21.28	360,620	(4,050,399 )	2,164,760	166,494	16,474	45,059,059
Allspring Small Company Growth Portfolio	2.03	2.02	533,479	(343,309 )	361	62,503	14,646	14,465,011
Allspring Small Company Value Portfolio	7.28	6.72	(256,414 )	(3,904,040 )	837	676,832	35,490	33,943,623
			$(14,680,399 )	$(27,672,688 )	$16,196,175	$13,055,349	$624,823	$985,605,605

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
10-Year Euro BUND Index	241	6-8-2023	$34,574,976	$35,047,154	$472,178	$0
TOPIX	218	6-8-2023	32,387,737	33,265,243	877,506	0
E-Mini NASDAQ 100 Index	177	6-16-2023	43,454,607	50,623,770	7,169,163	0
E-Mini Russell 1000 Growth Index	222	6-16-2023	27,590,138	28,876,650	1,286,512	0

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

12 | Allspring Asset Allocation Fund

Statement of operations—year ended May 31, 2023

Statement of operations

Investment income
Interest allocated from affiliated Master Portfolios	$16,196,175
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $792,352)	13,055,349
Dividends from affiliated Underlying Funds	3,390,367
Dividends from unaffiliated securities	2,831,731
Affiliated income allocated from affiliated Master Portfolios	624,823
Interest	178,042
Expenses allocated from affiliated Master Portfolios	(5,387,349 )
Waivers allocated from affiliated Master Portfolios	621,670
Total investment income	31,510,808
Expenses
Management fee	3,877,758
Administration fees
Class A	2,413,958
Class C	49,327
Class R	4,773
Administrator Class	19,707
Institutional Class	241,327
Shareholder servicing fees
Class A	2,869,585
Class C	58,443
Class R	5,548
Administrator Class	37,522
Distribution fees
Class C	174,713
Class R	5,414
Custody and accounting fees	38,379
Professional fees	21,301
Registration fees	74,577
Shareholder report expenses	76,106
Trustees’ fees and expenses	21,213
Other fees and expenses	21,600
Total expenses	10,011,251
Less: Fee waivers and/or expense reimbursements
Fund-level	(688,020 )
Class A	(192,135 )
Class C	(2,001 )
Administrator Class	(17,337 )
Institutional Class	(30,853 )
Net expenses	9,080,905
Net investment income	22,429,903

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

16 | Allspring Asset Allocation Fund

Statement of changes in net assets

	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$22,429,903		$21,071,267
Net realized gains (losses) on investments		(20,005,630 )		83,811,245
Net change in unrealized gains (losses) on investments		(31,925,204 )		(226,564,977 )
Net decrease in net assets resulting from operations		(29,500,931 )		(121,682,465 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(59,268,484 )		(202,891,728 )
Class C		(417,954 )		(5,423,558 )
Class R		(104,644 )		(467,417 )
Administrator Class		(824,492 )		(3,106,447 )
Institutional Class		(9,997,099 )		(36,625,295 )
Tax basis return of capital
Class A		(10,824,660 )		0
Class C		(221,191 )		0
Class R		(21,404 )		0
Administrator Class		(142,749 )		0
Institutional Class		(1,748,098 )		0
Total distributions to shareholders		(83,570,775 )		(248,514,445 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	1,813,537	23,018,937	2,611,398	40,863,057
Class C	124,931	1,564,255	182,136	2,833,723
Class R	22,912	291,574	12,849	202,101
Administrator Class	26,450	347,283	52,285	846,945
Institutional Class	1,188,690	15,093,300	1,834,135	29,224,220
		40,315,349		73,970,046
Reinvestment of distributions
Class A	5,117,002	63,358,699	12,001,744	182,452,406
Class C	49,303	621,218	357,553	5,298,942
Class R	9,646	119,256	29,730	449,906
Administrator Class	68,903	881,772	183,747	2,863,149
Institutional Class	736,589	9,131,361	1,858,632	28,382,924
		74,112,306		219,447,327

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

18 | Allspring Asset Allocation Fund

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31				Year ended April 30
Class A	2023	2022	2021	20201	2020	2019
Net asset value, beginning of period	$13.56	$16.90	$13.57	$13.12	$13.49	$14.33
Net investment income	0.20 2	0.18 2	0.18 2	0.02	0.21 2	0.15 2
Payment from affiliate	0.00	0.00	0.00 3	0.00	0.00	0.00
Net realized and unrealized gains (losses) on investments	(0.43 )	(1.20 )	3.75	0.43	(0.36 )	0.04
Total from investment operations	(0.23 )	(1.02 )	3.93	0.45	(0.15 )	0.19
Distributions to shareholders from
Net investment income	(0.30 )	(0.18 )	(0.41 )	0.00	(0.06 )	(0.06 )
Net realized gains	(0.37 )	(2.14 )	(0.19 )	0.00	(0.16 )	(0.97 )
Tax basis return of capital	(0.12 )	0.00	0.00	0.00	0.00	0.00
Total distributions to shareholders	(0.79 )	(2.32 )	(0.60 )	0.00	(0.22 )	(1.03 )
Net asset value, end of period	$12.54	$13.56	$16.90	$13.57	$13.12	$13.49
Total return4	(1.54 )%	(7.42 )%	29.45 %5	3.43 %	(1.26 )%	1.96 %
Ratios to average net assets (annualized)
Gross expenses	1.11 %*	1.09 %*	1.14 %*	1.21 %*	1.22 %*	1.18 %*,6
Net expenses	1.04 %*	1.04 %*	1.04 %*	1.05 %*	1.05 %*	1.04 %*,6
Net investment income	1.60 %*	1.15 %*	1.19 %*	1.22 %*	1.54 %*	1.08 %*,6
Supplemental data
Portfolio turnover rate7	106 %	111 %	137 %	13 %	109 %	189 %
Net assets, end of period (000s omitted)	$1,095,066	$1,272,420	$1,542,707	$1,287,856	$1,253,699	$1,472,484

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.35%
Year ended May 31, 2022	0.34%
Year ended May 31, 2021	0.38%
Year ended May 31, 20201	0.45%
Year ended April 30, 2020	0.45%
Year ended April 30, 2019	0.40%

1	For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.
2	Calculated based upon average shares outstanding
3	Amount is less than $0.005.
4	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5	For year ended May 31, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return.
6	Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses.
7	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

20 | Allspring Asset Allocation Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31				Year ended April 30
Class C	2023	2022	2021	20201	2020	2019
Net asset value, beginning of period	$13.34	$16.60	$13.01	$12.58	$12.99	$13.87
Net investment income	0.11 2	0.06 2	0.06 2	0.01 2	0.11 2	0.03 2
Payment from affiliate	0.00	0.00	0.17	0.00	0.00	0.00
Net realized and unrealized gains (losses) on investments	(0.42 )	(1.18 )	3.54	0.42	(0.36 )	0.06
Total from investment operations	(0.31 )	(1.12 )	3.77	0.43	(0.25 )	0.09
Distributions to shareholders from
Net realized gains	(0.25 )	(2.14 )	(0.18 )	0.00	(0.16 )	(0.97 )
Tax basis return of capital	(0.12 )	0.00	0.00	0.00	0.00	0.00
Total distributions to shareholders	(0.37 )	(2.14 )	(0.18 )	0.00	(0.16 )	(0.97 )
Net asset value, end of period	$12.66	$13.34	$16.60	$13.01	$12.58	$12.99
Total return3	(2.34 )%	(8.08 )%	29.19 %4	3.42 %	(2.02 )%	1.21 %
Ratios to average net assets (annualized)
Gross expenses	1.85 %*	1.83 %*	1.89 %*	1.96 %*	1.97 %*	1.92 %*,5
Net expenses	1.79 %*	1.78 %*	1.79 %*	1.79 %*	1.80 %*	1.78 %*,5
Net investment income	0.83 %*	0.38 %*	0.43 %*	0.47 %*	0.82 %*	0.23 %*,5
Supplemental data
Portfolio turnover rate6	106 %	111 %	137 %	13 %	109 %	189 %
Net assets, end of period (000s omitted)	$18,774	$31,038	$52,586	$118,081	$120,029	$237,096

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.35%
Year ended May 31, 2022	0.34%
Year ended May 31, 2021	0.39%
Year ended May 31, 20201	0.44%
Year ended April 30, 2020	0.45%
Year ended April 30, 2019	0.38%

1	For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.
2	Calculated based upon average shares outstanding
3	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4	For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 1.29% impact on the total return.
5	Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses.
6	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

Allspring Asset Allocation Fund | 21

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31				Year ended April 30
Class R	2023	2022	2021	20201	2020	2019
Net asset value, beginning of period	$13.52	$16.86	$13.47	$13.02	$13.37	$14.20
Net investment income	0.17 2	0.14 2	0.14 2	0.01 2	0.18 2	0.11 2
Payment from affiliate	0.00	0.00	0.07	0.00	0.00	0.00
Net realized and unrealized gains (losses) on investments	(0.44 )	(1.19 )	3.71	0.44	(0.37 )	0.05
Total from investment operations	(0.27 )	(1.05 )	3.92	0.45	0.19	0.16
Distributions to shareholders from
Net investment income	(0.25 )	(0.15 )	(0.34 )	0.00	0.00	(0.02 )
Net realized gains	(0.37 )	(2.14 )	(0.19 )	0.00	(0.16 )	(0.97 )
Tax basis return of capital	(0.12 )	0.00	0.00	0.00	0.00	0.00
Total distributions to shareholders	(0.74 )	(2.29 )	(0.53 )	0.00	(0.16 )	(0.99 )
Net asset value, end of period	$12.51	$13.52	$16.86	$13.47	$13.02	$13.37
Total return3	(1.81 )%	(7.57 )%	29.44 %4	3.46 %	(1.51 )%	1.73 %
Ratios to average net assets (annualized)
Gross expenses	1.34 %*	1.33 %*	1.37 %*	1.44 %*	1.47 %*	1.42 %*,5
Net expenses	1.29 %*	1.28 %*	1.28 %*	1.27 %*	1.30 %*	1.29 %*,5
Net investment income	1.36 %*	0.91 %*	0.95 %*	0.99 %*	1.32 %*	0.77 %*,5
Supplemental data
Portfolio turnover rate6	106 %	111 %	137 %	13 %	109 %	189 %
Net assets, end of period (000s omitted)	$2,223	$2,863	$3,407	$4,318	$4,106	$7,619

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.35%
Year ended May 31, 2022	0.34%
Year ended May 31, 2021	0.38%
Year ended May 31, 20201	0.45%
Year ended April 30, 2020	0.45%
Year ended April 30, 2019	0.39%

1	For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 0.51% impact on the total return.
5	Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses.
6	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

22 | Allspring Asset Allocation Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31				Year ended April 30
Administrator Class	2023	2022	2021	20201	2020	2019
Net asset value, beginning of period	$13.89	$17.25	$13.75	$13.29	$13.66	$14.49
Net investment income	0.23 2	0.21 2	0.21 2	0.02 2	0.24 2	0.16 2
Payment from affiliate	0.00	0.00	0.12	0.00	0.00	0.00
Net realized and unrealized gains (losses) on investments	(0.31 )	(1.22 )	3.81	0.44	(0.37 )	0.06
Total from investment operations	(0.08 )	(1.01 )	4.14	0.46	(0.13 )	0.22
Distributions to shareholders from
Net investment income	(0.33 )	(0.21 )	(0.45 )	0.00	(0.08 )	(0.08 )
Net realized gains	(0.39 )	(2.14 )	(0.19 )	0.00	(0.16 )	(0.97 )
Tax basis return of capital	(0.12 )	0.00	0.00	0.00	0.00	0.00
Total distributions to shareholders	(0.84 )	(2.35 )	(0.64 )	0.00	(0.24 )	(1.05 )
Net asset value, end of period	$12.97	$13.89	$17.25	$13.75	$13.29	$13.66
Total return3	(0.39 )%4	(7.21 )%	30.62 %5	3.46 %	(1.08 )%	2.18 %
Ratios to average net assets (annualized)
Gross expenses	1.02 %*	1.01 %*	1.06 %*	1.13 %*	1.14 %*	1.08 %*,6
Net expenses	0.86 %*	0.86 %*	0.87 %*	0.86 %*	0.86 %*	0.86 %*,6
Net investment income	1.78 %*	1.32 %*	1.36 %*	1.40 %*	1.74 %*	1.17 %*,6
Supplemental data
Portfolio turnover rate7	106 %	111 %	137 %	13 %	109 %	189 %
Net assets, end of period (000s omitted)	$12,949	$18,332	$25,026	$21,628	$21,316	$31,610

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.35%
Year ended May 31, 2022	0.34%
Year ended May 31, 2021	0.38%
Year ended May 31, 20201	0.45%
Year ended April 30, 2020	0.44%
Year ended April 30, 2019	0.38%

1	For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	During the year ended May 31, 2023, the Fund received payments from a service provider which had a 1.28% impact on the total return.
5	For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 0.90% impact on the total return.
6	Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses.
7	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

Allspring Asset Allocation Fund | 23

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31				Year ended April 30
Institutional Class	2023	2022	2021	20201	2020	2019
Net asset value, beginning of period	$13.60	$16.94	$13.61	$13.14	$13.52	$14.36
Net investment income	0.25 2	0.24 2	0.24	0.02 2	0.26 2	0.19 2
Net realized and unrealized gains (losses) on investments	(0.44 )	(1.20 )	3.74	0.45	(0.38 )	0.05
Total from investment operations	(0.19 )	(0.96 )	3.98	0.47	(0.12 )	0.24
Distributions to shareholders from
Net investment income	(0.35 )	(0.24 )	(0.46 )	0.00	(0.10 )	(0.11 )
Net realized gains	(0.37 )	(2.14 )	(0.19 )	0.00	(0.16 )	0.97
Tax basis return of capital	(0.12 )	0.00	0.00	0.00	0.00	0.00
Total distributions to shareholders	(0.84 )	(2.38 )	(0.65 )	0.00	(0.26 )	(1.08 )
Net asset value, end of period	$12.57	$13.60	$16.94	$13.61	$13.14	$13.52
Total return3	(1.21 )%	(7.10 )%	29.76 %	3.58 %	(1.01 )%	2.39 %
Ratios to average net assets (annualized)
Gross expenses	0.78 %*	0.76 %*	0.81 %*	0.88 %*	0.89 %*	0.84 %*,4
Net expenses	0.71 %*	0.71 %*	0.71 %*	0.72 %*	0.72 %*	0.69 %*,4
Net investment income	1.92 %*	1.48 %*	1.52 %*	1.55 %*	1.88 %*	1.34 %*,4
Supplemental data
Portfolio turnover rate5	106 %	111 %	137 %	13 %	109 %	189 %
Net assets, end of period (000s omitted)	$167,088	$218,479	$266,822	$231,652	$227,529	$311,958

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.35%
Year ended May 31, 2022	0.34%
Year ended May 31, 2021	0.38%
Year ended May 31, 20201	0.45%
Year ended April 30, 2020	0.45%
Year ended April 30, 2019	0.38%

1	For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses.
5	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

24 | Allspring Asset Allocation Fund

Notes to financial statements

ORGANIZATION

The Fund is a fund-of-funds that invests in various affiliated mutual funds (“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.

SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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 underlying mutual funds (other than those listed on a foreign or domestic exchange or market) are valued at net asset per share as reported by the Underlying Funds as of the close of the regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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

Futures contracts

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

Allspring Asset Allocation Fund | 25

Notes to financial statements

the Statement of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Investment transactions, income and expenses

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.

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 to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

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

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

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $1,264,526,977 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$49,940,846
Gross unrealized losses	(23,097,446 )
Net unrealized gains	$26,843,400

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At May 31, 2023, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statements of Assets and Liabilities:

Paid-in capital	Total distributable loss
$(7,538 )	$7,538

As of May 31, 2023, the Fund had capital loss carryforwards which consist of $29,344,768 in short-term capital losses.

Class allocations

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

26 | Allspring Asset Allocation Fund

Notes to financial statements

FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2023:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Investment companies	$299,284,585	$0	$0	$299,284,585
Investments measured at net asset value*				985,605,605
	299,284,585	0	0	1,284,890,190
Futures contracts	11,983,439	0	0	11,983,439
Total assets	$311,268,024	$0	$0	$1,296,873,629

Liabilities
Futures contracts	$5,503,252	$0	$0	$5,503,252
Total liabilities	$5,503,252	$0	$0	$5,503,252

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 $985,605,605. Each affiliated Master Portfolio does not have a redemption

period notice, can be redeemed daily and does not have any unfunded commitments.

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.

For the year ended May 31, 2023, 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 C&B Large Cap Value Portfolio	Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal
Allspring Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation
Allspring Disciplined International Developed Markets Portfolio	Seeks long-term capital appreciation
Allspring Diversified Large Cap Growth Portfolio	Seeks long-term capital appreciation
Allspring Emerging Growth Portfolio	Seeks long-term capital appreciation
Allspring Factor Enhanced Emerging Markets Equity Portfolio	Seeks long-term capital appreciation
Allspring Factor Enhanced International Equity Portfolio	Seeks long-term capital appreciation
Allspring Large Company Value Portfolio	Seeks long-term capital appreciation
Allspring Managed Fixed Income Portfolio	Seeks consistent fixed-income returns
Allspring Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term
Allspring Small Company Growth Portfolio	Seeks long-term capital appreciation
Allspring Small Company Value Portfolio	Seeks long-term capital appreciation

Allspring Asset Allocation Fund | 27

Notes to financial statements

TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $500 million	0.300 %
Next $500 million	0.280
Next $2 billion	0.260
Next $2 billion	0.240
Next $5 billion	0.230
Over $10 billion	0.220

For the year ended May 31, 2023, the advisory fee was equivalent to an annual rate of 0.28% of the Fund’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC (“Allspring Investments”), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.10% and declining to 0.05% as the average daily net assets of the Fund increase.

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

Administration fees

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

	Class-level administration fee
Class A	0.21 %
Class C	0.21
Class R	0.21
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 reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolios are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date,

28 | Allspring Asset Allocation Fund

Notes to financial statements

the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of May 31, 2023, the contractual expense caps are as follows:

	EXPENSE RATIO CAPS
Class A	1.13 %
Class C	1.88
Class R	1.38
Administrator Class	0.95
Institutional Class	0.80

Distribution fees

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended May 31, 2023, Allspring Funds Distributor received $12,443 from the sale of Class A shares and $3 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 May 31, 2023.

Shareholder servicing fees

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

INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing in various 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 at the end of the period by the corresponding affiliated Master Portfolio’s purchases and sales. Purchase and sales in affiliated 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 May 31, 2023 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$257,512,113	$1,170,878,198	$261,898,706	$1,300,949,694

DERIVATIVE TRANSACTIONS

During the year ended May 31, 2023, the Fund entered into futures contracts for hedging purposes. The Fund had an average notional amount of $253,435,396 in long futures contracts and $204,261,057 in short futures contracts during the year ended May 31, 2023.

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 May 31, 2023 by primary risk type on the Statement of Assets and Liabilities was as follows for the Fund:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Asset derivatives
Futures contracts	$635,393 *	$11,348,046 *	$0 *	$11,983,439
Liability derivatives
Futures contracts	$478,977 *	$2,955,296 *	$2,068,979 *	$5,503,252

*	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 May 31, 2023 is reported separately on the Statement of Assets and Liabilities.

Allspring Asset Allocation Fund | 29

Notes to financial statements

The effect of derivative instruments on the Statement of Operations for the year ended May 31, 2023 was as follows:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Net realized gains (losses) on derivatives
Futures contracts	$(145,110 )	$(3,851,601 )	$(5,926,776 )	$(9,923,487 )
Net change in unrealized gains (losses) on derivatives
Futures contracts	$108,058	$8,630,221	$(2,455,812 )	$6,282,467

BANK BORROWINGS

The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on 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 May 31, 2023, there were no borrowings by the Fund under the agreement.

DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended May 31, 2023 and May 31, 2022 were as follows:

	Year ended May 31
	2023	2022
Ordinary income	$31,441,236	$145,194,955
Long-term capital gain	39,171,437	103,319,490
Tax basis return of capital	12,958,102	0

As of May 31, 2023, the components of distributable earnings on a tax basis were as follows:

Unrealized gains	Capital loss carryforward
$26,843,400	$(29,344,768 )

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.

30 | Allspring Asset Allocation 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 Asset Allocation Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of May 31, 2023, 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 three-year period then ended May 31, 2023, the period from May 1, 2020 to May 31, 2020, and for each of the years in the two-year period ended April 30, 2020. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2023, 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 three-year period then ended May 31, 2023, the period from May 1, 2020 to May 31, 2020, and for each of the years in the two-year period ended April 30, 2020, 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 May 31, 2023, by correspondence with the custodian, transfer agents 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 financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

July 27, 2023

Allspring Asset Allocation Fund | 31

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 32% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended May 31, 2023.

Pursuant to Section 852 of the Internal Revenue Code, $39,171,437 was designated as a 20% rate gain distribution for the fiscal year ended May 31, 2023.

Pursuant to Section 854 of the Internal Revenue Code, $18,854,311 of income dividends paid during the fiscal year ended May 31, 2023 has been designated as qualified dividend income (QDI).

For the fiscal year ended May 31, 2023, $13,097,035 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 May 31, 2023, 9% 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 without charge, upon request, by calling 1-800-222-8222, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

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

32 | Allspring Asset Allocation Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 128 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A

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

Allspring Asset Allocation Fund | 33

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

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

34 | Allspring Asset Allocation Fund

Other information (unaudited)

Officers1

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

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

Allspring Asset Allocation Fund | 35

Other information (unaudited)

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 15-17, 2023 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Asset Allocation Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2023, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

The Board noted that it initially approved the Advisory Agreements at a Board meeting held in May 2021, each for a two-year term, in advance of the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. (the “Transaction”). The Trustees also noted that, while they did not specifically consider the continuation of the Advisory Agreements in 2022 as a result of the two-year term that was approved in 2021, the Trustees received and considered certain information at a Board meeting held in April 2022 that was applicable to the Advisory Agreements, including an overview and financial review of the Allspring Global Investments business, information regarding certain ancillary agreements that were approved by the Board at the April 2022 Board meeting, and comparative data regarding Fund fees and expenses.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2023. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, Extent, and Quality of Services

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business. The Board also considered information about retention arrangements with respect to key personnel of Allspring Global Investments that were put in place in connection with the Transaction. The Board took into account information about the services that continue to be provided by Wells Fargo & Co. and/or its affiliates (“Wells Fargo”) since the Transaction under a transition services agreement and the anticipated timeline for exiting the transition services agreement. In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

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

36 | Allspring Asset Allocation Fund

Other information (unaudited)

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

Fund Investment Performance and Expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2022. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one- and three-year periods under review and lower than the average investment performance of the Universe for the five- and ten-year periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Asset Allocation Blended Index, for the one- and three-year periods under review, in range of the investment performance of its benchmark index for the five-year period under review and lower than the investment performance of its benchmark index for the ten-year period under review. The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for the Administrator Class, in range of the median net operating expense ratios of the expense Groups for the Institutional Class and higher than the median net operating expense ratios of the expense Groups for the Class R shares and the Class A shares. The Board noted that Allspring Funds Management had agreed to reduce the net operating expense caps for the Fund’s Class A shares.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment Management and Sub-Advisory Fee Rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for all share classes, except that the Management Rates of the Fund were higher than the sum of these average rates for the Fund’s expense Groups for the Class A shares.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Allspring Asset Allocation Fund | 37

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

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

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and differences in how Allspring Global Investments calculates its pre-tax profit metric versus the methodology used when Allspring Funds Management was part of Wells Fargo. It was noted that the impact of such differences had only minor impact on the financial results presented. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of Scale

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other Benefits to Allspring Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser and fees earned in the past by Allspring Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund complex’s securities lending collateral.

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

Conclusion

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

38 | Allspring Asset Allocation Fund

Other information (unaudited)

Liquidity risk management program

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Allspring Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series (other than the series that operate as money market funds), including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Allspring Funds Management, LLC (“Allspring Funds Management”), the Fund’s investment manager, to administer the Program, and Allspring Funds Management has established a Liquidity Risk Management Council (the “Council”) composed of personnel from multiple departments within Allspring Funds Management and its affiliates to assist Allspring Funds Management in the administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 16-17, 2023, the Board received and reviewed a written report (the “Report”) from Allspring Funds Management that, among other things, addressed the operation of the Program and assessed its adequacy and effectiveness for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted significant liquidity events impacting the Funds related to extended foreign market holidays as well as the difficulty of trading and settlement of most Russia-related securities due to sanctions activity. The Report noted that there were no material changes to the Program during the Reporting Period.

Allspring Funds Management determined in the Report that the Program has been implemented and operates effectively to manage the Fund’s, including the Fund’s, liquidity risk, and Allspring Funds Management continues to believe that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

Allspring Asset Allocation Fund | 39

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

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 InvestmentsTM 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.

ALL-06072023-fn6cvcmd 07-23
AR4312 05-23

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Allspring C&B Large Cap Value Fund
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Report of independent registered public accounting firm	24
Allspring C&B Large Cap Value Portfolio
Portfolio of investments	25
Financial statements
Statement of assets and liabilities	29
Statement of operations	30
Statement of changes in net assets	31
Financial highlights	32
Notes to financial statements	33
Report of independent registered public accounting firm	36
Other information	37

The views expressed and any forward-looking statements are as of May 31, 2023, unless otherwise noted, and are those of the Fund’s portfolio managers and/or Allspring Global Investments. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Allspring Global Investments disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

Allspring C&B Large Cap Value Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Allspring C&B Large Cap Value Fund for the 12-month period that ended May 31, 2023. Globally, stocks and bonds experienced heightened volatility and poor performance through the challenging period. The market was focused on persistently high inflation as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war. Markets received a boost in December with the removal of China’s strict COVID-19 lockdowns. In March 2023, a new wave of market anxiety resulted from several bank failures and unease over the possibility of more rate hikes. However, investors regained confidence and markets finished the period in relative calm.

High inflation and central bank rate hikes rocked markets.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring C&B Large Cap Value Fund

Letter to shareholders (unaudited)

Allspring C&B Large Cap Value Fund | 3

Letter to shareholders (unaudited)

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

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

The Purchasing Managers Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index.

4 | Allspring C&B Large Cap Value Fund

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal.
Manager	Allspring Funds Management, LLC
Subadviser for the affiliated master portfolio*	Cooke & Bieler, L.P.
Portfolio managers	Andrew B. Armstrong, CFA, Wesley Lim, CFA, Steve Lyons, CFA, Michael M. Meyer, CFA, Edward W. O’ Connor, CFA, R.James O’Neil, CFA, Mehul Trivedi, CFA, William Weber, CFA

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (CBEAX)	7-26-2004	-9.67	6.43	8.27	-4.19	7.70	8.92	1.18	1.07
Class C (CBECX)	7-26-2004	-5.85	6.89	8.27	-4.85	6.89	8.27	1.93	1.82
Class R6 (CBEJX)3	10-31-2016	–	–	–	-3.75	8.16	9.34	0.76	0.65
Administrator Class (CBLLX)	7-26-2004	–	–	–	-4.18	7.77	9.04	1.11	1.00
Institutional Class (CBLSX)	7-26-2004	–	–	–	-3.92	8.03	9.30	0.86	0.75
Russell 1000® Value Index4	–	–	–	–	-4.55	6.78	8.42	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and Class C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.07% for Class A, 1.82% for Class C, 0.65% for Class R6, 1.00% for Administrator Class and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
4	The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a

substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the

investment activities of the affiliated master portfolio in which it invests.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring C&B Large Cap Value Fund

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

•The Fund (Class A, excluding sales charges) outperformed its benchmark, the Russell 1000 Value Index, for the 12-month period that ended May 31, 2023.

•Stock selection in financials and health care, as well as an overweight to communication services, added to relative performance.

•Stock selection in consumer discretionary and communication services, as well as an overweight position in financials, detracted from relative performance.

Portfolio overview and updates

The 12-month period that ended May 31, 2023, was another volatile one, with chaotic macroeconomic challenges, such as ever-present recession worries, significant Federal Reserve (Fed) rate hikes, continued inflation concerns, and a banking crisis, leading the Russell 1000 Value Index lower over the period. At the start of 2023, investors indulged the bullish peak inflation and soft-landing narratives that emerged in late 2022, fueling a broad initial rally. Higher-than-expected inflation reports in February, though, spurred a retreat when hawkish Fed commentary pushed interest rates higher. By March, that retreat further deteriorated into a deeper sell-off when several regional banks unexpectedly failed. Almost as quickly, fear gave way to optimism that the crisis would not be systemic. The Fed injected substantial liquidity into the banking system and investors embraced the possibility that central banks would change policy course sooner than later. Amid that backdrop, the strategy outperformed the benchmark. The sector allocation was significantly positive, while poor stock selection partially offset those results.

Ten largest holdings (%) as of May 31, 20231
Brookfield Corp. Class A	3.35
Arrow Electronics, Inc.	3.21
AerCap Holdings NV	3.17
Open Text Corp.	3.12
TE Connectivity Ltd.	2.86
State Street Corp.	2.77
Medtronic PLC	2.72
Omnicom Group, Inc.	2.69
London Stock Exchange Group PLC	2.68
Johnson & Johnson	2.60

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

Over the course of the period, turnover was consistent with historical averages. Stock initiations occurred across multiple sectors and included Alphabet Inc.; Bank of America Corp.; Synchrony Financial; CBRE Group, Inc.; ConocoPhillips; Discover Financial Services; EOG Resources, Inc.; LKQ Corp.; Open Text Corp.; and Warner Music Group Corp.

Making room for these holdings, we also eliminated positions across multiple sectors, including 3M Co.; Amdocs Ltd.; General Mills, Inc.; Leidos Holdings, Inc.; PACCAR Inc.; Progressive Corp.; UnitedHealth Group Inc.; Brookfield Asset Management; Alleghany Corp.; Synchrony Financial; and Wells Fargo & Company.

Contributors included financials stock selection and an overweight to communication services.

While stock selection was negative as a whole, a number of bright spots within different sectors contributed to performance. The overweight to financials was the biggest contributor, with insurance company Arch Capital Group performing best within the sector and the portfolio overall. Progressive Corp. and London Stock Exchange also added to results within financials. Health care and consumer staples companies were additional tailwinds, particularly HCA Healthcare and General Mills, respectively. Allocation effect was broadly positive, with 10 out of 11 sectors adding to relative performance. Best among these sectors was an overweight to communication services, one of the top-performing sectors within the benchmark, followed by an underweight to energy and real estate, two of the weaker performers within the benchmark.

Detractors included stock selection in the consumer discretionary sector.

Stock selection detracted from relative performance over the course of the trailing 12-month period. Consumer discretionary holdings were by far the most significant headwind to results, with Hanesbrands detracting the most within the sector and the portfolio. Also, within the consumer discretionary sector, CarMax and Hasbro were additional detractors from performance as investors grappled with recession concerns amid mixed economic data. Stock selection within communication services and energy also hurt results, particularly Verizon Communications and Williams Companies*. From an allocation perspective, the overweight to financials posed a headwind as the sector saw instances of indiscriminate selling following the collapse of multiple regional banks. While the portfolio is significantly overweight financials, it is only modestly overweight banks, and we believe those in the portfolio are better capitalized and more conservatively positioned than the broader industry.

This security was no longer held at the end of the reporting period.

8 | Allspring C&B Large Cap Value Fund

Performance highlights (unaudited)

Sector allocation as of May 31, 20231

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

Outlook

Having shrugged off the failure of several regional banks and the forced consolidation of a large Swiss banking house, markets ended the period showing strong momentum. For the moment, investors seem inclined to take a constructive view of most developments, with strong data taken as a sign of economic resilience and weak data, or signs of financial stress seen as evidence that the Fed will soon end its yearlong series of rate increases. There are clearly risks to this buoyant mood, however, as the effects of the Fed’s dramatic tightening program are still materializing, and we think more negative surprises seem likely. That said, we have long maintained that it is more productive to focus on company-specific fundamentals than to guess at macroeconomic outcomes. As always, we believe competitively advantaged businesses that create value for their customers, are conservatively managed, and are appropriately financed will generate attractive returns for their shareholders over time if purchased judiciously. Viewed in this light, we believe economic dislocation creates more opportunities than risks for patient and disciplined investors.

Allspring C&B Large Cap Value Fund | 9

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from December 1, 2022 to May 31, 2023.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1, 2	Annualized net expense ratio2
Class A
Actual	$1,000.00	$999.62	$5.38	1.08 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.55	$5.44	1.08 %
Class C
Actual	$1,000.00	$999.59	$9.12	1.83 %
Hypothetical (5% return before expenses)	$1,000.00	$1,015.81	$9.20	1.83 %
Class R6
Actual	$1,000.00	$999.64	$3.24	0.65 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.69	$3.28	0.65 %
Administrator Class
Actual	$1,000.00	$999.62	$4.99	1.00 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.95	$5.04	1.00 %
Institutional Class
Actual	$1,000.00	$999.63	$3.74	0.75 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.19	$3.78	0.75 %

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

10 | Allspring C&B Large Cap Value Fund

Statement of assets and liabilities—May 31, 2023

Financial statements

Statement of assets and liabilities

Assets
Investments in affiliated Master Portfolio, at value (cost $173,821,522)	$199,030,307
Receivable for Fund shares sold	182,695
Receivable from manager	25,062
Prepaid expenses and other assets	81,799
Total assets	199,319,863
Liabilities
Payable for Fund shares redeemed	102,030
Administration fees payable	26,895
Shareholder servicing fees payable	18,575
Distribution fee payable	2,359
Trustees’ fees and expenses payable	504
Accrued expenses and other liabilities	19,990
Total liabilities	170,353
Total net assets	$199,149,510
Net assets consist of
Paid-in capital	$164,340,365
Total distributable earnings	34,809,145
Total net assets	$199,149,510
Computation of net asset value and offering price per share
Net assets–Class A	$77,198,227
Shares outstanding–Class A1	6,703,862
Net asset value per share–Class A	$11.52
Maximum offering price per share – Class A2	$12.22
Net assets–Class C	$3,471,192
Shares outstanding–Class C1	306,763
Net asset value per share–Class C	$11.32
Net assets–Class R6	$15,504,522
Shares outstanding–Class R61	1,338,256
Net asset value per share–Class R6	$11.59
Net assets–Administrator Class	$4,292,230
Shares outstanding–Administrator Class1	371,511
Net asset value per share–Administrator Class	$11.55
Net assets–Institutional Class	$98,683,339
Shares outstanding–Institutional Class1	8,513,433
Net asset value per share–Institutional Class	$11.59

1	The Fund has an unlimited number of authorized shares.
2	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.

12 | Allspring C&B Large Cap Value Fund

Statement of operations—year ended May 31, 2023

Statement of operations

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $107,495)	$4,755,544
Affiliated income allocated from affiliated Master Portfolio	148,872
Interest allocated from affiliated Master Portfolio	201
Expenses allocated from affiliated Master Portfolio	(1,571,119 )
Waivers allocated from affiliated Master Portfolio	145,978
Total investment income	3,479,476
Expenses
Management fee	111,328
Administration fees
Class A	178,189
Class C	8,343
Class R6	5,862
Administrator Class	6,606
Institutional Class	141,971
Shareholder servicing fees
Class A	212,130
Class C	9,930
Administrator Class	12,703
Distribution fee
Class C	29,772
Custody and accounting fees	7,535
Professional fees	45,318
Registration fees	36,664
Shareholder report expenses	30,584
Trustees’ fees and expenses	21,908
Other fees and expenses	4,517
Total expenses	863,360
Less: Fee waivers and/or expense reimbursements
Fund-level	(290,386 )
Class A	(8,079 )
Class C	(226 )
Administrator Class	(484 )
Institutional Class	(6,438 )
Net expenses	557,747
Net investment income	2,921,729
Realized and unrealized gains (losses) on investments
Net realized gains on investments allocated from affiliated Master Portfolio	19,848,834
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio	(33,458,109 )
Net realized and unrealized gains (losses) on investments	(13,609,275 )
Net decrease in net assets resulting from operations	$(10,687,546 )

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

Allspring C&B Large Cap Value Fund | 13

Statement of changes in net assets

	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$2,921,729		$2,669,791
Net realized gains on investments		19,848,834		47,346,569
Net change in unrealized gains (losses) on investments		(33,458,109 )		(53,785,190 )
Net decrease in net assets resulting from operations		(10,687,546 )		(3,768,830 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(16,304,617 )		(12,919,436 )
Class C		(740,826 )		(535,250 )
Class R6		(3,797,016 )		(6,057,662 )
Administrator Class		(1,047,406 )		(841,849 )
Institutional Class		(21,328,025 )		(17,599,026 )
Total distributions to shareholders		(43,217,890 )		(37,953,223 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	415,820	5,265,311	989,891	15,969,277
Class C	96,897	1,168,445	43,159	682,181
Class R6	123,974	1,716,518	349,706	5,728,171
Administrator Class	3,961	50,313	55,766	954,376
Institutional Class	1,322,276	17,070,664	1,764,097	28,100,206
		25,271,251		51,434,211
Reinvestment of distributions
Class A	1,348,065	16,067,784	845,770	12,689,368
Class C	63,426	740,826	36,313	535,250
Class R6	148,681	1,785,702	80,021	1,208,696
Administrator Class	53,517	639,939	34,924	525,330
Institutional Class	1,765,170	21,195,384	1,158,450	17,489,868
		40,429,635		32,448,512
Payment for shares redeemed
Class A	(1,910,541 )	(24,861,078 )	(946,956 )	(15,053,324 )
Class C	(134,315 )	(1,653,300 )	(76,840 )	(1,207,888 )
Class R6	(510,778 )	(6,892,525 )	(1,596,640 )	(24,419,329 )
Administrator Class	(89,944 )	(1,125,103 )	(34,305 )	(524,769 )
Institutional Class	(3,362,511 )	(44,116,398 )	(3,201,272 )	(51,615,218 )
		(78,648,404 )		(92,820,528 )
Net decrease in net assets resulting from capital share transactions		(12,947,518 )		(8,937,805 )
Total decrease in net assets		(66,852,954 )		(50,659,858 )
Net assets
Beginning of period		266,002,464		316,662,322
End of period		$199,149,510		$266,002,464

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

14 | Allspring C&B Large Cap Value Fund

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$14.82	$17.16	$11.49	$13.01	$13.91
Net investment income	0.15 1	0.11	0.10	0.12	0.11
Net realized and unrealized gains (losses) on investments	(0.71 )	(0.34 )	6.29	(0.33 )	0.02
Total from investment operations	(0.56 )	(0.23 )	6.39	(0.21 )	0.13
Distributions to shareholders from
Net investment income	(0.14 )	(0.11 )	(0.11 )	(0.13 )	(0.12 )
Net realized gains	(2.60 )	(2.00 )	(0.61 )	(1.18 )	(0.91 )
Total distributions to shareholders	(2.74 )	(2.11 )	(0.72 )	(1.31 )	(1.03 )
Net asset value, end of period	$11.52	$14.82	$17.16	$11.49	$13.01
Total return2	(4.19 )%	(1.37 )%	56.98 %	(3.61 )%	1.33 %
Ratios to average net assets (annualized)*
Gross expenses	1.22 %	1.19 %	1.24 %	1.27 %	1.23 %
Net expenses	1.08 %	1.07 %	1.07 %	1.07 %	1.08 %
Net investment income	1.13 %	0.69 %	0.73 %	0.92 %	0.83 %
Supplemental data
Portfolio turnover rate3	29 %	32 %	38 %	33 %	47 %
Net assets, end of period (000s omitted)	$77,198	$101,496	$102,332	$70,680	$79,172

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

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%
Year ended May 31, 2019	0.65%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring C&B Large Cap Value Fund | 15

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$14.61	$16.97	$11.36	$12.87	$13.75
Net investment income (loss)	0.05 1	(0.01 )	(0.03 )	0.02 1	0.01 1
Net realized and unrealized gains (losses) on investments	(0.69 )	(0.35 )	6.25	(0.35 )	0.03
Total from investment operations	(0.64 )	(0.36 )	6.22	(0.33 )	0.04
Distributions to shareholders from
Net investment income	(0.05 )	0.00	0.00	0.00	(0.01 )
Net realized gains	(2.60 )	(2.00 )	(0.61 )	(1.18 )	(0.91 )
Total distributions to shareholders	(2.65 )	(2.00 )	(0.61 )	(1.18 )	(0.92 )
Net asset value, end of period	$11.32	$14.61	$16.97	$11.36	$12.87
Total return2	(4.85 )%	(2.22 )%	55.94 %	(4.41 )%	0.61 %
Ratios to average net assets (annualized)*
Gross expenses	1.97 %	1.94 %	1.99 %	2.02 %	1.97 %
Net expenses	1.83 %	1.83 %	1.83 %	1.83 %	1.83 %
Net investment income (loss)	0.36 %	(0.08 )%	(0.04 )%	0.16 %	0.07 %
Supplemental data
Portfolio turnover rate3	29 %	32 %	38 %	33 %	47 %
Net assets, end of period (000s omitted)	$3,471	$4,103	$4,719	$3,576	$5,098

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

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%
Year ended May 31, 2019	0.65%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

16 | Allspring C&B Large Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class R6	2023	2022	2021	2020	2019
Net asset value, beginning of period	$14.90	$17.24	$11.53	$13.06	$13.97
Net investment income	0.20 1	0.18 1	0.16 1	0.18 1	0.18 1
Net realized and unrealized gains (losses) on investments	(0.70 )	(0.34 )	6.32	(0.33 )	0.00 2
Total from investment operations	(0.50 )	(0.16 )	6.48	(0.15 )	0.18
Distributions to shareholders from
Net investment income	(0.21 )	(0.18 )	(0.16 )	(0.20 )	(0.18 )
Net realized gains	(2.60 )	(2.00 )	(0.61 )	(1.18 )	(0.91 )
Total distributions to shareholders	(2.81 )	(2.18 )	(0.77 )	(1.38 )	(1.09 )
Net asset value, end of period	$11.59	$14.90	$17.24	$11.53	$13.06
Total return	(3.75 )%	(0.98 )%	57.75 %	(3.25 )%	1.74 %
Ratios to average net assets (annualized)*
Gross expenses	0.78 %	0.76 %	0.82 %	0.84 %	0.79 %
Net expenses	0.65 %	0.65 %	0.65 %	0.65 %	0.65 %
Net investment income	1.55 %	1.11 %	1.14 %	1.33 %	1.27 %
Supplemental data
Portfolio turnover rate3	29 %	32 %	38 %	33 %	47 %
Net assets, end of period (000s omitted)	$15,505	$23,487	$47,301	$37,859	$68,366

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

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%
Year ended May 31, 2019	0.65%

1	Calculated based upon average shares outstanding
2	Amount is less than $0.005.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring C&B Large Cap Value Fund | 17

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Administrator Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$14.86	$17.20	$11.51	$13.03	$13.92
Net investment income	0.16 1	0.12 1	0.11 1	0.13 1	0.12 1
Net realized and unrealized gains (losses) on investments	(0.72 )	(0.33 )	6.30	(0.33 )	0.02
Total from investment operations	(0.56 )	(0.21 )	6.41	(0.20 )	0.14
Distributions to shareholders from
Net investment income	(0.15 )	(0.13 )	(0.11 )	(0.14 )	(0.12 )
Net realized gains	(2.60 )	(2.00 )	(0.61 )	(1.18 )	(0.91 )
Total distributions to shareholders	(2.75 )	(2.13 )	(0.72 )	(1.32 )	(1.03 )
Net asset value, end of period	$11.55	$14.86	$17.20	$11.51	$13.03
Total return	(4.18 )%	(1.29 )%	57.12 %	(3.56 )%	1.44 %
Ratios to average net assets (annualized)*
Gross expenses	1.14 %	1.11 %	1.17 %	1.19 %	1.15 %
Net expenses	1.00 %	0.99 %	0.99 %	0.99 %	1.00 %
Net investment income	1.21 %	0.76 %	0.81 %	1.00 %	0.90 %
Supplemental data
Portfolio turnover rate2	29 %	32 %	38 %	33 %	47 %
Net assets, end of period (000s omitted)	$4,292	$6,001	$5,980	$6,167	$9,274

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

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%
Year ended May 31, 2019	0.65%

1	Calculated based upon average shares outstanding
2	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

18 | Allspring C&B Large Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$14.90	$17.24	$11.53	$13.05	$13.96
Net investment income	0.19 1	0.16	0.15	0.16	0.14
Net realized and unrealized gains (losses) on investments	(0.71 )	(0.34 )	6.32	(0.33 )	0.02
Total from investment operations	(0.52 )	(0.18 )	6.47	(0.17 )	0.16
Distributions to shareholders from
Net investment income	(0.19 )	(0.16 )	(0.15 )	(0.17 )	(0.16 )
Net realized gains	(2.60 )	(2.00 )	(0.61 )	(1.18 )	(0.91 )
Total distributions to shareholders	(2.79 )	(2.16 )	(0.76 )	(1.35 )	(1.07 )
Net asset value, end of period	$11.59	$14.90	$17.24	$11.53	$13.05
Total return	(3.92 )%	(1.08 )%	57.58 %	(3.33 )%	1.64 %
Ratios to average net assets (annualized)*
Gross expenses	0.89 %	0.86 %	0.91 %	0.94 %	0.90 %
Net expenses	0.75 %	0.75 %	0.75 %	0.75 %	0.75 %
Net investment income	1.45 %	1.01 %	1.05 %	1.25 %	1.17 %
Supplemental data
Portfolio turnover rate2	29 %	32 %	38 %	33 %	47 %
Net assets, end of period (000s omitted)	$98,683	$130,915	$156,330	$96,838	$108,613

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

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%
Year ended May 31, 2019	0.65%

1	Calculated based upon average shares outstanding
2	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring C&B Large Cap Value Fund | 19

Notes to financial statements

ORGANIZATION

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring C&B Large Cap Value Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Allspring Master Trust, a registered open-end management investment company. As of May 31, 2023, the Fund owned 78.60% of Allspring C&B Large Cap Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the year ended May 31, 2023 are included in this report and should be read in conjunction with the Fund’s financial statements.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Federal and other taxes

20 | Allspring C&B Large Cap Value Fund

Notes to financial statements

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $176,679,344 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$22,350,963
Gross unrealized losses	0
Net unrealized gains	$22,350,963

Class allocations

FAIR VALUATION MEASUREMENTS

At May 31, 2023, 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	Fair value of affiliated Master Portfolio
Allspring C&B Large Cap Value Portfolio	Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal	$199,030,307

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

TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $5 billion	0.050 %
Next $5 billion	0.040
Over $10 billion	0.030

For the year ended May 31, 2023, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

	Class-level administration fee
Class A	0.21 %
Class C	0.21
Class R6	0.03
Administrator Class	0.13
Institutional Class	0.13

Allspring C&B Large Cap Value Fund | 21

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 reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of May 31, 2023, the contractual expense caps are as follows:

	EXPENSE RATIO CAPS
Class A	1.08 %
Class C	1.83
Class R6	0.65
Administrator Class	1.00
Institutional Class	0.75

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended May 31, 2023, Allspring Funds Distributor received $562 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 May 31, 2023.

Shareholder servicing fees

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

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 May 31, 2023 were $63,776,516 and $107,293,152, respectively.

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Fund under the agreement.

DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended May 31, 2023 and May 31, 2022 were as follows:

	Year ended May 31
	2023	2022
Ordinary income	$4,141,234	$4,587,798
Long-term capital gain	39,076,656	33,365,425

22 | Allspring C&B Large Cap Value Fund

Notes to financial statements

As of May 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$917,292	$11,540,890	$22,350,963

CONCENTRATION RISKS

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

INDEMNIFICATION

Allspring C&B Large Cap Value Fund | 23

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 C&B Large Cap Value Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of May 31, 2023, 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 May 31, 2023, 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

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 May 31, 2023, 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.

Boston, Massachusetts

July 27, 2023

24 | Allspring C&B Large Cap Value Fund

Portfolio of investments—May 31, 2023

Portfolio of investments

	Shares		Value
Common stocks: 97.86%
Communication services: 9.58%
Diversified telecommunication services: 1.89%
Verizon Communications, Inc.		134,000	$4,774,420
Entertainment: 3.54%
Activision Blizzard, Inc.		50,530	4,052,506
Warner Music Group Corp. Class A		200,700	4,907,115
			8,959,621
Interactive media & services: 1.46%
Alphabet, Inc. Class A†		30,180	3,708,217
Media: 2.69%
Omnicom Group, Inc.		77,350	6,821,496
Consumer discretionary: 9.77%
Distributors: 0.98%
LKQ Corp.		46,940	2,476,085
Household durables: 1.32%
Whirlpool Corp.		25,800	3,335,682
Leisure products: 2.39%
Hasbro, Inc.		102,120	6,060,822
Specialty retail: 2.21%
CarMax, Inc.†		77,420	5,590,498
Textiles, apparel & luxury goods: 2.87%
Gildan Activewear, Inc.		199,900	5,451,273
Hanesbrands, Inc.†		442,800	1,819,908
			7,271,181
Consumer staples: 6.83%
Food products: 2.83%
Ingredion, Inc.		28,760	3,008,296
Kraft Heinz Co.		108,580	4,149,928
			7,158,224
Personal care products: 2.21%
Unilever PLC ADR		112,050	5,595,777
Tobacco: 1.79%
Philip Morris International, Inc.		50,500	4,545,505
Energy: 5.28%
Oil, gas & consumable fuels: 5.28%
ConocoPhillips		43,530	4,322,529
EOG Resources, Inc.		43,310	4,646,730
Williams Cos., Inc.		153,750	4,406,475
			13,375,734

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

Allspring C&B Large Cap Value Portfolio | 25

Portfolio of investments—May 31, 2023

	Shares		Value
Financials: 29.84%
Banks: 6.72%
Bank of America Corp.		94,700	$2,631,713
JPMorgan Chase & Co.		44,650	6,059,452
PNC Financial Services Group, Inc.		35,980	4,167,563
U.S. Bancorp		139,230	4,162,977
			17,021,705
Capital markets: 10.80%
Brookfield Corp. Class A		282,260	8,479,090
Charles Schwab Corp.		96,250	5,071,413
London Stock Exchange Group PLC ADR		251,700	6,785,832
State Street Corp.		102,920	7,000,618
			27,336,953
Consumer finance: 1.48%
Discover Financial Services		36,520	3,752,065
Financial services: 2.06%
Berkshire Hathaway, Inc. Class B†		16,220	5,207,918
Insurance: 8.78%
Allstate Corp.		35,410	3,840,214
Arch Capital Group Ltd.†		54,330	3,786,801
Chubb Ltd.		25,690	4,773,202
Fidelity National Financial, Inc.		155,400	5,305,356
Globe Life, Inc.		43,900	4,529,602
			22,235,175
Health care: 13.21%
Health care equipment & supplies: 6.67%
Becton Dickinson & Co.		19,720	4,767,507
Dentsply Sirona, Inc.		144,690	5,226,203
Medtronic PLC		83,200	6,885,632
			16,879,342
Health care providers & services: 3.94%
HCA Healthcare, Inc.		18,630	4,921,860
Laboratory Corp. of America Holdings		23,830	5,064,590
			9,986,450
Pharmaceuticals: 2.60%
Johnson & Johnson		42,400	6,574,544
Industrials: 10.59%
Aerospace & defense: 1.31%
Woodward, Inc.		31,519	3,322,418
Commercial services & supplies: 1.50%
RB Global, Inc.		72,729	3,787,726

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

26 | Allspring C&B Large Cap Value Portfolio

Portfolio of investments—May 31, 2023

	Shares		Value
Electrical equipment: 2.05%
AMETEK, Inc.		35,840	$5,199,309
Machinery: 2.56%
Esab Corp.		36,993	2,172,229
Stanley Black & Decker, Inc.		57,510	4,311,524
			6,483,753
Trading companies & distributors: 3.17%
AerCap Holdings NV†		140,500	8,019,740
Information technology: 9.19%
Electronic equipment, instruments & components: 6.07%
Arrow Electronics, Inc.†		64,130	8,121,423
TE Connectivity Ltd.		59,185	7,248,979
			15,370,402
Software: 3.12%
Open Text Corp.		189,660	7,893,649
Real estate: 1.99%
Real estate management & development: 1.99%
CBRE Group, Inc. Class A†		67,190	5,033,875
Utilities: 1.58%
Gas utilities: 1.58%
Atmos Energy Corp.		34,800	4,011,744
Total common stocks (Cost $207,997,734)			247,790,030

		Yield
Short-term investments: 2.00%
Investment companies: 2.00%
Allspring Government Money Market Fund Select Class♠∞		5.01 %	5,079,661	5,079,661
Total short-term investments (Cost $5,079,661)				5,079,661
Total investments in securities (Cost $213,077,395)	99.86 %			252,869,691
Other assets and liabilities, net	0.14			345,457
Total net assets	100.00 %			$253,215,148

†	Non-income-earning security
♠	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.

Abbreviations:
ADR	American depositary receipt

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

Allspring C&B Large Cap Value Portfolio | 27

Notes to financial statements

ORGANIZATION

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

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

SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Securities lending

During the period, the Portfolio participated in a program to lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities were on loan, the Portfolio received interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions was invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”), an affiliated non-registered investment company. Interests in the non-registered investment company that were redeemable at net asset value were fair valued normally at net asset value. Effective at the close of business on March 29, 2023, the Portfolio is no longer participating in the securities lending program and the Securities Lending Fund was liquidated. Securities Lending Fund was managed by Allspring Funds Management and was subadvised by Allspring Global Investments, LLC (“Allspring Investments”), an affiliate of Allspring Funds Management and wholly owned subsidiary of Allspring Global Investments Holdings, LLC. Allspring Funds Management received an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increased. All of the fees received by Allspring Funds Management were paid to Allspring Investments for its services as subadviser.

Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Federal and other taxes

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

Allspring C&B Large Cap Value Portfolio | 33

Notes to financial statements

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 May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $218,659,192 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$60,390,773
Gross unrealized losses	(26,180,274 )
Net unrealized gains	$34,210,499

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 May 31, 2023:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$24,263,754	$0	$0	$24,263,754
Consumer discretionary	24,734,268	0	0	24,734,268
Consumer staples	17,299,506	0	0	17,299,506
Energy	13,375,734	0	0	13,375,734
Financials	75,553,816	0	0	75,553,816
Health care	33,440,336	0	0	33,440,336
Industrials	26,812,946	0	0	26,812,946
Information technology	23,264,051	0	0	23,264,051
Real estate	5,033,875	0	0	5,033,875
Utilities	4,011,744	0	0	4,011,744
Short-term investments
Investment companies	5,079,661	0	0	5,079,661
Total assets	$252,869,691	$0	$0	$252,869,691

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

For the year ended May 31, 2023, the Portfolio did not have any transfers into/out of Level 3.

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

34 | Allspring C&B Large Cap 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	0.650 %
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 May 31, 2023, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio’s average daily net assets.

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

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

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended May 31, 2023 were $80,502,374 and $135,439,281, respectively.

BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio based on 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 May 31, 2023, there were no borrowings by the Portfolio under the agreement.

CONCENTRATION RISKS

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

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 C&B Large Cap Value 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 Financial Statements

We have audited the accompanying statement of assets and liabilities of Allspring C&B Large Cap Value Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of May 31, 2023, 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 Portfolio as of May 31, 2023, 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 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 May 31, 2023, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

Boston, Massachusetts

July 27, 2023

36 | Allspring C&B Large Cap Value Portfolio

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 99% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended May 31, 2023.

Pursuant to Section 852 of the Internal Revenue Code, $39,076,656 was designated as a 20% rate gain distribution for the fiscal year ended May 31, 2023.

Pursuant to Section 854 of the Internal Revenue Code, $3,066,425 of income dividends paid during the fiscal year ended May 31, 2023 has been designated as qualified dividend income (QDI).

For the fiscal year ended May 31, 2023, $90,336 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 May 31, 2023, $1,074,809 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

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.

Allspring C&B Large Cap Value Fund | 37

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A

38 | Allspring C&B Large Cap Value Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

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

Allspring C&B Large Cap Value Fund | 39

Other information (unaudited)

Officers1

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

40 | Allspring C&B Large Cap Value Fund

Other information (unaudited)

Board consideration of investment management, advisory, and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Allspring Funds Trust (“Funds Trust”) and Allspring Master Trust (“Master Trust”, and collectively, the “Trusts”) must determine annually whether to approve the continuation of the Trusts’ investment management, advisory, and sub-advisory agreements, as applicable. In this regard, at a Board meeting held on May 15-17, 2023 (the “Meeting”), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring C&B Large Cap Value Fund, a portfolio of Funds Trust (the “Feeder Fund”), an investment management agreement (the “Feeder Fund Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”).

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the “Master Portfolio Advisory Agreement”) with Allspring Funds Management for the Allspring C&B Large Cap Value Portfolio, a portfolio of Master Trust (the “Master Portfolio”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Cooke & Bieler, L.P. (the “Sub-Adviser”) for the Master Portfolio.

The Feeder Fund and the Master Portfolio are collectively referred to as the “Funds.” The Feeder Fund Management Agreement, the Master Portfolio Advisory Agreement, and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

The Feeder Fund is a feeder fund that invest substantially all of its assets in the Master Portfolio. The Master Portfolio has a substantially similar investment objective and substantially similar investment strategies to the Feeder Fund. Information provided to the Boards regarding the Feeder Fund is also applicable to the Master Portfolio, as relevant.

At the Meeting, the Boards considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at meeting of the Boards held in April 2023, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Boards have adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Boards in the discharge of their duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

The Boards noted that they initially approved the Advisory Agreements at a meeting of the Boards held in May 2021, all for a two-year term, in advance of the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC,1 a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. (the “Transaction”). The Trustees also noted that, while they did not specifically consider the continuation of the Advisory Agreements in 2022 as a result of the two-year term that was approved in 2021, the Trustees received and considered certain information at a meeting of the Boards held in April 2022 that was applicable to the Advisory Agreements, including an overview and financial review of the Allspring Global Investments business, information regarding certain ancillary agreements that were approved by the Boards at the April 2022 Board meeting, and comparative data regarding Fund fees and expenses.

In providing information to the Boards, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Boards’ annual contract renewal process earlier in 2023. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Boards considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Boards reviewed reports of Allspring Funds Management at each of their quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Boards and the teams mentioned above confer with portfolio managers at various times throughout the year. The Boards did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

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

Allspring C&B Large Cap Value Fund | 41

Other information (unaudited)

Nature, Extent, and Quality of Services

The Boards received and considered various information regarding the nature, extent, and quality of services provided to the Feeder Fund and the Master Portfolio, as applicable, by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Feeder Fund Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business. The Boards also considered information about retention arrangements with respect to key personnel of Allspring Global Investments that were put in place in connection with the Transaction. The Boards took into account information about the services that continue to be provided by Wells Fargo & Co. and/or its affiliates (“Wells Fargo”) since the Transaction under a transition services agreement and the anticipated timeline for exiting the transition services agreement. In addition, the Boards received and considered information about the full range of services provided to the Fund and the Master Portfolio by Allspring Funds Management and its affiliates.

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

The Boards further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Boards received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management’s role as administrator of the Funds’ liquidity risk management programs. The Boards also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.

Fund Investment Performance and Expenses

The Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2022. The Boards considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Feeder Fund (the “Universe”), and in comparison to the Feeder Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Funds Trust Board noted that the investment performance of the Feeder Fund (Administrator Class) was higher than the average investment performance of its Universe for all periods under review, except the three-year period was lower than the average investment performance of the Universe. The Funds Trust Board also noted that the investment performance of the Feeder Fund was higher than its benchmark index, the Russell 1000® Value Index, for all periods under review.

The Master Trust Board took note of the investment performance of the Master Portfolio in the context of reviewing the investment performance of the Feeder Fund.

The Funds Trust Board received information concerning, and discussed factors contributing to, the underperformance of the Feeder Fund relative to the Universe for the period identified above. The Funds Trust Board took note of the explanations for the relative underperformance during this period, including with respect to investment decisions and market factors that affected the Feeder Fund’s investment performance.

The Funds Trust Board also received and considered information regarding the Feeder Fund’s net operating expense ratios, which include fees and expenses of the Master Portfolio, and their various components, including actual management fees assessed at the Feeder Fund and Master Portfolio levels, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Funds Trust Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Feeder Fund (the “Groups”). The Funds Trust Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Funds Trust Board noted that the net operating expense ratios of the Feeder Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all share classes. The Funds Trust Board noted that Allspring Funds Management had agreed to reduce the net operating expense caps for the Feeder Fund’s Class A shares.

With respect to the Master Portfolio, the Master Trust Board reviewed the fee rates that are payable to Allspring Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding expense Group.

The Boards took into account the Funds’ investment performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

Investment Management, Advisory, and Sub-Advisory Fee Rates

42 | Allspring C&B Large Cap Value Fund

Other information (unaudited)

in two or more master portfolios (a fund-of-funds), Allspring Funds Management would be entitled to receive an annual fee of 0.25% of the Feeder Fund’s average daily net assets for providing investment advisory services to the Feeder Fund, including allocating the Feeder Fund’s assets to the Master Portfolio.

The Funds Trust Board reviewed and considered the contractual fee rates that are payable by the Feeder Fund to Allspring Funds Management under the Feeder Fund Management Agreement for management services (other than investment advisory services), as well as the contractual fee rates payable by the Feeder Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”).

The Master Trust Board reviewed and considered the contractual investment advisory fee rate that is payable by the Master Portfolio to Allspring Funds Management for investment advisory services under the Master Portfolio Advisory Agreement (the “Advisory Agreement Rate”). The Master Trust Board also reviewed and considered the contractual investment sub-advisory fee rate that is payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rate”).

Among other information reviewed by the Funds Trust Board was a comparison of the Feeder Fund’s Management Rate, which, for this purpose, includes the advisory fees paid at the Master Portfolio level, with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Funds Trust Board noted that the Management Rates of the Feeder Fund were in range of the sum of these average rates for the Feeder Fund’s expense Groups for Institutional Class and Class R6 shares and higher than the sum of these average rates for the Feeder Fund’s expense Groups for Class A and Administrator Class shares.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Master Portfolio with those of other funds in the Master Portfolio’s expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rate of the Master Portfolio was equal to the median rate for the Master Portfolio’s expense Group.

The Master Trust Board also received and considered information about the portions of the total management fees that were retained by Allspring Funds Management after payment of the fees to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of these amounts, the Master Trust Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services.

The Boards also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Funds. In this regard, the Boards received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Funds Trust Board determined that the compensation payable to Allspring Funds Management under the Feeder Fund Management Agreement was reasonable, and the Master Trust Board determined that the compensation payable to Allspring Funds Management under the Master Portfolio Advisory Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and differences in how Allspring Global Investments calculates its pre-tax profit metric versus the methodology used when Allspring Funds Management was part of Wells Fargo. It was noted that the impact of such differences had only minor impact on the financial results presented. Among other things, the Boards noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.

Based on their review, the Boards did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Funds to be at a level that would prevent the Boards from approving the continuation of the Advisory Agreements.

Economies of Scale

The Boards received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders of the Funds. The Boards noted the existence of breakpoints in the Master Portfolio’s advisory fee structure and the Feeder Fund’s management fee structure, which operate generally to reduce the Funds’ expense ratios as the Funds grow in size, and the size of the Master Portfolio and the Feeder Fund, respectively, in relation to such breakpoints. The Boards considered that, in addition to advisory fee and management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways,

Allspring C&B Large Cap Value Fund | 43

Other information (unaudited)

including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Boards concluded that Allspring Funds Management’s arrangements with respect to each Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

Other Benefits to Allspring Funds Management and the Sub-Adviser

The Boards received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management, the Sub-Adviser, and their affiliates as a result of their relationships with the Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Funds. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it.

The Boards also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser and fees earned in the past by Allspring Funds Management and its affiliate from managing a private investment vehicle for the fund complex’s securities lending collateral.

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

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Funds Trust Board unanimously determined that the compensation payable to Allspring Funds Management was reasonable, and approved the continuation of the Feeder Fund Management Agreement for a one-year term. Additionally, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Master Trust Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser was reasonable, and approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreement, each for a one-year term.

44 | Allspring C&B Large Cap Value Fund

Other information (unaudited)

Liquidity risk management program

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Allspring Funds Trust (“Funds Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series (other than the series that operate as money market funds), including the Fund, and Allspring Master Trust (“Master Trust” and together with Funds Trust, the “Trusts”) has adopted and implemented the Program on behalf of each of its series, including the Portfolio, which is reasonably designed to assess and manage the Fund’s and the Portfolio’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that the Fund or Portfolio is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund or Portfolio. The Trusts’ Boards of Trustees (the “Boards”) previously approved the designation of Allspring Funds Management, LLC (“Allspring Funds Management”), the Fund’s investment manager and the Portfolio’s investment adviser, to administer the Program, and Allspring Funds Management has established a Liquidity Risk Management Council (the “Council”) composed of personnel from multiple departments within Allspring Funds Management and its affiliates to assist Allspring Funds Management in the administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s and the Portfolio’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s and the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund or the Portfolio does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s or Portfolio’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund or the Portfolio has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s or the Portfolio’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Boards.

At a meeting of the Boards held on May 16-17, 2023, the Boards received and reviewed a written report (the “Report”) from Allspring Funds Management that, among other things, addressed the operation of the Program and assessed its adequacy and effectiveness for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted significant liquidity events impacting the Funds and Portfolios related to extended foreign market holidays as well as the difficulty of trading and settlement of most Russia-related securities due to sanctions activity. The Report noted that there were no material changes to the Program during the Reporting Period.

Allspring Funds Management determined in the Report that the Program has been implemented and operates effectively to manage each Fund’s and Portfolio’s, including the Fund’s and the Portfolio’s, liquidity risk, and Allspring Funds Management continues to believe that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s and the Portfolio’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. With respect to the Fund, please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

Allspring C&B Large Cap Value Fund | 45

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

ALL-06072023-pyjbsccs 07-23
AR1863 05-23

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Allspring Core Bond Fund
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	12
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	23
Report of independent registered public accounting firm	27
Allspring Core Bond Portfolio
Portfolio of investments	28
Financial statements
Statement of assets and liabilities	53
Statement of operations	54
Statement of changes in net assets	55
Financial highlights	56
Notes to financial statements	57
Report of independent registered public accounting firm	61
Other information	62

Allspring Core Bond Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Allspring Core Bond Fund for the 12-month period that ended May 31, 2023. Globally, stocks and bonds experienced heightened volatility and poor performance through the challenging period. The market was focused on persistently high inflation as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war. Markets received a boost in December with the removal of China’s strict COVID-19 lockdowns. In March 2023, a new wave of market anxiety resulted from several bank failures and unease over the possibility of more rate hikes. However, investors regained confidence and markets finished the period in relative calm.

High inflation and central bank rate hikes rocked markets.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Core Bond Fund

Letter to shareholders (unaudited)

Allspring Core Bond Fund | 3

Letter to shareholders (unaudited)

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

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

The Purchasing Managers Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index.

4 | Allspring Core Bond Fund

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks total return, consisting of income and capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser for the affiliated master portfolio*	Allspring Global Investments, LLC
Portfolio managers	Maulik Bhansali, CFA, Jarad Vasquez

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (MBFAX)	10-31-2001	-6.76	-0.35	0.64	-2.33	0.57	1.10	0.81	0.70
Class C (MBFCX)	10-31-2001	-4.03	-0.19	0.49	-3.03	-0.19	0.49	1.56	1.45
Class R (WTRRX)	7-9-2010	–	–	–	-2.35	0.43	0.90	1.07	0.96
Class R4 (MBFRX)	11-30-2012	–	–	–	-1.95	0.85	1.38	0.59	0.48
Class R6 (WTRIX)	11-30-2012	–	–	–	-1.90	0.98	1.52	0.44	0.33
Administrator Class (MNTRX)	6-30-1997	–	–	–	-2.22	0.64	1.18	0.76	0.65
Institutional Class (MBFIX)	10-31-2001	–	–	–	-1.95	0.94	1.47	0.49	0.38
Bloomberg U.S. Aggregate Bond Index3	–	–	–	–	-2.14	0.81	1.39	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2	The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.70% for Class A, 1.45% for Class C, 0.96% for Class R, 0.48% for Class R4, 0.33% for Class R6, 0.65% for Administrator Class and 0.38% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a

substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the

investment activities of the affiliated master portfolio in which it invests.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Core Bond Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of May 31, 20231

1	The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg U.S. Aggregate Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%.

Allspring Core Bond Fund | 7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

•The Fund (Class A, excluding sales charges) underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the 12-month period that ended May 31, 2023.

•Overweights to the credit sector and asset-backed securities (ABS) detracted from performance.

•Security selection within credit and mortgage-backed securities (MBS) was positive along with an underweight to MBS and, to a lesser extent, commercial mortgage-backed securities (CMBS) versus the benchmark.

U.S. economic growth appears to have stabilized, yet downside risks seem likely to persist.

Data reported suggests there’s ongoing strength in consumer spending, especially in services categories and autos, and a bounce back in nonresidential fixed investment and government spending, offsetting weakness in residential investment and exports. Manufacturing surveys indicate that a decline in activity is underway, demonstrated in contracting new orders and low order backlogs amid rising customer inventories. Services surveys have softened, especially affecting wholesale trade, mining and agriculture, and real estate, with lodging and food categories remaining strong.

Ten largest holdings (%) as of May 31, 20231
U.S. Treasury Bonds, 1.38%, 11-15-2040	2.22
U.S. Treasury Notes, 3.50%, 4-30-2028	2.19
U.S. Treasury Notes, 1.50%, 8-15-2026	2.01
U.S. Treasury Bonds, 1.75%, 8-15-2041	1.91
U.S. Treasury Bonds, 3.63%, 2-15-2053	1.55
FNMA, 6.00%, 8-14-2053	1.48
U.S. Treasury Notes, 3.63%, 5-31-2028	1.36
U.S. Treasury Bonds, 1.13%, 5-15-2040	1.21
U.S. Treasury Bonds, 1.13%, 8-15-2040	1.18
U.S. Treasury Notes, 3.63%, 5-15-2026	1.13

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

Despite the decline in residential investment, existing and new homes sales have been more resilient than expected. Coastal markets of U.S. retail sales have remained strong, supported by the shift toward services and entertainment and away from goods and general merchandise, though retailers have cautioned that stronger same-store sales could be at risk of weakening as near-term consumption needs have been met.

Despite layoff announcements, particularly within technology, hiring in sectors like leisure and entertainment, business services, and health care and government continues, though there are growing signs that employers are filling open positions, as labor productivity is weakening.

A credit contraction is likely to unfold as regional banks scale back lending activity following outflows of lower-cost deposits in favor of high-yielding CDs and money market funds. Consumer confidence has remained on the weak side, suggesting a difficult outlook for the economy relative to good current conditions, attributed to concerns around negative real wage growth and a widening gap in spending growth relative to income growth.

Internationally, the outlook for China’s economy is weaker, with the expected emergence from zero-COVID-19 policies being weighed down by trade tensions and debt overhangs in housing and real estate. An expected rebound in U.S. exports has been slow to materialize, leading to a high current account deficit. On balance, while growth has been firmer than expected over the past three quarters, a more challenging environment should emerge as the effects of removal of expansionary fiscal and monetary policy, and tight financial conditions, work through a U.S. economy that appears to be performing above medium-term potential.

Portfolio allocation as of May 31, 20231

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

Financial markets stabilized as shocks emanating from the banking sector subsided and incoming data on the economy remained solid. Nonetheless, caution remains warranted given concerns around inflation, growth, and financial stability. While measures of expected volatility have fallen to some of the lowest readings post-COVID, there’s a sense that concerns around economic growth and inflation have been pushed out into the future and an event-driven environment is likely to continue.

8 | Allspring Core Bond Fund

Performance highlights (unaudited)

For investors, valuations on higher-quality assets are more attractive following policy tightening. For example, the front end of the Treasury curve is pricing in yields not seen since 2007, offering value on that basis as the Federal Reserve (Fed) looks to be at or near the end of its rate hikes, yet there’s also risk that inflation could remain elevated, suggesting that term and spread premiums could remain volatile. In short, higher volatility seems likely to persist as adverse biases of risk—in inflation, growth, and tightening financial conditions—show more sustainable signs of bottoming out, which would better inform the direction of financial markets.

Consistent with our bottom-up process, we maintain a neutral duration. We have maintained an overweight to ABS, seeing value in the higher-quality segments of the market following recent spread widening. Similarly, we have decreased our underweight to agency MBS as we found a few opportunities to add in front of the Fed’s reduction of its balance sheet at more attractive spreads. We have reduced our overweight to credit, especially as new issue supply slowed and as spreads performed, and within credit, we have positioned for somewhat higher overall quality. We remain lightly positioned in CMBS, favoring other spread sectors and anticipating some dislocations in commercial real estate valuations as we move forward. We remain nimble and agile, and we stand ready to take advantage of security selection opportunities where they arise.

Allspring Core Bond Fund | 9

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from December 1, 2022 to May 31, 2023.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1, 2	Annualized net expense ratio2
Class A
Actual	$1,000.00	$1,000.21	$3.79	0.76 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.14	$3.83	0.76 %
Class C
Actual	$1,000.00	$1,000.17	$7.53	1.51 %
Hypothetical (5% return before expenses)	$1,000.00	$1,017.40	$7.59	1.51 %
Class R
Actual	$1,000.00	$1,000.21	$4.64	0.93 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.29	$4.68	0.93 %
Class R4
Actual	$1,000.00	$1,000.23	$2.54	0.51 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.39	$2.57	0.51 %
Class R6
Actual	$1,000.00	$1,000.23	$1.80	0.36 %
Hypothetical (5% return before expenses)	$1,000.00	$1,023.14	$1.82	0.36 %
Administrator Class
Actual	$1,000.00	$1,000.21	$3.44	0.69 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.49	$3.48	0.69 %
Institutional Class
Actual	$1,000.00	$1,000.23	$2.04	0.41 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.89	$2.07	0.41 %

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

10 | Allspring Core Bond Fund

Statement of assets and liabilities—May 31, 2023

Computation of net asset value and offering price per share
Net assets–Class A	$273,980,036
Shares outstanding–Class A1	23,982,754
Net asset value per share–Class A	$11.42
Maximum offering price per share – Class A2	$11.96
Net assets–Class C	$6,863,390
Shares outstanding–Class C1	607,190
Net asset value per share–Class C	$11.30
Net assets–Class R	$1,314,195
Shares outstanding–Class R1	118,021
Net asset value per share–Class R	$11.14
Net assets–Class R4	$829,420
Shares outstanding–Class R41	74,480
Net asset value per share–Class R4	$11.14
Net assets–Class R6	$1,476,551,029
Shares outstanding–Class R61	132,745,577
Net asset value per share–Class R6	$11.12
Net assets–Administrator Class	$70,352,385
Shares outstanding–Administrator Class1	6,318,209
Net asset value per share–Administrator Class	$11.13
Net assets–Institutional Class	$2,635,520,427
Shares outstanding–Institutional Class1	237,003,930
Net asset value per share–Institutional Class	$11.12

1	The Fund has an unlimited number of authorized shares.
2	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 | 13

Statement of operations—year ended May 31, 2023

Statement of operations

Investment income
Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $5,742)	$144,333,199
Affiliated income allocated from affiliated Master Portfolio	3,703,917
Expenses allocated from affiliated Master Portfolio	(15,654,739 )
Waivers allocated from affiliated Master Portfolio	314,456
Total investment income	132,696,833
Expenses
Management fee	2,150,423
Administration fees
Class A	464,295
Class C	11,044
Class R	2,175
Class R4	1,322
Class R6	435,096
Administrator Class	100,773
Institutional Class	1,959,724
Shareholder servicing fees
Class A	725,461
Class C	17,256
Class R	2,398
Class R4	1,650
Administrator Class	237,099
Distribution fees
Class C	51,767
Class R	2,406
Custody and accounting fees	140,021
Professional fees	45,094
Registration fees	135,647
Shareholder report expenses	283,230
Trustees’ fees and expenses	23,208
Other fees and expenses	42,453
Total expenses	6,832,542
Less: Fee waivers and/or expense reimbursements
Fund-level	(2,586,221 )
Class R4	(412 )
Class R6	(385,379 )
Institutional Class	(676,805 )
Net expenses	3,183,725
Net investment income	129,513,108
Realized and unrealized gains (losses) on investments
Net realized losses on investments allocated from affiliated Master Portfolio	(312,035,594 )
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio	85,016,436
Net realized and unrealized gains (losses) on investments	(227,019,158 )
Net decrease in net assets resulting from operations	$(97,506,050 )

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

14 | Allspring Core Bond Fund

Statement of changes in net assets

	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$129,513,108		$62,869,235
Net realized losses on investments		(312,035,594 )		(160,127,410 )
Net change in unrealized gains (losses) on investments		85,016,436		(336,112,120 )
Net decrease in net assets resulting from operations		(97,506,050 )		(433,370,295 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(7,675,142 )		(6,433,689 )
Class C		(131,223 )		(110,382 )
Class R		(34,090 )		(26,649 )
Class R4		(48,723 )		(36,787 )
Class R6		(44,157,011 )		(39,431,641 )
Administrator Class		(2,554,745 )		(4,031,398 )
Institutional Class		(74,306,035 )		(58,058,159 )
Total distributions to shareholders		(128,906,969 )		(108,128,705 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	3,547,996	40,597,860	3,702,453	48,486,367
Class C	203,641	2,319,261	108,019	1,407,245
Class R	9,751	109,924	34,646	423,424
Class R4	81,024	891,840	28,978	375,499
Class R6	48,253,518	536,236,583	35,298,112	443,259,488
Administrator Class	1,484,991	16,856,217	2,796,248	36,167,197
Institutional Class	95,825,733	1,072,136,843	81,429,382	1,025,963,187
		1,669,148,528		1,556,082,407
Reinvestment of distributions
Class A	629,058	7,205,833	459,521	6,030,239
Class C	11,516	130,427	8,369	109,235
Class R	2,140	23,904	1,429	18,254
Class R4	4,370	48,723	2,874	36,727
Class R6	3,183,589	35,516,927	2,565,625	32,770,856
Administrator Class	207,042	2,323,885	297,680	3,811,913
Institutional Class	6,456,679	72,012,292	4,290,277	54,802,544
		117,261,991		97,579,768
Payment for shares redeemed
Class A	(7,212,437 )	(82,273,020 )	(4,763,948 )	(62,340,443 )
Class C	(264,946 )	(3,003,853 )	(467,425 )	(6,084,370 )
Class R	(17,679 )	(198,692 )	(43,328 )	(536,185 )
Class R4	(144,850 )	(1,619,238 )	(33,896 )	(428,263 )
Class R6	(59,239,090 )	(658,796,705 )	(48,563,677 )	(619,916,699 )
Administrator Class	(10,522,094 )	(119,107,953 )	(4,352,230 )	(55,087,181 )
Institutional Class	(74,572,722 )	(831,757,832 )	(86,745,436 )	(1,095,982,497 )
		(1,696,757,293 )		(1,840,375,638 )
Net increase (decrease) in net assets resulting from capital share transactions		89,653,226		(186,713,463 )
Total decrease in net assets		(136,759,793 )		(728,212,463 )
Net assets
Beginning of period		4,602,170,675		5,330,383,138
End of period		$4,465,410,882		$4,602,170,675

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

Allspring Core Bond Fund | 15

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$12.01	$13.43	$14.17	$13.28	$12.86
Net investment income	0.31 1	0.12	0.12 1	0.25	0.32
Net realized and unrealized gains (losses) on investments	(0.59 )	(1.30 )	(0.06 )	0.93	0.42
Total from investment operations	(0.28 )	(1.18 )	0.06	1.18	0.74
Distributions to shareholders from
Net investment income	(0.30 )	(0.12 )	(0.15 )	(0.26 )	(0.32 )
Net realized gains	(0.01 )	(0.12 )	(0.65 )	(0.03 )	0.00
Total distributions to shareholders	(0.31 )	(0.24 )	(0.80 )	(0.29 )	(0.32 )
Net asset value, end of period	$11.42	$12.01	$13.43	$14.17	$13.28
Total return2	(2.33 )%	(8.95 )%	0.31 %	9.03 %	5.87 %
Ratios to average net assets (annualized)*
Gross expenses	0.83 %	0.82 %	0.82 %	0.82 %	0.83 %
Net expenses	0.77 %	0.78 %	0.78 %	0.78 %	0.78 %
Net investment income	2.66 %	0.91 %	0.87 %	1.85 %	2.50 %
Supplemental data
Portfolio turnover rate3	384 %	432 %	457 %	603 %	577 %
Net assets, end of period (000s omitted)	$273,980	$324,431	$370,882	$299,642	$302,246

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

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%
Year ended May 31, 2019	0.35%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

16 | Allspring Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.88	$13.29	$14.03	$13.15	$12.74
Net investment income	0.22 1	0.05	0.03	0.15	0.23
Net realized and unrealized gains (losses) on investments	(0.58 )	(1.32 )	(0.07 )	0.92	0.40
Total from investment operations	(0.36 )	(1.27 )	(0.04 )	1.07	0.63
Distributions to shareholders from
Net investment income	(0.21 )	(0.02 )	(0.05 )	(0.16 )	(0.22 )
Net realized gains	(0.01 )	(0.12 )	(0.65 )	(0.03 )	0.00
Total distributions to shareholders	(0.22 )	(0.14 )	(0.70 )	(0.19 )	(0.22 )
Net asset value, end of period	$11.30	$11.88	$13.29	$14.03	$13.15
Total return2	(3.03 )%	(9.65 )%	(0.45 )%	8.22 %	5.04 %
Ratios to average net assets (annualized)*
Gross expenses	1.58 %	1.57 %	1.57 %	1.57 %	1.58 %
Net expenses	1.52 %	1.53 %	1.53 %	1.53 %	1.53 %
Net investment income	1.92 %	0.13 %	0.16 %	1.11 %	1.75 %
Supplemental data
Portfolio turnover rate3	384 %	432 %	457 %	603 %	577 %
Net assets, end of period (000s omitted)	$6,863	$7,806	$13,399	$27,971	$34,494

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

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%
Year ended May 31, 2019	0.35%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring Core Bond Fund | 17

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class R	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.70	$13.09	$13.83	$12.96	$12.55
Net investment income	0.28 1	0.10 1	0.11 1	0.22 1	0.28 1
Net realized and unrealized gains (losses) on investments	(0.55 )	(1.27 )	(0.06 )	0.90	0.41
Total from investment operations	(0.27 )	(1.17 )	0.05	1.12	0.69
Distributions to shareholders from
Net investment income	(0.28 )	(0.10 )	(0.14 )	(0.22 )	(0.28 )
Net realized gains	(0.01 )	(0.12 )	(0.65 )	(0.03 )	0.00
Total distributions to shareholders	(0.29 )	(0.22 )	(0.79 )	(0.25 )	(0.28 )
Net asset value, end of period	$11.14	$11.70	$13.09	$13.83	$12.96
Total return	(2.35 )%	(9.09 )%	0.22 %	8.80 %	5.61 %
Ratios to average net assets (annualized)*
Gross expenses	0.94 %	0.92 %	0.87 %	1.05 %	1.07 %
Net expenses	0.92 %	0.90 %	0.86 %	1.02 %	1.03 %
Net investment income	2.52 %	0.79 %	0.81 %	1.66 %	2.25 %
Supplemental data
Portfolio turnover rate2	384 %	432 %	457 %	603 %	577 %
Net assets, end of period (000s omitted)	$1,314	$1,449	$1,716	$3,241	$8,565

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

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%
Year ended May 31, 2019	0.35%

1	Calculated based upon average shares outstanding
2	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

18 | Allspring Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class R4	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.70	$13.09	$13.83	$12.95	$12.55
Net investment income	0.33 1	0.15	0.16 1	0.29 1	0.35
Net realized and unrealized gains (losses) on investments	(0.56 )	(1.27 )	(0.06 )	0.91	0.40
Total from investment operations	(0.23 )	(1.12 )	0.10	1.20	0.75
Distributions to shareholders from
Net investment income	(0.32 )	(0.15 )	(0.19 )	(0.29 )	(0.35 )
Net realized gains	(0.01 )	(0.12 )	(0.65 )	(0.03 )	0.00
Total distributions to shareholders	(0.33 )	(0.27 )	(0.84 )	(0.32 )	(0.35 )
Net asset value, end of period	$11.14	$11.70	$13.09	$13.83	$12.95
Total return	(1.95 )%	(8.74 )%	0.55 %	9.34 %	6.07 %
Ratios to average net assets (annualized)*
Gross expenses	0.60 %	0.59 %	0.59 %	0.59 %	0.60 %
Net expenses	0.52 %	0.52 %	0.52 %	0.52 %	0.52 %
Net investment income	2.94 %	1.17 %	1.16 %	2.19 %	2.76 %
Supplemental data
Portfolio turnover rate2	384 %	432 %	457 %	603 %	577 %
Net assets, end of period (000s omitted)	$829	$1,567	$1,780	$4,549	$10,805

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

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%
Year ended May 31, 2019	0.35%

1	Calculated based upon average shares outstanding
2	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring Core Bond Fund | 19

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class R6	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.69	$13.08	$13.82	$12.95	$12.54
Net investment income	0.34 1	0.17	0.18 1	0.30	0.37
Net realized and unrealized gains (losses) on investments	(0.56 )	(1.27 )	(0.06 )	0.91	0.41
Total from investment operations	(0.22 )	(1.10 )	0.12	1.21	0.78
Distributions to shareholders from
Net investment income	(0.34 )	(0.17 )	(0.21 )	(0.31 )	(0.37 )
Net realized gains	(0.01 )	(0.12 )	(0.65 )	(0.03 )	0.00
Total distributions to shareholders	(0.35 )	(0.29 )	(0.86 )	(0.34 )	(0.37 )
Net asset value, end of period	$11.12	$11.69	$13.08	$13.82	$12.95
Total return	(1.90 )%	(8.61 )%	0.70 %	9.42 %	6.31 %
Ratios to average net assets (annualized)*
Gross expenses	0.45 %	0.44 %	0.44 %	0.44 %	0.45 %
Net expenses	0.37 %	0.37 %	0.37 %	0.37 %	0.37 %
Net investment income	3.06 %	1.32 %	1.29 %	2.26 %	2.92 %
Supplemental data
Portfolio turnover rate2	384 %	432 %	457 %	603 %	577 %
Net assets, end of period (000s omitted)	$1,476,551	$1,643,353	$1,978,164	$2,545,332	$2,513,644

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

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%
Year ended May 31, 2019	0.35%

1	Calculated based upon average shares outstanding
2	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.

20 | Allspring Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Administrator Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.70	$13.09	$13.83	$12.96	$12.56
Net investment income	0.29 1	0.13	0.13	0.26	0.33 1
Net realized and unrealized gains (losses) on investments	(0.55 )	(1.27 )	(0.06 )	0.90	0.40
Total from investment operations	(0.26 )	(1.14 )	0.07	1.16	0.73
Distributions to shareholders from
Net investment income	(0.30 )	(0.13 )	(0.16 )	(0.26 )	(0.33 )
Net realized gains	(0.01 )	(0.12 )	(0.65 )	(0.03 )	0.00
Total distributions to shareholders	(0.31 )	(0.25 )	(0.81 )	(0.29 )	(0.33 )
Net asset value, end of period	$11.13	$11.70	$13.09	$13.83	$12.96
Total return	(2.22 )%	(8.90 )%	0.37 %	9.14 %	5.87 %
Ratios to average net assets (annualized)*
Gross expenses	0.76 %	0.74 %	0.76 %	0.76 %	0.76 %
Net expenses	0.70 %	0.69 %	0.70 %	0.70 %	0.70 %
Net investment income	2.60 %	0.99 %	0.95 %	1.92 %	2.58 %
Supplemental data
Portfolio turnover rate2	384 %	432 %	457 %	603 %	577 %
Net assets, end of period (000s omitted)	$70,352	$177,305	$214,796	$218,522	$205,825

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

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%
Year ended May 31, 2019	0.35%

1	Calculated based upon average shares outstanding
2	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 | 21

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.69	$13.07	$13.82	$12.94	$12.54
Net investment income	0.34 1	0.16	0.17	0.29	0.36
Net realized and unrealized gains (losses) on investments	(0.57 )	(1.26 )	(0.07 )	0.92	0.40
Total from investment operations	(0.23 )	(1.10 )	0.10	1.21	0.76
Distributions to shareholders from
Net investment income	(0.33 )	(0.16 )	(0.20 )	(0.30 )	(0.36 )
Net realized gains	(0.01 )	(0.12 )	(0.65 )	(0.03 )	0.00
Total distributions to shareholders	(0.34 )	(0.28 )	(0.85 )	(0.33 )	(0.36 )
Net asset value, end of period	$11.12	$11.69	$13.07	$13.82	$12.94
Total return	(1.95 )%	(8.59 )%	0.58 %	9.45 %	6.18 %
Ratios to average net assets (annualized)*
Gross expenses	0.50 %	0.49 %	0.49 %	0.49 %	0.50 %
Net expenses	0.41 %	0.42 %	0.42 %	0.42 %	0.42 %
Net investment income	3.05 %	1.27 %	1.22 %	2.21 %	2.86 %
Supplemental data
Portfolio turnover rate2	384 %	432 %	457 %	603 %	577 %
Net assets, end of period (000s omitted)	$2,635,520	$2,446,260	$2,749,647	$2,365,421	$2,343,238

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

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%
Year ended May 31, 2019	0.35%

1	Calculated based upon average shares outstanding
2	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.

22 | Allspring Core Bond Fund

Notes to financial statements

ORGANIZATION

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 May 31, 2023, the Fund owned 95.76% 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 May 31, 2023 are included in this report and should be read in conjunction with the Fund’s financial statements.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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.

Investment transactions, income and expenses

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

Allspring Core Bond Fund | 23

Notes to financial statements

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $4,724,644,500 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$0
Gross unrealized losses	(259,326,596 )
Net unrealized losses	$(259,326,596 )

As of May 31, 2023, the Fund had capital loss carryforwards which consist of $289,890,334 in short-term capital losses and $202,741,889 in long-term capital losses.

Class allocations

FAIR VALUATION MEASUREMENTS

At May 31, 2023, 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	Fair value of affiliated Master Portfolio
Allspring Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation	$4,465,317,904

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

TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $5 billion	0.050 %
Next $5 billion	0.040
Over $10 billion	0.030

For the year ended May 31, 2023, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

24 | Allspring Core Bond 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 as follows:

	Class-level administration fee
Class A	0.16 %
Class C	0.16
Class R	0.16
Class R4	0.08
Class R6	0.03
Administrator Class	0.10
Institutional Class	0.08

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2024 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of May 31, 2023, the contractual expense caps are as follows:

	EXPENSE RATIO CAPS
	Current	Prior to April 17, 2023
Class A	0.71 %	0.78 %
Class C	1.46	1.53
Class R	0.96	1.03
Class R4	0.48	0.52
Class R6	0.33	0.37
Administrator Class	0.65	0.70
Institutional Class	0.38	0.42

Distribution fees

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 May 31, 2023, Allspring Funds Distributor received $782 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 May 31, 2023.

Shareholder servicing fees

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

Allspring Core Bond Fund | 25

Notes to financial statements

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 May 31, 2023 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$10,190,491,365	$7,095,020,558	$10,258,158,874	$6,737,323,863

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Fund under the agreement.

DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended May 31, 2023 and May 31, 2022 were as follows:

	Year ended May 31
	2023	2022
Ordinary income	$128,906,969	$80,688,093
Long-term capital gain	0	27,440,612

As of May 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized losses	Capital loss carryforward
$3,615,041	$(259,326,596 )	$(492,632,223 )

INDEMNIFICATION

26 | Allspring Core Bond 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 Core Bond Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of May 31, 2023, 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 May 31, 2023, 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

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 May 31, 2023, 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.

Boston, Massachusetts

July 27, 2023

Allspring Core Bond Fund | 27

Portfolio of investments—May 31, 2023

Portfolio of investments

	Interest rate	Maturity date	Principal		Value
Agency securities: 37.26%
FHLB	1.00 %	9-30-2031	$	8,020,000	$6,648,135
FHLMC¤	0.00	12-14-2029		6,390,000	4,948,872
FHLMC Series 5119 Class AB	1.50	8-25-2049		3,261,933	2,598,114
FHLMC Series 5091 Class AB	1.50	3-25-2051		6,177,784	4,989,288
FHLMC Series 4205 Class PA	1.75	5-15-2043		1,680,108	1,443,663
FHLMC	2.00	6-1-2040		9,290,954	8,058,700
FHLMC	2.00	7-1-2040		9,549,503	8,282,915
FHLMC	2.00	8-1-2040		9,898,696	8,578,132
FHLMC	2.00	11-1-2040		13,123,313	11,342,077
FHLMC	2.00	12-1-2040		3,238,471	2,786,549
FHLMC	2.00	1-1-2041		2,509,931	2,166,140
FHLMC	2.00	2-1-2041		2,570,218	2,216,417
FHLMC	2.00	4-1-2041		2,832,652	2,437,448
FHLMC	2.00	7-1-2041		4,313,195	3,703,384
FHLMC	2.00	11-1-2041		4,969,707	4,249,559
FHLMC	2.00	12-1-2041		12,511,274	10,695,817
FHLMC	2.00	1-1-2042		3,282,865	2,806,489
FHLMC	2.00	2-1-2042		18,198,456	15,551,698
FHLMC	2.00	4-1-2042		9,635,448	8,241,994
FHLMC Series 2015-8 Class AP	2.00	3-25-2045		4,783,635	4,191,123
FHLMC	2.00	2-1-2047		2,138,080	1,768,309
FHLMC Series 5300 Class C	2.00	9-25-2047		5,582,908	5,118,412
FHLMC Series 5143 Class GA	2.00	6-25-2049		1,957,631	1,624,565
FHLMC	2.00	12-1-2051		1,509,421	1,248,115
FHLMC Series 4446 Class CP	2.25	3-15-2045		2,250,263	1,989,308
FHLMC (12 Month LIBOR +1.64%)±	2.30	8-1-2043		459,988	467,259
FHLMC (12 Month LIBOR +1.64%)±	2.38	7-1-2043		254,795	258,428
FHLMC	2.50	4-1-2042		1,432,148	1,253,170
FHLMC	2.50	5-1-2042		6,298,424	5,468,749
FHLMC	2.50	6-1-2042		2,219,081	1,941,306
FHLMC Series 5201 Class CA	2.50	7-25-2048		4,064,577	3,623,599
FHLMC Series 5203 Class G	2.50	11-25-2048		1,842,361	1,618,344
FHLMC Series 5178 Class TP	2.50	4-25-2049		4,607,542	4,006,186
FHLMC Series 5182 Class M	2.50	5-25-2049		2,817,810	2,470,077
FHLMC Series 5202 Class LA	2.50	5-25-2049		4,160,404	3,636,947
FHLMC Series 5217 Class CD	2.50	7-25-2049		3,489,917	3,150,364
FHLMC	2.50	9-1-2051		10,791,855	9,349,852
FHLMC	2.50	2-1-2052		1,163,732	1,001,755
FHLMC	2.50	3-1-2052		3,717,548	3,192,846
FHLMC (12 Month LIBOR +1.63%)±	2.51	11-1-2043		511,293	515,596
FHLMC (12 Month LIBOR +1.61%)±	2.56	9-1-2043		243,972	246,817
FHLMC (12 Month LIBOR +1.61%)±	2.69	10-1-2043		532,360	537,187
FHLMC (12 Month LIBOR +1.65%)±	2.81	10-1-2043		853,816	868,632
FHLMC (12 Month LIBOR +1.64%)±	2.82	5-1-2049		1,811,480	1,759,489
FHLMC	3.00	4-1-2040		2,862,545	2,633,770
FHLMC	3.00	4-1-2043		3,384,636	3,080,753
FHLMC	3.00	8-1-2043		5,108,270	4,649,623
FHLMC	3.00	9-1-2046		5,244,853	4,761,977

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

28 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Agency securities (continued)
FHLMC	3.00 %	1-1-2047	$	4,195,270	$3,802,965
FHLMC	3.00	2-1-2047		3,864,453	3,501,592
FHLMC Series 4719 Class LM	3.00	9-15-2047		1,900,505	1,732,033
FHLMC Series 4742 Class PA	3.00	10-15-2047		3,945,941	3,608,502
FHLMC Series 4880 Class DA	3.00	5-15-2050		3,236,893	2,972,423
FHLMC (12 Month LIBOR +1.72%)±	3.16	1-1-2044		1,005,697	1,020,678
FHLMC	3.50	6-1-2046		2,303,237	2,147,624
FHLMC	3.50	10-1-2046		1,888,498	1,765,334
FHLMC (12 Month LIBOR +1.64%)±	3.83	3-1-2049		2,409,026	2,394,149
FHLMC (30 Day Average U.S. SOFR +2.13%)±	3.91	7-1-2052		2,201,349	2,107,217
FHLMC (30 Day Average U.S. SOFR +2.14%)±	3.99	8-1-2052		3,078,802	2,921,408
FHLMC	4.00	4-1-2037		1,190,314	1,161,256
FHLMC	4.00	7-1-2049		7,585,780	7,340,827
FHLMC (30 Day Average U.S. SOFR +2.38%)±	4.12	9-1-2052		1,747,991	1,680,771
FHLMC	4.20	5-1-2053		9,241,076	8,965,070
FHLMC (30 Day Average U.S. SOFR +2.13%)±	4.30	7-1-2052		2,603,268	2,517,093
FHLMC (12 Month LIBOR +1.64%)±	4.35	9-1-2045		4,640,108	4,729,998
FHLMC (12 Month LIBOR +1.64%)±	4.47	4-1-2048		5,522,535	5,521,132
FHLMC	4.50	6-1-2039		185,646	183,952
FHLMC	4.50	7-1-2039		223,126	222,321
FHLMC (12 Month LIBOR +1.69%)±	4.80	9-1-2047		4,853,873	4,927,924
FHLMC Series 5119 Class QF (30 Day Average U.S. SOFR +0.20%)±	5.02	6-25-2051		3,924,699	3,728,361
FHLMC Series 4793 Class FD (1 Month LIBOR +0.30%)±	5.41	6-15-2048		697,968	669,173
FHLMC Series 4826 Class KF (1 Month LIBOR +0.30%)±	5.41	9-15-2048		1,450,792	1,391,689
FHLMC Series 2017-78 Class FC	5.49	10-25-2047		2,847,403	2,748,823
FHLMC Series 5004 Class FM (1 Month LIBOR +0.35%)±	5.49	8-25-2050		2,780,183	2,655,232
FHLMC (12 Month LIBOR +1.77%)±	5.50	9-1-2042		415,619	424,953
FHLMC Series 4122 Class FP	5.51	10-15-2042		3,546,737	3,462,460
FHLMC Series 4993 Class KF (1 Month LIBOR +0.45%)±	5.59	7-25-2050		12,992,454	12,418,733
FHLMC Series 4240 Class FA (1 Month LIBOR +0.50%)±	5.61	8-15-2043		4,739,133	4,637,109
FHLMC Series 4248 Class FT	5.61	9-15-2043		1,764,220	1,719,474
FHLMC Series 4631 Class FA	5.61	11-15-2046		3,356,019	3,251,131
FHLMC (12 Month LIBOR +1.69%)±	6.28	2-1-2043		674,773	684,589
FHLMC Series 1897 Class K	7.00	9-15-2026		92	92
FHLMC (12 Month LIBOR +1.65%)±	7.04	3-1-2043		408,974	415,000
FHLMC STRIPS Series 264 Class 30	3.00	7-15-2042		5,333,221	4,895,832
FHLMC STRIPS Series 271 Class F5 (1 Month LIBOR +0.50%)±	5.61	8-15-2042		1,642,440	1,601,329
FHLMC STRIPS Series 272 Class F1 (1 Month LIBOR +0.50%)±	5.61	8-15-2042		2,529,025	2,473,896
FHLMC STRIPS Series 280 Class F1 (1 Month LIBOR +0.50%)±	5.61	9-15-2042		2,604,757	2,548,135
FNMA	1.50	10-1-2041		14,102,057	11,506,409
FNMA	1.50	11-1-2041		39,487,949	32,203,376
FNMA Series 2012-151 Class NX	1.50	1-25-2043		1,968,567	1,672,016
FNMA Series 2013-11 Class AP	1.50	1-25-2043		6,317,527	5,614,527
FNMA Series 2021-27 Class EC	1.50	5-25-2051		9,971,519	7,971,203
FNMA	1.50	7-1-2051		16,947,921	13,207,877
FNMA Series 2021-78 Class ND	1.50	11-25-2051		5,673,560	4,694,934
FNMA	1.52	8-21-2035		8,018,000	5,731,867

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

Allspring Core Bond Portfolio | 29

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Agency securities (continued)
FNMA (30 Day Average U.S. SOFR +2.21%)±	1.60 %	12-1-2051	$	1,367,952	$1,226,117
FNMA Series 2015-84 Class PA	1.70	8-25-2033		7,244,834	6,545,803
FNMA Series 2013-43 Class BP	1.75	5-25-2043		2,319,805	1,995,890
FNMA Series 2016-57 Class PC	1.75	6-25-2046		14,800,419	12,436,546
FNMA	1.90	1-25-2036		7,437,000	5,512,703
FNMA Series 2016-48 Class MA	2.00	6-25-2038		7,276,445	6,575,139
FNMA	2.00	6-1-2040		3,122,071	2,708,016
FNMA	2.00	7-1-2040		9,435,615	8,184,243
FNMA	2.00	9-1-2040		10,569,730	9,151,604
FNMA	2.00	10-1-2040		11,606,090	9,987,934
FNMA	2.00	11-1-2040		10,278,449	8,882,951
FNMA	2.00	12-1-2040		57,809,526	49,919,402
FNMA	2.00	1-1-2041		19,796,730	17,085,380
FNMA	2.00	2-1-2041		11,154,183	9,589,842
FNMA	2.00	4-1-2041		1,820,274	1,569,946
FNMA	2.00	5-1-2041		21,077,451	18,133,790
FNMA	2.00	6-1-2041		1,265,840	1,087,757
FNMA	2.00	7-1-2041		19,976,730	17,153,465
FNMA	2.00	8-1-2041		1,440,108	1,235,606
FNMA	2.00	10-1-2041		7,350,869	6,316,151
FNMA	2.00	11-1-2041		3,648,001	3,120,351
FNMA	2.00	1-1-2042		7,911,025	6,762,055
FNMA	2.00	2-1-2042		59,925,135	51,262,317
FNMA	2.00	3-1-2042		20,428,849	17,448,139
FNMA	2.00	4-1-2042		3,783,074	3,238,175
FNMA	2.00	5-1-2042		2,287,910	1,959,426
FNMA	2.00	8-1-2042		4,243,799	3,626,597
FNMA	2.00	4-1-2046		10,912,591	9,061,955
FNMA	2.00	1-1-2047		1,988,089	1,646,716
FNMA	2.00	3-1-2047		14,435,281	11,952,869
FNMA Series 2022-28 Class CA	2.00	1-25-2048		3,364,826	2,987,525
FNMA Series 2020-48 Class AB	2.00	7-25-2050		3,425,106	2,851,785
FNMA Series 2020-48 Class DA	2.00	7-25-2050		7,648,837	6,432,398
FNMA	2.50	12-1-2035		12,158,044	11,255,727
FNMA	2.50	5-1-2036		6,362,879	5,882,826
FNMA	2.50	6-1-2036		7,571,080	7,000,023
FNMA	2.50	12-1-2040		6,692,380	5,947,340
FNMA	2.50	5-1-2041		7,071,057	6,249,557
FNMA	2.50	8-1-2041		3,943,812	3,442,938
FNMA	2.50	2-1-2042		4,073,812	3,616,065
FNMA	2.50	4-1-2042		8,127,868	7,112,104
FNMA	2.50	5-1-2042		5,166,221	4,520,606
FNMA	2.50	6-1-2042		4,778,874	4,180,673
FNMA	2.50	5-1-2046		1,980,284	1,723,109
FNMA Series 2018-8 Class KL	2.50	3-25-2047		2,551,358	2,250,178
FNMA Series 2022-11 Class A	2.50	7-25-2047		9,349,742	8,437,202
FNMA	2.50	12-1-2047		9,692,070	8,650,572
FNMA	2.50	10-1-2050		6,344,188	5,496,731

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

30 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Agency securities (continued)
FNMA Series 2021-78 Class PA	2.50 %	11-25-2051	$	3,632,361	$3,164,934
FNMA	2.50	3-1-2052		4,644,147	3,994,277
FNMA%%	2.50	6-13-2053		47,800,000	40,862,465
FNMA (12 Month LIBOR +1.56%)±	2.80	6-1-2043		328,008	335,393
FNMA (12 Month LIBOR +1.60%)±	2.98	3-1-2050		5,551,758	5,391,894
FNMA	3.00	5-1-2040		6,630,866	6,083,890
FNMA Series 2020-45 Class JL	3.00	7-25-2040		4,204,686	3,829,593
FNMA	3.00	11-1-2042		3,569,883	3,249,053
FNMA	3.00	1-1-2043		4,302,045	3,919,103
FNMA	3.00	2-1-2043		17,435,563	15,716,706
FNMA	3.00	7-1-2043		2,767,069	2,518,343
FNMA	3.00	8-1-2043		3,844,921	3,499,314
FNMA	3.00	9-1-2043		3,016,050	2,745,284
FNMA	3.00	12-1-2043		3,617,891	3,293,031
FNMA	3.00	2-1-2044		3,700,618	3,368,357
FNMA Series 2014-25 Class EL	3.00	5-25-2044		2,387,682	2,176,289
FNMA	3.00	10-1-2044		18,722,653	16,884,761
FNMA	3.00	2-1-2045		5,953,142	5,412,824
FNMA Series 2017-13 Class PA	3.00	8-25-2046		2,076,105	1,919,645
FNMA	3.00	10-1-2046		10,781,393	9,793,878
FNMA	3.00	11-1-2046		10,877,359	9,876,981
FNMA	3.00	12-1-2046		15,023,059	13,659,667
FNMA	3.00	1-1-2047		10,716,475	9,702,603
FNMA	3.00	2-1-2047		15,216,050	13,803,920
FNMA	3.00	3-1-2047		2,165,963	1,960,456
FNMA	3.00	2-1-2048		2,612,085	2,369,989
FNMA Series 2018-14 Class KC	3.00	3-25-2048		2,541,381	2,370,907
FNMA	3.00	4-1-2048		11,867,373	10,801,924
FNMA Series 2019-25 Class PA	3.00	5-25-2048		5,421,082	4,967,332
FNMA	3.00	2-1-2049		6,396,940	5,797,095
FNMA	3.00	10-1-2049		45,406,064	41,329,105
FNMA	3.00	2-1-2050		36,016,606	32,693,216
FNMA	3.00	5-1-2050		11,039,427	10,067,272
FNMA	3.00	2-1-2055		2,023,291	1,821,421
FNMA	3.00	7-1-2060		25,755,588	22,163,570
FNMA (12 Month LIBOR +1.58%)±	3.29	10-1-2043		1,168,359	1,185,912
FNMA	3.50	3-1-2042		2,333,860	2,202,302
FNMA	3.50	4-1-2042		4,883,122	4,607,850
FNMA	3.50	11-1-2042		1,941,162	1,831,721
FNMA	3.50	12-1-2043		9,337,676	8,767,595
FNMA	3.50	2-1-2046		5,072,345	4,757,096
FNMA	3.50	7-1-2047		23,866,102	22,521,712
FNMA	3.50	7-1-2048		1,648,435	1,531,413
FNMA Series 2018-85 Class EA	3.50	12-25-2048		2,042,034	1,943,271
FNMA	3.50	4-1-2050		13,350,907	12,463,477
FNMA (30 Day Average U.S. SOFR +2.37%)±	3.68	8-1-2052		3,389,796	3,235,082
FNMA (30 Day Average U.S. SOFR +2.12%)±	3.97	8-1-2052		2,239,051	2,129,713
FNMA	4.00	1-1-2027		9,208,935	9,044,781

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

Allspring Core Bond Portfolio | 31

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Agency securities (continued)
FNMA	4.00 %	9-1-2033	$	1,354,190	$1,326,191
FNMA	4.00	3-1-2035		22,344,366	21,945,215
FNMA	4.00	10-1-2037		982,374	964,631
FNMA	4.00	6-1-2038		1,843,617	1,810,367
FNMA	4.00	9-1-2045		586,593	570,714
FNMA	4.00	1-1-2046		4,204,784	4,090,964
FNMA	4.00	4-1-2047		1,072,082	1,032,527
FNMA	4.00	10-1-2047		895,670	870,728
FNMA	4.00	7-1-2048		13,238,239	12,768,835
FNMA	4.00	12-1-2048		2,119,854	2,065,623
FNMA	4.00	5-1-2049		2,210,777	2,137,966
FNMA (12 Month LIBOR +1.58%)±	4.04	6-1-2045		1,516,698	1,523,293
FNMA (30 Day Average U.S. SOFR +2.12%)±	4.14	9-1-2052		4,581,338	4,462,492
FNMA (30 Day Average U.S. SOFR +2.13%)±	4.15	10-1-2052		11,446,063	11,130,632
FNMA (30 Day Average U.S. SOFR +2.12%)±	4.17	7-1-2052		5,457,918	5,230,235
FNMA (12 Month LIBOR +1.58%)±	4.18	1-1-2046		3,760,890	3,779,126
FNMA (30 Day Average U.S. SOFR +2.37%)±	4.23	9-1-2052		1,673,583	1,618,371
FNMA (30 Day Average U.S. SOFR +2.13%)±	4.25	11-1-2052		3,871,798	3,776,422
FNMA (30 Day Average U.S. SOFR +2.13%)±	4.31	8-1-2052		6,195,463	6,017,794
FNMA (30 Day Average U.S. SOFR +2.12%)±	4.36	7-1-2052		5,799,334	5,639,898
FNMA	4.50	6-1-2041		173,703	172,750
FNMA	4.50	3-1-2043		2,242,280	2,229,982
FNMA	4.50	10-1-2045		3,499,348	3,458,512
FNMA	4.50	2-1-2046		90,265	89,107
FNMA	4.50	7-1-2048		3,459,304	3,416,971
FNMA	4.50	11-1-2048		1,517,127	1,512,466
FNMA (30 Day Average U.S. SOFR +2.13%)±	4.62	8-1-2052		6,683,648	6,548,371
FNMA (30 Day Average U.S. SOFR +2.12%)±	4.64	8-1-2052		5,157,796	5,034,630
FNMA (30 Day Average U.S. SOFR +2.13%)±	4.66	8-1-2052		5,058,711	4,962,563
FNMA Series 2015-32 Class FA (1 Month LIBOR +0.30%)±	5.44	5-25-2045		2,283,043	2,208,097
FNMA Series 2015-26 Class GF (1 Month LIBOR +0.30%)±	5.44	5-25-2045		3,775,534	3,667,879
FNMA Series 2015-48 Class FB (1 Month LIBOR +0.30%)±	5.44	7-25-2045		2,830,482	2,741,851
FNMA Series 2018-85 Class FE (1 Month LIBOR +0.30%)±	5.44	12-25-2048		6,350,690	6,152,985
FNMA Series 2012-133 Class JF (1 Month LIBOR +0.35%)±	5.49	12-25-2042		2,167,937	2,107,256
FNMA Series 2013-15 Class FA (1 Month LIBOR +0.35%)±	5.49	3-25-2043		2,632,441	2,561,487
FNMA Series 2015-20 Class EF (1 Month LIBOR +0.35%)±	5.49	4-25-2045		6,060,111	5,879,177
FNMA	5.50	9-1-2052		4,321,643	4,457,115
FNMA%%	5.50	6-13-2053		16,000,000	15,990,000
FNMA Series 2019-43 Class FC (1 Month LIBOR +0.40%)±	5.54	8-25-2049		2,896,330	2,794,550
FNMA Series 2019-67 Class FB (1 Month LIBOR +0.45%)±	5.59	11-25-2049		1,427,804	1,380,990
FNMA Series 2020-34 Class F (1 Month LIBOR +0.45%)±	5.59	6-25-2050		1,989,081	1,917,876
FNMA Series 2019-15 Class FA (1 Month LIBOR +0.50%)±	5.64	4-25-2049		1,439,267	1,396,060
FNMA	6.00	2-1-2029		1,125	1,139
FNMA	6.00	3-1-2033		15,156	15,637
FNMA	6.00	11-1-2033		5,231	5,406
FNMA%%	6.00	6-13-2053		36,900,000	37,332,422
FNMA%%	6.00	7-13-2053		50,300,000	50,881,594
FNMA%%	6.00	8-14-2053		68,100,000	68,834,203

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

32 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Agency securities (continued)
FNMA (12 Month LIBOR +1.64%)±	6.13 %	1-1-2043	$	247,831	$251,640
FNMA	6.50	11-1-2052		1,850,900	1,960,146
FNMA	6.50	12-1-2052		1,337,452	1,419,809
FNMA	6.50	2-1-2053		981,567	1,042,011
FNMA (12 Month LIBOR +1.56%)±	6.95	3-1-2043		57,068	56,598
FNMA	7.00	2-1-2053		3,745,930	3,871,638
FNMA Interest STRIPS Series 414 Class A35	3.50	10-25-2042		4,856,395	4,582,533
FNMA Principal STRIPS¤	0.00	11-15-2030		18,777,000	13,840,124
GNMA Series 2021-23 Class MG	1.50	2-20-2051		7,521,143	6,214,892
GNMA Series 2022-205 Class A	2.00	9-20-2051		4,350,884	3,546,300
GNMA Series 2017-167 Class BQ	2.50	8-20-2044		2,516,847	2,303,486
GNMA Series 2022-31 Class GH	2.50	12-20-2049		7,909,274	7,025,070
GNMA Series 2022-107 Class C	2.50	6-20-2051		11,846,710	10,106,939
GNMA Series 2022-50 Class DC	2.50	8-20-2051		3,606,518	3,108,751
GNMA Series 2022-84 Class A	2.50	1-20-2052		4,187,758	3,595,282
GNMA	3.00	6-20-2043		4,233,969	3,832,267
GNMA	3.00	8-20-2043		1,332,693	1,206,249
GNMA	3.00	10-20-2046		608,149	544,198
GNMA	3.00	12-20-2046		2,149,652	1,923,784
GNMA	3.00	1-20-2047		2,445,552	2,187,735
GNMA	3.00	3-20-2047		2,376,967	2,126,404
GNMA	3.00	4-20-2047		3,297,581	2,949,974
GNMA	3.00	5-20-2047		575,078	514,455
GNMA	3.00	7-20-2047		2,397,176	2,144,475
GNMA	3.00	9-20-2047		1,823,430	1,631,197
GNMA	3.00	11-15-2047		11,042,226	10,207,911
GNMA	3.00	11-20-2047		871,520	779,641
GNMA	3.00	12-20-2047		236,318	211,404
GNMA	3.00	1-20-2048		1,402,836	1,254,944
GNMA	3.00	2-20-2048		1,059,784	948,809
GNMA	3.00	3-20-2048		362,557	324,336
GNMA	3.00	10-20-2050		9,557,438	8,625,093
GNMA	3.50	1-20-2048		2,315,603	2,176,792
GNMA	4.00	3-20-2048		633,079	604,330
GNMA	4.00	4-20-2048		2,312,800	2,207,878
GNMA	4.50	8-15-2047		401,327	401,596
GNMA	4.50	6-20-2048		2,485,462	2,447,085
GNMA	4.50	2-20-2049		2,849,868	2,734,088
GNMA Series 2012-141 Class WA±±	4.52	11-16-2041		797,704	783,362
GNMA Series 2021-8 Class CY	5.00	1-20-2051		931,452	929,861
GNMA Series 2021-27 Class CW±±	5.00	2-20-2051		1,410,482	1,407,895
GNMA Series 2021-27 Class BD	5.00	2-20-2051		2,370,876	2,401,432
GNMA Series 2021-27 Class Q	5.00	2-20-2051		2,498,704	2,456,912
GNMA Series 2021-27 Class NT	5.00	2-20-2051		2,877,815	2,821,535
GNMA Series 2022-197 Class LF (30 Day Average U.S. SOFR +0.70%)±	5.63	11-20-2052		10,270,943	10,216,231
GNMA	6.00	1-20-2053		4,902,916	5,026,090

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

Allspring Core Bond Portfolio | 33

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Agency securities (continued)
GNMA%%	6.00 %	6-20-2053	$	39,400,000	$39,775,531
GNMA%%	6.00	7-20-2053		39,000,000	39,353,437
Total agency securities (Cost $1,790,403,880)					1,737,506,349
Asset-backed securities: 10.93%
Ally Auto Receivables Trust Series 2022-3 Class A4	5.07	6-15-2031		1,860,000	1,868,092
American Express Credit Account Master Trust Series 2022-3 Class A	3.75	8-15-2027		2,972,000	2,903,055
Americredit Automobile Receivables Trust Series 2023-1 Class A3	5.62	11-18-2027		4,948,000	4,961,911
AmeriCredit Automobile Receivables Trust Series 2022-1 Class A3	2.45	11-18-2026		1,432,000	1,381,058
AmeriCredit Automobile Receivables Trust Series 2022-2 Class A3	4.38	4-18-2028		3,567,000	3,506,537
Avis Budget Rental Car Funding AESOP LLC Series 2021-2A Class A144A	1.66	2-20-2028		3,391,000	2,985,654
Avis Budget Rental Car Funding AESOP LLC Series 2019-3A Class A144A	2.36	3-20-2026		3,825,000	3,613,401
Avis Budget Rental Car Funding AESOP LLC Series 2022-4A Class A144A	4.77	2-20-2029		1,924,000	1,878,219
Avis Budget Rental Car Funding AESOP LLC Series 2023-2A Class A144A	5.20	10-20-2027		4,141,000	4,110,009
Avis Budget Rental Car Funding AESOP LLC Series 2023-1A Class A144A	5.25	4-20-2029		7,384,000	7,324,448
Avis Budget Rental Car Funding AESOP LLC Series 2023-4A Class A144A	5.49	6-20-2029		8,703,000	8,681,048
Avis Budget Rental Car Funding AESOP LLC Series 2023-6A Class A144A%%	5.81	12-20-2029		7,132,000	7,102,469
Barclays Dryrock Issuance Trust Series 2023-1 Class A	4.72	2-15-2029		4,148,000	4,130,034
BMW Vehicle Lease Trust Series 2023-1 Class A4	5.07	6-25-2026		2,481,000	2,470,502
Capital One Multi-Asset Execution Trust Series 2022-A2 Class A	3.49	5-15-2027		5,110,000	4,973,109
Capital One Multi-Asset Execution Trust Series 2023-A1 Class A	4.42	5-15-2028		8,407,000	8,356,298
Capital One Prime Auto Receivables Trust Series 2023-1 Class A4	4.76	8-15-2028		3,423,000	3,414,336
Capital One Prime Auto Receivables Trust Series 2023-1 Class A3	4.87	2-15-2028		10,269,000	10,241,672
Chase Auto Owner Trust Series 2022-AA Class A4144A	3.99	3-27-2028		2,419,000	2,365,830
College Avenue Student Loans LLC Series 2019-A Class A2144A	3.28	12-28-2048		2,005,001	1,845,553
College Avenue Student Loans LLC Series 2018-A Class A2144A	4.13	12-26-2047		1,193,743	1,129,613
College Avenue Student Loans LLC Series 2017-A Class A1 (1 Month LIBOR +1.65%)144A±	6.79	11-26-2046		1,425,501	1,421,563
Discover Card Execution Note Trust Series 2022-A3 Class A3	3.56	7-15-2027		10,261,000	9,988,904
Discover Card Execution Note Trust Series 2023-A1 Class A	4.31	3-15-2028		8,282,000	8,187,360
Discover Card Execution Note Trust Series 2022-A4 Class A	5.03	10-15-2027		1,476,000	1,482,542
Enterprise Fleet Financing LLC Series 2023-1 Class A3144A	5.42	10-22-2029		3,036,000	3,056,367
Enterprise Fleet Financing LLC Series 2023-1 Class A2144A	5.51	1-22-2029		4,926,000	4,910,959
Ford Credit Auto Lease Trust Series 2023-A Class A4	4.83	5-15-2026		2,649,000	2,628,038
Ford Credit Auto Owner Trust Series 2022-1 Class A144A	3.88	11-15-2034		11,752,000	11,329,486
Ford Credit Auto Owner Trust Series 2022-C Class A4	4.59	12-15-2027		4,273,000	4,237,645
Ford Credit Auto Owner Trust Series 2023-A Class A3	4.65	2-15-2028		7,598,000	7,564,317
Ford Credit Auto Owner Trust Series 2023-1 Class A144A	4.85	8-15-2035		12,829,000	12,782,816
Ford Credit Auto Owner Trust Series 2022-D Class A4	5.30	3-15-2028		1,673,000	1,688,278

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

34 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Asset-backed securities (continued)
Ford Credit Floorplan Master Owner Trust A Series 2023-1 Class A1144A	4.92 %	5-15-2028	$	10,176,000	$10,115,669
GM Financial Automobile Leasing Trust Series 2023-2 Class A3	5.05	7-20-2026		4,944,000	4,928,570
GM Financial Automobile Leasing Trust Series 2023-2 Class A4	5.09	5-20-2027		2,343,000	2,339,856
GM Financial Automobile Leasing Trust Series 2023-1 Class A4	5.16	1-20-2027		3,702,000	3,698,882
GM Financial Consumer Automobile Receivables Trust Series 2022-2 Class A3	3.10	2-16-2027		8,146,000	7,888,691
GM Financial Consumer Automobile Receivables Trust Series 2022-2 Class A4	3.25	4-17-2028		5,291,000	5,078,288
GM Financial Consumer Automobile Receivables Trust Series 2022-4 Class A3	4.82	8-16-2027		3,022,000	3,004,644
GM Financial Revolving Receivables Trust Series 2023-1 Class A144A	5.12	4-11-2035		6,953,000	6,988,334
GM Financial Revolving Receivables Trust Series 2022-1 Class A144A	5.91	10-11-2035		4,422,000	4,601,009
Hertz Vehicle Financing III LLC Series 2022-1A Class A144A	1.99	6-25-2026		8,169,000	7,612,127
Hertz Vehicle Financing III LLC Series 2023-2A Class A144A	5.57	9-25-2029		8,139,000	8,250,454
Hertz Vehicle Financing III LP Series 2021-2A Class A144A	1.68	12-27-2027		4,377,000	3,851,517
Hertz Vehicle Financing LLC Series 2022-4A Class A144A	3.73	9-25-2026		1,924,000	1,846,475
Honda Auto Receivables Owner Trust Series 2022-2 Class A4	3.76	12-18-2028		2,317,000	2,252,220
Honda Auto Receivables Owner Trust Series 2023-2 Class A4	4.91	9-17-2029		1,358,000	1,360,739
Honda Auto Receivables Owner Trust Series 2023-1 Class A4	4.97	6-21-2029		4,278,000	4,304,429
Honda Auto Receivables Owner Trust Series 2023-1 Class A3	5.04	4-21-2027		8,900,000	8,905,207
Hyundai Auto Lease Securitization Trust Series 2022-C Class A4144A	4.48	8-17-2026		4,938,000	4,863,839
Hyundai Auto Lease Securitization Trust Series 2023-B Class A4144A	5.17	4-15-2027		3,749,000	3,727,943
Hyundai Auto Receivables Trust Series 2021-C Class A4	1.03	12-15-2027		2,976,000	2,732,863
Hyundai Auto Receivables Trust Series 2022-A Class A3	2.22	10-15-2026		5,544,000	5,320,583
Hyundai Auto Receivables Trust Series 2022-A Class A4	2.35	4-17-2028		1,708,000	1,605,217
Hyundai Auto Receivables Trust Series 2023-A Class A4	4.48	7-17-2028		3,320,000	3,291,650
Mercedes-Benz Auto Lease Trust Series 2023-A Class A3	4.74	1-15-2027		5,034,000	4,980,925
Mercedes-Benz Auto Receivables Trust Series 2023-1 Class A4	4.31	4-16-2029		2,935,000	2,897,323
Mercedes-Benz Auto Receivables Trust Series 2022-1 Class A4	5.25	2-15-2029		3,874,000	3,922,603
Navient Private Education Loan Trust Series 2014-AA Class A3 (1 Month LIBOR +1.60%)144A±	6.71	10-15-2031		2,117,175	2,114,065
Navient Private Education Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%)144A±	7.26	12-15-2045		954,007	958,138
Navient Private Education Refinance Loan Trust Series 2021-A Class A144A	0.84	5-15-2069		855,847	750,216
Navient Private Education Refinance Loan Trust Series 2021-BA Class A144A	0.94	7-15-2069		1,309,506	1,141,554
Navient Private Education Refinance Loan Trust Series 2021-EA Class A144A	0.97	12-16-2069		7,397,512	6,313,037
Navient Private Education Refinance Loan Trust Series 2021-CA Class A144A	1.06	10-15-2069		5,416,248	4,718,790
Navient Private Education Refinance Loan Trust Series 2021-FA Class A144A	1.11	2-18-2070		4,763,832	4,049,568

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

Allspring Core Bond Portfolio | 35

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Asset-backed securities (continued)
Navient Private Education Refinance Loan Trust Series 2020-GA Class A144A	1.17 %	9-16-2069	$	2,596,547	$2,316,283
Navient Private Education Refinance Loan Trust Series 2020-IA Class A1A144A	1.33	4-15-2069		1,509,410	1,341,938
Navient Private Education Refinance Loan Trust Series 2020-BA Class A2144A	2.12	1-15-2069		2,103,706	1,924,294
Navient Private Education Refinance Loan Trust Series 2022-A Class A144A	2.23	7-15-2070		3,417,366	3,001,850
Navient Private Education Refinance Loan Trust Series 2019-FA Class A2144A	2.60	8-15-2068		3,179,636	2,946,372
Navient Private Education Refinance Loan Trust Series 2019-D Class A2A144A	3.01	12-15-2059		5,877,094	5,486,769
Navient Private Education Refinance Loan Trust Series 2019-CA Class A2144A	3.13	2-15-2068		2,416,863	2,294,850
Navient Private Education Refinance Loan Trust Series 2019-A Class A2A144A	3.42	1-15-2043		2,764,127	2,663,800
Navient Private Education Refinance Loan Trust Series 2018-CA Class A2144A	3.52	6-16-2042		162,709	159,539
Navient Private Education Refinance Loan Trust Series 2018-DA Class A2A144A	4.00	12-15-2059		2,866,334	2,748,821
Navient Student Loan Trust Series 2021-3A Class A1A144A	1.77	8-25-2070		5,090,727	4,472,064
Navient Student Loan Trust Series 2019-BA Class A2A144A	3.39	12-15-2059		4,478,159	4,255,449
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%)±	5.05	3-23-2037		9,695,221	9,470,098
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%)±	5.07	12-24-2035		7,334,224	7,176,363
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%)±	5.13	3-22-2032		1,872,848	1,806,450
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%)±	5.37	10-25-2033		9,841,267	9,507,574
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%)±	5.42	1-25-2037		3,461,912	3,401,873
Nelnet Student Loan Trust Series 2004-3 Class A5 (3 Month LIBOR +0.18%)±	5.44	10-27-2036		1,184,399	1,153,972
Nissan Auto Receivables Owner Trust Series 2022-B Class A4	4.45	11-15-2029		2,437,000	2,410,392
Nissan Auto Receivables Owner Trust Series 2023-A Class A4	4.85	6-17-2030		1,724,000	1,749,306
PenFed Auto Receivables Owner Trust Series 2022-A Class A3144A	3.96	4-15-2026		3,548,000	3,483,534
PenFed Auto Receivables Owner Trust Series 2022-A Class A4144A	4.18	12-15-2028		1,743,000	1,707,687
Santander Drive Auto Receivables Trust Series 2022-2 Class A3	2.98	10-15-2026		8,571,108	8,459,130
Santander Drive Auto Receivables Trust Series 2022-3 Class A3	3.40	12-15-2026		3,524,000	3,469,847
Santander Drive Auto Receivables Trust Series 2022-5 Class A3	4.11	8-17-2026		4,588,000	4,533,007
Santander Drive Auto Receivables Trust Series 2022-4 Class A3	4.14	2-16-2027		5,140,000	5,065,039
Santander Drive Auto Receivables Trust Series 2022-6 Class A3	4.49	11-16-2026		8,785,000	8,671,475
Santander Drive Auto Receivables Trust Series 2022-7 Class A3	5.75	4-15-2027		1,964,000	1,965,591
SMB Private Education Loan Trust Series 2021-A Class APT1144A	1.07	1-15-2053		6,801,045	5,965,292
SMB Private Education Loan Trust Series 2020-B Class A1A144A	1.29	7-15-2053		2,573,697	2,301,060
SMB Private Education Loan Trust Series 2021-B Class A144A	1.31	7-17-2051		2,488,094	2,208,053

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

36 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Asset-backed securities (continued)
SMB Private Education Loan Trust Series 2021-D Class A1A144A	1.34 %	3-17-2053	$	6,837,204	$6,080,052
SMB Private Education Loan Trust Series 2020-PTA Class A2A144A	1.60	9-15-2054		4,005,688	3,588,966
SMB Private Education Loan Trust Series 2020-PTB Class A2A144A	1.60	9-15-2054		11,530,624	10,309,320
SMB Private Education Loan Trust Series 2021-E Class A1A144A	1.68	2-15-2051		5,479,444	4,927,125
SMB Private Education Loan Trust Series 2016-B Class A2A144A	2.43	2-17-2032		943,673	906,918
SMB Private Education Loan Trust Series 2019-A Class A2A144A	3.44	7-15-2036		2,492,027	2,387,323
SMB Private Education Loan Trust Series 2018-C Class A2A144A	3.63	11-15-2035		1,773,585	1,695,158
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%)144A±	6.21	9-15-2034		823,605	820,569
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%)144A±	6.56	2-17-2032		735,631	735,196
SMB Private Education Loan Trust Series 2023-B Class A1B144A	6.79	10-16-2056		4,329,000	4,332,896
SoFi Professional Loan Program LLC Series 2021-A Class AFX144A	1.03	8-17-2043		1,615,306	1,371,296
SoFi Professional Loan Program LLC Series 2021-B Class AFX144A	1.14	2-15-2047		3,750,291	3,158,869
SoFi Professional Loan Program LLC Series 2020-C Class AFX144A	1.95	2-15-2046		444,451	401,032
SoFi Professional Loan Program LLC Series 2017-D Class A2FX144A	2.65	9-25-2040		99,713	95,100
SoFi Professional Loan Program LLC Series 2017-E Class A2B144A	2.72	11-26-2040		16,892	16,844
Synchrony Card Funding LLC Series 2022-A2 Class A	3.86	7-15-2028		2,737,000	2,677,227
T-Mobile U.S. Trust Series 2022-1A Class A144A	4.91	5-22-2028		3,719,000	3,703,101
Toyota Auto Receivables Owner Trust Series 2022-B Class A4	3.11	8-16-2027		3,985,000	3,806,220
Toyota Auto Receivables Owner Trust Series 2022-C Class A4	3.77	2-15-2028		3,857,000	3,742,803
Toyota Auto Receivables Owner Trust Series 2023-A Class A4	4.42	8-15-2028		2,768,000	2,741,876
Toyota Auto Receivables Owner Trust Series 2023-B Class A3	4.71	2-15-2028		4,376,000	4,363,904
Toyota Auto Receivables Owner Trust Series 2022-D Class A4	5.43	4-17-2028		2,132,000	2,168,987
Verizon Master Trust Series 2022-2 Class A	1.53	7-20-2028		3,146,000	2,961,435
Verizon Master Trust Series 2022-4 Class A	3.40	11-20-2028		6,886,000	6,678,041
Verizon Master Trust Series 2022-6 Class A	3.67	1-22-2029		6,257,000	6,088,608
Verizon Master Trust Series 2023-1 Class A	4.49	1-22-2029		6,417,000	6,355,352
Verizon Master Trust Series 2023-2 Class A	4.89	4-13-2028		2,391,000	2,382,218
World Omni Select Auto Trust Series 2023-A Class A2A	5.92	3-15-2027		4,126,000	4,125,898
Total asset-backed securities (Cost $527,432,912)					509,676,654
Corporate bonds and notes: 18.87%
Basic materials: 0.17%
Chemicals: 0.10%
Dow Chemical Co.	6.90	5-15-2053		1,654,000	1,843,252
Rohm & Haas Co.	7.85	7-15-2029		2,735,000	3,091,520
					4,934,772

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

Allspring Core Bond Portfolio | 37

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Mining: 0.07%
Glencore Funding LLC144A	2.63 %	9-23-2031	$	764,000	$615,145
Glencore Funding LLC144A	5.70	5-8-2033		2,532,000	2,507,257
					3,122,402
Communications: 1.63%
Internet: 0.14%
Meta Platforms, Inc.	5.60	5-15-2053		3,340,000	3,337,861
Meta Platforms, Inc.	5.75	5-15-2063		3,340,000	3,325,060
					6,662,921
Media: 0.31%
Charter Communications Operating LLC/Charter Communications Operating Capital	3.50	6-1-2041		910,000	600,491
Charter Communications Operating LLC/Charter Communications Operating Capital	3.50	3-1-2042		5,744,000	3,751,057
Comcast Corp.	2.99	11-1-2063		1,982,000	1,228,563
Comcast Corp.	4.05	11-1-2052		1,708,000	1,398,812
Comcast Corp.	5.35	11-15-2027		3,481,000	3,580,402
Comcast Corp.	5.50	11-15-2032		876,000	918,460
Discovery Communications LLC	4.00	9-15-2055		1,852,000	1,176,104
Paramount Global	4.95	5-19-2050		2,139,000	1,591,739
					14,245,628
Telecommunications: 1.18%
AT&T, Inc.	3.50	6-1-2041		1,693,000	1,291,983
AT&T, Inc.	3.65	9-15-2059		1,658,000	1,135,549
AT&T, Inc.	3.80	12-1-2057		4,769,000	3,393,156
AT&T, Inc.%%	5.40	2-15-2034		9,976,000	9,993,806
T-Mobile USA, Inc.	1.50	2-15-2026		1,186,000	1,077,098
T-Mobile USA, Inc.	2.25	2-15-2026		3,699,000	3,428,666
T-Mobile USA, Inc.	2.55	2-15-2031		2,648,000	2,215,038
T-Mobile USA, Inc.	2.88	2-15-2031		45,000	38,450
T-Mobile USA, Inc.	3.50	4-15-2031		27,000	24,050
T-Mobile USA, Inc.	3.75	4-15-2027		5,635,000	5,353,240
T-Mobile USA, Inc.	4.80	7-15-2028		3,518,000	3,471,821
T-Mobile USA, Inc.	4.95	3-15-2028		3,514,000	3,500,944
T-Mobile USA, Inc.	5.05	7-15-2033		4,397,000	4,335,614
T-Mobile USA, Inc.	5.65	1-15-2053		5,383,000	5,375,558
Verizon Communications, Inc.	2.36	3-15-2032		4,399,000	3,547,649
Verizon Communications, Inc.	2.65	11-20-2040		2,219,000	1,523,245
Verizon Communications, Inc.	5.05	5-9-2033		5,278,000	5,223,825
					54,929,692
Consumer, cyclical: 1.32%
Auto manufacturers: 0.61%
Ford Motor Credit Co. LLC	2.90	2-10-2029		2,838,000	2,307,085
Ford Motor Credit Co. LLC	6.80	5-12-2028		2,066,000	2,044,573
General Motors Co.	5.20	4-1-2045		1,414,000	1,176,140

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

38 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Auto manufacturers (continued)
General Motors Financial Co., Inc.	3.10 %	1-12-2032	$	1,183,000	$953,561
General Motors Financial Co., Inc.	5.85	4-6-2030		2,645,000	2,618,881
Hyundai Capital America144A	0.80	1-8-2024		1,393,000	1,351,062
Hyundai Capital America144A	1.30	1-8-2026		3,340,000	2,995,210
Hyundai Capital America144A	5.50	3-30-2026		4,412,000	4,412,514
Hyundai Capital America144A	5.60	3-30-2028		5,511,000	5,530,055
Toyota Motor Credit Corp.	4.55	5-17-2030		5,282,000	5,211,629
					28,600,710
Entertainment: 0.20%
Warnermedia Holdings, Inc.	5.05	3-15-2042		3,477,000	2,813,143
Warnermedia Holdings, Inc.	5.14	3-15-2052		6,185,000	4,827,015
Warnermedia Holdings, Inc.	5.39	3-15-2062		2,193,000	1,705,872
					9,346,030
Leisure time: 0.06%
Harley-Davidson Financial Services, Inc. Series CO144A	6.50	3-10-2028		2,645,000	2,652,871
Retail: 0.45%
Lowe’s Cos., Inc.	4.25	4-1-2052		3,322,000	2,657,617
Lowe’s Cos., Inc.	5.15	7-1-2033		4,858,000	4,846,803
Lowe’s Cos., Inc.	5.63	4-15-2053		4,303,000	4,201,330
Lowe’s Cos., Inc.	5.75	7-1-2053		1,767,000	1,751,067
Lowe’s Cos., Inc.	5.85	4-1-2063		883,000	859,239
Walmart, Inc.	4.10	4-15-2033		4,419,000	4,325,244
Walmart, Inc.	4.50	4-15-2053		2,652,000	2,541,742
					21,183,042
Consumer, non-cyclical: 3.82%
Agriculture: 0.71%
Bunge Ltd. Finance Corp.	1.63	8-17-2025		1,817,000	1,677,192
Philip Morris International, Inc.	4.88	2-13-2026		2,855,000	2,849,299
Philip Morris International, Inc.	4.88	2-15-2028		7,637,000	7,609,977
Philip Morris International, Inc.	5.00	11-17-2025		3,740,000	3,745,880
Philip Morris International, Inc.	5.13	11-17-2027		5,609,000	5,666,747
Philip Morris International, Inc.	5.13	2-15-2030		5,741,000	5,681,738
Philip Morris International, Inc.	5.38	2-15-2033		4,775,000	4,743,252
Philip Morris International, Inc.	5.75	11-17-2032		898,000	920,328
					32,894,413
Beverages: 0.40%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.	4.70	2-1-2036		9,769,000	9,569,427
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.	4.90	2-1-2046		2,552,000	2,423,621
Anheuser-Busch InBev Worldwide, Inc.	4.38	4-15-2038		4,697,000	4,402,513
Constellation Brands, Inc.	4.90	5-1-2033		2,550,000	2,505,197
					18,900,758

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

Allspring Core Bond Portfolio | 39

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Biotechnology: 0.67%
Amgen, Inc.	5.15 %	3-2-2028	$	5,283,000	$5,326,695
Amgen, Inc.	5.25	3-2-2025		8,796,000	8,820,470
Amgen, Inc.	5.25	3-2-2033		881,000	884,112
Amgen, Inc.	5.65	3-2-2053		9,986,000	9,989,743
Gilead Sciences, Inc.	1.65	10-1-2030		1,584,000	1,293,254
Gilead Sciences, Inc.	2.60	10-1-2040		2,741,000	1,958,834
Gilead Sciences, Inc.	4.00	9-1-2036		1,410,000	1,281,970
Gilead Sciences, Inc.	4.60	9-1-2035		2,002,000	1,931,913
					31,486,991
Commercial services: 0.06%
Quanta Services, Inc.	0.95	10-1-2024		3,148,000	2,946,809
Cosmetics/Personal Care: 0.30%
Kenvue, Inc.144A	4.90	3-22-2033		7,049,000	7,177,915
Kenvue, Inc.144A	5.05	3-22-2028		3,524,000	3,599,420
Kenvue, Inc.144A	5.05	3-22-2053		2,202,000	2,216,560
Kenvue, Inc.144A	5.20	3-22-2063		881,000	884,829
					13,878,724
Healthcare-products: 0.13%
Abbott Laboratories	1.40	6-30-2030		3,964,000	3,257,550
Abbott Laboratories	4.75	11-30-2036		2,646,000	2,663,435
					5,920,985
Healthcare-services: 0.72%
HCA, Inc.144A	4.63	3-15-2052		1,688,000	1,359,448
HCA, Inc.	5.20	6-1-2028		8,161,000	8,110,538
HCA, Inc.	5.90	6-1-2053		3,992,000	3,847,687
Roche Holdings, Inc.144A	2.08	12-13-2031		4,610,000	3,846,444
UnitedHealth Group, Inc.	3.05	5-15-2041		829,000	636,106
UnitedHealth Group, Inc.	3.25	5-15-2051		2,617,000	1,909,209
UnitedHealth Group, Inc.	4.00	5-15-2029		3,351,000	3,240,191
UnitedHealth Group, Inc.	4.50	4-15-2033		2,737,000	2,685,374
UnitedHealth Group, Inc.	5.05	4-15-2053		1,641,000	1,611,152
UnitedHealth Group, Inc.	5.20	4-15-2063		1,821,000	1,782,714
UnitedHealth Group, Inc.	5.88	2-15-2053		4,208,000	4,601,044
					33,629,907
Pharmaceuticals: 0.83%
AbbVie, Inc.	4.05	11-21-2039		1,871,000	1,604,647
AbbVie, Inc.	4.25	11-21-2049		8,986,000	7,611,212
AbbVie, Inc.	4.30	5-14-2036		1,146,000	1,056,146
AbbVie, Inc.	4.45	5-14-2046		1,166,000	1,005,016
AbbVie, Inc.	4.55	3-15-2035		2,641,000	2,517,419
Astrazeneca Finance LLC	4.88	3-3-2028		3,862,000	3,911,132
Astrazeneca Finance LLC	4.90	3-3-2030		5,278,000	5,357,346
Cigna Group	5.40	3-15-2033		2,197,000	2,240,638

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

40 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Pharmaceuticals (continued)
CVS Health Corp.	4.88 %	7-20-2035	$	518,000	$493,512
CVS Health Corp.%%	5.88	6-1-2053		2,098,000	2,107,147
Eli Lilly & Co.	4.70	2-27-2033		1,762,000	1,794,223
Eli Lilly & Co.	4.88	2-27-2053		2,641,000	2,660,595
Eli Lilly & Co.	4.95	2-27-2063		1,232,000	1,223,334
Merck & Co., Inc.	4.50	5-17-2033		1,784,000	1,780,106
Merck & Co., Inc.	5.00	5-17-2053		1,784,000	1,795,539
Merck & Co., Inc.	5.15	5-17-2063		1,338,000	1,349,950
					38,507,962
Energy: 0.97%
Oil & gas: 0.39%
BP Capital Markets America, Inc.	4.81	2-13-2033		9,666,000	9,557,661
Exxon Mobil Corp.	3.45	4-15-2051		4,432,000	3,400,770
Exxon Mobil Corp.	4.33	3-19-2050		5,833,000	5,214,132
					18,172,563
Pipelines: 0.58%
Energy Transfer LP	4.40	3-15-2027		781,000	753,849
Energy Transfer LP	4.95	5-15-2028		5,833,000	5,695,001
Energy Transfer LP	5.30	4-15-2047		4,562,000	3,864,070
Energy Transfer LP	5.40	10-1-2047		1,340,000	1,151,985
Energy Transfer LP	5.75	2-15-2033		6,414,000	6,431,453
Energy Transfer LP	6.13	12-15-2045		1,410,000	1,313,935
MPLX LP	4.95	3-14-2052		3,270,000	2,691,860
MPLX LP	5.00	3-1-2033		5,302,000	5,101,120
					27,003,273
Financial: 5.45%
Banks: 3.25%
Bank of America Corp. (U.S. SOFR +0.96%)±	1.73	7-22-2027		8,776,000	7,826,458
Bank of America Corp. (3 Month LIBOR +1.04%)±	3.42	12-20-2028		15,869,000	14,593,009
Bank of America Corp. (U.S. SOFR +1.29%)±	5.08	1-20-2027		7,776,000	7,717,527
Bank of America Corp. (U.S. SOFR +1.63%)±	5.20	4-25-2029		7,763,000	7,735,782
Bank of America Corp. (U.S. SOFR +1.91%)±	5.29	4-25-2034		16,110,000	16,007,762
Bank of New York Mellon Corp. (U.S. SOFR +1.03%)±	4.95	4-26-2027		10,565,000	10,530,227
Bank of New York Mellon Corp. Series J (U.S. SOFR +1.61%)±	4.97	4-26-2034		9,684,000	9,628,328
Citigroup, Inc.	6.17	5-25-2034		10,498,000	10,646,525
Goldman Sachs Group, Inc. (U.S. SOFR +0.91%)±	1.95	10-21-2027		3,923,000	3,493,836
KeyBank NA	5.00	1-26-2033		5,524,000	4,854,680
M&T Bank Corp. (U.S. SOFR +1.85%)±	5.05	1-27-2034		3,251,000	2,999,997
Manufacturers & Traders Trust Co.	4.70	1-27-2028		2,346,000	2,195,309
Morgan Stanley (U.S. SOFR +1.73%)±	5.12	2-1-2029		1,749,000	1,740,257
Morgan Stanley (U.S. SOFR +1.59%)±	5.16	4-20-2029		1,749,000	1,743,289
Morgan Stanley (U.S. SOFR +1.87%)±	5.25	4-21-2034		5,282,000	5,245,303
Morgan Stanley (U.S. SOFR +2.56%)±	6.34	10-18-2033		6,020,000	6,446,819
National Securities Clearing Corp.	5.00	5-30-2028		2,746,000	2,756,713
Santander Holdings USA, Inc. (U.S. SOFR +2.36%)±	6.50	3-9-2029		7,197,000	7,296,294

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

Allspring Core Bond Portfolio | 41

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Banks (continued)
Wells Fargo & Co. (U.S. SOFR +2.10%)±	4.90 %	7-25-2033	$	14,664,000	$14,145,522
Wells Fargo & Co. (U.S. SOFR +2.02%)±	5.39	4-24-2034		13,973,000	13,991,419
					151,595,056
Diversified financial services: 0.46%
American Express Co. (U.S. SOFR +1.84%)±	5.04	5-1-2034		7,917,000	7,815,727
Antares Holdings LP144A	3.75	7-15-2027		4,042,000	3,389,434
Charles Schwab Corp.	5.64	5-19-2029		7,132,000	7,139,661
Charles Schwab Corp.	5.85	5-19-2034		3,170,000	3,213,255
					21,558,077
Insurance: 0.25%
American International Group, Inc.	5.13	3-27-2033		1,636,000	1,603,042
Brighthouse Financial, Inc.	3.85	12-22-2051		1,564,000	959,347
Progressive Corp.	4.95	6-15-2033		4,403,000	4,393,770
SBL Holdings, Inc.144A	5.00	2-18-2031		5,480,000	4,454,810
					11,410,969
REITS: 1.49%
Agree LP	2.00	6-15-2028		3,303,000	2,779,600
Agree LP	2.60	6-15-2033		751,000	580,846
Agree LP	4.80	10-1-2032		1,656,000	1,546,580
American Homes 4 Rent LP	3.63	4-15-2032		3,041,000	2,628,809
American Homes 4 Rent LP	4.30	4-15-2052		1,362,000	1,028,507
American Tower Corp.	2.95	1-15-2051		881,000	543,900
American Tower Corp.	3.13	1-15-2027		1,490,000	1,383,130
American Tower Corp.	5.50	3-15-2028		3,518,000	3,554,686
American Tower Corp.	5.55	7-15-2033		4,373,000	4,401,627
Boston Properties LP	6.50	1-15-2034		703,000	685,116
Brixmor Operating Partnership LP	2.50	8-16-2031		2,907,000	2,263,004
Crown Castle, Inc.	1.05	7-15-2026		4,738,000	4,170,359
Crown Castle, Inc.	2.90	3-15-2027		2,545,000	2,350,502
Crown Castle, Inc.	2.90	4-1-2041		1,760,000	1,217,137
Crown Castle, Inc.	5.00	1-11-2028		7,040,000	6,982,844
Essex Portfolio LP	2.55	6-15-2031		1,567,000	1,278,529
Federal Realty Investment Trust	3.95	1-15-2024		2,102,000	2,078,961
Invitation Homes Operating Partnership LP	2.00	8-15-2031		524,000	399,303
Invitation Homes Operating Partnership LP	4.15	4-15-2032		3,026,000	2,715,992
Mid-America Apartments LP	4.30	10-15-2023		1,558,000	1,548,944
Realty Income Corp.	2.20	6-15-2028		1,629,000	1,424,167
Realty Income Corp.	2.85	12-15-2032		2,200,000	1,803,344
Realty Income Corp.	4.85	3-15-2030		2,112,000	2,066,087
Realty Income Corp.	4.90	7-15-2033		2,935,000	2,820,952
Realty Income Corp.	5.63	10-13-2032		3,076,000	3,130,801
Regency Centers LP	2.95	9-15-2029		4,164,000	3,621,227
STORE Capital Corp.	2.70	12-1-2031		1,057,000	726,600
STORE Capital Corp.	2.75	11-18-2030		2,689,000	1,948,675
STORE Capital Corp.	4.50	3-15-2028		4,064,000	3,506,625

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

42 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
REITS (continued)
STORE Capital Corp.	4.63 %	3-15-2029	$	1,939,000	$1,670,908
Sun Communities Operating LP	4.20	4-15-2032		3,041,000	2,653,975
					69,511,737
Industrial: 1.27%
Aerospace/defense: 0.60%
Boeing Co.	2.20	2-4-2026		5,990,000	5,574,174
Boeing Co.	3.25	2-1-2035		1,939,000	1,561,128
Boeing Co.	3.75	2-1-2050		3,461,000	2,549,822
Boeing Co.	5.93	5-1-2060		2,676,000	2,608,350
Lockheed Martin Corp.	4.75	2-15-2034		6,314,000	6,313,854
Northrop Grumman Corp.	4.40	5-1-2030		2,026,000	1,988,705
Raytheon Technologies Corp.	5.15	2-27-2033		4,578,000	4,655,863
Raytheon Technologies Corp.	5.38	2-27-2053		2,839,000	2,873,207
					28,125,103
Environmental control: 0.12%
Republic Services, Inc.	4.88	4-1-2029		2,648,000	2,654,068
Republic Services, Inc.	5.00	4-1-2034		2,648,000	2,651,343
					5,305,411
Machinery-construction & mining: 0.11%
Caterpillar Financial Services Corp.	4.35	5-15-2026		5,278,000	5,252,095
Machinery-diversified: 0.27%
John Deere Capital Corp.	4.15	9-15-2027		8,315,000	8,203,529
John Deere Capital Corp.	4.90	3-3-2028		4,397,000	4,468,481
					12,672,010
Transportation: 0.17%
Burlington Northern Santa Fe LLC	4.45	1-15-2053		705,000	639,584
Crowley Conro LLC	4.18	8-15-2043		2,377,138	2,267,699
Union Pacific Corp.	2.38	5-20-2031		1,678,000	1,426,125
Union Pacific Corp.	2.80	2-14-2032		2,278,000	1,974,393
Union Pacific Corp.	3.38	2-14-2042		1,895,000	1,509,293
					7,817,094
Technology: 2.33%
Computers: 0.44%
Apple, Inc.	2.38	2-8-2041		1,284,000	942,608
Apple, Inc.	2.40	8-20-2050		11,000	7,238
Apple, Inc.	2.65	5-11-2050		2,432,000	1,673,069
Apple, Inc.	2.65	2-8-2051		1,081,000	739,124
Apple, Inc.	3.95	8-8-2052		2,478,000	2,161,018
Apple, Inc.	4.00	5-10-2028		5,278,000	5,255,621
Apple, Inc.	4.10	8-8-2062		1,257,000	1,090,390
Apple, Inc.	4.15	5-10-2030		2,639,000	2,637,252

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

Allspring Core Bond Portfolio | 43

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Computers (continued)
Apple, Inc.	4.30 %	5-10-2033	$	3,518,000	$3,525,997
Apple, Inc.	4.85	5-10-2053		2,287,000	2,300,984
					20,333,301
Semiconductors: 1.08%
Broadcom, Inc.144A	2.45	2-15-2031		2,761,000	2,229,399
Broadcom, Inc.	3.15	11-15-2025		2,069,000	1,974,657
Broadcom, Inc.144A	3.42	4-15-2033		2,269,000	1,884,481
Broadcom, Inc.144A	3.47	4-15-2034		1,771,000	1,445,060
Broadcom, Inc.144A	4.93	5-15-2037		2,522,000	2,268,196
Intel Corp.	2.80	8-12-2041		4,129,000	2,901,689
Intel Corp.	5.63	2-10-2043		1,012,000	1,011,806
Intel Corp.	5.70	2-10-2053		1,754,000	1,732,686
Intel Corp.	5.90	2-10-2063		2,461,000	2,449,526
KLA Corp.	3.30	3-1-2050		1,445,000	1,070,404
KLA Corp.	4.95	7-15-2052		1,469,000	1,417,836
Micron Technology, Inc.	3.48	11-1-2051		864,000	554,229
Micron Technology, Inc.	5.38	4-15-2028		8,840,000	8,721,505
Micron Technology, Inc.	5.88	2-9-2033		1,038,000	1,033,342
QUALCOMM, Inc.	6.00	5-20-2053		3,977,000	4,304,332
Texas Instruments, Inc.	4.90	3-14-2033		7,049,000	7,227,278
Texas Instruments, Inc.	5.00	3-14-2053		4,406,000	4,396,515
Texas Instruments, Inc.	5.05	5-18-2063		2,641,000	2,582,653
Xilinx, Inc.	2.38	6-1-2030		1,351,000	1,168,916
					50,374,510
Software: 0.81%
Fiserv, Inc.	5.45	3-2-2028		4,238,000	4,303,244
Fiserv, Inc.	5.60	3-2-2033		901,000	922,995
Oracle Corp.	4.00	7-15-2046		3,065,000	2,296,609
Oracle Corp.	4.38	5-15-2055		1,064,000	822,484
Oracle Corp.	4.90	2-6-2033		897,000	866,444
Oracle Corp.	5.55	2-6-2053		2,348,000	2,192,654
Oracle Corp.	6.90	11-9-2052		5,729,000	6,235,263
VMware, Inc.	0.60	8-15-2023		7,728,000	7,648,868
VMware, Inc.	1.00	8-15-2024		5,487,000	5,181,447
VMware, Inc.	1.40	8-15-2026		5,134,000	4,546,216
VMware, Inc.	4.70	5-15-2030		3,172,000	3,015,799
					38,032,023
Utilities: 1.91%
Electric: 1.91%
American Transmission Systems, Inc.144A	2.65	1-15-2032		1,097,000	910,068
Baltimore Gas & Electric Co.	2.25	6-15-2031		2,356,000	1,968,398
Baltimore Gas & Electric Co.	5.40	6-1-2053		2,639,000	2,643,689
CenterPoint Energy Houston Electric LLC Series AH	3.60	3-1-2052		1,740,000	1,338,840
Commonwealth Edison Co.	5.30	2-1-2053		707,000	709,110
Consolidated Edison Co. of New York, Inc.	5.20	3-1-2033		4,930,000	5,005,602

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

44 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Electric (continued)
Consumers Energy Co.	2.50 %	5-1-2060	$	1,432,000	$817,125
DTE Electric Co.	2.95	3-1-2050		2,750,000	1,868,490
DTE Electric Co. Series B	3.65	3-1-2052		1,258,000	967,941
Duke Energy Carolinas LLC	2.55	4-15-2031		1,603,000	1,375,394
Duke Energy Carolinas LLC	2.85	3-15-2032		2,926,000	2,505,574
Duke Energy Carolinas LLC	3.55	3-15-2052		2,130,000	1,613,730
Duke Energy Carolinas LLC	5.35	1-15-2053		3,531,000	3,531,871
Duke Energy Corp.	2.55	6-15-2031		1,725,000	1,427,406
Duke Energy Corp.	3.50	6-15-2051		487,000	344,457
Duke Energy Florida LLC	2.40	12-15-2031		2,348,000	1,934,280
Duke Energy Progress LLC	2.50	8-15-2050		2,376,000	1,453,628
Duke Energy Progress LLC	5.25	3-15-2033		2,465,000	2,516,143
Entergy Arkansas LLC	2.65	6-15-2051		2,121,000	1,312,623
Entergy Arkansas LLC	5.15	1-15-2033		3,533,000	3,570,807
Eversource Energy Series R	1.65	8-15-2030		2,676,000	2,137,661
Exelon Corp.	5.30	3-15-2033		2,659,000	2,677,908
Exelon Corp.	5.60	3-15-2053		2,115,000	2,089,893
Jersey Central Power & Light Co.144A	2.75	3-1-2032		2,587,000	2,150,619
Metropolitan Edison Co.144A	4.30	1-15-2029		2,768,000	2,647,571
Metropolitan Edison Co.144A	5.20	4-1-2028		2,650,000	2,670,121
MidAmerican Energy Co.	2.70	8-1-2052		2,041,000	1,312,942
Mississippi Power Co. Series B	3.10	7-30-2051		2,824,000	1,875,531
Mississippi Power Co. Series 12-A	4.25	3-15-2042		1,083,000	900,765
NSTAR Electric Co.	3.10	6-1-2051		1,453,000	999,278
NSTAR Electric Co.	4.55	6-1-2052		1,914,000	1,717,730
Pacific Gas & Electric Co.	2.10	8-1-2027		1,260,000	1,090,454
Pacific Gas & Electric Co.	3.95	12-1-2047		5,363,000	3,632,679
Pacific Gas & Electric Co.	4.20	6-1-2041		1,368,000	1,017,155
Pacific Gas & Electric Co.	4.50	7-1-2040		811,000	628,667
Pacific Gas & Electric Co.	4.75	2-15-2044		792,000	604,740
Pacific Gas & Electric Co.	4.95	7-1-2050		7,530,000	5,863,162
PacifiCorp.	5.50	5-15-2054		2,817,000	2,846,082
PECO Energy Co.	2.85	9-15-2051		2,841,000	1,864,965
Pennsylvania Electric Co.144A	3.25	3-15-2028		2,295,000	2,107,728
Pennsylvania Electric Co.144A	5.15	3-30-2026		1,767,000	1,755,947
Public Service Co. of Oklahoma Series K	3.15	8-15-2051		1,593,000	1,063,439
Public Service Electric & Gas Co.	1.90	8-15-2031		3,159,000	2,563,811
Public Service Electric & Gas Co.	2.05	8-1-2050		653,000	370,807
Public Service Electric & Gas Co.	2.70	5-1-2050		1,286,000	845,877
Southern California Edison Co. Series C	4.13	3-1-2048		1,775,000	1,428,322
Virginia Electric & Power Co.	2.95	11-15-2051		2,356,000	1,542,143
Virginia Electric & Power Co.	5.45	4-1-2053		796,000	780,664
					89,001,837
Total corporate bonds and notes (Cost $925,671,931)					880,009,676

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

Allspring Core Bond Portfolio | 45

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Municipal obligations: 0.35%
Nevada: 0.09%
Airport revenue: 0.09%
County of Clark Department of Aviation Series C	6.82 %	7-1-2045	$	3,365,000	$4,097,847
New York: 0.10%
Airport revenue: 0.10%
Port Authority of New York & New Jersey	4.46	10-1-2062		5,505,000	4,978,819
Ohio: 0.04%
Education revenue: 0.04%
Ohio State University Series A	4.80	6-1-2111		1,957,000	1,776,585
Texas: 0.12%
Education revenue: 0.02%
Board of Regents of the University of Texas System Series B	2.44	8-15-2049		1,695,000	1,114,570
Transportation revenue: 0.10%
North Texas Tollway Authority Series B	6.72	1-1-2049		3,609,000	4,462,153
					5,576,723
Total municipal obligations (Cost $17,137,602)					16,429,974
Non-agency mortgage-backed securities: 3.19%
Angel Oak Mortgage Trust Series 2020-5 Class A1144A±±	1.37	5-25-2065		495,046	454,120
Angel Oak Mortgage Trust Series 2020-2 Class A1A144A±±	2.53	1-26-2065		1,270,133	1,166,037
Angel Oak Mortgage Trust Series 2021-6 Class A1144A±±	1.46	9-25-2066		2,630,971	2,108,405
BANK5 Series 2023-5YR1 Class A3±±	6.26	4-15-2056		2,182,000	2,259,066
BBCMS Mortgage Trust Series 2018-C2 Class ASB	4.24	12-15-2051		1,158,926	1,127,218
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1144A	2.88	7-25-2049		1,835,867	1,710,713
Bunker Hill Loan Depositary Trust Series 2019-3 Class A1144A	2.72	11-25-2059		1,122,037	1,074,336
BX Commercial Mortgage Trust Series 2021-XL2 Class A (1 Month LIBOR +0.69%)144A±	5.80	10-15-2038		4,496,421	4,344,222
BX Commercial Mortgage Trust Series 2021-VOLT Class A (1 Month LIBOR +0.70%)144A±	5.81	9-15-2036		10,912,000	10,544,811
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB	3.37	6-15-2050		1,266,455	1,213,826
COLT Mortgage Loan Trust Series 2021-2 Class A1144A±±	0.92	8-25-2066		3,602,827	2,790,127
COLT Mortgage Loan Trust Series 2021-4 Class A1144A±±	1.40	10-25-2066		3,749,363	2,953,933
COMM Mortgage Trust Series 2014-UBS4 Class A4	3.42	8-10-2047		3,937,000	3,811,495
COMM Mortgage Trust Series 2013-CR11 Class A4	4.26	8-10-2050		12,086,257	12,043,167
COMM Mortgage Trust Series 2015-LC23 Class A3	3.52	10-10-2048		1,982,000	1,915,309
COMM Mortgage Trust Series 2013-CR13 Class A4±±	4.19	11-10-2046		1,746,000	1,719,918
CSAIL Commercial Mortgage Trust Series 2019-C16 Class A2	3.07	6-15-2052		1,924,000	1,704,777
EQUS Mortgage Trust Series 2021-EQAZ Class A (1 Month LIBOR +0.75%)144A±	5.86	10-15-2038		4,122,917	3,988,144
GS Mortgage Securities Trust Series 2013-GC14 Class A5	4.24	8-10-2046		1,899,566	1,895,344
GS Mortgage Securities Trust Series 2014-GC18 Class A4	4.07	1-10-2047		5,471,323	5,375,883
GS Mortgage Securities Trust Series 2020-GSA2 Class A4	1.72	12-12-2053		5,595,000	4,443,571
GS Mortgage Securities Trust Series 2015-GC32 Class A3	3.50	7-10-2048		1,889,446	1,806,661

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

46 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Non-agency mortgage-backed securities (continued)
Impact Funding Affordable Multifamily Housing Mortgage Loan Trust Series 2010-1 Class A1144A	5.31 %	1-25-2051	$	2,954,105	$2,872,960
JP Morgan Chase Commercial Mortgage Securities Trust Series 2013-C16 Class A4	4.17	12-15-2046		4,973,000	4,932,572
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4 Class A3	3.39	12-15-2049		1,080,000	1,007,368
JPMBB Commercial Mortgage Securities Trust Series 2013-C17 Class A4	4.20	1-15-2047		1,095,000	1,079,447
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class A4	3.67	9-15-2047		1,623,137	1,575,219
JPMBB Commercial Mortgage Securities Trust Series 2015-C28 Class A3	2.91	10-15-2048		6,279,918	5,984,181
JPMBB Commercial Mortgage Securities Trust Series 2015-C30 Class A5	3.82	7-15-2048		3,008,000	2,855,149
Med Trust Series 2021-MDLN Class A (1 Month LIBOR +0.95%)144A±	6.06	11-15-2038		6,630,180	6,426,013
MFA Trust Series 2021-NQM2 Class A1144A±±	1.03	11-25-2064		1,492,607	1,236,566
Morgan Stanley Capital I Trust Series 2020-HR8 Class A3	1.79	7-15-2053		3,030,000	2,427,271
New Residential Mortgage Loan Trust Series 2019-NQM4 Class A1144A±±	2.49	9-25-2059		783,096	714,450
NewRez Warehouse Securitization Trust Series 2021-1 Class A (1 Month LIBOR +0.75%)144A±	5.89	5-25-2055		8,916,267	8,836,534
STAR Trust Series 2021-1 Class A1144A±±	1.22	5-25-2065		1,335,195	1,149,569
Starwood Mortgage Residential Trust Series 2020-1 Class A1144A±±	2.28	2-25-2050		265,389	250,751
Starwood Mortgage Residential Trust Series 2020-INV1 Class A1144A±±	1.03	11-25-2055		1,081,461	949,930
Starwood Mortgage Residential Trust Series 2020-3 Class A1144A±±	1.49	4-25-2065		1,249,433	1,151,308
Starwood Mortgage Residential Trust Series 2021-4 Class A1144A±±	1.16	8-25-2056		3,398,574	2,856,739
Verus Securitization Trust Series 2020-1 Class A1144A	2.42	1-25-2060		279,440	261,766
Verus Securitization Trust Series 2019-INV2 Class A1144A±±	2.91	7-25-2059		632,409	609,512
Verus Securitization Trust Series 2019-4 Class A1144A	2.64	11-25-2059		1,281,698	1,228,767
Verus Securitization Trust Series 2019-INV3 Class A1144A±±	2.69	11-25-2059		538,436	516,576
Verus Securitization Trust Series 2021-1 Class A1144A±±	0.82	1-25-2066		1,844,090	1,570,337
Verus Securitization Trust Series 2020-2 Class A1144A±±	2.23	5-25-2060		826,989	795,628
Verus Securitization Trust Series 2021-R1 Class A1144A±±	0.82	10-25-2063		1,578,392	1,411,188
Verus Securitization Trust Series 2020-5 Class A1144A	1.22	5-25-2065		561,861	508,513
Verus Securitization Trust Series 2021-R3 Class A1144A±±	1.02	4-25-2064		1,556,192	1,377,979
Verus Securitization Trust Series 2021-2 Class A1144A±±	1.03	2-25-2066		3,350,658	2,861,426
Verus Securitization Trust Series 2021-8 Class A1144A±±	1.82	11-25-2066		3,321,449	2,826,401
Verus Securitization Trust Series 2021-4 Class A1144A±±	0.94	7-25-2066		3,146,220	2,501,882
Verus Securitization Trust Series 2021-5 Class A1144A±±	1.01	9-25-2066		9,974,738	8,076,155
Verus Securitization Trust Series 2021-7 Class A1144A±±	1.83	10-25-2066		4,687,400	3,967,769
Verus Securitization Trust Series 2021-3 Class A1144A±±	1.05	6-25-2066		2,502,074	2,084,124
Visio Trust Series 2020-1R Class A1144A	1.31	11-25-2055		1,229,026	1,105,822
Total non-agency mortgage-backed securities (Cost $162,276,444)					148,460,955

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

Allspring Core Bond Portfolio | 47

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
U.S. Treasury securities: 28.49%
U.S. Treasury Bonds	1.13 %	5-15-2040	$	87,097,000	$56,602,843
U.S. Treasury Bonds	1.13	8-15-2040		85,421,000	55,026,473
U.S. Treasury Bonds##	1.38	11-15-2040		154,317,000	103,458,699
U.S. Treasury Bonds##	1.75	8-15-2041		126,129,000	88,965,287
U.S. Treasury Bonds	1.88	2-15-2041		6,755,000	4,922,442
U.S. Treasury Bonds	1.88	11-15-2051		7,074,000	4,654,471
U.S. Treasury Bonds	2.00	8-15-2051		22,967,000	15,620,252
U.S. Treasury Bonds	2.25	2-15-2052		11,829,000	8,531,666
U.S. Treasury Bonds	2.88	5-15-2052		13,255,000	10,975,761
U.S. Treasury Bonds	3.00	8-15-2052		40,262,000	34,217,982
U.S. Treasury Bonds	3.38	8-15-2042		2,564,000	2,342,755
U.S. Treasury Bonds	3.63	2-15-2053		75,155,000	72,184,029
U.S. Treasury Bonds	3.88	2-15-2043		4,976,000	4,884,255
U.S. Treasury Bonds	3.88	5-15-2043		45,892,000	45,060,208
U.S. Treasury Bonds	5.25	11-15-2028		2,064,000	2,206,868
U.S. Treasury Notes	0.38	7-31-2027		43,509,000	37,681,174
U.S. Treasury Notes	1.13	2-29-2028		12,507,000	11,054,038
U.S. Treasury Notes	1.13	8-31-2028		8,274,000	7,231,993
U.S. Treasury Notes	1.25	9-30-2028		1,117,000	980,822
U.S. Treasury Notes	1.38	10-31-2028		17,559,000	15,497,875
U.S. Treasury Notes##	1.50	8-15-2026		101,332,000	93,712,309
U.S. Treasury Notes	1.50	11-30-2028		11,372,000	10,092,206
U.S. Treasury Notes	1.63	5-15-2026		35,760,000	33,350,391
U.S. Treasury Notes	1.75	12-31-2026		8,357,000	7,750,465
U.S. Treasury Notes	1.88	2-28-2029		10,985,000	9,913,963
U.S. Treasury Notes	2.00	11-15-2026		32,604,000	30,536,957
U.S. Treasury Notes	2.13	5-15-2025		10,160,000	9,720,263
U.S. Treasury Notes	2.63	2-15-2029		50,196,000	47,225,416
U.S. Treasury Notes	2.63	7-31-2029		8,779,000	8,237,514
U.S. Treasury Notes	2.75	5-31-2029		15,424,000	14,588,333
U.S. Treasury Notes	2.88	4-30-2025		16,500,000	16,014,668
U.S. Treasury Notes	2.88	6-15-2025		705,000	684,153
U.S. Treasury Notes	2.88	8-15-2028		8,219,000	7,860,703
U.S. Treasury Notes	2.88	4-30-2029		14,700,000	14,005,195
U.S. Treasury Notes	3.00	7-15-2025		9,339,000	9,082,907
U.S. Treasury Notes	3.25	6-30-2029		28,783,000	27,980,224
U.S. Treasury Notes	3.38	5-15-2033		26,881,000	26,305,579
U.S. Treasury Notes##	3.50	4-30-2028		103,337,000	102,021,067
U.S. Treasury Notes	3.63	5-15-2026		53,493,000	52,870,308
U.S. Treasury Notes	3.63	3-31-2028		15,721,000	15,600,636
U.S. Treasury Notes	3.63	5-31-2028		64,000,000	63,635,000
U.S. Treasury Notes	3.88	3-31-2025		25,751,000	25,453,254
U.S. Treasury Notes	3.88	4-30-2025		49,527,000	48,987,233
U.S. Treasury Notes	4.00	12-15-2025		10,348,000	10,306,365
U.S. Treasury Notes	4.00	2-15-2026		270,000	269,114
U.S. Treasury Notes	4.13	1-31-2025		2,792,000	2,768,224
U.S. Treasury Notes	4.25	5-31-2025		47,314,000	47,180,929
U.S. Treasury Notes	4.25	10-15-2025		9,006,000	9,004,593

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

48 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
U.S. Treasury securities (continued)
U.S. Treasury Notes	4.38 %	10-31-2024	$	1,068,000	$1,061,158
U.S. Treasury Notes	4.50	11-30-2024		224,000	223,055
Total U.S. Treasury securities (Cost $1,440,198,202)					1,328,542,075
Yankee corporate bonds and notes: 4.34%
Basic materials: 0.37%
Mining: 0.37%
Anglo American Capital PLC144A	4.75	3-16-2052		3,474,000	2,824,201
Anglo American Capital PLC144A	5.50	5-2-2033		2,483,000	2,424,129
BHP Billiton Finance USA Ltd.	4.88	2-27-2026		8,803,000	8,839,735
Glencore Finance Canada Ltd.144A	5.55	10-25-2042		792,000	732,654
Glencore Finance Canada Ltd.144A	6.00	11-15-2041		644,000	639,165
Glencore Finance Canada Ltd.144A	6.90	11-15-2037		1,821,000	1,969,716
					17,429,600
Consumer, cyclical: 0.19%
Airlines: 0.19%
Delta Air Lines, Inc./SkyMiles IP Ltd.144A	4.75	10-20-2028		9,320,000	9,003,335
Consumer, non-cyclical: 0.89%
Commercial services: 0.02%
Adani International Container Terminal Pvt Ltd.144A	3.00	2-16-2031		1,310,280	1,038,972
Healthcare-products: 0.09%
DH Europe Finance II Sarl	2.20	11-15-2024		4,334,000	4,153,008
Pharmaceuticals: 0.78%
Pfizer Investment Enterprises Pte. Ltd.	4.45	5-19-2026		8,809,000	8,763,644
Pfizer Investment Enterprises Pte. Ltd.	4.45	5-19-2028		4,404,000	4,387,698
Pfizer Investment Enterprises Pte. Ltd.	4.75	5-19-2033		12,245,000	12,294,108
Pfizer Investment Enterprises Pte. Ltd.	5.30	5-19-2053		5,774,000	5,944,182
Pfizer Investment Enterprises Pte. Ltd.	5.34	5-19-2063		2,643,000	2,646,499
Shire Acquisitions Investments Ireland DAC	2.88	9-23-2023		1,299,000	1,287,447
Takeda Pharmaceutical Co. Ltd.	4.40	11-26-2023		986,000	979,445
					36,303,023
Energy: 0.26%
Oil & gas: 0.08%
Aker BP ASA144A	3.10	7-15-2031		504,000	419,626
Aker BP ASA144A	4.00	1-15-2031		647,000	579,983
Petroleos Mexicanos	2.38	4-15-2025		725,800	700,650
Petroleos Mexicanos	2.46	12-15-2025		2,419,500	2,333,809
					4,034,068
Pipelines: 0.18%
Galaxy Pipeline Assets Bidco Ltd.144A	1.75	9-30-2027		2,590,720	2,397,462
Galaxy Pipeline Assets Bidco Ltd.144A	2.16	3-31-2034		3,232,593	2,751,265

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

Allspring Core Bond Portfolio | 49

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Pipelines (continued)
Galaxy Pipeline Assets Bidco Ltd.144A	2.63 %	3-31-2036	$	2,354,000	$1,909,069
Galaxy Pipeline Assets Bidco Ltd.144A	2.94	9-30-2040		1,467,518	1,182,399
					8,240,195
Financial: 2.40%
Banks: 1.99%
Barclays PLC (U.S. SOFR +2.21%)±	5.83	5-9-2027		10,458,000	10,434,845
Barclays PLC (U.S. SOFR +2.98%)±	6.22	5-9-2034		5,396,000	5,447,776
Barclays PLC (1 Year Treasury Constant Maturity +3.50%)±	7.44	11-2-2033		6,947,000	7,572,987
Cooperatieve Rabobank UA (1 Year Treasury Constant Maturity +1.40%)144A±	5.56	2-28-2029		12,323,000	12,350,978
Credit Suisse Group AG (U.S. SOFR +1.73%)144A±	3.09	5-14-2032		1,185,000	952,580
Credit Suisse Group AG (U.S. SOFR +3.73%)144A±	4.19	4-1-2031		4,092,000	3,596,418
Credit Suisse Group AG144A	4.28	1-9-2028		2,665,000	2,436,210
Credit Suisse Group AG (U.S. SOFR +3.70%)144A±	6.44	8-11-2028		5,102,000	5,083,072
Credit Suisse Group AG144A	6.54	8-12-2033		1,101,000	1,123,648
Deutsche Bank AG (U.S. SOFR +2.26%)±	3.74	1-7-2033		6,840,000	4,952,715
Deutsche Bank AG	7.08	2-10-2034		611,000	558,883
HSBC Holdings PLC (U.S. SOFR +1.97%)±	6.16	3-9-2029		7,036,000	7,174,065
HSBC Holdings PLC (U.S. SOFR +2.39%)±	6.25	3-9-2034		8,130,000	8,363,036
HSBC Holdings PLC (U.S. SOFR +2.65%)±	6.33	3-9-2044		2,940,000	3,043,532
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity +1.97%)±	5.41	4-19-2034		3,629,000	3,645,386
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity +1.38%)±	5.42	2-22-2029		3,612,000	3,618,720
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity +1.63%)±	5.44	2-22-2034		3,958,000	3,986,786
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity +1.53%)±	5.48	2-22-2031		2,079,000	2,098,570
Mizuho Financial Group, Inc. (1 Year Treasury Constant Maturity +1.65%)±	5.74	5-27-2031		3,614,000	3,673,217
UBS Group AG (1 Year Treasury Constant Maturity +2.20%)144A±	5.96	1-12-2034		2,711,000	2,719,092
					92,832,516
Diversified financial services: 0.38%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust	1.15	10-29-2023		17,877,000	17,527,486
REITS: 0.03%
Trust Fibra Uno144A	6.39	1-15-2050		1,883,000	1,388,806
Industrial: 0.10%
Transportation: 0.10%
Canadian Pacific Railway Co.	1.35	12-2-2024		3,923,000	3,693,661
Canadian Pacific Railway Co.	1.75	12-2-2026		759,000	688,603
					4,382,264
Technology: 0.10%
Semiconductors: 0.10%
NXP BV/NXP Funding LLC/NXP USA, Inc.	2.50	5-11-2031		1,758,000	1,433,155

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

50 | Allspring Core Bond Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Semiconductors (continued)
NXP BV/NXP Funding LLC/NXP USA, Inc.	3.25 %	5-11-2041	$	1,730,000	$1,236,842
NXP BV/NXP Funding LLC/NXP USA, Inc.	4.40	6-1-2027		1,912,000	1,860,460
					4,530,457
Utilities: 0.03%
Electric: 0.03%
Israel Electric Corp. Ltd.144A	3.75	2-22-2032		1,561,000	1,343,977
Total yankee corporate bonds and notes (Cost $207,421,223)					202,207,707
Yankee government bonds: 0.83%
Bank Gospodarstwa Krajowego144A	5.38	5-22-2033		2,424,000	2,422,381
Bermuda144A	5.00	7-15-2032		2,063,000	2,027,071
Canada	3.25	6-8-2027		2,400,000	2,309,605
Export Finance & Insurance Corp.144A	4.63	10-26-2027		5,920,000	6,014,719
Israel	4.50	1-17-2033		6,209,000	6,096,766
Mexico	3.50	2-12-2034		7,367,000	6,188,198
Mexico	3.75	4-19-2071		3,462,000	2,262,844
Mexico	3.77	5-24-2061		1,217,000	808,737
Mexico	6.34	5-4-2053		5,117,000	5,131,250
Panama	6.85	3-28-2054		1,655,000	1,696,249
Paraguay 144A	5.40	3-30-2050		821,000	687,423
Peru	3.60	1-15-2072		931,000	606,284
Poland	5.50	4-4-2053		2,541,000	2,552,435
Total yankee government bonds (Cost $40,288,713)					38,803,962

		Yield	Shares
Short-term investments: 2.52%
Investment companies: 2.52%
Allspring Government Money Market Fund Select Class♠∞##		5.01		117,290,523	117,290,523
Total short-term investments (Cost $117,290,523)					117,290,523
Total investments in securities (Cost $5,228,121,430)	106.78 %				4,978,927,875

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

Allspring Core Bond Portfolio | 51

Portfolio of investments—May 31, 2023

		Interest rate	Maturity date	Shares		Value
Securities sold short: (0.26)%
Agency securities: (0.26)%
FNMA		3.50 %	6-13-2053		(13,100,000 )	$(12,035,113 )
Total agency securities (Cost $(12,239,801))						(12,035,113 )
Total securities sold short (Proceeds $(12,239,801))	(0.26 )%					(12,035,113 )
Other assets and liabilities, net	(6.52 )					(303,909,521 )
Total net assets	100.00 %					$4,662,983,241

¤	The security is issued in zero coupon form with no periodic interest payments.
±	Variable rate investment. The rate shown is the rate in effect at period end.
%%	The security is purchased on a when-issued basis.
±±	The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.
144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.
##	All or a portion of this security is segregated for when-issued securities.
♠	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.

Abbreviations:
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
REIT	Real estate investment trust
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, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$114,848,590	$2,617,686,181	$(2,615,244,248 )	$0	$0	$117,290,523	117,290,523	$3,850,778
Investments in affiliates no longer held at end of period
Securities Lending Cash Investments LLC	10,235,000	224,349,956	(234,584,875 )	(81 )	0	0	0	188,630 1
				$(81 )	$0	$117,290,523		$4,039,408

1	Amount shown represents income before fees and rebates.

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

52 | Allspring Core Bond Portfolio

Notes to financial statements

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.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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 any of 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.

Securities lending

Allspring Core Bond Portfolio | 57

Notes to financial statements

Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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 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 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. Interest income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Paydown gains and losses are included in interest income.

Federal and other taxes

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $5,252,416,811 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$18,981,173
Gross unrealized losses	(292,470,108 )
Net unrealized losses	$(273,488,935 )

58 | Allspring Core Bond Portfolio

Notes to financial statements

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 May 31, 2023:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Agency securities	$0	$1,737,506,349	$0	$1,737,506,349
Asset-backed securities	0	509,676,654	0	509,676,654
Corporate bonds and notes	0	880,009,676	0	880,009,676
Municipal obligations	0	16,429,974	0	16,429,974
Non-agency mortgage-backed securities	0	148,460,955	0	148,460,955
U.S. Treasury securities	1,328,542,075	0	0	1,328,542,075
Yankee corporate bonds and notes	0	202,207,707	0	202,207,707
Yankee government bonds	0	38,803,962	0	38,803,962
Short-term investments
Investment companies	117,290,523	0	0	117,290,523
Total assets	$1,445,832,598	$3,533,095,277	$0	$4,978,927,875

Liabilities
Securities sold short
Agency securities	$0	$12,035,113	$0	$12,035,113
Total liabilities	$0	$12,035,113	$0	$12,035,113

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

For the year ended May 31, 2023, the Portfolio did not have transfers into/out of Level 3.

TRANSACTIONS WITH AFFILIATES

Advisory fee

Average daily net assets	Advisory fee
First $500 million	0.400 %
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

Allspring Core Bond Portfolio | 59

Notes to financial statements

For the year ended May 31, 2023, 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 Investments is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.20% 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

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended May 31, 2023 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$10,700,380,474	$7,437,782,992	$10,771,433,780	$7,064,558,280

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Portfolio under the agreement.

INDEMNIFICATION

60 | Allspring Core Bond 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 Core Bond Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of May 31, 2023, 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 Portfolio as of May 31, 2023, 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

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 May 31, 2023, 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.

Boston, Massachusetts

July 27, 2023

Allspring Core Bond Portfolio | 61

Other information (unaudited)

Other information

Tax information

For the fiscal year ended May 31, 2023, $115,862,469 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 May 31, 2023, $2,341,913 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended May 31, 2023, 25% of the ordinary income distributed was derived from interest on U.S. government securities.

Proxy voting information

Quarterly portfolio holdings information

62 | Allspring Core Bond Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A

Allspring Core Bond Fund | 63

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

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

64 | Allspring Core Bond Fund

Other information (unaudited)

Officers1

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

Allspring Core Bond Fund | 65

Other information (unaudited)

Board consideration of investment management, advisory, and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Allspring Funds Trust (“Funds Trust”) and Allspring Master Trust (“Master Trust”, and collectively, the “Trusts”) must determine annually whether to approve the continuation of the Trusts’ investment management, advisory, and sub-advisory agreements, as applicable. In this regard, at a Board meeting held on May 15-17, 2023 (the “Meeting”), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Core Bond Fund, a portfolio of Funds Trust (the “Feeder Fund”), an investment management agreement (the “Feeder Fund Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”).

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the “Master Portfolio Advisory Agreement”) with Allspring Funds Management for the Allspring Core Bond Portfolio, a portfolio of Master Trust (the “Master Portfolio”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management, for the Master Portfolio.

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

66 | Allspring Core Bond Fund

Other information (unaudited)

Nature, Extent, and Quality of Services

The Boards further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Boards received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, Allspring Funds Management’s role as administrator of the Funds’ liquidity risk management programs. The Boards also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.

Fund Investment Performance and Expenses

The Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2022. The Boards considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Feeder Fund (the “Universe”), and in comparison to the Feeder Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Funds Trust Board noted that the investment performance of the Feeder Fund (Administrator Class) was in range of the average investment performance of the Universe for the one- and ten-year period under review and lower than the average investment performance of the Universe for the three- and five-year periods under review. The Funds Trust Board also noted that the investment performance of the Feeder Fund was in range of the investment performance of its benchmark index, the Bloomberg U.S. Aggregate Bond Index, for the three-year period under review and lower than its benchmark index for all other periods under review.

The Master Trust Board took note of the investment performance of the Master Portfolio in the context of reviewing the investment performance of the Feeder Fund.

The Boards took into account the Funds’ investment performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

Investment Management, Advisory, and Sub-Advisory Fee Rates

Allspring Core Bond Fund | 67

Other information (unaudited)

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Master Portfolio with those of other funds in the Master Portfolio’s expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rate of the Master Portfolio was in range of the median rate for the Master Portfolio’s expense Group.

Profitability

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

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and differences in how Allspring Global Investments calculates its pre-tax profit metric versus the methodology used when Allspring Funds Management was part of Wells Fargo. It was noted that the impact of such differences had only minor impact on the financial results presented. Among other things, the Boards noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.

Economies of Scale

68 | Allspring Core Bond Fund

Other information (unaudited)

Master Portfolio and the Feeder Fund, respectively, in relation to such breakpoints. The Boards considered that, in addition to advisory fee and management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

Other Benefits to Allspring Funds Management and the Sub-Adviser

The Boards received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Funds. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it.

The Boards also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser and fees earned in the past by Allspring Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral.

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

Conclusion

Allspring Core Bond Fund | 69

Other information (unaudited)

Liquidity risk management program

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s and the Portfolio’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s and the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund or the Portfolio does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s or Portfolio’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund or the Portfolio has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s or the Portfolio’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Boards.

70 | Allspring Core Bond Fund

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

ALL-06072023-4hjjedjb 07-23
AR0940 05-23

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Allspring Emerging Growth Fund
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Report of independent registered public accounting firm	24
Allspring Emerging Growth Portfolio
Portfolio of investments	25
Financial statements
Statement of assets and liabilities	30
Statement of operations	31
Statement of changes in net assets	32
Financial highlights	33
Notes to financial statements	34
Report of independent registered public accounting firm	37
Other information	38

Allspring Emerging Growth Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Allspring Emerging Growth Fund for the 12-month period that ended May 31, 2023. Globally, stocks and bonds experienced heightened volatility and poor performance through the challenging period. The market was focused on persistently high inflation as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war. Markets received a boost in December with the removal of China’s strict COVID-19 lockdowns. In March 2023, a new wave of market anxiety resulted from several bank failures and unease over the possibility of more rate hikes. However, investors regained confidence and markets finished the period in relative calm.

High inflation and central bank rate hikes rocked markets.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Emerging Growth Fund

Letter to shareholders (unaudited)

Allspring Emerging Growth Fund | 3

Letter to shareholders (unaudited)

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

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

The Purchasing Managers Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index.

4 | Allspring Emerging Growth Fund

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser for the affiliated master portfolio*	Allspring Global Investments, LLC
Portfolio managers	Robert Gruendyke, CFA, David Nazaret, CFA, Thomas C. Ognar, CFA

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WEMAX)	3-31-2008	-7.76	2.68	8.13	-2.13	3.90	8.77	1.35	1.27
Class C (WEMCX)	3-31-2008	-3.88	3.15	8.13	-2.88	3.15	8.13	2.10	2.02
Class R6 (WEGRX)3	7-31-2018	–	–	–	-1.67	4.39	9.27	0.93	0.85
Administrator Class (WFGDX)	1-31-2007	–	–	–	-1.98	4.00	8.90	1.28	1.20
Institutional Class (WEMIX)	3-31-2008	–	–	–	-1.68	4.30	9.22	1.03	0.90
Russell 2000® Growth Index4	–	–	–	–	2.68	2.74	7.90	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and Class C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.27% for Class A, 2.02% for Class C, 0.85% for Class R6, 1.20% for Administrator Class and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
4	The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a

substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the

investment activities of the affiliated master portfolio in which it invests.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Emerging Growth Fund

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

•The Fund underperformed the Russell 2000® Growth Index for the 12-month period that ended May 31, 2023.

•Stocks within the health care, information technology (IT), and industrials sectors were leading detractors from the Fund’s relative performance.

•The biggest relative outperformers came from the financials sector.

Small caps lagged the overall equity market.

Over the past year, investors continued to deal with high inflation and rising interest rates that dramatically compressed equity valuations for high-growth stocks, particularly among small caps. Notable bank failures during the period steered capital toward the relative safety of large caps, leading them to significantly outperform small caps. The recovery in U.S. equities, in particular growth stocks, has been uneven and highly concentrated in a handful of mega-cap stocks. If the economy can steady amid the likely end of the interest-rate-hiking cycle, we expect to see market breadth improve and broader market participation, including improved performance out of small caps.

Ten largest holdings (%) as of May 31, 20231
SPS Commerce, Inc.	3.95
TransMedics Group, Inc.	3.68
elf Beauty, Inc.	3.10
Novanta, Inc.	3.04
Kinsale Capital Group, Inc.	2.76
Casella Waste Systems, Inc. Class A	2.49
Inspire Medical Systems, Inc.	2.22
SPX Technologies, Inc.	2.08
Shoals Technologies Group, Inc. Class A	1.99
DigitalOcean Holdings, Inc.	1.93

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

Health care and IT stocks were leading detractors from relative performance.

Weakness in the Fund’s relative performance came from the portfolio’s health care and IT holdings. Within health care, Arcutis Biotherapeutics was the biggest detractor, with shares down more than 60% as the launch of ZORYVE, a topical treatment of plaque psoriasis, got off to a slower-than-expected start. This was a pivotal catalyst for shares that underperformed, so we exited the position. Within IT, Rapid7 Inc. and Semtech Corp. were notable detractors during the period. Rapid7 Inc. is a cybersecurity company that reduced guidance and cited slower spending by customers. The company specializes in vulnerability management, and questions about the size of its addressable market and poor company execution led us to exit the position. Semtech Corp. is a semiconductor company whose shares fell sharply after reporting disappointing sequential quarterly bookings. It cited inflationary pressures and supply-chain challenges as culprits. Semtech’s challenges appear to be mostly industry-related, but nonetheless, we aggressively trimmed the position during the period.

Financial services was a bright spot for the portfolio.

Within financial services, specialty insurance holding Kinsale Capital Group, Inc., continued to shine and gained another 38% during the period. Kinsale is a pure-play excess and surplus insurer—a segment that has relatively little competition. The company has a home-grown technology system that allows for better underwriting and pays out lower commissions to independent brokers. It continued to increase gross written premiums and deliver strong earnings growth during the period. We remain attracted to the growth profile of the company due to its favorable cost structure over its peers, and we view it as a sustainable growth franchise over the long term. The Fund avoided any investments in banks, which mitigated losses seen across the regional bank sector.

Sector allocation as of May 31, 20231

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

Small caps have underperformed, but they are attractive on a relative basis.

The pausing of interest rate hikes could be a key catalyst for valuations to stabilize. At the stock-specific level, we continue to put greater emphasis on companies that can sustainably generate earnings and cash flow in the present versus years down the road, factoring in the current interest rate environment. Investors are no longer paying just for growth. There’s greater scrutiny around sustainability of growth. The portfolio also has an intentional tilt toward diversification. We continue to look for proven business models that are less dependent on capital markets to fund

8 | Allspring Emerging Growth Fund

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from December 1, 2022 to May 31, 2023.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1, 2	Annualized net expense ratio2
Class A
Actual	$1,000.00	$999.39	$6.38	1.28 %
Hypothetical (5% return before expenses)	$1,000.00	$1,018.55	$6.44	1.28 %
Class C
Actual	$1,000.00	$999.35	$10.12	2.03 %
Hypothetical (5% return before expenses)	$1,000.00	$1,014.81	$10.20	2.03 %
Class R6
Actual	$1,000.00	$999.41	$4.24	0.85 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.69	$4.28	0.85 %
Administrator Class
Actual	$1,000.00	$999.40	$5.98	1.20 %
Hypothetical (5% return before expenses)	$1,000.00	$1,018.95	$6.04	1.20 %
Institutional Class
Actual	$1,000.00	$999.41	$4.49	0.90 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.44	$4.53	0.90 %

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

10 | Allspring Emerging Growth Fund

Statement of assets and liabilities—May 31, 2023

Financial statements

Statement of assets and liabilities

Assets
Investments in affiliated Master Portfolio, at value (cost $221,959,366)	$290,401,028
Receivable for Fund shares sold	146,901
Receivable from manager	28,672
Prepaid expenses and other assets	90,287
Total assets	290,666,888
Liabilities
Payable for Fund shares redeemed	871,125
Administration fees payable	38,360
Trustees’ fees and expenses payable	666
Distribution fee payable	608
Accrued expenses and other liabilities	96,699
Total liabilities	1,007,458
Total net assets	$289,659,430
Net assets consist of
Paid-in capital	$237,996,038
Total distributable earnings	51,663,392
Total net assets	$289,659,430
Computation of net asset value and offering price per share
Net assets–Class A	$121,018,891
Shares outstanding–Class A1	13,875,779
Net asset value per share–Class A	$8.72
Maximum offering price per share – Class A2	$9.25
Net assets–Class C	$955,889
Shares outstanding–Class C1	157,145
Net asset value per share–Class C	$6.08
Net assets–Class R6	$28,457,644
Shares outstanding–Class R61	2,681,664
Net asset value per share–Class R6	$10.61
Net assets–Administrator Class	$15,417,877
Shares outstanding–Administrator Class1	1,641,961
Net asset value per share–Administrator Class	$9.39
Net assets–Institutional Class	$123,809,129
Shares outstanding–Institutional Class1	11,746,668
Net asset value per share–Institutional Class	$10.54

1	The Fund has an unlimited number of authorized shares.
2	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.

12 | Allspring Emerging Growth Fund

Statement of operations—year ended May 31, 2023

Statement of operations

Investment income
Dividends allocated from affiliated Master Portfolio	$725,681
Affiliated income allocated from affiliated Master Portfolio	205,658
Securities lending income allocated from affiliated Master Portfolio	94,322
Expenses allocated from affiliated Master Portfolio	(2,655,116 )
Waivers allocated from affiliated Master Portfolio	10,637
Total investment income	(1,618,818 )
Expenses
Management fee	157,446
Administration fees
Class A	271,091
Class C	2,885
Class R6	8,036
Administrator Class	22,046
Institutional Class	182,888
Shareholder servicing fees
Class A	322,288
Class C	3,412
Administrator Class	42,191
Distribution fee
Class C	10,235
Custody and accounting fees	18,500
Professional fees	39,056
Registration fees	48,327
Shareholder report expenses	27,128
Trustees’ fees and expenses	21,093
Other fees and expenses	6,519
Total expenses	1,183,141
Less: Fee waivers and/or expense reimbursements
Fund-level	(346,428 )
Class A	(20,861 )
Class R6	(3,152 )
Administrator Class	(1,664 )
Institutional Class	(84,913 )
Net expenses	726,123
Net investment loss	(2,344,941 )
Realized and unrealized gains (losses) on investments
Net realized losses on investments allocated from affiliated Master Portfolio	(5,001,838 )
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio	1,055,644
Net realized and unrealized gains (losses) on investments	(3,946,194 )
Net decrease in net assets resulting from operations	$(6,291,135 )

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

Allspring Emerging Growth Fund | 13

Statement of changes in net assets

	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment loss		$(2,344,941 )		$(5,137,253 )
Net realized gains (losses) on investments		(5,001,838 )		232,050,592
Net change in unrealized gains (losses) on investments		1,055,644		(327,135,019 )
Net decrease in net assets resulting from operations		(6,291,135 )		(100,221,680 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		0		(62,681,311 )
Class C		0		(1,233,291 )
Class R6		0		(5,898,804 )
Administrator Class		0		(7,999,256 )
Institutional Class		0		(61,664,834 )
Total distributions to shareholders		0		(139,477,496 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	411,868	3,634,624	422,522	6,066,711
Class C	4,232	26,812	97,992	1,394,743
Class R6	728,487	8,110,513	1,375,088	22,705,246
Administrator Class	169,603	1,635,469	159,434	2,285,979
Institutional Class	1,811,034	19,525,541	5,047,859	87,194,049
		32,932,959		119,646,728
Reinvestment of distributions
Class A	0	0	4,788,131	60,617,734
Class C	0	0	138,107	1,233,291
Class R6	0	0	125,710	1,924,617
Administrator Class	0	0	585,228	7,964,955
Institutional Class	0	0	4,040,376	61,494,520
		0		133,235,117
Payment for shares redeemed
Class A	(1,671,745 )	(14,944,143 )	(1,754,937 )	(23,706,994 )
Class C	(127,934 )	(770,829 )	(117,521 )	(1,197,540 )
Class R6	(270,345 )	(2,758,578 )	(330,224 )	(6,538,508 )
Administrator Class	(372,127 )	(3,604,407 )	(413,854 )	(5,802,034 )
Institutional Class	(4,697,411 )	(50,099,244 )	(26,013,236 )	(552,947,062 )
		(72,177,201 )		(590,192,138 )
Net decrease in net assets resulting from capital share transactions		(39,244,242 )		(337,310,293 )
Total decrease in net assets		(45,535,377 )		(577,009,469 )
Net assets
Beginning of period		335,194,807		912,204,276
End of period		$289,659,430		$335,194,807

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

14 | Allspring Emerging Growth Fund

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$8.91	$18.05	$14.71	$13.51	$17.04
Net investment loss	(0.08 )1	(0.16 )1	(0.20 )1	(0.17 )	(0.16 )1
Net realized and unrealized gains (losses) on investments	(0.11 )	(3.47 )	7.69	2.13	(0.19 )
Total from investment operations	(0.19 )	(3.63 )	7.49	1.96	(0.35 )
Distributions to shareholders from
Net realized gains	0.00	(5.51 )	(4.15 )	(0.76 )	(3.18 )
Net asset value, end of period	$8.72	$8.91	$18.05	$14.71	$13.51
Total return2	(2.13 )%	(29.16 )%	53.22 %	14.97 %	(0.84 )%
Ratios to average net assets (annualized)*
Gross expenses	1.40 %	1.36 %	1.35 %	1.36 %	1.35 %
Net expenses	1.27 %	1.26 %	1.27 %	1.27 %	1.29 %
Net investment loss	(0.95 )%	(1.10 )%	(1.12 )%	(1.08 )%	(1.06 )%
Supplemental data
Portfolio turnover rate3	70 %	51 %	48 %	55 %	71 %
Net assets, end of period (000s omitted)	$121,019	$134,825	$210,838	$148,866	$145,898

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

Year ended May 31, 2023	0.84%
Year ended May 31, 2022	0.82%
Year ended May 31, 2021	0.81%
Year ended May 31, 2020	0.81%
Year ended May 31, 2019	0.81%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring Emerging Growth Fund | 15

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$6.26	$14.41	$12.40	$11.58	$15.19
Net investment loss	(0.11 )1	(0.20 )1	(0.28 )1	(0.21 )1	(0.25 )1
Net realized and unrealized gains (losses) on investments	(0.07 )	(2.44 )	6.44	1.79	(0.18 )
Total from investment operations	(0.18 )	(2.64 )	6.16	1.58	(0.43 )
Distributions to shareholders from
Net realized gains	0.00	(5.51 )	(4.15 )	(0.76 )	(3.18 )
Net asset value, end of period	$6.08	$6.26	$14.41	$12.40	$11.58
Total return2	(2.88 )%	(29.71 )%	52.19 %	14.16 %	(1.55 )%
Ratios to average net assets (annualized)*
Gross expenses	2.14 %	2.10 %	2.10 %	2.11 %	2.10 %
Net expenses	2.03 %	2.03 %	2.03 %	2.03 %	2.04 %
Net investment loss	(1.70 )%	(1.86 )%	(1.89 )%	(1.84 )%	(1.78 )%
Supplemental data
Portfolio turnover rate3	70 %	51 %	48 %	55 %	71 %
Net assets, end of period (000s omitted)	$956	$1,758	$2,338	$1,599	$1,761

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

Year ended May 31, 2023	0.84%
Year ended May 31, 2022	0.82%
Year ended May 31, 2021	0.81%
Year ended May 31, 2020	0.81%
Year ended May 31, 2019	0.81%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

16 | Allspring Emerging Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class R6	2023	2022	2021	2020	20191
Net asset value, beginning of period	$10.79	$20.64	$16.34	$14.86	$18.70
Net investment loss	(0.06 )2	(0.10 )	(0.14 )	(0.10 )2	(0.07 )2
Net realized and unrealized gains (losses) on investments	(0.12 )	(4.24 )	8.59	2.34	(0.59 )
Total from investment operations	(0.18 )	(4.34 )	8.45	2.24	(0.66 )
Distributions to shareholders from
Net realized gains	0.00	(5.51 )	(4.15 )	(0.76 )	(3.18 )
Net asset value, end of period	$10.61	$10.79	$20.64	$16.34	$14.86
Total return3	(1.67 )%	(28.91 )%	53.85 %	15.51 %	(2.35 )%
Ratios to average net assets (annualized)*
Gross expenses	0.97 %	0.94 %	0.92 %	0.93 %	0.92 %
Net expenses	0.85 %	0.85 %	0.85 %	0.85 %	0.85 %
Net investment loss	(0.52 )%	(0.68 )%	(0.68 )%	(0.67 )%	(0.51 )%
Supplemental data
Portfolio turnover rate4	70 %	51 %	48 %	55 %	71 %
Net assets, end of period (000s omitted)	$28,458	$23,999	$21,729	$19,458	$22

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

Year ended May 31, 2023	0.84%
Year ended May 31, 2022	0.83%
Year ended May 31, 2021	0.81%
Year ended May 31, 2020	0.81%
Year ended May 31, 20191	0.81%

1	For the period from July 31, 2018 (commencement of class operations) to May 31, 2019
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring Emerging Growth Fund | 17

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Administrator Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$9.58	$18.98	$15.31	$14.02	$17.54
Net investment loss	(0.08 )1	(0.17 )1	(0.20 )1	(0.14 )1	(0.15 )1
Net realized and unrealized gains (losses) on investments	(0.11 )	(3.72 )	8.02	2.19	(0.19 )
Total from investment operations	(0.19 )	(3.89 )	7.82	2.05	(0.34 )
Distributions to shareholders from
Net realized gains	0.00	(5.51 )	(4.15 )	(0.76 )	(3.18 )
Net asset value, end of period	$9.39	$9.58	$18.98	$15.31	$14.02
Total return	(1.98 )%	(29.09 )%	53.31 %	15.07 %	(0.75 )%
Ratios to average net assets (annualized)*
Gross expenses	1.32 %	1.28 %	1.27 %	1.28 %	1.27 %
Net expenses	1.20 %	1.20 %	1.20 %	1.20 %	1.20 %
Net investment loss	(0.87 )%	(1.04 )%	(1.05 )%	(1.01 )%	(0.94 )%
Supplemental data
Portfolio turnover rate2	70 %	51 %	48 %	55 %	71 %
Net assets, end of period (000s omitted)	$15,418	$17,676	$28,730	$21,250	$23,549

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

Year ended May 31, 2023	0.84%
Year ended May 31, 2022	0.82%
Year ended May 31, 2021	0.81%
Year ended May 31, 2020	0.81%
Year ended May 31, 2019	0.81%

1	Calculated based upon average shares outstanding
2	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

18 | Allspring Emerging Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$10.72	$20.55	$16.29	$14.83	$18.30
Net investment loss	(0.06 )1	(0.14 )1	(0.15 )	(0.11 )1	(0.13 )
Net realized and unrealized gains (losses) on investments	(0.12 )	(4.18 )	8.56	2.33	(0.16 )
Total from investment operations	(0.18 )	(4.32 )	8.41	2.22	(0.29 )
Distributions to shareholders from
Net realized gains	0.00	(5.51 )	(4.15 )	(0.76 )	(3.18 )
Net asset value, end of period	$10.54	$10.72	$20.55	$16.29	$14.83
Total return	(1.68 )%	(28.95 )%	53.75 %	15.40 %	(0.42 )%
Ratios to average net assets (annualized)*
Gross expenses	1.07 %	1.02 %	1.02 %	1.03 %	1.02 %
Net expenses	0.90 %	0.90 %	0.90 %	0.90 %	0.90 %
Net investment loss	(0.57 )%	(0.75 )%	(0.75 )%	(0.71 )%	(0.67 )%
Supplemental data
Portfolio turnover rate2	70 %	51 %	48 %	55 %	71 %
Net assets, end of period (000s omitted)	$123,809	$156,936	$648,569	$471,512	$578,073

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

Year ended May 31, 2023	0.84%
Year ended May 31, 2022	0.82%
Year ended May 31, 2021	0.81%
Year ended May 31, 2020	0.81%
Year ended May 31, 2019	0.81%

1	Calculated based upon average shares outstanding
2	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring Emerging Growth Fund | 19

Notes to financial statements

ORGANIZATION

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Emerging Growth Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Allspring Master Trust, a registered open-end management investment company. As of May 31, 2023, the Fund owned 89.59% of Allspring Emerging Growth Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the year ended May 31, 2023 are included in this report and should be read in conjunction with the Fund’s financial statements.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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.

Investment transactions, income and expenses

Distributions to shareholders

Federal and other taxes

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 for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

20 | Allspring Emerging Growth Fund

Notes to financial statements

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $221,163,028 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$69,238,000
Gross unrealized losses	0
Net unrealized gains	$69,238,000

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary difference causing such reclassification is due to net operating losses. At May 31, 2023, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statements of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(1,393,484 )	$1,393,484

As of May 31, 2023, the Fund had capital loss carryforwards which consist of $16,623,151 in short-term capital losses and a qualified late-year ordinary loss of $951,457 which will be recognized on the first day of the following fiscal year.

Class allocations

FAIR VALUATION MEASUREMENTS

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Allspring Emerging Growth Portfolio	Seek long-term capital appreciation	$290,401,028

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

TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $5 billion	0.050 %
Next $5 billion	0.040
Over $10 billion	0.030

For the year ended May 31, 2023, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

Allspring Emerging Growth Fund | 21

Notes to financial statements

	Class-level administration fee
Class A	0.21 %
Class C	0.21
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 reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of May 31, 2023, the contractual expense caps are as follows:

	EXPENSE RATIO CAPS
Class A	1.28 %
Class C	2.03
Class R6	0.85
Administrator Class	1.20
Institutional Class	0.90

Distribution fee

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 May 31, 2023, Allspring Funds Distributor received $1,268 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 May 31, 2023.

Shareholder servicing fees

INVESTMENT PORTFOLIO TRANSACTIONS

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Fund under the agreement.

22 | Allspring Emerging Growth Fund

Notes to financial statements

DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $0 and $139,477,496 of long-term capital gains for the years ended May 31, 2023 and May 31, 2022, respectively.

As of May 31, 2023, the components of distributable earnings on a tax basis were as follows:

Unrealized gains	Late-year ordinary losses deferred	Capital loss carryforward
$69,238,000	$(951,457 )	$(16,623,151 )

CONCENTRATION RISKS

INDEMNIFICATION

10.

REDEMPTIONS IN-KIND

During the year ended May 31, 2022, the Fund redeemed assets through in-kind redemptions for shareholders in the Institutional Class. These redemption transactions are reflected on the Statement of Changes in Net Assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Fund redeemed by the shareholder was as follows:

Date	Value of securities issued	Cash	Realized gains (losses)	% of the Fund
08-27-2021	$348,404,897	$1,817,058	$176,872,468	39.45 %

Allspring Emerging Growth Fund | 23

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 Emerging Growth Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of May 31, 2023, 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 or periods 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 May 31, 2023, 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 or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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 May 31, 2023, 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.

Boston, Massachusetts

July 27, 2023

24 | Allspring Emerging Growth Fund

Portfolio of investments—May 31, 2023

Portfolio of investments

	Shares		Value
Common stocks: 95.23%
Consumer discretionary: 8.78%
Automobile components: 0.76%
Fox Factory Holding Corp.†		27,718	$2,464,684
Diversified consumer services: 0.70%
Bright Horizons Family Solutions, Inc.†		26,600	2,276,960
Hotels, restaurants & leisure: 4.36%
First Watch Restaurant Group, Inc.†		152,563	2,692,737
Hilton Grand Vacations, Inc.†		136,300	5,826,825
Papa John’s International, Inc.		21,665	1,518,933
Wingstop, Inc.		20,447	4,076,314
			14,114,809
Specialty retail: 1.90%
Boot Barn Holdings, Inc.†		74,450	5,034,309
Leslie’s, Inc.†		117,714	1,115,929
			6,150,238
Textiles, apparel & luxury goods: 1.06%
Crocs, Inc.†		30,675	3,444,189
Consumer staples: 8.36%
Beverages: 2.38%
Celsius Holdings, Inc.†		29,285	3,676,146
Duckhorn Portfolio, Inc.†		192,971	2,514,412
MGP Ingredients, Inc.		16,000	1,520,960
			7,711,518
Consumer staples distribution & retail : 1.69%
Chefs’ Warehouse, Inc.†		176,143	5,479,809
Food products: 1.19%
Simply Good Foods Co.†		106,420	3,851,340
Personal care products: 3.10%
elf Beauty, Inc.†		96,831	10,072,360
Energy: 2.96%
Energy equipment & services: 1.12%
Helmerich & Payne, Inc.		117,500	3,628,400
Oil, gas & consumable fuels: 1.84%
Matador Resources Co.		68,700	3,020,739
Viper Energy Partners LP		113,700	2,931,186
			5,951,925
Financials: 7.87%
Financial services: 4.02%
Flywire Corp.†		182,906	5,494,497

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

Allspring Emerging Growth Portfolio | 25

Portfolio of investments—May 31, 2023

	Shares		Value
Financial services (continued)
I3 Verticals, Inc. Class A†		62,900	$1,437,265
Shift4 Payments, Inc. Class A†		97,100	6,090,112
			13,021,874
Insurance: 3.85%
Goosehead Insurance, Inc. Class A†		64,100	3,537,038
Kinsale Capital Group, Inc.		29,593	8,966,087
			12,503,125
Health care: 22.97%
Biotechnology: 3.68%
Apellis Pharmaceuticals, Inc.†		28,200	2,420,970
Arcutis Biotherapeutics, Inc.†		108,256	813,003
Cytokinetics, Inc.†		52,600	1,982,494
Immunocore Holdings PLC ADR†		27,100	1,495,378
Madrigal Pharmaceuticals, Inc.†		11,700	3,257,397
Vericel Corp.†		60,913	1,956,525
			11,925,767
Health care equipment & supplies: 13.40%
Axonics, Inc.†		45,750	2,213,842
Establishment Labs Holdings, Inc.†		34,100	2,200,132
Inari Medical, Inc.†		31,900	1,926,760
Inspire Medical Systems, Inc.†		24,565	7,185,017
iRhythm Technologies, Inc.†		31,300	3,576,651
Outset Medical, Inc.†		95,611	1,991,577
PROCEPT BioRobotics Corp.†		31,900	1,067,055
Shockwave Medical, Inc.†		11,301	3,108,792
SI-BONE, Inc.†		162,093	4,081,502
Silk Road Medical, Inc.†		10,577	319,320
TransMedics Group, Inc.†		163,942	11,912,026
Treace Medical Concepts, Inc.†		144,700	3,849,020
			43,431,694
Health care providers & services: 2.40%
Castle Biosciences, Inc.†		100,056	2,444,368
HealthEquity, Inc.†		25,200	1,380,960
Hims & Hers Health, Inc.†		333,200	2,978,808
RadNet, Inc.†		33,429	967,435
			7,771,571
Health care technology: 1.77%
Certara, Inc.†		67,700	1,406,806
Evolent Health, Inc. Class A†		102,515	2,987,287
Phreesia, Inc.†		45,300	1,359,906
			5,753,999

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

26 | Allspring Emerging Growth Portfolio

Portfolio of investments—May 31, 2023

	Shares		Value
Pharmaceuticals: 1.72%
Amylyx Pharmaceuticals, Inc.†		52,600	$1,298,694
Revance Therapeutics, Inc.†		139,519	4,263,701
			5,562,395
Industrials: 18.21%
Aerospace & defense: 1.40%
Hexcel Corp.		65,700	4,532,643
Building products: 1.82%
AZEK Co., Inc.†		146,269	3,400,754
Zurn Elkay Water Solutions Corp. Class C		111,484	2,509,505
			5,910,259
Commercial services & supplies: 2.49%
Casella Waste Systems, Inc. Class A†		89,641	8,082,033
Construction & engineering: 0.50%
Construction Partners, Inc. Class A†		58,285	1,612,746
Electrical equipment: 2.31%
Array Technologies, Inc.†		16,100	356,937
NEXTracker, Inc. Class A†		18,056	690,642
Shoals Technologies Group, Inc. Class A†		274,662	6,451,810
			7,499,389
Ground transportation: 1.72%
Marten Transport Ltd.		118,000	2,495,700
Saia, Inc.†		10,911	3,100,470
			5,596,170
Machinery: 2.39%
SPX Technologies, Inc.†		88,208	6,735,563
Xylem, Inc.		10,012	1,003,202
			7,738,765
Professional services: 2.32%
ASGN, Inc.†		39,801	2,604,180
Paycor HCM, Inc.†		223,295	4,910,257
			7,514,437
Trading companies & distributors: 3.26%
Applied Industrial Technologies, Inc.		50,500	6,209,480
SiteOne Landscape Supply, Inc.†		31,527	4,347,258
			10,556,738
Information technology: 26.08%
Communications equipment: 2.40%
Calix, Inc.†		117,000	5,453,370
Harmonic, Inc.†		132,900	2,340,369
			7,793,739

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

Allspring Emerging Growth Portfolio | 27

Portfolio of investments—May 31, 2023

	Shares		Value
Electronic equipment, instruments & components: 3.04%
Novanta, Inc.†		59,405	$9,837,468
IT services: 2.79%
DigitalOcean Holdings, Inc.†		159,971	6,262,865
Endava PLC ADR†		57,214	2,792,043
			9,054,908
Semiconductors & semiconductor equipment: 7.41%
Allegro MicroSystems, Inc.†		103,012	4,051,462
Diodes, Inc.†		57,886	5,200,478
Impinj, Inc.†		53,700	5,495,658
Semtech Corp.†		78,056	1,696,937
Silicon Laboratories, Inc.†		25,874	3,639,696
SiTime Corp.†		39,700	3,937,049
			24,021,280
Software: 10.44%
Clearwater Analytics Holdings, Inc. Class A†		153,293	2,471,083
CyberArk Software Ltd.†		11,615	1,797,189
EngageSmart, Inc.†		242,281	4,598,493
Five9, Inc.†		80,400	5,315,244
Jamf Holding Corp.†		50,490	928,006
PowerSchool Holdings, Inc. Class A†		87,582	1,658,803
Sprout Social, Inc. Class A†		98,428	4,262,917
SPS Commerce, Inc.†		82,096	12,790,557
			33,822,292
Total common stocks (Cost $244,350,208)			308,689,524
Investment companies: 1.25%
Exchange-traded funds: 1.25%
iShares Russell 2000 Growth ETF		18,011	4,044,911
Total investment companies (Cost $4,059,866)			4,044,911

		Yield
Short-term investments: 3.02%
Investment companies: 3.02%
Allspring Government Money Market Fund Select Class♠∞		5.01 %	9,781,514	9,781,514
Total short-term investments (Cost $9,781,514)				9,781,514
Total investments in securities (Cost $258,191,588)	99.50 %			322,515,949
Other assets and liabilities, net	0.50			1,623,886
Total net assets	100.00 %			$324,139,835

†	Non-income-earning security
♠	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.

Abbreviations:
ADR	American depositary receipt

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

28 | Allspring Emerging Growth Portfolio

Notes to financial statements

ORGANIZATION

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

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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.

Securities lending

Income earned from investment in the Securities Lending Fund, if any, is included in securities lending income (including from affiliate) (net of fees and rebates) on the Statement of Operations.

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.

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.

34 | Allspring Emerging Growth Portfolio

Notes to financial statements

Federal and other taxes

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $258,999,240 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$84,812,884
Gross unrealized losses	(21,296,175 )
Net unrealized gains	$63,516,709

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 May 31, 2023:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Consumer discretionary	$28,450,880	$0	$0	$28,450,880
Consumer staples	27,115,027	0	0	27,115,027
Energy	9,580,325	0	0	9,580,325
Financials	25,524,999	0	0	25,524,999
Health care	74,445,426	0	0	74,445,426
Industrials	59,043,180	0	0	59,043,180
Information technology	84,529,687	0	0	84,529,687
Investment companies	4,044,911	0	0	4,044,911
Short-term investments
Investment companies	9,781,514	0	0	9,781,514
Total assets	$322,515,949	$0	$0	$322,515,949

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

For the year ended May 31, 2023, the Portfolio did not have any transfers into/out of Level 3.

TRANSACTIONS WITH AFFILIATES

Advisory fee

Allspring Emerging Growth Portfolio | 35

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 %
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 May 31, 2023, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Investments is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.55% 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

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended May 31, 2023 were $242,177,035 and $292,196,577, respectively.

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Portfolio under the agreement.

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.

INDEMNIFICATION

36 | Allspring Emerging 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 Emerging Growth Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of May 31, 2023, 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 Portfolio as of May 31, 2023, 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

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 May 31, 2023, 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.

Boston, Massachusetts

July 27, 2023

Allspring Emerging Growth Portfolio | 37

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A

Allspring Emerging Growth Fund | 39

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

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

40 | Allspring Emerging Growth Fund

Other information (unaudited)

Officers1

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

Allspring Emerging Growth Fund | 41

Other information (unaudited)

Board consideration of investment management, advisory, and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Allspring Funds Trust (“Funds Trust”) and Allspring Master Trust (“Master Trust”, and collectively, the “Trusts”) must determine annually whether to approve the continuation of the Trusts’ investment management, advisory, and sub-advisory agreements, as applicable. In this regard, at a Board meeting held on May 15-17, 2023 (the “Meeting”), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Emerging Growth Fund, a portfolio of Funds Trust (the “Feeder Fund”), an investment management agreement (the “Feeder Fund Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”).

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the “Master Portfolio Advisory Agreement”) with Allspring Funds Management for the Allspring Emerging Growth Portfolio, a portfolio of Master Trust (the “Master Portfolio”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management, for the Master Portfolio.

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

42 | Allspring Emerging Growth Fund

Other information (unaudited)

Nature, Extent, and Quality of Services

The Boards further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Boards received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, Allspring Funds Management’s role as administrator of the Funds’ liquidity risk management programs. The Boards also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.

Fund Investment Performance and Expenses

The Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2022. The Boards considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Feeder Fund (the “Universe”), and in comparison to the Feeder Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Funds Trust Board noted that the investment performance of the Feeder Fund (Administrator Class) was higher than the average investment performance of its Universe for all periods under review, except the one-year period was lower than the average investment performance of the Universe. The Funds Trust Board also noted that the investment performance of the Feeder Fund was higher than its benchmark index, the Russell 2000® Growth Index, for all periods under review except the one-year period, which was lower than its benchmark index.

The Master Trust Board took note of the investment performance of the Master Portfolio in the context of reviewing the investment performance of the Feeder Fund.

The Boards took into account the Funds’ investment performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

Investment Management, Advisory, and Sub-Advisory Fee Rates

The Funds Trust Board noted that Allspring Funds Management receives no advisory fees from the Feeder Fund as long as the Feeder Fund continues to invest all (or substantially all) of its assets in a single master portfolio. If the Feeder Fund were to change its investment structure so that it began investing in two or more master portfolios (a fund-of-funds), Allspring Funds Management would be entitled to receive an annual fee of 0.25% of the Feeder Fund’s average daily net assets for providing investment advisory services to the Feeder Fund, including allocating the Feeder Fund’s assets to the Master Portfolio.

Allspring Emerging Growth Fund | 43

Other information (unaudited)

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Master Portfolio with those of other funds in the Master Portfolio’s expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rate of the Master Portfolio was in range of the median rate for the Master Portfolio’s expense Group.

Profitability

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and differences in how Allspring Global Investments calculates its pre-tax profit metric versus the methodology used when Allspring Funds Management was part of Wells Fargo. It was noted that the impact of such differences had only minor impact on the financial results presented. Among other things, the Boards noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.

Economies of Scale

44 | Allspring Emerging Growth Fund

Other information (unaudited)

Other Benefits to Allspring Funds Management and the Sub-Adviser

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

Conclusion

Allspring Emerging Growth Fund | 45

Other information (unaudited)

Liquidity risk management program

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s and the Portfolio’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s and the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund or the Portfolio does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s or Portfolio’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund or the Portfolio has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s or the Portfolio’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Boards.

46 | Allspring Emerging Growth Fund

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

ALL-06072023-faljsmye 07-23
AR3326 05-23

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Allspring Growth Balanced Fund for the 12-month period that ended May 31, 2023. Globally, stocks and bonds experienced heightened volatility and poor performance through the challenging period. The market was focused on persistently high inflation as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war. Markets received a boost in December with the removal of China’s strict COVID-19 lockdowns. In March 2023, a new wave of market anxiety resulted from several bank failures and unease over the possibility of more rate hikes. However, investors regained confidence and markets finished the period in relative calm.

High inflation and central bank rate hikes rocked markets.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Growth Balanced Fund

Letter to shareholders (unaudited)

Allspring Growth Balanced Fund | 3

Letter to shareholders (unaudited)

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

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

The Purchasing Managers Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index.

4 | Allspring Growth Balanced Fund

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks total return, consisting of capital appreciation and current income.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Kandarp R. Acharya, CFA, FRM, Petros N. Bocray, CFA, FRM, Travis L. Keshemberg, CFA, CIPM, FRM

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WFGBX)	10-14-1998	-7.18	3.31	5.65	-1.52	4.53	6.28	1.23	1.12
Class C (WFGWX)	10-1-1998	-3.26	3.75	5.64	-2.26	3.75	5.64	1.98	1.87
Administrator Class (NVGBX)	11-11-1994	–	–	–	-1.34	4.72	6.51	1.16	0.95
Growth Balanced Blended Index3	–	–	–	–	0.20	5.57	6.94	–	–
Bloomberg U.S. Aggregate Bond Index4	–	–	–	–	-2.14	0.81	1.39	–	–
MSCI ACWI ex USA Index (Net)5	–	–	–	–	-1.41	2.22	3.83	–	–
Russell 3000® Index6	–	–	–	–	2.03	10.07	11.45	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.43% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and Class C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.12% for Class A, 1.87% for Class C and 0.95% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Source: Allspring Funds Management, LLC. The Growth Balanced Blended Index is composed 45% of the Russell 3000® Index, 35% of the Bloomberg U.S. Aggregate Bond Index, and 20% of the MSCI ACWI ex USA Index (Net). Prior to November 30, 2017, the Growth Balanced Blended Index was composed 35% of the Bloomberg U.S. Aggregate Bond Index, 16.25% of the Russell 1000® Growth Index, 16.25% of the Russell 1000® Value Index, 16.25% of the S&P 500 Index, 9.75% of the MSCI EAFE Index (Net), and 6.50% of the Russell 2000® Index. You cannot invest directly in an index.
4	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
5	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
6	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Growth Balanced Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of May 31, 20231

The chart compares the performance of Class A shares for the most recent ten years with the Growth Balanced Blended Index, Bloomberg U.S. Aggregate Bond Index,

MSCI ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and

assumes the maximum initial sales charge of 5.75%.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. This fund is exposed to foreign investment risk, mortgage- and asset-backed securities risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Allspring Growth Balanced Fund | 7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

•The Fund underperformed the Growth Balanced Blended Index for the 12-month period that ended May 31, 2023.

•Strong relative performance within fixed income investments had the largest positive impact on performance.

Slow growth, rising rates lead to muted market returns.

The trailing 12-month period featured slowing economic growth, rising interest rates, persistently high inflation, and geopolitical uncertainty. The broad equity market posted a small gain despite volatile markets while bonds posted negative returns over the period.

The 12-month period that ended May 31, 2023, saw a small gain in broad U.S. equity markets, as illustrated by the Russell 3000® Index’s return of +2.03%. Broad foreign markets did worse, as reflected by the MSCI ACWI ex USA Index (Net)’s return of -1.41%. While these return numbers seem modest, they reflect a recovery from some severe double-digit declines. The broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index, posted a return of -2.14%.

Ten largest holdings (%) as of May 31, 20231
Allspring Managed Fixed Income Portfolio	21.77
Allspring Disciplined U.S. Core Fund Class R6	14.00
Allspring Large Company Value Portfolio	11.45
Allspring Diversified Large Cap Growth Portfolio	11.36
Allspring Disciplined International Developed Markets Portfolio	8.54
Allspring Core Bond Portfolio	6.77
iShares Core MSCI EAFE ETF	3.90
Allspring Real Return Portfolio	3.46
Allspring C&B Large Cap Value Portfolio	3.43
Allspring Factor Enhanced International Equity Portfolio	3.16

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Investment-grade exposure reduced; small high yield bond position added.

The TAA overlay detracted from relative performance along with poor stock selection.

The TAA overlay was the largest detractor from relative performance, reducing performance by about 50 basis points (bps; 100 bps equal 1.00%)

over the entire period. Early on, the overlay was defensively postured but even some of the classic defensive trades detracted from performance. Since the beginning of 2023, we have selectively added risk. Our base case suggests a globally synchronized slowdown in economic activity with inflation more persistent than many local central banks may want it to be. We continue to prefer relative-value trades as opposed to directional trades amid much uncertainty.

Strong relative performance from all fixed income mandates added to performance.

While the broad fixed income markets, as reflected by the Bloomberg U.S. Aggregate Bond Index posted a return of -2.14%, in total our fixed income portfolio outperformed by about 40 bps. An overweight to credit within the investment-grade portfolio and exposure to growth-sensitive assets within the inflation-sensitive portfolio contributed.

Allocation (%) as of May 31, 2023
	Neutral allocation	Effective allocation1
Stock Funds	65	65
Bond Funds	35	38
Effective Cash	0	(3 )

1	Effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective allocations are subject to change and may have changed since the date specified.

Poor stock selection, particularly within U.S. large-cap growth, detracted from performance. The recovery from the market lows since the end of 2022 has been led by a small group of very large growth stocks; failing to hold the winners in weights equal to the index resulted in underperformance.

Looking ahead, we are still somewhat guarded.

8 | Allspring Growth Balanced Fund

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from December 1, 2022 to May 31, 2023.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1, 2	Annualized net expense ratio2
Class A
Actual	$1,000.00	$1,000.06	$5.24	1.05 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.70	$5.29	1.05 %
Class C
Actual	$1,000.00	$1,000.02	$8.98	1.80 %
Hypothetical (5% return before expenses)	$1,000.00	$1,015.96	$9.05	1.80 %
Administrator Class
Actual	$1,000.00	$1,000.07	$4.34	0.87 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.59	$4.38	0.87 %

2 Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests.

10 | Allspring Growth Balanced Fund

Portfolio of investments—May 31, 2023

Portfolio of investments

		Shares		Value
Investment companies: 99.18%
Affiliated master portfolios: 75.97%
Allspring C&B Large Cap Value Portfolio				$6,229,478
Allspring Core Bond Portfolio				12,310,175
Allspring Disciplined International Developed Markets Portfolio				15,541,745
Allspring Diversified Large Cap Growth Portfolio				20,665,570
Allspring Emerging Growth Portfolio				1,960,435
Allspring Factor Enhanced Emerging Markets Equity Portfolio				2,387,753
Allspring Factor Enhanced International Equity Portfolio				5,750,133
Allspring Large Company Value Portfolio				20,820,051
Allspring Managed Fixed Income Portfolio				39,612,232
Allspring Real Return Portfolio				6,300,507
Allspring Small Company Growth Portfolio				2,006,909
Allspring Small Company Value Portfolio				4,627,355
				138,212,343
Exchange-traded funds: 6.62%
iShares Core MSCI EAFE ETF			107,476	7,096,640
iShares iBoxx High Yield Corporate Bond ETF			66,714	4,944,175
				12,040,815
Stock funds: 16.59%
Allspring Disciplined U.S. Core Fund Class R6♠			1,355,876	25,463,359
Allspring Emerging Markets Equity Fund Class R6♠			99,104	2,365,598
Allspring Emerging Markets Equity Income Fund Class R6♠			233,607	2,354,761
				30,183,718
Total investment companies (Cost $168,461,966)				180,436,876
Total investments in securities (Cost $168,461,966)	99.18 %			180,436,876
Other assets and liabilities, net	0.82			1,500,658
Total net assets	100.00 %			$181,937,534

♠	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 adviser or investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses) on affiliated Underlying Funds	Net change in unrealized gains (losses) on affiliated Underlying Funds	Value, end of period
Investment companies
Allspring Disciplined U.S. Core Fund Class R6	$27,300,335	$3,803,915	$(2,917,197 )	$(129,234 )	$(2,594,460 )	$25,463,359
Allspring Emerging Markets Equity Fund Class R6	2,608,804	178,518	(255,624 )	(76,081 )	(90,019 )	2,365,598
Allspring Emerging Markets Equity Income Fund Class R6	2,716,244	176,544	(220,914 )	(13,532 )	(303,581 )	2,354,761
				$(218,847 )	$(2,988,060 )	$30,183,718

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

Allspring Growth Balanced Fund | 11

Portfolio of investments—May 31, 2023

	Shares, end of period	Dividends from affiliated Underlying Funds	Net realized gains on capital gain distributions from affiliated Underlying Funds
Investment companies
Allspring Disciplined U.S. Core Fund Class R6	1,355,876	$353,327	$2,833,053
Allspring Emerging Markets Equity Fund Class R6	99,104	31,969	0
Allspring Emerging Markets Equity Income Fund Class R6	233,607	76,712	0
		$462,008	$2,833,053

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on investments allocated from affiliated Master Portfolios	Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios	Interest allocated from affiliated Master Portfolios	Dividends allocated from affiliated Master Portfolios	Affiliated Income Allocated from affiliated Master Portfolios	Value, end of period
Allspring C&B Large Cap Value Portfolio	2.15 %	2.46 %	$589,077	$(1,000,236 )	$155	$144,990	$4,273	$6,229,478
Allspring Core Bond Portfolio	0.28	0.26	(865,869 )	124,673	423,950	0	10,506	12,310,175
Allspring Disciplined International Developed Markets Portfolio	11.21	12.11	(474,273 )	440,997	371	510,356	10,316	15,541,745
Allspring Diversified Large Cap Growth Portfolio	11.13	11.89	1,662,916	(761,985 )	500	211,948	8,803	20,665,570
Allspring Emerging Growth Portfolio	0.54	0.60	147,354	(157,655 )	47	4,712	1,906	1,960,435
Allspring Factor Enhanced Emerging Markets Equity Portfolio	2.00	2.30	(293,904 )	17,787	59	92,883	2,974	2,387,753
Allspring Factor Enhanced International Equity Portfolio	1.23	1.37	(467,889 )	324,176	136	188,853	5,442	5,750,133
Allspring Large Company Value Portfolio	10.96	11.77	(911,082 )	(1,205,342 )	575	502,491	17,063	20,820,051
Allspring Managed Fixed Income Portfolio	10.40	11.07	(634,861 )	(1,663,005 )	1,482,900	0	15,610	39,612,232
Allspring Real Return Portfolio	2.98	2.98	48,184	(579,994 )	291,760	22,565	2,266	6,300,507
Allspring Small Company Growth Portfolio	0.27	0.28	70,548	(57,755 )	49	8,509	2,011	2,006,909
Allspring Small Company Value Portfolio	0.94	0.92	(43,148 )	(550,560 )	111	91,554	4,767	4,627,355
			$(1,172,947 )	$(5,068,899 )	$2,200,613	$1,778,861	$85,937	$138,212,343

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
10-Year Euro BUND Index	34	6-8-2023	$4,877,797	$4,944,412	$66,615	$0
TOPIX	31	6-8-2023	4,605,596	4,730,379	124,783	0
E-Mini NASDAQ 100 Index	25	6-16-2023	6,147,715	7,150,250	1,002,535	0
E-Mini Russell 1000 Growth Index	31	6-16-2023	3,852,677	4,032,325	179,648	0
Japanese Yen Futures	77	6-16-2023	7,220,846	6,930,000	0	(290,846 )
10-Year U.S. Treasury Notes	84	9-20-2023	9,592,563	9,615,375	22,812	0

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

12 | Allspring Growth Balanced Fund

Statement of assets and liabilities—May 31, 2023

Financial statements

Statement of assets and liabilities

Assets
Investments in affiliated Master Portfolio, at value (cost $127,801,089)	$138,212,343
Investments in unaffiliated securities, at value (cost $12,927,793)	12,040,815
Investments in affiliated Underlying Funds, at value (cost $27,733,084)	30,183,718
Cash	181,617
Cash at broker segregated for futures contracts	1,595,894
Receivable for daily variation margin on open futures contracts	238,080
Receivable for Fund shares sold	41,591
Prepaid expenses and other assets	42,380
Total assets	182,536,438
Liabilities
Payable for Fund shares redeemed	297,326
Payable for daily variation margin on open futures contracts	180,869
Shareholder servicing fees payable	38,960
Administration fees payable	24,947
Management fee payable	12,824
Distribution fee payable	2,686
Trustees’ fees and expenses payable	504
Accrued expenses and other liabilities	40,788
Total liabilities	598,904
Total net assets	$181,937,534
Net assets consist of
Paid-in capital	$173,798,155
Total distributable earnings	8,139,379
Total net assets	$181,937,534
Computation of net asset value and offering price per share
Net assets–Class A	$63,023,323
Shares outstanding–Class A1	1,455,529
Net asset value per share–Class A	$43.30
Maximum offering price per share – Class A2	$45.94
Net assets–Class C	$4,182,676
Shares outstanding–Class C1	117,301
Net asset value per share–Class C	$35.66
Net assets–Administrator Class	$114,731,535
Shares outstanding–Administrator Class1	3,120,293
Net asset value per share–Administrator Class	$36.77

1	The Fund has an unlimited number of authorized shares.
2	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.

14 | Allspring Growth Balanced Fund

Statement of operations—year ended May 31, 2023

Statement of operations

Investment income
Interest allocated from affiliated Master Portfolios	$2,200,613
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $109,349)	1,778,861
Dividends from affiliated Underlying Funds	462,008
Dividends from unaffiliated securities	377,282
Affiliated income allocated from affiliated Master Portfolios	85,937
Interest	24,352
Expenses allocated from affiliated Master Portfolios	(731,411 )
Waivers allocated from affiliated Master Portfolios	83,880
Total investment income	4,281,522
Expenses
Management fee	561,134
Administration fees
Class A	138,258
Class C	9,973
Administrator Class	151,396
Shareholder servicing fees
Class A	164,584
Class C	11,824
Administrator Class	289,750
Distribution fee
Class C	35,471
Custody and accounting fees	13,630
Professional fees	41,016
Registration fees	49,074
Shareholder report expenses	14,316
Trustees’ fees and expenses	21,911
Other fees and expenses	5,313
Total expenses	1,507,650
Less: Fee waivers and/or expense reimbursements
Fund-level	(243,230 )
Class A	(4,428 )
Administrator Class	(126,287 )
Net expenses	1,133,705
Net investment income	3,147,817
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Investments allocated from affiliated Master Portfolios	(1,172,947 )
Affiliated Underlying Funds	(218,847 )
Unaffiliated securities	(1,153,011 )
Foreign currency and foreign currency translations	(4,834 )
Futures contracts	(1,341,030 )
Capital gain distributions from affiliated Underlying Funds	2,833,053
Net realized losses on investments	(1,057,616 )

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

Allspring Growth Balanced Fund | 15

Statement of changes in net assets

	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$3,147,817		$2,828,206
Net realized gains (losses) on investments		(1,057,616 )		10,787,930
Net change in unrealized gains (losses) on investments		(5,272,373 )		(29,404,828 )
Net decrease in net assets resulting from operations		(3,182,172 )		(15,788,692 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(2,238,971 )		(10,097,006 )
Class C		(167,153 )		(1,172,850 )
Administrator Class		(5,153,565 )		(20,615,474 )
Tax basis return of capital
Class A		(574,402 )		0
Class C		(41,435 )		0
Administrator Class		(1,016,059 )		0
Total distributions to shareholders		(9,191,585 )		(31,885,330 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	46,479	2,019,440	87,465	4,683,432
Class C	6,286	223,738	12,808	560,338
Administrator Class	124,823	4,624,730	133,987	6,154,188
		6,867,908		11,397,958
Reinvestment of distributions
Class A	65,342	2,767,810	192,468	9,901,778
Class C	5,939	208,588	27,531	1,172,634
Administrator Class	170,907	6,151,007	464,785	20,538,888
		9,127,405		31,613,300
Payment for shares redeemed
Class A	(208,672 )	(9,031,494 )	(201,168 )	(10,553,283 )
Class C	(52,269 )	(1,900,944 )	(82,846 )	(3,614,242 )
Administrator Class	(322,117 )	(11,894,570 )	(413,340 )	(18,657,031 )
		(22,827,008 )		(32,824,556 )
Net increase (decrease) in net assets resulting from capital share transactions		(6,831,695 )		10,186,702
Total decrease in net assets		(19,205,452 )		(37,487,320 )
Net assets
Beginning of period		201,142,986		238,630,306
End of period		$181,937,534		$201,142,986

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

Allspring Growth Balanced Fund | 17

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$45.95	$56.39	$46.33	$45.15	$47.12
Net investment income	0.69 1	0.61	0.61 1	0.65 1	0.72 1
Net realized and unrealized gains (losses) on investments	(1.45 )	(4.08 )	12.62	1.80	(0.60 )
Total from investment operations	(0.76 )	(3.47 )	13.23	2.45	0.12
Distributions to shareholders from
Net investment income	(0.86 )	(0.53 )	(0.50 )	(0.47 )	(1.26 )
Net realized gains	(0.69 )	(6.44 )	(2.67 )	(0.80 )	(0.83 )
Tax basis return of capital	(0.34 )	0.00	0.00	0.00	0.00
Total distributions to shareholders	(1.89 )	(6.97 )	(3.17 )	(1.27 )	(2.09 )
Net asset value, end of period	$43.30	$45.95	$56.39	$46.33	$45.15
Total return2	(1.52 )%	(7.41 )%	29.31 %	5.31 %	0.53 %
Ratios to average net assets (annualized)*
Gross expenses	1.18 %	1.15 %	1.22 %	1.32 %	1.33 %
Net expenses	1.05 %	1.04 %	1.05 %	1.04 %	1.07 %
Net investment income	1.59 %	1.14 %	1.18 %	1.40 %	1.55 %
Supplemental data
Portfolio turnover rate3	108 %	113 %	140 %	116 %	149 %
Net assets, end of period (000s omitted)	$63,023	$71,327	$83,102	$68,581	$68,832

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.35%
Year ended May 31, 2022	0.34%
Year ended May 31, 2021	0.38%
Year ended May 31, 2020	0.45%
Year ended May 31, 2019	0.47%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

18 | Allspring Growth Balanced Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$38.14	$47.98	$39.81	$38.95	$40.86
Net investment income	0.30 1	0.17 1	0.19 1	0.26 1	0.37 1
Net realized and unrealized gains (losses) on investments	(1.20 )	(3.37 )	10.80	1.54	(0.56 )
Total from investment operations	(0.90 )	(3.20 )	10.99	1.80	(0.19 )
Distributions to shareholders from
Net investment income	(0.55 )	(0.20 )	(0.15 )	(0.14 )	(0.89 )
Net realized gains	(0.69 )	(6.44 )	(2.67 )	(0.80 )	(0.83 )
Tax basis return of capital	(0.34 )	0.00	0.00	0.00	0.00
Total distributions to shareholders	(1.58 )	(6.64 )	(2.82 )	(0.94 )	(1.72 )
Net asset value, end of period	$35.66	$38.14	$47.98	$39.81	$38.95
Total return2	(2.26 )%	(8.09 )%	28.35 %	4.52 %	(0.23 )%
Ratios to average net assets (annualized)*
Gross expenses	1.93 %	1.89 %	1.97 %	2.07 %	2.08 %
Net expenses	1.80 %	1.78 %	1.80 %	1.79 %	1.82 %
Net investment income	0.83 %	0.38 %	0.43 %	0.64 %	0.93 %
Supplemental data
Portfolio turnover rate3	108 %	113 %	140 %	116 %	149 %
Net assets, end of period (000s omitted)	$4,183	$6,001	$9,588	$10,108	$11,434

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.35%
Year ended May 31, 2022	0.34%
Year ended May 31, 2021	0.38%
Year ended May 31, 2020	0.45%
Year ended May 31, 2019	0.48%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

Allspring Growth Balanced Fund | 19

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Administrator Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$39.35	$49.28	$40.83	$39.93	$42.04
Net investment income	0.66 1	0.61 1	0.68	0.84	1.05
Net realized and unrealized gains (losses) on investments	(1.26 )	(3.46 )	11.03	1.41	(0.90 )
Total from investment operations	(0.60 )	(2.85 )	11.71	2.25	0.15
Distributions to shareholders from
Net investment income	(0.95 )	(0.64 )	(0.59 )	(0.55 )	(1.43 )
Net realized gains	(0.69 )	(6.44 )	(2.67 )	(0.80 )	(0.83 )
Tax basis return of capital	(0.34 )	0.00	0.00	0.00	0.00
Total distributions to shareholders	(1.98 )	(7.08 )	(3.26 )	(1.35 )	(2.26 )
Net asset value, end of period	$36.77	$39.35	$49.28	$40.83	$39.93
Total return	(1.34 )%	(7.25 )%	29.56 %	5.51 %	0.70 %
Ratios to average net assets (annualized)*
Gross expenses	1.10 %	1.07 %	1.14 %	1.24 %	1.25 %
Net expenses	0.86 %	0.86 %	0.86 %	0.86 %	0.89 %
Net investment income	1.77 %	1.33 %	1.37 %	1.57 %	1.72 %
Supplemental data
Portfolio turnover rate2	108 %	113 %	140 %	116 %	149 %
Net assets, end of period (000s omitted)	$114,732	$123,815	$145,940	$129,531	$138,788

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.35%
Year ended May 31, 2022	0.34%
Year ended May 31, 2021	0.38%
Year ended May 31, 2020	0.45%
Year ended May 31, 2019	0.47%

Calculated based upon average shares outstanding

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master

Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated

securities and included in the portfolio turnover calculation.

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

20 | Allspring Growth Balanced Fund

Notes to financial statements

ORGANIZATION

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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.

Foreign currency translation

The accounting records of the Fund 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.

Futures contracts

Allspring Growth Balanced Fund | 21

Notes to financial statements

interest rates, security values and foreign exchange rates and is subject to interest rate risk, equity price risk and 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 Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

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

Investment transactions, income and expenses

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

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 to shareholders

Federal and other taxes

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.

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $169,718,854 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$14,007,086
Gross unrealized losses	(2,376,523 )
Net unrealized gains	$11,630,563

Paid-in capital	Total distributable earnings
$(295 )	$295

As of May 31, 2023, the Fund had capital loss carryforwards which consist of $3,491,184 in short-term capital losses.

Class allocations

22 | Allspring Growth Balanced Fund

Notes to financial statements

FAIR VALUATION MEASUREMENTS

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2023:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Investment companies	$42,224,533	$0	$0	$42,224,533
Investments measured at net asset value*				138,212,343
	42,224,533	0	0	180,436,876
Futures contracts	1,679,683	0	0	1,679,683
Total assets	$43,904,216	$0	$0	$182,116,559

Liabilities
Futures contracts	$767,142	$0	$0	$767,142
Total liabilities	$767,142	$0	$0	$767,142

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 $138,212,343. Each affiliated Master Portfolio does not have a redemption

period notice, can be redeemed daily and does not have any unfunded commitments.

For the year ended May 31, 2023, 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 C&B Large Cap Value Portfolio	Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal
Allspring Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation
Allspring Disciplined International Developed Markets Portfolio	Seeks long-term capital appreciation
Allspring Diversified Large Cap Growth Portfolio	Seeks long-term capital appreciation
Allspring Emerging Growth Portfolio	Seeks long-term capital appreciation
Allspring Factor Enhanced Emerging Markets Equity Portfolio	Seeks long-term capital appreciation
Allspring Factor Enhanced International Equity Portfolio	Seeks long-term capital appreciation
Allspring Large Company Value Portfolio	Seeks long-term capital appreciation
Allspring Managed Fixed Income Portfolio	Seeks consistent fixed-income return
Allspring Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term
Allspring Small Company Growth Portfolio	Seeks long-term capital appreciation
Allspring Small Company Value Portfolio	Seeks long-term capital appreciation

Allspring Growth Balanced Fund | 23

Notes to financial statements

TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Advisory fee
First $500 million	0.300 %
Next $500 million	0.280
Next $2 billion	0.260
Next $2 billion	0.240
Next $5 billion	0.230
Over $10 billion	0.220

For the year ended May 31, 2023, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

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

Administration fees

	Class-level administration fee
Class A	0.21 %
Class C	0.21
Administrator Class	0.13

Waivers and/or expense reimbursements

	EXPENSE RATIO CAPS
Class A	1.13 %
Class C	1.88
Administrator Class	0.95

24 | Allspring Growth Balanced Fund

Notes to financial statements

Distribution fee

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 May 31, 2023, Allspring Funds Distributor received $1,985 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 May 31, 2023.

Shareholder servicing fees

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$37,065,707	$161,678,666	$37,666,821	$175,894,292

DERIVATIVE TRANSACTIONS

During the year ended May 31, 2023, the Fund entered into futures contracts to gain market exposure to certain asset classes consistent with its asset allocation strategy. The Fund had an average notional amount of $33,903,649 in long futures contracts and $27,383,743 in short futures contracts during the year ended May 31, 2023.

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 May 31, 2023 by primary risk type on the Statement of Assets and Liabilities was as follows for the Fund:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Asset derivatives
Futures contracts	$89,427 *	$1,590,256 *	$0 *	$1,679,683
Liability derivatives
Futures contracts	$67,150 *	$409,146 *	$290,846 *	$767,142

*	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 May 31, 2023 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended May 31, 2023 was as follows:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Net realized gains (losses) on derivatives
Futures contracts	$(31,112 )	$(507,573 )	$(802,345 )	$(1,341,030 )
Net change in unrealized gains (losses) on derivatives
Futures contracts	$16,463	$1,206,207	$(341,596 )	$881,074

BANK BORROWINGS

Allspring Growth Balanced Fund | 25

Notes to financial statements

requests. Interest under the credit agreement is charged to the Fund based on 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 May 31, 2023, there were no borrowings by the Fund under the agreement.

DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended May 31, 2023 and May 31, 2022 were as follows:

	Year ended May 31
	2023	2022
Ordinary income	$4,320,678	$18,667,572
Long-term capital gain	3,239,011	13,217,758
Tax basis return of capital	1,631,896	0

As of May 31, 2023, the components of distributable earnings on a tax basis were as follows:

Unrealized gains	Capital loss carryforward
$11,630,563	$(3,491,184 )

INDEMNIFICATION

26 | Allspring Growth Balanced 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 Growth Balanced Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of May 31, 2023, 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 May 31, 2023, 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

Boston, Massachusetts

July 27, 2023

Allspring Growth Balanced Fund | 27

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 31% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended May 31, 2023.

Pursuant to Section 852 of the Internal Revenue Code, $3,239,011 was designated as a 20% rate gain distribution for the fiscal year ended May 31, 2023.

Pursuant to Section 854 of the Internal Revenue Code, $2,469,088 of income dividends paid during the fiscal year ended May 31, 2023 has been designated as qualified dividend income (QDI).

For the fiscal year ended May 31, 2023, $1,814,584 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 May 31, 2023, 9% of the ordinary income distributed was derived from interest on U.S. government securities.

Proxy voting information

Quarterly portfolio holdings information

28 | Allspring Growth Balanced Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A

Allspring Growth Balanced Fund | 29

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

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

30 | Allspring Growth Balanced Fund

Other information (unaudited)

Officers1

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

Allspring Growth Balanced Fund | 31

Other information (unaudited)

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 15-17, 2023 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Growth Balanced Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

The Board noted that it initially approved the Advisory Agreements at a Board meeting held in May 2021, each for a two-year term, in advance of the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC,1 a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. (the “Transaction”). The Trustees also noted that, while they did not specifically consider the continuation of the Advisory Agreements in 2022 as a result of the two-year term that was approved in 2021, the Trustees received and considered certain information at a Board meeting held in April 2022 that was applicable to the Advisory Agreements, including an overview and financial review of the Allspring Global Investments business, information regarding certain ancillary agreements that were approved by the Board at the April 2022 Board meeting, and comparative data regarding Fund fees and expenses.

Nature, Extent, and Quality of Services

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

32 | Allspring Growth Balanced Fund

Other information (unaudited)

Fund Investment Performance and Expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2022. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was lower than the average investment performance of the Universe for all periods under review except the ten-year period, which was higher than the average investment performance of the Universe. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Growth Balanced Blended Index, for the one-and three-year periods under review, in range of its benchmark index for the ten-year period under review and lower than the investment performance of its benchmark index for the five-year period under review. The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, and took note of the fact that Allspring Funds Management will continue to monitor the Fund’s performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for the Class A shares and lower than the median net operating expense ratios of the expense Groups for the Administrator Class. The Board noted that Allspring Funds Management had agreed to reduce the net operating expense caps for the Fund’s Class A shares.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment Management and Sub-Advisory Fee Rates

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were higher than the sum of these average rates for the Fund’s expense Groups for all share classes.

Allspring Growth Balanced Fund | 33

Other information (unaudited)

information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Profitability

Economies of Scale

Other Benefits to Allspring Funds Management and the Sub-Adviser

Conclusion

34 | Allspring Growth Balanced Fund

Other information (unaudited)

Liquidity risk management program

Allspring Growth Balanced Fund | 35

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

ALL-06072023-vfcp43r3 07-23
AR0117 05-23

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Allspring Index Fund for the 12-month period that ended May 31, 2023. Globally, stocks and bonds experienced heightened volatility and poor performance through the challenging period. The market was focused on persistently high inflation as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war. Markets received a boost in December with the removal of China’s strict COVID-19 lockdowns. In March 2023, a new wave of market anxiety resulted from several bank failures and unease over the possibility of more rate hikes. However, investors regained confidence and markets finished the period in relative calm.

High inflation and central bank rate hikes rocked markets.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Index Fund

Letter to shareholders (unaudited)

Allspring Index Fund | 3

Letter to shareholders (unaudited)

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

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

The Purchasing Managers Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index.

4 | Allspring Index Fund

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks to replicate the total returns of the S&P 500 Index, before fees and expenses.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	John R. Campbell, CFA, David Neal, CFA, Robert M. Wicentowski, CFA

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WFILX)	11-4-1998	-3.45	9.16	10.78	2.45	10.46	11.43	0.62	0.44
Class C (WFINX)	4-30-1999	0.69	9.65	10.78	1.69	9.65	10.78	1.37	1.19
Administrator Class (WFIOX)	2-14-1985	–	–	–	2.65	10.67	11.68	0.40	0.25
S&P 500 Index3	–	–	–	–	2.92	11.01	11.99	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and Class C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.44% for Class A, 1.19% for Class C and 0.25% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund’s prospectus for additional information on these and other risks.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Index Fund

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

•The Fund underperformed its benchmark, the S&P 500 Index, for the 12-month period that ended May 31, 2023.

•During the period, the Fund experienced negative returns in 7 out of the 11 Global Industry Classification Standard economic sectors, while it benefited from positive returns in the information technology (IT), communication services, industrials, and consumer staples sectors.

•Real estate and materials were the Fund’s lowest-performing sectors, while IT was by far the best-performing sector.

U.S. equities sold off sharply in 2022 before rebounding through year-end and into the spring of 2023.

During 2022, U.S. markets succumbed to pressure from soaring inflation, particularly surging food and energy prices, aggressive central bank tightening, slowing global growth, a European energy crisis, and Russia’s ongoing invasion of Ukraine. The S&P 500 Index fell 18.11% during 2022 while the Russell 2000® Index fell 20.44%, marking the worst calendar year for U.S. equities since 2008.

However, U.S. large caps rebounded during both the fourth quarter of 2022 and the first quarter of 2023, overcoming persistent inflation, higher interest rates, weakening economic data, and rising recession risks. Despite a regional banking crisis, U.S. equity markets were supported by softer inflation data, oversold conditions, and optimism over a potential pause in rate hikes by the Federal Reserve. Over the 12-month period, large caps outperformed small caps and growth significantly outperformed value.

Ten largest holdings (%) as of May 31, 20231
Apple, Inc.	7.46
Microsoft Corp.	6.91
Amazon.com, Inc.	3.04
NVIDIA Corp.	2.63
Alphabet, Inc. Class A	2.07
Alphabet, Inc. Class C	1.81
Meta Platforms, Inc. Class A	1.67
Berkshire Hathaway, Inc. Class B	1.64
Tesla, Inc.	1.55
UnitedHealth Group, Inc.	1.29

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

The Fund’s periodic rebalancing aligned with the changing weights and constituents of the S&P 500 Index.

The objective of the Fund is to replicate the performance of the S&P 500 Index before fees and expenses. The portfolio management team uses an investment process designed with the goal of controlling trading and implementation costs and reducing tracking error as much as possible. The portfolio holdings will be highly reflective of the index composition, and the strategy’s performance should closely align with that of the index. Periodic rebalancing takes place to reflect the frequently changing

weights and constituents of the index. Consistent with its objective, during the period, the Fund performed closely in line with the return of the benchmark before fees and expenses.

Sector allocation as of May 31, 20231

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

The real estate and materials sectors produced the lowest returns.

Within real estate, 71% of the holdings (22 out of 31) were down double digits and only 4 stocks finished with gains over the 12-month period. Real estate investment trusts (REITs), particularly office REITS such as Boston Properties, Vornado Realty Trust*, and Alexandria Real Estate Equities, struggled amid an environment of rising interest rates and tightening credit conditions. Within materials, 69% of companies (20 out of 29) also suffered double-digit losses as commodity prices normalized and macroeconomic conditions deteriorated. A significant decline in Tesla, Inc., one of the S&P 500 Index’s largest constituents, was the largest detractor from the overall index over the 12-month period.

This security was no longer held at the end of the reporting period.

8 | Allspring Index Fund

Performance highlights (unaudited)

The IT sector led the S&P 500 Index.

Within the IT sector, although only 58% of companies (38 out of 65) finished with gains, 25 companies were up double digits, and NVIDIA Corp. generated a triple-digit return. After 2022’s rising-rate-driven sell-off, many mega-cap IT and semiconductor-related stocks have rallied sharply in 2023 over optimism about artificial intelligence/machine learning.

Recession risks are rising as economic growth weakens and credit conditions tighten.

As 2023 began, investors were buoyed by optimism that most developed economies would narrowly avoid a recession. However, such hopes were tempered by dread that central banks would continue hiking rates until something broke. By March, the economic data weakened, and the U.S. witnessed its first bank failures since the onset of 2008’s Global Financial Crisis. However, we believe the generous lending facilities at central banks

should contain fallout from the bank failures, which, in turn, should limit some of the overall economic damage.

The sharp rise in short-term interest rates appears to be taming inflation, but the lagged effects of 2022’s rapid tightening cycle are increasing the likelihood of a hard landing for many developed economies. Depending on the company and industry, many firms have already experienced a profits recession.

Earnings expectations will likely rebound before the economy improves. Market valuations and credit spreads may point toward a recovery even before the reality of a recession sinks in. Recessions typically trigger demand destruction, a rebalancing of markets, and lower inflation. Given the environment of tighter financial conditions and weakening economic growth, the U.S. economy has held up surprisingly well thus far. However, we currently anticipate volatile and range-bound markets.

Allspring Index Fund | 9

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from December 1, 2022 to May 31, 2023.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1	Annualized net expense ratio
Class A
Actual	$1,000.00	$1,000.31	$2.24	0.45 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.69	$2.27	0.45 %
Class C
Actual	$1,000.00	$1,000.27	$5.98	1.20 %
Hypothetical (5% return before expenses)	$1,000.00	$1,018.95	$6.04	1.20 %
Administrator Class
Actual	$1,000.00	$1,000.32	$1.25	0.25 %
Hypothetical (5% return before expenses)	$1,000.00	$1,023.69	$1.26	0.25 %

10 | Allspring Index Fund

Portfolio of investments—May 31, 2023

Portfolio of investments

	Shares		Value
Common stocks: 98.88%
Communication services: 8.67%
Diversified telecommunication services: 0.74%
AT&T, Inc.		218,895	$3,443,219
Verizon Communications, Inc.		128,975	4,595,379
			8,038,598
Entertainment: 1.37%
Activision Blizzard, Inc.		21,871	1,754,054
Electronic Arts, Inc.		8,000	1,024,000
Live Nation Entertainment, Inc.†		4,378	349,977
Netflix, Inc.†		13,676	5,405,166
Take-Two Interactive Software, Inc.†		4,869	670,608
Walt Disney Co.†		56,100	4,934,556
Warner Bros Discovery, Inc.†		67,862	765,483
			14,903,844
Interactive media & services: 5.58%
Alphabet, Inc. Class A†		182,904	22,473,414
Alphabet, Inc. Class C†		159,447	19,670,976
Match Group, Inc.†		8,577	295,907
Meta Platforms, Inc. Class A†		68,351	18,093,877
			60,534,174
Media: 0.75%
Charter Communications, Inc. Class A†		3,235	1,055,095
Comcast Corp. Class A		129,182	5,083,312
DISH Network Corp. Class A†		7,719	49,633
Fox Corp. Class A		9,118	284,481
Fox Corp. Class B		4,233	123,646
Interpublic Group of Cos., Inc.		11,931	443,714
News Corp. Class A		11,742	214,996
News Corp. Class B		3,620	66,898
Omnicom Group, Inc.		6,225	548,983
Paramount Global Class B		15,509	235,892
			8,106,650
Wireless telecommunication services: 0.23%
T-Mobile U.S., Inc.†		18,189	2,496,440
Consumer discretionary: 10.05%
Automobile components: 0.10%
Aptiv PLC†		8,321	732,913
BorgWarner, Inc.		7,190	318,733
			1,051,646
Automobiles: 1.81%
Ford Motor Co.		120,237	1,442,844

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

Allspring Index Fund | 11

Portfolio of investments—May 31, 2023

	Shares		Value
Automobiles (continued)
General Motors Co.		42,828	$1,388,055
Tesla, Inc.†		82,592	16,842,987
			19,673,886
Broadline retail: 3.14%
Amazon.com, Inc.†		273,776	33,011,910
eBay, Inc.		16,665	708,929
Etsy, Inc.†		3,860	312,853
			34,033,692
Distributors: 0.13%
Genuine Parts Co.		4,329	644,718
LKQ Corp.		7,794	411,133
Pool Corp.		1,199	379,160
			1,435,011
Hotels, restaurants & leisure: 2.04%
Booking Holdings, Inc.†		1,191	2,987,945
Caesars Entertainment, Inc.†		6,589	270,215
Carnival Corp.†		30,775	345,603
Chipotle Mexican Grill, Inc.†		848	1,760,864
Darden Restaurants, Inc.		3,737	592,389
Domino’s Pizza, Inc.		1,087	315,067
Expedia Group, Inc.†		4,540	434,523
Hilton Worldwide Holdings, Inc.		8,182	1,113,734
Las Vegas Sands Corp.†		10,092	556,372
Marriott International, Inc. Class A		8,263	1,386,449
McDonald’s Corp.		22,492	6,412,694
MGM Resorts International†		9,662	379,620
Norwegian Cruise Line Holdings Ltd.†		12,941	192,174
Royal Caribbean Cruises Ltd.†		6,741	545,819
Starbucks Corp.		35,294	3,446,106
Wynn Resorts Ltd.		3,167	312,583
Yum! Brands, Inc.		8,599	1,106,605
			22,158,762
Household durables: 0.35%
D.R. Horton, Inc.		9,596	1,025,237
Garmin Ltd.†		4,709	485,733
Lennar Corp. Class A		7,786	834,036
Mohawk Industries, Inc.†		1,619	149,013
Newell Brands, Inc.		11,558	96,047
NVR, Inc.†		93	516,543
PulteGroup, Inc.		6,928	457,802
Whirlpool Corp.		1,674	216,431
			3,780,842
Leisure products: 0.02%
Hasbro, Inc.		3,987	236,629

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

12 | Allspring Index Fund

Portfolio of investments—May 31, 2023

	Shares		Value
Specialty retail: 2.03%
Advance Auto Parts, Inc.		1,820	$132,660
AutoZone, Inc.†		576	1,374,820
Bath & Body Works, Inc.		7,014	247,173
Best Buy Co., Inc.		6,047	439,436
CarMax, Inc.†		4,853	350,435
Home Depot, Inc.		31,298	8,871,418
Lowe’s Cos., Inc.		18,570	3,734,984
O’Reilly Automotive, Inc.†		1,915	1,729,839
Ross Stores, Inc.		10,575	1,095,782
TJX Cos., Inc.		35,485	2,724,893
Tractor Supply Co.		3,392	710,929
Ulta Beauty, Inc.†		1,563	640,564
			22,052,933
Textiles, apparel & luxury goods: 0.43%
NIKE, Inc. Class B		38,253	4,026,511
Ralph Lauren Corp.		1,262	134,163
Tapestry, Inc.		7,250	290,145
VF Corp.		10,145	174,697
			4,625,516
Consumer staples: 6.82%
Beverages: 1.75%
Brown-Forman Corp. Class B		5,616	346,900
Coca-Cola Co.		119,522	7,130,683
Constellation Brands, Inc. Class A		4,986	1,211,449
Keurig Dr Pepper, Inc.		26,095	812,076
Molson Coors Beverage Co. Class B		5,773	357,060
Monster Beverage Corp.†		23,392	1,371,239
PepsiCo, Inc.		42,294	7,712,311
			18,941,718
Consumer staples distribution & retail: 1.85%
Costco Wholesale Corp.		13,627	6,971,028
Dollar General Corp.		6,866	1,380,684
Dollar Tree, Inc.†		6,385	861,209
Kroger Co.		20,004	906,781
Sysco Corp.		15,588	1,090,381
Target Corp.		14,136	1,850,826
Walgreens Boots Alliance, Inc.		21,984	667,654
Walmart, Inc.		43,065	6,324,957
			20,053,520
Food products: 1.11%
Archer-Daniels-Midland Co.		16,800	1,186,920
Bunge Ltd.		4,600	426,144
Campbell Soup Co.		6,162	311,489
Conagra Brands, Inc.		14,637	510,392
General Mills, Inc.		18,106	1,523,801

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

Allspring Index Fund | 13

Portfolio of investments—May 31, 2023

	Shares		Value
Food products (continued)
Hershey Co.		4,513	$1,172,026
Hormel Foods Corp.		8,894	340,196
J M Smucker Co.		3,275	480,082
Kellogg Co.		7,860	524,812
Kraft Heinz Co.		24,451	934,517
Lamb Weston Holdings, Inc.		4,418	491,282
McCormick & Co., Inc.		7,699	660,035
Mondelez International, Inc. Class A		41,866	3,073,383
Tyson Foods, Inc. Class A		8,771	444,164
			12,079,243
Household products: 1.37%
Church & Dwight Co., Inc.		7,489	692,358
Clorox Co.		3,793	599,977
Colgate-Palmolive Co.		25,649	1,907,773
Kimberly-Clark Corp.		10,365	1,391,812
Procter & Gamble Co.		72,447	10,323,697
			14,915,617
Personal care products: 0.12%
Estee Lauder Cos., Inc. Class A		7,115	1,309,373
Tobacco: 0.62%
Altria Group, Inc.		54,832	2,435,638
Philip Morris International, Inc.		47,606	4,285,016
			6,720,654
Energy: 4.13%
Energy equipment & services: 0.32%
Baker Hughes Co.		30,893	841,834
Halliburton Co.		27,764	795,438
Schlumberger NV		43,613	1,867,945
			3,505,217
Oil, gas & consumable fuels: 3.81%
APA Corp.		9,873	313,764
Chevron Corp.		54,630	8,228,371
ConocoPhillips		37,584	3,732,091
Coterra Energy, Inc.		24,213	562,952
Devon Energy Corp.		20,075	925,458
Diamondback Energy, Inc.		5,644	717,635
EOG Resources, Inc.		18,038	1,935,297
EQT Corp.		11,272	391,927
Exxon Mobil Corp.		126,461	12,921,785
Hess Corp.		8,521	1,079,355
Kinder Morgan, Inc.		60,750	978,682
Marathon Oil Corp.		19,502	432,164
Marathon Petroleum Corp.		13,942	1,462,655
Occidental Petroleum Corp.		22,330	1,287,548

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

14 | Allspring Index Fund

Portfolio of investments—May 31, 2023

	Shares		Value
Oil, gas & consumable fuels (continued)
ONEOK, Inc.		13,726	$777,715
Phillips 66		14,310	1,310,939
Pioneer Natural Resources Co.		7,296	1,455,114
Targa Resources Corp.		6,952	473,084
Valero Energy Corp.		11,839	1,267,247
Williams Cos., Inc.		37,404	1,071,999
			41,325,782
Financials: 12.34%
Banks: 2.99%
Bank of America Corp.		214,335	5,956,370
Citigroup, Inc.		59,479	2,636,109
Citizens Financial Group, Inc.		15,124	389,897
Comerica, Inc.		4,022	145,194
Fifth Third Bancorp		20,986	509,330
Huntington Bancshares, Inc.		44,315	456,888
JPMorgan Chase & Co.		90,076	12,224,214
KeyCorp		28,662	267,703
M&T Bank Corp.		5,199	619,513
PNC Financial Services Group, Inc.		12,314	1,426,331
Regions Financial Corp.		28,682	495,338
Truist Financial Corp.		40,746	1,241,531
U.S. Bancorp		42,784	1,279,241
Wells Fargo & Co.		117,017	4,658,447
Zions Bancorp NA		4,595	125,397
			32,431,503
Capital markets: 2.66%
Ameriprise Financial, Inc.		3,234	965,252
Bank of New York Mellon Corp.		22,588	908,038
BlackRock, Inc.		4,599	3,024,072
Cboe Global Markets, Inc.		3,258	431,424
Charles Schwab Corp.		46,841	2,468,052
CME Group, Inc.		11,047	1,974,651
FactSet Research Systems, Inc.		1,175	452,246
Franklin Resources, Inc.		8,758	210,280
Goldman Sachs Group, Inc.		10,399	3,368,236
Intercontinental Exchange, Inc.		17,162	1,818,314
Invesco Ltd.		13,967	200,845
MarketAxess Holdings, Inc.		1,156	314,906
Moody’s Corp.		4,838	1,533,065
Morgan Stanley		40,122	3,280,375
MSCI, Inc.		2,456	1,155,622
Nasdaq, Inc.		10,410	576,194
Northern Trust Corp.		6,401	460,360
Raymond James Financial, Inc.		5,952	537,763
S&P Global, Inc.		10,109	3,714,350

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

Allspring Index Fund | 15

Portfolio of investments—May 31, 2023

	Shares		Value
Capital markets (continued)
State Street Corp.		10,718	$729,038
T Rowe Price Group, Inc.		6,888	738,118
			28,861,201
Consumer finance: 0.49%
American Express Co.		18,283	2,898,953
Capital One Financial Corp.		11,709	1,220,195
Discover Financial Services		8,199	842,365
Synchrony Financial		13,421	415,514
			5,377,027
Financial services: 4.17%
Berkshire Hathaway, Inc. Class B†		55,329	17,765,035
Fidelity National Information Services, Inc.		18,222	994,375
Fiserv, Inc.†		19,501	2,187,817
FleetCor Technologies, Inc.†		2,265	513,136
Global Payments, Inc.		8,079	789,238
Jack Henry & Associates, Inc.		2,241	342,626
Mastercard, Inc. Class A		25,910	9,457,668
PayPal Holdings, Inc.†		34,744	2,153,781
Visa, Inc. Class A		49,901	11,029,618
			45,233,294
Insurance: 2.03%
Aflac, Inc.		17,194	1,104,027
Allstate Corp.		8,077	875,951
American International Group, Inc.		22,816	1,205,369
Aon PLC Class A		6,308	1,944,693
Arch Capital Group Ltd.†		11,359	791,722
Arthur J Gallagher & Co.		6,513	1,304,749
Assurant, Inc.		1,622	194,624
Brown & Brown, Inc.		7,218	449,898
Chubb Ltd.		12,746	2,368,207
Cincinnati Financial Corp.		4,827	465,806
Everest Re Group Ltd.		1,317	447,806
Globe Life, Inc.		2,778	286,634
Hartford Financial Services Group, Inc.		9,676	663,000
Lincoln National Corp.		4,729	98,931
Loews Corp.		5,990	335,440
Marsh & McLennan Cos., Inc.		15,201	2,632,509
MetLife, Inc.		20,239	1,002,842
Principal Financial Group, Inc.		6,988	457,435
Progressive Corp.		17,962	2,297,519
Prudential Financial, Inc.		11,301	889,276
Travelers Cos., Inc.		7,097	1,201,096
W R Berkley Corp.		6,255	348,278
Willis Towers Watson PLC		3,278	717,390
			22,083,202

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

16 | Allspring Index Fund

Portfolio of investments—May 31, 2023

	Shares		Value
Health care: 13.57%
Biotechnology: 2.03%
AbbVie, Inc.		54,309	$7,492,470
Amgen, Inc.		16,398	3,618,219
Biogen, Inc.†		4,422	1,310,725
Gilead Sciences, Inc.		38,294	2,946,340
Incyte Corp.†		5,683	349,789
Moderna, Inc.†		10,146	1,295,746
Regeneron Pharmaceuticals, Inc.†		3,301	2,428,083
Vertex Pharmaceuticals, Inc.†		7,895	2,554,585
			21,995,957
Health care equipment & supplies: 2.80%
Abbott Laboratories		53,544	5,461,488
Align Technology, Inc.†		2,231	630,614
Baxter International, Inc.		15,498	631,079
Becton Dickinson & Co.		8,718	2,107,664
Boston Scientific Corp.†		43,985	2,264,348
Cooper Cos., Inc.		1,516	563,239
Dentsply Sirona, Inc.		6,600	238,392
Dexcom, Inc.†		11,866	1,391,407
Edwards Lifesciences Corp.†		18,986	1,599,191
GE HealthCare Technologies, Inc.†		11,150	886,537
Hologic, Inc.†		7,571	597,276
IDEXX Laboratories, Inc.†		2,543	1,181,910
Insulet Corp.†		2,133	584,975
Intuitive Surgical, Inc.†		10,760	3,312,358
Medtronic PLC		40,849	3,380,663
ResMed, Inc.		4,511	950,874
STERIS PLC		3,049	609,709
Stryker Corp.		10,354	2,853,355
Teleflex, Inc.		1,440	338,040
Zimmer Biomet Holdings, Inc.		6,444	820,579
			30,403,698
Health care providers & services: 2.97%
AmerisourceBergen Corp.		4,969	845,475
Cardinal Health, Inc.		7,912	651,158
Centene Corp.†		16,913	1,055,540
Cigna Group		9,172	2,269,245
CVS Health Corp.		39,434	2,682,695
DaVita, Inc.†		1,688	158,115
Elevance Health, Inc.		7,334	3,284,312
HCA Healthcare, Inc.		6,512	1,720,405
Henry Schein, Inc.†		4,163	307,646
Humana, Inc.		3,838	1,926,177
Laboratory Corp. of America Holdings		2,721	578,294
McKesson Corp.		4,205	1,643,482
Molina Healthcare, Inc.†		1,793	491,103
Quest Diagnostics, Inc.		3,409	452,204

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

Allspring Index Fund | 17

Portfolio of investments—May 31, 2023

	Shares		Value
Health care providers & services (continued)
UnitedHealth Group, Inc.		28,693	$13,980,377
Universal Health Services, Inc. Class B		1,970	260,296
			32,306,524
Life sciences tools & services: 1.60%
Agilent Technologies, Inc.		9,086	1,050,978
Bio-Rad Laboratories, Inc. Class A†		661	246,784
Bio-Techne Corp.		4,830	395,046
Charles River Laboratories International, Inc.†		1,562	302,059
Danaher Corp.		20,129	4,622,021
Illumina, Inc.†		4,831	950,016
IQVIA Holdings, Inc.†		5,703	1,122,978
Mettler-Toledo International, Inc.†		679	897,550
Revvity, Inc.		3,879	447,326
Thermo Fisher Scientific, Inc.		12,044	6,123,892
Waters Corp.†		1,824	458,225
West Pharmaceutical Services, Inc.		2,273	760,614
			17,377,489
Pharmaceuticals: 4.17%
Bristol-Myers Squibb Co.		65,293	4,207,481
Catalent, Inc.†		5,530	205,882
Eli Lilly & Co.		24,219	10,401,092
Johnson & Johnson		80,289	12,449,612
Merck & Co., Inc.		77,860	8,596,523
Organon & Co.		7,811	151,455
Pfizer, Inc.		172,380	6,553,888
Viatris, Inc.		37,241	340,755
Zoetis, Inc.		14,313	2,333,162
			45,239,850
Industrials: 8.15%
Aerospace & defense: 1.65%
Axon Enterprise, Inc.†		2,076	400,481
Boeing Co.†		17,269	3,552,233
General Dynamics Corp.		6,911	1,411,088
Howmet Aerospace, Inc.		11,307	483,374
Huntington Ingalls Industries, Inc.		1,224	246,489
L3Harris Technologies, Inc.		5,847	1,028,604
Lockheed Martin Corp.		6,978	3,098,302
Northrop Grumman Corp.		4,418	1,923,995
Raytheon Technologies Corp.		44,988	4,145,194
Textron, Inc.		6,411	396,649
TransDigm Group, Inc.		1,593	1,232,425
			17,918,834
Air freight & logistics: 0.57%
CH Robinson Worldwide, Inc.		3,615	341,762
Expeditors International of Washington, Inc.		4,887	539,085

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

18 | Allspring Index Fund

Portfolio of investments—May 31, 2023

	Shares		Value
Air freight & logistics (continued)
FedEx Corp.		7,131	$1,554,415
United Parcel Service, Inc. Class B		22,412	3,742,804
			6,178,066
Building products: 0.40%
A O Smith Corp.		3,896	249,110
Allegion PLC		2,698	282,589
Carrier Global Corp.		25,617	1,047,735
Johnson Controls International PLC		21,104	1,259,909
Masco Corp.		6,916	334,181
Trane Technologies PLC		7,035	1,148,323
			4,321,847
Commercial services & supplies: 0.50%
Cintas Corp.		2,653	1,252,587
Copart, Inc.†		13,164	1,153,035
Republic Services, Inc.		6,308	893,402
Rollins, Inc.		7,108	279,487
Waste Management, Inc.		11,406	1,846,859
			5,425,370
Construction & engineering: 0.07%
Quanta Services, Inc.		4,388	779,221
Electrical equipment: 0.53%
AMETEK, Inc.		7,052	1,023,034
Eaton Corp. PLC		12,213	2,148,267
Emerson Electric Co.		17,547	1,363,051
Generac Holdings, Inc.†		1,946	211,958
Rockwell Automation, Inc.		3,525	982,065
			5,728,375
Ground transportation: 0.77%
CSX Corp.		64,563	1,980,147
JB Hunt Transport Services, Inc.		2,549	425,607
Norfolk Southern Corp.		6,995	1,456,219
Old Dominion Freight Line, Inc.		2,782	863,644
Union Pacific Corp.		18,790	3,617,451
			8,343,068
Industrial conglomerates: 0.82%
3M Co.		16,905	1,577,405
General Electric Co.		33,451	3,396,280
Honeywell International, Inc.		20,518	3,931,249
			8,904,934
Machinery: 1.60%
Caterpillar, Inc.		15,981	3,288,091
Cummins, Inc.		4,339	886,935

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

Allspring Index Fund | 19

Portfolio of investments—May 31, 2023

	Shares		Value
Machinery (continued)
Deere & Co.		8,304	$2,873,018
Dover Corp.		4,290	571,986
Fortive Corp.		10,837	705,597
IDEX Corp.		2,316	461,255
Illinois Tool Works, Inc.		8,525	1,864,673
Ingersoll Rand, Inc.		12,435	704,567
Nordson Corp.		1,651	359,802
Otis Worldwide Corp.		12,740	1,012,957
PACCAR, Inc.		16,030	1,102,543
Parker-Hannifin Corp.		3,939	1,262,213
Pentair plc		5,052	280,234
Snap-on, Inc.		1,631	405,891
Stanley Black & Decker, Inc.		4,543	340,589
Westinghouse Air Brake Technologies Corp.		5,585	517,339
Xylem, Inc.		7,337	735,167
			17,372,857
Passenger airlines: 0.20%
Alaska Air Group, Inc.†		3,916	175,946
American Airlines Group, Inc.†		19,981	295,319
Delta Air Lines, Inc.†		19,692	715,410
Southwest Airlines Co.		18,250	545,128
United Airlines Holdings, Inc.†		10,040	476,549
			2,208,352
Professional services: 0.80%
Automatic Data Processing, Inc.		12,724	2,659,189
Broadridge Financial Solutions, Inc.		3,614	530,246
Ceridian HCM Holding, Inc.†		4,725	292,241
CoStar Group, Inc.†		12,489	991,627
Equifax, Inc.		3,762	784,828
Jacobs Solutions, Inc.		3,891	426,454
Leidos Holdings, Inc.		4,198	327,696
Paychex, Inc.		9,852	1,033,770
Paycom Software, Inc.		1,481	414,873
Robert Half International, Inc.		3,307	215,021
Verisk Analytics, Inc.		4,803	1,052,385
			8,728,330
Trading companies & distributors: 0.24%
Fastenal Co.		17,530	943,990
United Rentals, Inc.		2,130	710,973
WW Grainger, Inc.		1,381	896,297
			2,551,260
Information technology: 27.73%
Communications equipment: 0.88%
Arista Networks, Inc.†		7,601	1,264,351
Cisco Systems, Inc.		126,157	6,266,218

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

20 | Allspring Index Fund

Portfolio of investments—May 31, 2023

	Shares		Value
Communications equipment (continued)
F5, Inc.†		1,846	$272,433
Juniper Networks, Inc.		9,949	302,151
Motorola Solutions, Inc.		5,135	1,447,659
			9,552,812
Electronic equipment, instruments & components: 0.57%
Amphenol Corp. Class A		18,260	1,377,717
CDW Corp.		4,158	713,887
Corning, Inc.		23,377	720,245
Keysight Technologies, Inc.†		5,477	886,179
TE Connectivity Ltd.		9,718	1,190,261
Teledyne Technologies, Inc.†		1,439	559,267
Trimble, Inc.†		7,574	353,479
Zebra Technologies Corp. Class A†		1,586	416,436
			6,217,471
IT services: 1.20%
Accenture PLC Class A		19,339	5,916,187
Akamai Technologies, Inc.†		4,829	444,848
Cognizant Technology Solutions Corp. Class A		15,631	976,781
DXC Technology Co.†		6,992	175,010
EPAM Systems, Inc.†		1,766	453,191
Gartner, Inc.†		2,427	832,121
International Business Machines Corp.		27,765	3,570,301
VeriSign, Inc.†		2,813	628,199
			12,996,638
Semiconductors & semiconductor equipment: 7.19%
Advanced Micro Devices, Inc.†		49,514	5,853,050
Analog Devices, Inc.		15,565	2,765,745
Applied Materials, Inc.		25,890	3,451,137
Broadcom, Inc.		12,833	10,368,551
Enphase Energy, Inc.†		4,174	725,775
First Solar, Inc.†		3,045	618,013
Intel Corp.		127,044	3,994,263
KLA Corp.		4,253	1,884,036
Lam Research Corp.		4,144	2,555,605
Microchip Technology, Inc.		16,822	1,266,024
Micron Technology, Inc.		33,509	2,285,314
Monolithic Power Systems, Inc.		1,374	673,136
NVIDIA Corp.		75,545	28,581,695
NXP Semiconductors NV		7,958	1,425,278
ON Semiconductor Corp.†		13,265	1,108,954
Qorvo, Inc.†		3,068	298,394
QUALCOMM, Inc.		34,241	3,883,272
Skyworks Solutions, Inc.		4,882	505,336
SolarEdge Technologies, Inc.†		1,716	488,768

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

Allspring Index Fund | 21

Portfolio of investments—May 31, 2023

	Shares		Value
Semiconductors & semiconductor equipment (continued)
Teradyne, Inc.		4,783	$479,209
Texas Instruments, Inc.		27,829	4,838,906
			78,050,461
Software: 10.20%
Adobe, Inc.†		14,059	5,873,710
ANSYS, Inc.†		2,675	865,603
Autodesk, Inc.†		6,626	1,321,158
Cadence Design Systems, Inc.†		8,424	1,945,186
Fair Isaac Corp.†		772	608,081
Fortinet, Inc.†		19,913	1,360,655
Gen Digital, Inc.		17,468	306,389
Intuit, Inc.		8,627	3,615,748
Microsoft Corp.		228,593	75,067,655
Oracle Corp.		47,196	4,999,944
PTC, Inc.†		3,269	439,354
Roper Technologies, Inc.		3,257	1,479,395
Salesforce, Inc.†		30,709	6,859,776
ServiceNow, Inc.†		6,234	3,396,158
Synopsys, Inc.†		4,681	2,129,668
Tyler Technologies, Inc.†		1,279	507,712
			110,776,192
Technology hardware, storage & peripherals: 7.69%
Apple, Inc.		456,727	80,954,861
Hewlett Packard Enterprise Co.		39,364	567,629
HP, Inc.		26,542	771,310
NetApp, Inc.		6,620	439,237
Seagate Technology Holdings PLC		5,897	354,410
Western Digital Corp.†		9,806	379,786
			83,467,233
Materials: 2.38%
Chemicals: 1.65%
Air Products & Chemicals, Inc.		6,820	1,835,535
Albemarle Corp.		3,598	696,321
Celanese Corp.		3,063	318,613
CF Industries Holdings, Inc.		6,025	370,598
Corteva, Inc.		21,890	1,170,896
Dow, Inc.		21,646	1,055,892
DuPont de Nemours, Inc.		14,069	945,296
Eastman Chemical Co.		3,648	281,224
Ecolab, Inc.		7,610	1,256,031
FMC Corp.		3,868	402,581
International Flavors & Fragrances, Inc.		7,830	605,181
Linde PLC		15,125	5,349,107
LyondellBasell Industries NV Class A		7,800	667,212
Mosaic Co.		10,456	334,174

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

22 | Allspring Index Fund

Portfolio of investments—May 31, 2023

	Shares		Value
Chemicals (continued)
PPG Industries, Inc.		7,217	$947,520
Sherwin-Williams Co.		7,242	1,649,583
			17,885,764
Construction materials: 0.14%
Martin Marietta Materials, Inc.		1,907	759,062
Vulcan Materials Co.		4,081	797,836
			1,556,898
Containers & packaging: 0.22%
Amcor PLC		45,627	439,844
Avery Dennison Corp.		2,486	400,569
Ball Corp.		9,640	493,182
International Paper Co.		10,922	321,544
Packaging Corp. of America		2,842	352,493
Sealed Air Corp.		4,442	168,130
Westrock Co.		7,820	219,038
			2,394,800
Metals & mining: 0.37%
Freeport-McMoRan, Inc.		43,893	1,507,286
Newmont Corp.		24,375	988,406
Nucor Corp.		7,769	1,025,974
Steel Dynamics, Inc.		5,122	470,712
			3,992,378
Real estate: 2.39%
Health care REITs: 0.18%
Healthpeak Properties, Inc.		16,791	335,148
Ventas, Inc.		12,283	529,889
Welltower, Inc.		14,511	1,082,666
			1,947,703
Hotel & resort REITs: 0.03%
Host Hotels & Resorts, Inc.		21,958	364,503
Industrial REITs : 0.32%
Prologis, Inc.		28,347	3,530,619
Office REITs : 0.07%
Alexandria Real Estate Equities, Inc.		4,837	548,806
Boston Properties, Inc.		4,381	213,223
			762,029
Real estate management & development: 0.07%
CBRE Group, Inc. Class A†		9,703	726,949
Residential REITs : 0.34%
AvalonBay Communities, Inc.		4,296	747,418
Camden Property Trust		3,382	353,317

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

Allspring Index Fund | 23

Portfolio of investments—May 31, 2023

	Shares		Value
Residential REITs (continued)
Equity Residential		10,459	$635,907
Essex Property Trust, Inc.		1,984	428,663
Invitation Homes, Inc.		17,837	604,318
Mid-America Apartment Communities, Inc.		3,546	521,475
UDR, Inc.		9,497	376,746
			3,667,844
Retail REITs : 0.28%
Federal Realty Investment Trust		2,248	198,274
Kimco Realty Corp.		18,993	349,091
Realty Income Corp.		19,259	1,144,755
Regency Centers Corp.		4,730	266,157
Simon Property Group, Inc.		10,040	1,055,706
			3,013,983
Specialized REITs : 1.10%
American Tower Corp.		14,298	2,637,123
Crown Castle, Inc.		13,297	1,505,353
Digital Realty Trust, Inc.		8,830	904,722
Equinix, Inc.		2,842	2,118,853
Extra Space Storage, Inc.		4,113	593,383
Iron Mountain, Inc.		8,928	476,934
Public Storage		4,854	1,375,138
SBA Communications Corp.		3,316	735,422
VICI Properties, Inc.		30,823	953,355
Weyerhaeuser Co.		22,504	644,965
			11,945,248
Utilities: 2.65%
Electric utilities: 1.74%
Alliant Energy Corp.		7,709	396,705
American Electric Power Co., Inc.		15,780	1,311,634
Constellation Energy Corp.		10,042	843,729
Duke Energy Corp.		23,646	2,111,351
Edison International		11,727	791,807
Entergy Corp.		6,249	613,652
Evergy, Inc.		7,049	407,785
Eversource Energy		10,696	740,484
Exelon Corp.		30,517	1,209,999
FirstEnergy Corp.		16,680	623,665
NextEra Energy, Inc.		61,024	4,482,823
NRG Energy, Inc.		7,075	239,064
PG&E Corp.†		49,443	837,564
Pinnacle West Capital Corp.		3,474	268,471
PPL Corp.		22,612	592,434
Southern Co.		33,432	2,331,882
Xcel Energy, Inc.		16,806	1,097,264
			18,900,313

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

24 | Allspring Index Fund

Portfolio of investments—May 31, 2023

	Shares		Value
Gas utilities: 0.04%
Atmos Energy Corp.		4,396	$506,771
Independent power and renewable electricity producers: 0.04%
AES Corp.		20,512	404,907
Multi-utilities: 0.75%
Ameren Corp.		7,939	643,615
CenterPoint Energy, Inc.		19,333	545,384
CMS Energy Corp.		8,944	518,573
Consolidated Edison, Inc.		10,898	1,016,783
Dominion Energy, Inc.		25,589	1,286,615
DTE Energy Co.		5,950	640,220
NiSource, Inc.		12,472	335,372
Public Service Enterprise Group, Inc.		15,322	915,490
Sempra Energy		9,653	1,385,495
WEC Energy Group, Inc.		9,687	846,159
			8,133,706
Water utilities: 0.08%
American Water Works Co., Inc.		5,926	856,011
Total common stocks (Cost $304,914,927)			1,073,401,239

		Yield
Short-term investments: 0.84%
Investment companies: 0.84%
Allspring Government Money Market Fund Select Class♠∞		5.01 %	9,092,232	9,092,232
Total short-term investments (Cost $9,092,232)				9,092,232
Total investments in securities (Cost $314,007,159)	99.72 %			1,082,493,471
Other assets and liabilities, net	0.28			3,038,210
Total net assets	100.00 %			$1,085,531,681

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

Abbreviations:
REIT	Real estate investment trust

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

Allspring Index Fund | 25

Statement of assets and liabilities—May 31, 2023

Financial statements

Statement of assets and liabilities

Assets
Investments in unaffiliated securities, at value (cost $304,914,927)	$1,073,401,239
Investments in affiliated securities, at value (cost $9,092,232)	9,092,232
Cash at broker segregated for futures contracts	1,664,201
Receivable for dividends	1,740,372
Receivable for Fund shares sold	597,591
Receivable from manager	114,197
Prepaid expenses and other assets	260,749
Total assets	1,086,870,581
Liabilities
Payable for Fund shares redeemed	746,877
Shareholder servicing fee payable	182,654
Administration fees payable	168,777
Payable for daily variation margin on open futures contracts	71,050
Distribution fee payable	5,162
Trustees’ fees and expenses payable	504
Accrued expenses and other liabilities	163,876
Total liabilities	1,338,900
Total net assets	$1,085,531,681
Net assets consist of
Paid-in capital	$221,905,005
Total distributable earnings	863,626,676
Total net assets	$1,085,531,681
Computation of net asset value and offering price per share
Net assets–Class A	$727,313,781
Shares outstanding–Class A1	17,182,652
Net asset value per share–Class A	$42.33
Maximum offering price per share – Class A2	$44.91
Net assets–Class C	$7,779,888
Shares outstanding–Class C1	179,095
Net asset value per share–Class C	$43.44
Net assets–Administrator Class	$350,438,012
Shares outstanding–Administrator Class1	8,037,086
Net asset value per share–Administrator Class	$43.60

1	The Fund has an unlimited number of authorized shares.
2	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Allspring Index Fund | 27

Statement of operations—year ended May 31, 2023

Statement of operations

Investment income
Dividends (net of foreign withholdings taxes of $5,566)	$18,032,298
Income from affiliated securities	557,908
Interest	39,238
Total investment income	18,629,444
Expenses
Management fee	1,585,708
Administration fees
Class A	1,504,230
Class C	18,193
Administrator Class	446,686
Shareholder servicing fees
Class A	1,790,750
Class C	21,610
Administrator Class	313,525
Distribution fee
Class C	64,607
Custody and accounting fees	42,743
Professional fees	82,895
Registration fees	44,023
Shareholder report expenses	73,693
Trustees’ fees and expenses	24,093
Other fees and expenses	34,792
Total expenses	6,047,548
Less: Fee waivers and/or expense reimbursements
Fund-level	(1,597,422 )
Class A	(285,888 )
Class C	(2,686 )
Administrator Class	(503 )
Net expenses	4,161,049
Net investment income	14,468,395
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities	45,332,839
Futures contracts	(870,611 )
Net realized gains on investments	44,462,228
Net change in unrealized gains (losses) on
Unaffiliated securities	(36,262,143 )
Futures contracts	823,788
Net change in unrealized gains (losses) on investments	(35,438,355 )
Net realized and unrealized gains (losses) on investments	9,023,873
Net increase in net assets resulting from operations	$23,492,268

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

28 | Allspring Index Fund

Statement of changes in net assets

	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$14,468,395		$12,547,735
Net realized gains on investments		44,462,228		112,329,479
Net change in unrealized gains (losses) on investments		(35,438,355 )		(127,015,918 )
Net increase (decrease) in net assets resulting from operations		23,492,268		(2,138,704 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(66,804,712 )		(77,882,126 )
Class C		(709,270 )		(1,006,598 )
Administrator Class		(31,911,691 )		(38,543,455 )
Total distributions to shareholders		(99,425,673 )		(117,432,179 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	343,612	14,395,854	434,540	22,338,966
Class C	14,778	630,451	20,668	1,096,073
Administrator Class	630,351	27,092,159	541,048	28,070,542
		42,118,464		51,505,581
Reinvestment of distributions
Class A	1,593,378	64,771,802	1,474,352	75,486,719
Class C	14,928	622,969	16,134	841,241
Administrator Class	714,595	29,898,702	682,313	35,905,912
		95,293,473		112,233,872
Payment for shares redeemed
Class A	(1,723,965 )	(72,102,795 )	(1,599,593 )	(81,454,786 )
Class C	(77,218 )	(3,317,859 )	(54,965 )	(2,849,529 )
Administrator Class	(1,224,463 )	(52,955,693 )	(1,365,467 )	(70,021,494 )
		(128,376,347 )		(154,325,809 )
Net increase in net assets resulting from capital share transactions		9,035,590		9,413,644
Total decrease in net assets		(66,897,815 )		(110,157,239 )
Net assets
Beginning of period		1,152,429,496		1,262,586,735
End of period		$1,085,531,681		$1,152,429,496

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

Allspring Index Fund | 29

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$45.49	$50.17	$41.27	$49.48	$63.35
Net investment income	0.55 1	0.46	0.48	0.65	0.82
Net realized and unrealized gains (losses) on investments	0.36	(0.33 )	14.92	5.82	0.54
Total from investment operations	0.91	0.13	15.40	6.47	1.36
Distributions to shareholders from
Net investment income	(0.53 )	(0.46 )	(0.57 )	(0.67 )	(0.90 )
Net realized gains	(3.54 )	(4.35 )	(5.93 )	(14.01 )	(14.33 )
Total distributions to shareholders	(4.07 )	(4.81 )	(6.50 )	(14.68 )	(15.23 )
Net asset value, end of period	$42.33	$45.49	$50.17	$41.27	$49.48
Total return2	2.45 %	(0.74 )%	39.71 %	12.02 %	3.32 %
Ratios to average net assets (annualized)
Gross expenses	0.64 %	0.63 %*	0.65 %*	0.67 %*	0.65 %*
Net expenses	0.45 %	0.44 %*	0.44 %*	0.44 %*	0.45 %*
Net investment income	1.30 %	0.92 %*	1.08 %*	1.47 %*	1.51 %*
Supplemental data
Portfolio turnover rate	2 %	2 %3	4 %3	3 %3	4 %3
Net assets, end of period (000s omitted)	$727,314	$771,925	$835,781	$660,101	$676,511

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

Year ended May 31, 2022	0.11%
Year ended May 31, 2021	0.11%
Year ended May 31, 2020	0.12%
Year ended May 31, 2019	0.11%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	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.

30 | Allspring Index Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$46.50	$51.19	$41.90	$50.02	$63.67
Net investment income	0.23 1	0.08 1	0.16 1	0.30	0.46 1
Net realized and unrealized gains (losses) on investments	0.40	(0.37 )	15.21	5.84	0.52
Total from investment operations	0.63	(0.29 )	15.37	6.14	0.98
Distributions to shareholders from
Net investment income	(0.15 )	(0.05 )	(0.15 )	(0.25 )	(0.30 )
Net realized gains	(3.54 )	(4.35 )	(5.93 )	(14.01 )	(14.33 )
Total distributions to shareholders	(3.69 )	(4.40 )	(6.08 )	(14.26 )	(14.63 )
Net asset value, end of period	$43.44	$46.50	$51.19	$41.90	$50.02
Total return2	1.69 %	(1.48 )%	38.83 %	11.17 %	2.54 %
Ratios to average net assets (annualized)
Gross expenses	1.38 %	1.37 %*	1.40 %*	1.42 %*	1.39 %*
Net expenses	1.20 %	1.20 %*	1.20 %*	1.20 %*	1.20 %*
Net investment income	0.54 %	0.16 %*	0.34 %*	0.72 %*	0.77 %*
Supplemental data
Portfolio turnover rate	2 %	2 %3	4 %3	3 %3	4 %3
Net assets, end of period (000s omitted)	$7,780	$10,538	$12,530	$16,103	$19,146

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

Year ended May 31, 2022	0.11%
Year ended May 31, 2021	0.11%
Year ended May 31, 2020	0.12%
Year ended May 31, 2019	0.11%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	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 Index Fund | 31

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Administrator Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$46.73	$51.41	$42.15	$50.24	$64.04
Net investment income	0.65 1	0.58	0.58	0.81	1.02 1
Net realized and unrealized gains (losses) on investments	0.37	(0.36 )	15.26	5.85	0.48
Total from investment operations	1.02	0.22	15.84	6.66	1.50
Distributions to shareholders from
Net investment income	(0.61 )	(0.55 )	(0.65 )	(0.74 )	(0.97 )
Net realized gains	(3.54 )	(4.35 )	(5.93 )	(14.01 )	(14.33 )
Total distributions to shareholders	(4.15 )	(4.90 )	(6.58 )	(14.75 )	(15.30 )
Net asset value, end of period	$43.60	$46.73	$51.41	$42.15	$50.24
Total return	2.65 %	(0.55 )%	39.97 %	12.25 %	3.52 %
Ratios to average net assets (annualized)
Gross expenses	0.40 %	0.37 %*	0.42 %*	0.44 %*	0.41 %*
Net expenses	0.25 %	0.25 %*	0.25 %*	0.25 %*	0.25 %*
Net investment income	1.49 %	1.11 %*	1.28 %*	1.67 %*	1.72 %*
Supplemental data
Portfolio turnover rate	2 %	2 %2	4 %2	3 %2	4 %2
Net assets, end of period (000s omitted)	$350,438	$369,967	$414,276	$343,609	$460,934

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

Year ended May 31, 2022	0.11%
Year ended May 31, 2021	0.11%
Year ended May 31, 2020	0.12%
Year ended May 31, 2019	0.11%

1	Calculated based upon average shares outstanding
2	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.

32 | Allspring Index Fund

Notes to financial statements

ORGANIZATION

On June 1, 2022, the Fund began to invest substantially all of its assets directly in a portfolio of securities after restructuring the master-feeder structure under which the Fund invested 100% of its assets in the Allspring Index Portfolio (the “affiliated Master Portfolio”). After the close of business on May 31, 2022, the Fund redeemed its investment in the affiliated Master Portfolio. The Fund received its redemption proceeds in the form of an in-kind distribution of the securities held by the affiliated Master Portfolio along with acquiring the assets and assuming the liabilities of the affiliated Master Portfolio. Immediately after this transaction, the Fund began operating as a stand-alone fund.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Futures contracts

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

Distributions to shareholders

Allspring Index Fund | 33

Notes to financial statements

Federal and other taxes

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $314,917,447 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$782,510,897
Gross unrealized losses	(14,280,096 )
Net unrealized gains	$768,230,801

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary difference causing such reclassification is due to the Fund’s restructure as a master-feeder structure into single fund structure. At May 31, 2023, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statements of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(3,785,267 )	$3,785,267

Class allocations

FAIR VALUATION MEASUREMENTS

•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.

34 | Allspring Index Fund

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2023:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$94,079,706	$0	$0	$94,079,706
Consumer discretionary	109,048,917	0	0	109,048,917
Consumer staples	74,020,125	0	0	74,020,125
Energy	44,830,999	0	0	44,830,999
Financials	133,986,227	0	0	133,986,227
Health care	147,323,518	0	0	147,323,518
Industrials	88,460,514	0	0	88,460,514
Information technology	301,060,807	0	0	301,060,807
Materials	25,829,840	0	0	25,829,840
Real estate	25,958,878	0	0	25,958,878
Utilities	28,801,708	0	0	28,801,708
Short-term investments
Investment companies	9,092,232	0	0	9,092,232
	1,082,493,471	0	0	1,082,493,471
Futures contracts	823,788	0	0	823,788
Total assets	$1,083,317,259	$0	$0	$1,083,317,259

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

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

For the year ended May 2023, the Fund did not have transfers into/out of Level 3.

TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $1 Billion	0.150 %
Next $4 billion	0.125
Next $5 billion	0.090
Over $10 billion	0.080

For the year ended May 31, 2023, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.05% and declining to 0.02% as the average daily net assets of the Fund increase.

Administration fees

Allspring Index Fund | 35

Notes to financial statements

	Class-level administration fee
Class A	0.21 %
Class C	0.21
Administrator 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 reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of May 31, 2023, the contractual expense caps are as follows:

	EXPENSE RATIO CAPS
Class A	0.45 %
Class C	1.20
Administrator Class	0.25

Distribution fee

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 May 31, 2023, Allspring Funds Distributor received $1,715 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 May 31, 2023.

Shareholder servicing fees

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

Interfund transactions

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

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended May 31, 2023 were $20,605,236 and $86,120,557, respectively.

DERIVATIVE TRANSACTIONS

During the year ended May 31, 2023, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $16,951,827 in long futures contracts during the year ended May 31, 2023.

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.

BANK BORROWINGS

36 | Allspring Index Fund

Notes to financial statements

For the year ended May 31, 2023, there were no borrowings by the Fund under the agreement.

	Year ended May 31
	2023	2022
Ordinary income	$14,252,909	$18,177,161
Long-term capital gain	85,172,764	99,255,018

As of May 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$5,680,963	$30,404,233	$768,230,801

CONCENTRATION RISKS

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

INDEMNIFICATION

10.

FUND STRUCTURE CHANGE

At the February 23-24, 2022 Board meeting, the Board of Trustees approved restructuring the Fund and Allspring Index Portfolio master-feeder structure into a single-level fund structure. After the close of business on May 31, 2022, in connection with this transaction, the Fund redeemed in-kind its entire investment in Allspring Index Portfolio. As a result, the Fund received investments in securities with a value of $1,131,078,831 (cost $321,968,549), cash and cash at broker in the amount of $20,803,889 and $1,678,632 in receivable for dividends. Additionally, $214,122,139 was reclassified from distributable earnings to paid in capital on the Statement of Assets and Liabilities due to the restructuring. The restructuring of the master-feeder structure did not have any impact on the net assets of the Fund.

Allspring Index Fund | 37

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 Index Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of May 31, 2023, 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 May 31, 2023, 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

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 May 31, 2023, 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 financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

Boston, Massachusetts

July 27, 2023

38 | Allspring Index Fund

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 May 31, 2023.

Pursuant to Section 852 of the Internal Revenue Code, $85,172,764 was designated as a 20% rate gain distribution for the fiscal year ended May 31, 2023.

Pursuant to Section 854 of the Internal Revenue Code, $14,252,909 of income dividends paid during the fiscal year ended May 31, 2023 has been designated as qualified dividend income (QDI).

For the fiscal year ended May 31, 2023, $266,324 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

Quarterly portfolio holdings information

Allspring Index Fund | 39

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A

40 | Allspring Index Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

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

Allspring Index Fund | 41

Other information (unaudited)

Officers1

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

42 | Allspring Index Fund

Other information (unaudited)

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 15-17, 2023 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Index Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

The Board noted that it initially approved the Advisory Agreements at a Board meeting held in May 2021, each for a two-year term, in advance of the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC,1 a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. (the “Transaction”). The Trustees also noted that, while they did not specifically consider the continuation of the Advisory Agreements in 2022 as a result of the two-year term that was approved in 2021, the Trustees received and considered certain information at a Board meeting held in April 2022 that was applicable to the Advisory Agreements, including an overview and financial review of the Allspring Global Investments business, information regarding certain ancillary agreements that were approved by the Board at the April 2022 Board meeting, and comparative data regarding Fund fees and expenses.

Nature, Extent, and Quality of Services

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

Allspring Index Fund | 43

Other information (unaudited)

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

Fund Investment Performance and Expenses

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for all share classes. The Board noted that Allspring Funds Management had agreed to reduce the net operating expense caps for the Fund’s Class A shares.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment Management and Sub-Advisory Fee Rates

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for Class A shares and higher than the sum of these average rates for the Fund’s expense Groups for Administrator Class shares.

44 | Allspring Index Fund

Other information (unaudited)

Profitability

Economies of Scale

Other Benefits to Allspring Funds Management and the Sub-Adviser

Conclusion

Allspring Index Fund | 45

Other information (unaudited)

Liquidity risk management program

46 | Allspring Index Fund

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

ALL-06072023-8lj2v9ja 07-23
AR3329 05-23

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Allspring Moderate Balanced Fund for the 12-month period that ended May 31, 2023. Globally, stocks and bonds experienced heightened volatility and poor performance through the challenging period. The market was focused on persistently high inflation as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war. Markets received a boost in December with the removal of China’s strict COVID-19 lockdowns. In March 2023, a new wave of market anxiety resulted from several bank failures and unease over the possibility of more rate hikes. However, investors regained confidence and markets finished the period in relative calm.

High inflation and central bank rate hikes rocked markets.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Moderate Balanced Fund

Letter to shareholders (unaudited)

Allspring Moderate Balanced Fund | 3

Letter to shareholders (unaudited)

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

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

The Purchasing Managers Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index.

4 | Allspring Moderate Balanced Fund

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks total return, consisting of current income and capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Kandarp R. Acharya, CFA, FRM, Petros N. Bocray, CFA, FRM, Travis L. Keshemberg, CFA, CIPM, FRM

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WFMAX)	1-30-2004	-7.05	2.22	3.96	-1.38	3.44	4.57	1.25	1.14
Class C (WFBCX)	1-30-2004	-3.13	2.67	3.95	-2.13	2.67	3.95	2.00	1.89
Administrator Class (NVMBX)	11-11-1994	–	–	–	-1.17	3.70	4.83	1.18	0.90
Institutional Class (WFMYX)3	7-31-2018	–	–	–	-1.04	3.80	4.88	0.93	0.80
Moderate Balanced Blended Index4	–	–	–	–	0.47	4.43	5.08	–	–
Bloomberg U.S. Aggregate Bond Index5	–	–	–	–	-2.14	0.81	1.39	–	–
Bloomberg U.S. Short Treasury 9-12 Months Index6	–	–	–	–	1.69	1.40	0.96	–	–
MSCI EAFE Index (Net)7	–	–	–	–	3.06	3.21	4.56	–	–
Russell 1000® Growth Index8	–	–	–	–	9.55	13.84	14.76	–	–
Russell 1000® Value Index9	–	–	–	–	-4.55	6.78	8.42	–	–
Russell 2000® Index10	–	–	–	–	-4.68	2.74	7.36	–	–
S&P 500 Index11	–	–	–	–	2.92	11.01	11.99	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.39% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and Class C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.14% for Class A, 1.89% for Class C, 0.90% for Administrator Class and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher.
4	Source: Allspring Funds Management, LLC. The Moderate Balanced Blended Index is composed 45% of the Bloomberg U.S. Aggregate Bond Index, 15% of the Bloomberg U.S. Short Treasury 9-12 Months Index, 10% of the Russell 1000® Growth Index, 10% of the Russell 1000® Value Index, 10% of the S&P 500 Index, 6% of the MSCI EAFE Index (Net), and 4% of the Russell 2000® Index. You cannot invest directly in an index.
5	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
6	The Bloomberg U.S. Short Treasury 9–12 Months Index is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. You cannot invest directly in an index.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Moderate Balanced Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of May 31, 20231

The chart compares the performance of Class A shares for the most recent ten years with the Moderate Balanced Blended Index, Bloomberg U.S. Aggregate Bond Index,

Bloomberg U.S. Short Treasury 9-12 Months Index, MSCI EAFE Index (Net), Russell 1000® Growth Index, Russell 1000® Value Index, Russell 2000® Index and S&P 500 Index.

The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

Footnotes continued from previous page
7	The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Source: MSCI. MSCI makes no express or implied representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
8	The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.
9	The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.
10	The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index.
11	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Allspring Moderate Balanced Fund | 7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

•The Fund underperformed the Moderate Balanced Fund Blended Index for the 12-month period that ended May 31, 2023.

•Strong relative performance within fixed income investments had the largest positive impact on performance.

Slow growth, rising rates lead to muted market returns.

The 12-month period that ended May 31, 2023, saw a small gain in broad U.S. equity markets, as illustrated by the Russell 3000® Index’s* return of +2.03%. Broad foreign markets did worse, as reflected by the MSCI ACWI ex USA Index (Net)’s** return of -1.41%. While these return numbers seem modest, they reflect a recovery from some severe double-digit declines. The broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index, posted a return of -2.14%.

Ten largest holdings (%) as of May 31, 20231
Allspring Managed Fixed Income Portfolio	28.95
Allspring Conservative Income Fund Institutional Class	15.02
Allspring Core Bond Portfolio	8.45
Allspring Disciplined Large Cap Portfolio	8.37
Allspring Diversified Large Cap Growth Portfolio	7.89
Allspring Large Company Value Portfolio	7.40
Allspring Real Return Portfolio	4.43
Allspring C&B Large Cap Value Portfolio	3.68
Allspring Disciplined International Developed Markets Portfolio	2.89
iShares iBoxx High Yield Corporate Bond ETF	2.71

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Investment-grade exposure reduced; small high yield bond position added.

The TAA overlay detracted from relative performance along with poor stock selection.

The TAA overlay was the largest detractor from relative performance, reducing performance by about 52 basis points (bps; 100 bps equal 1.00%) over the entire period. Early on, the overlay was defensively postured but even some of the classic defensive trades detracted from performance. Since the beginning of 2023, we have selectively added risk. Our base case suggests a globally synchronized slowdown in economic activity with inflation more persistent than many local central banks may want it to be. We continue to prefer relative-value trades as opposed to directional trades amid much uncertainty.

Poor stock selection, particularly within U.S. large-cap growth, detracted from performance. The recovery from the market lows since the end of 2022 has been led by a small group of very large growth stocks; failing to hold the winners in weights equal to the index resulted in underperformance.

Strong relative performance from all fixed income mandates added to performance.

Allocation (%) as of May 31, 2023
	Neutral allocation	Effective allocation1
Bond Funds	60	63
Stock Funds	40	40
Effective Cash	0	(3 )

1	Effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective allocations are subject to change and may have changed since the date specified.

Looking ahead, we are still somewhat guarded.

While U.S. lending standards are tightening and the impact of higher rates is just starting to be felt within the banking sector, the contagion from bank

The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

8 | Allspring Moderate Balanced Fund

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from December 1, 2022 to May 31, 2023.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1, 2	Annualized net expense ratio2
Class A
Actual	$1,000.00	$1,000.06	$5.24	1.05 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.70	$5.29	1.05 %
Class C
Actual	$1,000.00	$1,000.02	$8.98	1.80 %
Hypothetical (5% return before expenses)	$1,000.00	$1,015.96	$9.05	1.80 %
Administrator Class
Actual	$1,000.00	$1,000.07	$3.99	0.80 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.94	$4.03	0.80 %
Institutional Class
Actual	$1,000.00	$1,000.08	$3.49	0.70 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.44	$3.53	0.70 %

2 Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests.

10 | Allspring Moderate Balanced Fund

Portfolio of investments—May 31, 2023

Portfolio of investments

		Shares		Value
Investment companies: 99.05%
Affiliated master portfolios: 77.77%
Allspring C&B Large Cap Value Portfolio				$3,571,327
Allspring Core Bond Portfolio				8,189,797
Allspring Disciplined International Developed Markets Portfolio				2,800,295
Allspring Disciplined Large Cap Portfolio				8,118,858
Allspring Diversified Large Cap Growth Portfolio				7,644,868
Allspring Emerging Growth Portfolio				955,417
Allspring Factor Enhanced Emerging Markets Equity Portfolio				798,354
Allspring Factor Enhanced International Equity Portfolio				928,478
Allspring Large Company Value Portfolio				7,169,605
Allspring Managed Fixed Income Portfolio				28,060,767
Allspring Real Return Portfolio				4,292,542
Allspring Small Company Growth Portfolio				963,320
Allspring Small Company Value Portfolio				1,897,241
				75,390,869
Bond funds: 15.02%
Allspring Conservative Income Fund Institutional Class♠			1,478,565	14,563,862
Exchange-traded funds: 4.63%
iShares Core MSCI EAFE ETF			28,202	1,862,178
iShares iBoxx High Yield Corporate Bond ETF			35,516	2,632,091
				4,494,269
Stock funds: 1.63%
Allspring Emerging Markets Equity Fund Class R6♠			33,206	792,641
Allspring Emerging Markets Equity Income Fund Class R6♠			77,793	784,154
				1,576,795
Total investment companies (Cost $92,730,774)				96,025,795
Total investments in securities (Cost $92,730,774)	99.05 %			96,025,795
Other assets and liabilities, net	0.95			917,278
Total net assets	100.00 %			$96,943,073

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

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

Allspring Moderate Balanced Fund | 11

Portfolio of investments—May 31, 2023

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses) on affiliated Underlying Funds	Net change in unrealized gains (losses) on affiliated Underlying Funds	Value, end of period
Investment companies
Allspring Conservative Income Fund Institutional Class	$18,019,461	$1,127,133	$(4,494,272 )	$(60,418 )	$(28,042 )	$14,563,862
Allspring Emerging Markets Equity Fund Class R6	963,943	93,684	(202,403 )	(40,611 )	(21,972 )	792,641
Allspring Emerging Markets Equity Income Fund Class R6	994,083	99,732	(194,568 )	(7,076 )	(108,017 )	784,154
				$(108,105 )	$(158,031 )	$16,140,657

	Shares, end of period	Dividends from affiliated Underlying Funds
Investment companies
Allspring Conservative Income Fund Institutional Class	1,478,565	$486,190
Allspring Emerging Markets Equity Fund Class R6	33,206	11,300
Allspring Emerging Markets Equity Income Fund Class R6	77,793	26,925
		$524,415

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

12 | Allspring Moderate Balanced Fund

Portfolio of investments—May 31, 2023

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on investments allocated from affiliated Master Portfolios	Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios	Interest allocated from affiliated Master Portfolios	Dividends allocated from affiliated Master Portfolios	Affiliated Income Allocated from affiliated Master Portfolios	Value, end of period
Allspring C&B Large Cap Value Portfolio	1.35 %	1.41 %	$379,067	$(560,828 )	$74	$86,778	$2,531	$3,571,327
Allspring Core Bond Portfolio	0.20	0.18	(620,429 )	217,276	292,680	0	7,282	8,189,797
Allspring Disciplined International Developed Markets Portfolio	2.23	2.18	(87,248 )	118,002	56	94,598	1,934	2,800,295
Allspring Disciplined Large Cap Portfolio	3.61	3.75	465,625	(375,826 )	173	148,271	5,145	8,118,858
Allspring Diversified Large Cap Growth Portfolio	4.48	4.40	765,926	(308,997 )	155	82,184	3,474	7,644,868
Allspring Emerging Growth Portfolio	0.27	0.29	83,178	(69,793 )	19	2,326	957	955,417
Allspring Factor Enhanced Emerging Markets Equity Portfolio	0.73	0.77	(106,549 )	17,619	17	32,474	1,021	798,354
Allspring Factor Enhanced International Equity Portfolio	0.22	0.22	(77,078 )	65,011	18	31,454	915	928,478
Allspring Large Company Value Portfolio	4.12	4.05	(336,153 )	(285,982 )	169	180,226	6,009	7,169,605
Allspring Managed Fixed Income Portfolio	8.04	7.84	(483,059 )	(835,054 )	1,093,467	0	11,602	28,060,767
Allspring Real Return Portfolio	2.24	2.03	39,011	(358,576 )	209,167	16,153	1,612	4,292,542
Allspring Small Company Growth Portfolio	0.14	0.13	39,597	(15,942 )	20	4,163	977	963,320
Allspring Small Company Value Portfolio	0.40	0.38	(12,841 )	(190,044 )	39	37,258	1,951	1,897,241
			$49,047	$(2,583,134 )	$1,596,054	$715,885	$45,410	$75,390,869

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
10-Year Euro BUND Index	18	6-8-2023	$2,582,363	$2,617,630	$35,267	$0
TOPIX	16	6-8-2023	2,377,082	2,441,486	64,404	0
E-Mini NASDAQ 100 Index	13	6-16-2023	3,195,252	3,718,130	522,878	0
E-Mini Russell 1000 Growth Index	14	6-16-2023	1,739,919	1,821,050	81,131	0
Japanese Yen Futures	40	6-16-2023	3,749,100	3,600,000	0	(149,100 )
10-Year U.S. Treasury Notes	44	9-20-2023	5,024,676	5,036,625	11,949	0
Short
2-Year Euro SCHATZ	(98 )	6-8-2023	(11,028,926 )	(11,063,930 )	0	(35,004 )
E-Mini Russell 1000 Value Index	(23 )	6-16-2023	(1,760,747 )	(1,682,910 )	77,837	0
E-Mini S&P 500 Index	(16 )	6-16-2023	(3,140,692 )	(3,352,400 )	0	(211,708 )
Euro STOXX 50 Index	(51 )	6-16-2023	(2,358,220 )	(2,298,852 )	59,368	0
					$852,834	$(395,812 )

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

Allspring Moderate Balanced Fund | 13

Statement of assets and liabilities—May 31, 2023

Financial statements

Statement of assets and liabilities

Assets
Investments in affiliated Master Portfolio, at value (cost $71,768,202)	$75,390,869
Investments in unaffiliated securities, at value (cost $4,719,247)	4,494,269
Investments in affiliated Underlying Funds, at value (cost $16,243,325)	16,140,657
Cash	69,197
Cash at broker segregated for futures contracts	816,937
Receivable for daily variation margin on open futures contracts	122,788
Receivable for dividends	54,475
Receivable for Fund shares sold	52,233
Receivable from manager	2,418
Receivable for investments sold	2,086
Prepaid expenses and other assets	55,655
Total assets	97,201,584
Liabilities
Payable for daily variation margin on open futures contracts	92,028
Payable for Fund shares redeemed	62,648
Payable for investments purchased	58,254
Administration fees payable	13,328
Distribution fee payable	2,812
Trustees’ fees and expenses payable	504
Accrued expenses and other liabilities	28,937
Total liabilities	258,511
Total net assets	$96,943,073
Net assets consist of
Paid-in capital	$95,143,793
Total distributable earnings	1,799,280
Total net assets	$96,943,073
Computation of net asset value and offering price per share
Net assets–Class A	$33,393,333
Shares outstanding–Class A1	1,785,052
Net asset value per share–Class A	$18.71
Maximum offering price per share – Class A2	$19.85
Net assets–Class C	$4,393,146
Shares outstanding–Class C1	242,380
Net asset value per share–Class C	$18.13
Net assets–Administrator Class	$16,367,567
Shares outstanding–Administrator Class1	862,713
Net asset value per share–Administrator Class	$18.97
Net assets–Institutional Class	$42,789,027
Shares outstanding–Institutional Class1	2,250,135
Net asset value per share–Institutional Class	$19.02

1	The Fund has an unlimited number of authorized shares.
2	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.

14 | Allspring Moderate Balanced Fund

Statement of operations—year ended May 31, 2023

Statement of operations

Investment income
Interest allocated from affiliated Master Portfolios	$1,596,054
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $24,234)	715,885
Dividends from affiliated Underlying Funds	524,415
Dividends from unaffiliated securities	154,485
Affiliated income allocated from affiliated Master Portfolios	45,410
Interest	13,809
Expenses allocated from affiliated Master Portfolios	(392,151 )
Waivers allocated from affiliated Master Portfolios	44,237
Total investment income	2,702,144
Expenses
Management fee	310,820
Administration fees
Class A	69,600
Class C	10,565
Administrator Class	24,861
Institutional Class	60,202
Shareholder servicing fees
Class A	82,858
Class C	12,545
Administrator Class	39,861
Distribution fee
Class C	37,633
Custody and accounting fees	16,523
Professional fees	48,377
Registration fees	68,361
Shareholder report expenses	18,873
Trustees’ fees and expenses	21,807
Other fees and expenses	1,725
Total expenses	824,611
Less: Fee waivers and/or expense reimbursements
Fund-level	(228,941 )
Class A	(191 )
Administrator Class	(25,415 )
Institutional Class	(10,175 )
Net expenses	559,889
Net investment income	2,142,255
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Investments allocated from affiliated Master Portfolios	49,047
Affiliated Underlying Funds	(108,105 )
Unaffiliated securities	(624,424 )
Foreign currency and foreign currency translations	(2,443 )
Futures contracts	(755,909 )
Net realized losses on investments	(1,441,834 )

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

Allspring Moderate Balanced Fund | 15

Statement of changes in net assets

	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$2,142,255		$1,488,209
Net realized gains (losses) on investments		(1,441,834 )		4,657,358
Net change in unrealized gains (losses) on investments		(2,393,835 )		(14,729,750 )
Net decrease in net assets resulting from operations		(1,693,414 )		(8,584,183 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(1,151,963 )		(3,868,924 )
Class C		(139,090 )		(643,902 )
Administrator Class		(700,211 )		(7,300,294 )
Institutional Class		(1,697,536 )		(1,611,488 )
Total distributions to shareholders		(3,688,800 )		(13,424,608 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	310,013	5,806,889	194,763	4,339,052
Class C	56,696	1,025,542	77,990	1,716,267
Administrator Class	66,828	1,269,796	186,756	4,236,804
Institutional Class	241,134	4,600,528	2,280,595	47,694,894
		12,702,755		57,987,017
Reinvestment of distributions
Class A	60,007	1,110,556	171,433	3,722,882
Class C	7,711	139,090	30,756	643,772
Administrator Class	36,951	692,619	330,130	7,273,495
Institutional Class	90,222	1,697,536	72,918	1,611,488
		3,639,801		13,251,637
Payment for shares redeemed
Class A	(325,414 )	(6,089,533 )	(289,386 )	(6,396,781 )
Class C	(119,276 )	(2,156,378 )	(139,167 )	(3,030,276 )
Administrator Class	(465,681 )	(9,020,334 )	(2,328,139 )	(48,484,933 )
Institutional Class	(717,706 )	(13,648,919 )	(475,121 )	(10,947,858 )
		(30,915,164 )		(68,859,848 )
Net increase (decrease) in net assets resulting from capital share transactions		(14,572,608 )		2,378,806
Total decrease in net assets		(19,954,822 )		(19,629,985 )
Net assets
Beginning of period		116,897,895		136,527,880
End of period		$96,943,073		$116,897,895

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

Allspring Moderate Balanced Fund | 17

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$19.65	$23.45	$20.87	$20.35	$22.73
Net investment income	0.36 1	0.23	0.25	0.30	0.36 1
Net realized and unrealized gains (losses) on investments	(0.65 )	(1.64 )	3.62	0.86	0.11
Total from investment operations	(0.29 )	(1.41 )	3.87	1.16	0.47
Distributions to shareholders from
Net investment income	(0.33 )	(0.20 )	(0.24 )	(0.35 )	(0.42 )
Net realized gains	(0.32 )	(2.19 )	(1.05 )	(0.29 )	(2.43 )
Total distributions to shareholders	(0.65 )	(2.39 )	(1.29 )	(0.64 )	(2.85 )
Net asset value, end of period	$18.71	$19.65	$23.45	$20.87	$20.35
Total return2	(1.38 )%	(6.93 )%	18.90 %	5.65 %	2.68 %
Ratios to average net assets (annualized)*
Gross expenses	1.27 %	1.20 %	1.24 %	1.30 %	1.31 %
Net expenses	1.04 %	1.07 %	1.09 %	1.08 %	1.12 %
Net investment income	1.91 %	0.99 %	0.93 %	1.43 %	1.65 %
Supplemental data
Portfolio turnover rate3	96 %	110 %	119 %	119 %	191 %
Net assets, end of period (000s omitted)	$33,393	$34,201	$39,005	$31,334	$30,132

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.34%
Year ended May 31, 2022	0.33%
Year ended May 31, 2021	0.34%
Year ended May 31, 2020	0.37%
Year ended May 31, 2019	0.40%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

18 | Allspring Moderate Balanced Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$19.04	$22.78	$20.30	$19.80	$22.20
Net investment income	0.21 1	0.05 1	0.04 1	0.09	0.12
Net realized and unrealized gains (losses) on investments	(0.62 )	(1.58 )	3.55	0.88	0.18
Total from investment operations	(0.41 )	(1.53 )	3.59	0.97	0.30
Distributions to shareholders from
Net investment income	(0.18 )	(0.02 )	(0.06 )	(0.18 )	(0.27 )
Net realized gains	(0.32 )	(2.19 )	(1.05 )	(0.29 )	(2.43 )
Total distributions to shareholders	(0.50 )	(2.21 )	(1.11 )	(0.47 )	(2.70 )
Net asset value, end of period	$18.13	$19.04	$22.78	$20.30	$19.80
Total return2	(2.13 )%	(7.60 )%	18.01 %	4.89 %	1.90 %
Ratios to average net assets (annualized)*
Gross expenses	2.01 %	1.94 %	1.99 %	2.05 %	2.06 %
Net expenses	1.79 %	1.83 %	1.84 %	1.84 %	1.87 %
Net investment income	1.14 %	0.23 %	0.19 %	0.69 %	0.89 %
Supplemental data
Portfolio turnover rate3	96 %	110 %	119 %	119 %	191 %
Net assets, end of period (000s omitted)	$4,393	$5,658	$7,463	$7,935	$8,509

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.34%
Year ended May 31, 2022	0.33%
Year ended May 31, 2021	0.34%
Year ended May 31, 2020	0.37%
Year ended May 31, 2019	0.40%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

Allspring Moderate Balanced Fund | 19

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Administrator Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$19.92	$23.73	$21.10	$20.56	$22.94
Net investment income	0.41 1	0.27 1	0.38	0.35 1	0.41 1
Net realized and unrealized gains (losses) on investments	(0.66 )	(1.64 )	3.59	0.88	0.12
Total from investment operations	(0.25 )	(1.37 )	3.97	1.23	0.53
Distributions to shareholders from
Net investment income	(0.38 )	(0.25 )	(0.29 )	(0.40 )	(0.48 )
Net realized gains	(0.32 )	(2.19 )	(1.05 )	(0.29 )	(2.43 )
Total distributions to shareholders	(0.70 )	(2.44 )	(1.34 )	(0.69 )	(2.91 )
Net asset value, end of period	$18.97	$19.92	$23.73	$21.10	$20.56
Total return	(1.17 )%	(6.67 )%	19.19 %	5.94 %	2.95 %
Ratios to average net assets (annualized)*
Gross expenses	1.14 %	1.11 %	1.17 %	1.22 %	1.23 %
Net expenses	0.79 %	0.83 %	0.84 %	0.83 %	0.87 %
Net investment income	2.14 %	1.19 %	1.21 %	1.69 %	1.88 %
Supplemental data
Portfolio turnover rate2	96 %	110 %	119 %	119 %	191 %
Net assets, end of period (000s omitted)	$16,368	$24,391	$72,033	$78,538	$78,209

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.34%
Year ended May 31, 2022	0.33%
Year ended May 31, 2021	0.34%
Year ended May 31, 2020	0.37%
Year ended May 31, 2019	0.41%

Calculated based upon average shares outstanding

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master

Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated

securities and included in the portfolio turnover calculation.

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

20 | Allspring Moderate Balanced Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	20191
Net asset value, beginning of period	$19.97	$23.78	$21.14	$20.60	$23.24
Net investment income	0.43 2	0.31 2	0.42	0.37 2	0.37 2
Net realized and unrealized gains (losses) on investments	(0.66 )	(1.66 )	3.58	0.88	(0.12 )
Total from investment operations	(0.23 )	(1.35 )	4.00	1.25	0.25
Distributions to shareholders from
Net investment income	(0.40 )	(0.27 )	(0.31 )	(0.42 )	(0.46 )
Net realized gains	(0.32 )	(2.19 )	(1.05 )	(0.29 )	(2.43 )
Total distributions to shareholders	(0.72 )	(2.46 )	(1.36 )	(0.71 )	(2.89 )
Net asset value, end of period	$19.02	$19.97	$23.78	$21.14	$20.60
Total return3	(1.04 )%	(6.61 )%	19.35 %	6.02 %	1.72 %
Ratios to average net assets (annualized)*
Gross expenses	0.93 %	0.88 %	0.91 %	0.97 %	0.98 %
Net expenses	0.69 %	0.72 %	0.74 %	0.74 %	0.75 %
Net investment income	2.25 %	1.43 %	1.27 %	1.78 %	2.15 %
Supplemental data
Portfolio turnover rate4	96 %	110 %	119 %	119 %	191 %
Net assets, end of period (000s omitted)	$42,789	$52,647	$18,028	$10,504	$8,871

*	Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Year ended May 31, 2023	0.34%
Year ended May 31, 2022	0.33%
Year ended May 31, 2021	0.34%
Year ended May 31, 2020	0.37%
Year ended May 31, 20191	0.38%

1	For the period from July 31, 2018 (commencement of class operations) to May 31, 2019
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

Allspring Moderate Balanced Fund | 21

Notes to financial statements

ORGANIZATION

SIGNIFICANT ACCOUNTING POLICIES

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 Funds may deviate from this calculation time under unusual or unexpected circumstances.

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

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.

Foreign currency translation

Futures contracts

22 | Allspring Moderate Balanced Fund

Notes to financial statements

Investment transactions, income and expenses

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

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 to shareholders

Federal and other taxes

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $93,098,413 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$3,784,943
Gross unrealized losses	(400,539 )
Net unrealized gains	$3,384,404

Paid-in capital	Total distributable earnings
$(201 )	$201

As of May 31, 2023, the Fund had capital loss carryforwards which consist of $2,429,656 in short-term capital losses

Class allocations

Allspring Moderate Balanced Fund | 23

Notes to financial statements

FAIR VALUATION MEASUREMENTS

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2023:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Investment companies	$20,634,926	$0	$0	$20,634,926
Investments measured at net asset value*				75,390,869
	20,634,926	0	0	96,025,795
Futures contracts	852,834	0	0	852,834
Total assets	$21,487,760	$0	$0	$96,878,629

Liabilities
Futures contracts	$395,812	$0	$0	$395,812
Total liabilities	$395,812	$0	$0	$395,812

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 $75,390,869. Each affiliated Master Portfolio does not have a redemption

period notice, can be redeemed daily and does not have any unfunded commitments.

For the year ended May 31, 2023, the Fund did not have any transfers into/out of Level 3.

24 | Allspring Moderate Balanced Fund

Notes to financial statements

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

Affiliated Master Portfolio	Investment objective
Allspring C&B Large Cap Value Portfolio	Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal
Allspring Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation
Allspring Disciplined International Developed Markets Portfolio	Seeks long-term capital appreciation
Allspring Disciplined Large Cap Portfolio	Seeks long-term capital appreciation
Allspring Diversified Large Cap Growth Portfolio	Seeks long-term capital appreciation
Allspring Emerging Growth Portfolio	Seeks long-term capital appreciation
Allspring Factor Enhanced Emerging Markets Equity Portfolio	Seeks long-term capital appreciation
Allspring Factor Enhanced International Equity Portfolio	Seeks long-term capital appreciation
Allspring Large Company Value Portfolio	Seeks long-term capital appreciation
Allspring Managed Fixed Income Portfolio	Seeks consistent fixed-income return
Allspring Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term
Allspring Small Company Growth Portfolio	Seeks long-term capital appreciation
Allspring Small Company Value Portfolio	Seeks long-term capital appreciation

TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $500 million	0.300 %
Next $500 million	0.280
Next $2 billion	0.260
Next $2 billion	0.240
Next $5 billion	0.230
Over $10 billion	0.220

For the year ended May 31, 2023, the management fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.10% and declining to 0.05% as the average daily net assets of the Fund increase.

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

Administration fees

Allspring Moderate Balanced Fund | 25

Notes to financial statements

	Class-level administration fee
Class A	0.21 %
Class C	0.21
Administrator Class	0.13
Institutional Class	0.13

Waivers and/or expense reimbursements

	EXPENSE RATIO CAPS
Class A	1.15 %
Class C	1.90
Administrator Class	0.90
Institutional Class	0.80

Distribution fee

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 May 31, 2023, Allspring Funds Distributor received $3,343 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 May 31, 2023.

Shareholder servicing fees

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$26,097,790	$71,897,257	$26,533,695	$83,226,153

DERIVATIVE TRANSACTIONS

During the year ended May 31, 2023, the Fund entered into futures contracts to gain market exposure to certain asset classes consistent with its asset allocation strategy. The Fund had an average notional amount of $18,910,144 in long futures contracts and $15,380,165 in short futures contracts during the year ended May 31, 2023.

26 | Allspring Moderate Balanced Fund

Notes to financial statements

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 May 31, 2023 by primary risk type on the Statement of Assets and Liabilities was as follows for the Fund:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Asset derivatives
Futures contracts	$47,216 *	$805,618 *	$0 *	$852,834
Liability derivatives
Futures contracts	$35,004 *	$211,708 *	$149,100 *	$395,812

*	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 May 31, 2023 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended May 31, 2023 was as follows:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Net realized gains (losses) on derivatives
Futures contracts	$1,014	$(303,551 )	$(453,372 )	$(755,909 )
Net change in unrealized gains (losses) on derivatives
Futures contracts	$8,284	$600,624	$(177,345 )	$431,563

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Fund under the agreement.

DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended May 31, 2023 and May 31, 2022 were as follows:

	Year ended May 31
	2023	2022
Ordinary income	$1,909,185	$8,410,470
Long-term capital gain	1,779,615	5,014,138

As of May 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains	Capital loss carryforward
$844,532	$3,384,404	$(2,429,656 )

INDEMNIFICATION

Allspring Moderate Balanced Fund | 27

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 Moderate Balanced Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of May 31, 2023, 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 or period 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 May 31, 2023, 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 or period in the five-year period then ended, in conformity with U.S. generally accepted accounting principles

Basis for Opinion

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 May 31, 2023, by correspondence with the custodian, transfer agents 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.

Boston, Massachusetts

July 27, 2023

28 | Allspring Moderate Balanced Fund

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 29% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended May 31, 2023.

Pursuant to Section 852 of the Internal Revenue Code, $1,779,615 was designated as a 20% rate gain distribution for the fiscal year ended May 31, 2023.

Pursuant to Section 854 of the Internal Revenue Code, $737,344 of income dividends paid during the fiscal year ended May 31, 2023 has been designated as qualified dividend income (QDI).

For the fiscal year ended May 31, 2023, $1,061,763 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 May 31, 2023, 11% of the ordinary income distributed was derived from interest on U.S. government securities.

Proxy voting information

Quarterly portfolio holdings information

Allspring Moderate Balanced Fund | 29

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A

30 | Allspring Moderate Balanced Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

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

Allspring Moderate Balanced Fund | 31

Other information (unaudited)

Officers1

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

32 | Allspring Moderate Balanced Fund

Other information (unaudited)

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 15-17, 2023 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Moderate Balanced Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

The Board noted that it initially approved the Advisory Agreements at a Board meeting held in May 2021, each for a two-year term, in advance of the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC,1 a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. (the “Transaction”). The Trustees also noted that, while they did not specifically consider the continuation of the Advisory Agreements in 2022 as a result of the two-year term that was approved in 2021, the Trustees received and considered certain information at a Board meeting held in April 2022 that was applicable to the Advisory Agreements, including an overview and financial review of the Allspring Global Investments business, information regarding certain ancillary agreements that were approved by the Board at the April 2022 Board meeting, and comparative data regarding Fund fees and expenses.

Nature, Extent, and Quality of Services

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

Allspring Moderate Balanced Fund | 33

Other information (unaudited)

Fund Investment Performance and Expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2022. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one- and ten-year periods under review, and in range of the average investment performance of the Universe for the three- and five-year periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Moderate Balanced Blended Index, for the three- and ten-year periods under review, in range of the average investment performance of its benchmark index for the one-year period under review and lower than the average investment performance of its benchmark index for the five-year period under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for all share classes, except that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for the Class A shares. The Board noted that Allspring Funds Management had agreed to reduce the net operating expense caps for the Fund’s Class A shares.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment Management and Sub-Advisory Fee Rates

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were higher than the sum of these average rates for the Fund’s expense Groups for all share classes, except that the Management Rates of the fund were in range of the sum of these average rates for the Fund’s expense Groups for the Institutional Class.

34 | Allspring Moderate Balanced Fund

Other information (unaudited)

Profitability

Economies of Scale

Other Benefits to Allspring Funds Management and the Sub-Adviser

Conclusion

Allspring Moderate Balanced Fund | 35

Other information (unaudited)

Liquidity risk management program

36 | Allspring Moderate Balanced Fund

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

ALL-06072023-iekwcnps 07-23
AR1854 05-23

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Allspring Real Return Fund
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Report of independent registered public accounting firm	24
Allspring Real Return Portfolio
Portfolio of investments	25
Financial statements
Statement of assets and liabilities	36
Statement of operations	37
Statement of changes in net assets	38
Financial highlights	39
Notes to financial statements	40
Report of independent registered public accounting firm	45
Other information	46

Allspring Real Return Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Allspring Real Return Fund for the 12-month period that ended May 31, 2023. Globally, stocks and bonds experienced heightened volatility and poor performance through the challenging period. The market was focused on persistently high inflation as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war. Markets received a boost in December with the removal of China’s strict COVID-19 lockdowns. In March 2023, a new wave of market anxiety resulted from several bank failures and unease over the possibility of more rate hikes. However, investors regained confidence and markets finished the period in relative calm.

High inflation and central bank rate hikes rocked markets.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Real Return Fund

Letter to shareholders (unaudited)

Allspring Real Return Fund | 3

Letter to shareholders (unaudited)

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

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

The Purchasing Managers Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index.

4 | Allspring Real Return Fund

Letter to shareholders (unaudited)

Notice to Shareholders

At a meeting held on May 16-17, 2023, the Board of Trustees approved a number of changes to the principal investment

strategy of the Real Return Portfolio, the master portfolio in which the Fund invests substantially all of its assets. These

changes include:

• A reduction in the amount the Real Return Portfolio invests in fixed income securities, from a minimum of 80% to a

maximum of 70%;

• An increase in the amount the Real Return Portfolio may invest in equity securities, from a maximum of 20% to a maximum

of 70%;

• The introduction of a Cayman subsidiary, in which the Portfolio may invest up to 25% of its assets in order to gain exposure

to commodity investments;

• The incorporation of certain derivatives overlay strategies to attempt to manage short-term volatility, mitigate risk and/or

improve returns under certain market conditions;

• The addition of Allspring Global Investments (UK) Limited as an additional sub-adviser to the Real Return Portfolio.

These changes are expected to become effective on or about December 1, 2023.

Notice to Shareholders

Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper

copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored

shareholder report will contain concise information about the Fund, including certain expense and performance

information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the

instructions on the back cover of this report.

Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be

available online and upon request, free of charge, in paper or electronic format.

Allspring Real Return Fund | 5

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks returns that exceed the rate of inflation over the long-term.
Manager	Allspring Funds Management, LLC
Subadviser for the affiliated master portfolio*	Allspring Global Investments, LLC
Portfolio managers	Kandarp R. Acharya, CFA, FRM, Petros N. Bocray, CFA, FRM, Michael Bradshaw, CFA, Travis L. Keshemberg, CFA, CIPM, FRM, Garth B. Newport, CFA, Michael Schueller, CFA, Michal Stanczy

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (IPBAX)	2-28-2003	-7.46	1.68	1.33	-3.10	2.62	1.80	1.36	0.77
Class C (IPBCX)	2-28-2003	-4.89	1.85	1.19	-3.89	1.85	1.19	2.11	1.52
Class R6 (IPBJX)3	10-31-2016	–	–	–	-2.68	3.03	2.16	0.69	0.40
Administrator Class (IPBIX)	2-28-2003	–	–	–	-2.87	2.82	2.02	1.01	0.60
Institutional Class (IPBNX)4	10-31-2016	–	–	–	-2.83	2.94	2.11	0.74	0.45
Bloomberg U.S. TIPS Index5	–	–	–	–	-4.20	2.64	1.75	–	–
CPI6	–	–	–	–	4.05	3.87	2.70	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and Class C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.77% for Class A, 1.52% for Class C, 0.40% for Class R6, 0.60% for Administrator Class and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 shares would be higher.
4	Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher.
5	The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.
6	The U.S. Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a

substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the

investment activities of the affiliated master portfolio in which it invests.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Real Return Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of May 31, 20231

1	The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg U.S. TIPS Index and CPI. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. This fund is exposed to mortgage- and asset-backed securities risk and small-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Allspring Real Return Fund | 7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

•The Fund outperformed its benchmark, the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index, for the 12-month period that ended May 31, 2023.

•Strong relative performance from the underlying investment sleeves had the largest positive impact on relative performance.

•Poor absolute performance from the investment in TIPS was the largest detractor from performance.

Slow growth, rising rates lead to muted market returns.

The 12-month period that ended May 31, 2023, saw a small gain in broad U.S. equity markets, as illustrated by the Russell 3000 Index’s* return of +2.03%. Broad foreign markets did worse, as reflected by the MSCI ACWI ex USA Index (Net)’s** return of -1.41%. While these return numbers seem modest, they reflect a recovery from some severe double-digit declines. The broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index***, posted a return of -2.14%. Inflation-sensitive bonds experienced worse returns, as represented by the Bloomberg U.S. TIPS Index’s return of -4.20%. Commodity prices moved significantly lower as the Bloomberg Commodity Index† declined 22.48%.

Ten largest holdings (%) as of May 31, 20231
TIPS, 0.13%, 4-15-2025	4.09
TIPS, 0.13%, 4-15-2026	2.85
TIPS, 0.13%, 1-15-2032	2.43
TIPS, 0.13%, 4-15-2027	2.36
TIPS, 0.63%, 7-15-2032	2.34
TIPS, 0.63%, 1-15-2026	2.28
TIPS, 0.13%, 1-15-2031	2.14
TIPS, 0.13%, 1-15-2030	2.12
TIPS, 0.13%, 10-15-2024	1.99
TIPS, 1.63%, 10-15-2027	1.97

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

Few changes in the underlying portfolio.

There were no material changes in the portfolio over the trailing 12 months.

The Fund uses a multi-asset-class strategy to target inflation protection.

During the 12-month period, we maintained allocations to TIPS as well as other inflation-sensitive sectors, such as real estate investment trusts (REITs), short-term high yield bonds, and inflation-sensitive equities. We used this multi-asset-class strategy to target greater inflation protection and real returns than a traditional inflation-hedged strategy might while seeking to achieve similar levels of volatility.

The largest allocation within the Fund is our investment in U.S. TIPS. Due to some duration positioning, this sleeve outperformed its benchmark by about 20 basis points (bps; 100 bps equal 1.00%). The other inflation-sensitive assets also did well. Three of four sleeves outperformed the Bloomberg U.S. TIPS Index outright while all four outperformed their underlying style-specific benchmarks by between 41 bps and 1,096 bps.

Portfolio allocation as of May 31, 20231

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

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. You cannot invest directly in an index.

***

†

The Bloomberg Commodity Index (BCOM) provides broad-based exposure to commodities, and no single commodity or commodity sector dominates the index. Rather than being driven by micro-economic events affecting one commodity market or sector, the diversified commodity exposure of BCOM potentially reduces volatility in comparison with non-diversified commodity investments. You cannot invest directly in an index.

8 | Allspring Real Return Fund

Performance highlights (unaudited)

Looking ahead, we are still somewhat guarded.

While U.S. lending standards are tightening and the impact of higher rates is just starting to be felt within the banking sector, the contagion from bank failures in the U.S. has been limited so far. The Federal Reserve (Fed) is likely to be more data dependent from this point forward and the pattern of consistently hiking every quarter should end. However, with real yields on the rise and the U.S. dollar stabilizing, the combination of further Fed balance sheet shrinkage and tighter fiscal policy affected the debt limit negotiations should put downward pressure on growth. The household sector balance sheet remains healthy and supported by a strong labor

market. Negative real wages and fading government support are likely to lead to lower spending going forward.

Our base case is that we have an early-onset recession, with the first quarter of 2023 being the peak of economic activity. It is likely that the second quarter will show sequential weakness. Credit spreads remain wider, the yield curve remains inverted, and the housing recession continues. The market continues to expect meaningful rate cuts in the second half of this year. This is likely to put pressure on equity and bond valuations. We believe that inflation will remain persistent, and we believe the Fund is well positioned for such an environment.

Allspring Real Return Fund | 9

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from December 1, 2022 to May 31, 2023.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1, 2	Annualized net expense ratio2
Class A
Actual	$1,000.00	$1,000.06	$3.89	0.78 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.04	$3.93	0.78 %
Class C
Actual	$1,000.00	$1,000.01	$7.63	1.53 %
Hypothetical (5% return before expenses)	$1,000.00	$1,017.30	$7.70	1.53 %
Class R6
Actual	$1,000.00	$1,000.08	$1.99	0.40 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.94	$2.02	0.40 %
Administrator Class
Actual	$1,000.00	$1,000.07	$2.99	0.60 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.94	$3.02	0.60 %
Institutional Class
Actual	$1,000.00	$1,000.07	$2.24	0.45 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.69	$2.27	0.45 %

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

10 | Allspring Real Return Fund

Statement of assets and liabilities—May 31, 2023

Financial statements

Statement of assets and liabilities

Assets
Investments in affiliated Master Portfolio, at value (cost $83,976,426)	$79,762,485
Receivable for Fund shares sold	79,829
Receivable from manager	26,479
Prepaid expenses and other assets	50,627
Total assets	79,919,420
Liabilities
Payable for Fund shares redeemed	97,348
Shareholder report expenses payable	13,595
Administration fees payable	6,034
Distribution fee payable	893
Trustees’ fees and expenses payable	504
Accrued expenses and other liabilities	10,628
Total liabilities	129,002
Total net assets	$79,790,418
Net assets consist of
Paid-in capital	$85,158,434
Total distributable loss	(5,368,016 )
Total net assets	$79,790,418
Computation of net asset value and offering price per share
Net assets–Class A	$12,861,489
Shares outstanding–Class A1	1,339,678
Net asset value per share–Class A	$9.60
Maximum offering price per share – Class A2	$10.05
Net assets–Class C	$1,380,346
Shares outstanding–Class C1	146,632
Net asset value per share–Class C	$9.41
Net assets–Class R6	$15,796,423
Shares outstanding–Class R61	1,625,707
Net asset value per share–Class R6	$9.72
Net assets–Administrator Class	$13,226,891
Shares outstanding–Administrator Class1	1,348,813
Net asset value per share–Administrator Class	$9.81
Net assets–Institutional Class	$36,525,269
Shares outstanding–Institutional Class1	3,760,416
Net asset value per share–Institutional Class	$9.71

1	The Fund has an unlimited number of authorized shares.
2	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.

12 | Allspring Real Return Fund

Statement of operations—year ended May 31, 2023

Statement of operations

Investment income
Interest allocated from affiliated Master Portfolio	$3,684,700
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $4,059)	284,403
Affiliated income allocated from affiliated Master Portfolio	26,614
Expenses allocated from affiliated Master Portfolio	(400,943 )
Waivers allocated from affiliated Master Portfolio	83,606
Total investment income	3,678,380
Expenses
Management fee	40,736
Administration fees
Class A	24,441
Class C	2,525
Class R6	3,739
Administrator Class	14,170
Institutional Class	30,386
Shareholder servicing fees
Class A	38,189
Class C	3,945
Administrator Class	34,344
Distribution fee
Class C	11,834
Custody and accounting fees	3,858
Professional fees	51,170
Registration fees	74,500
Shareholder report expenses	35,425
Trustees’ fees and expenses	22,896
Other fees and expenses	6,558
Total expenses	398,716
Less: Fee waivers and/or expense reimbursements
Fund-level	(251,381 )
Class A	(174 )
Administrator Class	(15,591 )
Net expenses	131,570
Net investment income	3,546,810
Realized and unrealized gains (losses) on investments
Net realized losses on investments allocated from affiliated Master Portfolio	(569,850 )
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio	(5,808,663 )
Net realized and unrealized gains (losses) on investments	(6,378,513 )
Net decrease in net assets resulting from operations	$(2,831,703 )

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

Allspring Real Return Fund | 13

Statement of changes in net assets

	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$3,546,810		$4,090,448
Net realized gains (losses) on investments		(569,850 )		935,582
Net change in unrealized gains (losses) on investments		(5,808,663 )		(6,398,528 )
Net decrease in net assets resulting from operations		(2,831,703 )		(1,372,498 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(686,543 )		(836,596 )
Class C		(58,742 )		(65,210 )
Class R6		(631,554 )		(755,640 )
Administrator Class		(629,068 )		(640,606 )
Institutional Class		(1,775,616 )		(1,520,901 )
Total distributions to shareholders		(3,781,523 )		(3,818,953 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	216,818	2,123,638	791,258	8,668,328
Class C	20,544	198,706	91,579	986,457
Class R6	737,592	7,332,284	486,424	5,304,807
Administrator Class	314,479	3,161,931	894,909	9,920,837
Institutional Class	1,603,544	15,812,126	4,023,778	44,177,808
		28,628,685		69,058,237
Reinvestment of distributions
Class A	58,661	574,829	63,937	691,464
Class C	6,058	58,298	6,087	64,531
Class R6	63,670	631,451	60,586	663,004
Administrator Class	60,525	604,578	55,532	610,960
Institutional Class	179,364	1,775,461	139,813	1,520,105
		3,644,617		3,550,064
Payment for shares redeemed
Class A	(646,932 )	(6,291,558 )	(408,579 )	(4,414,389 )
Class C	(48,172 )	(457,734 )	(40,714 )	(429,356 )
Class R6	(539,506 )	(5,392,372 )	(2,460,305 )	(27,125,717 )
Administrator Class	(472,903 )	(4,663,703 )	(691,012 )	(7,672,910 )
Institutional Class	(2,205,751 )	(21,830,616 )	(956,389 )	(10,220,364 )
		(38,635,983 )		(49,862,736 )
Net increase (decrease) in net assets resulting from capital share transactions		(6,362,681 )		22,745,565
Total increase (decrease) in net assets		(12,975,907 )		17,554,114
Net assets
Beginning of period		92,766,325		75,212,211
End of period		$79,790,418		$92,766,325

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

14 | Allspring Real Return Fund

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$10.35	$10.93	$10.22	$9.89	$9.87
Net investment income	0.40 1	0.56 1	0.22	0.12	0.15
Net realized and unrealized gains (losses) on investments	(0.72 )	(0.60 )	0.70	0.42	0.09
Total from investment operations	(0.32 )	(0.04 )	0.92	0.54	0.24
Distributions to shareholders from
Net investment income	(0.43 )	(0.54 )	(0.21 )	(0.21 )	(0.19 )
Net realized gains	0.00	0.00	0.00	0.00	(0.03 )
Total distributions to shareholders	(0.43 )	(0.54 )	(0.21 )	(0.21 )	(0.22 )
Net asset value, end of period	$9.60	$10.35	$10.93	$10.22	$9.89
Total return2	(3.10 )%	(0.52 )%	9.10 %	5.48 %	2.56 %
Ratios to average net assets (annualized)*
Gross expenses	1.09 %	1.07 %	1.29 %	1.43 %	1.16 %
Net expenses	0.78 %	0.78 %	0.78 %	0.78 %	0.77 %
Net investment income	4.12 %	5.13 %	2.09 %	1.79 %	1.95 %
Supplemental data
Portfolio turnover rate3	22 %	31 %	20 %	24 %	39 %
Net assets, end of period (000s omitted)	$12,861	$17,713	$13,825	$13,196	$17,716

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

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%
Year ended May 31, 2019	0.39%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring Real Return Fund | 15

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$10.16	$10.74	$10.06	$9.73	$9.73
Net investment income	0.32 1	0.47 1	0.12 1	0.11 1	0.10 1
Net realized and unrealized gains (losses) on investments	(0.71 )	(0.59 )	0.71	0.35	0.07
Total from investment operations	(0.39 )	(0.12 )	0.83	0.46	0.17
Distributions to shareholders from
Net investment income	(0.36 )	(0.46 )	(0.15 )	(0.13 )	(0.14 )
Net realized gains	0.00	0.00	0.00	0.00	(0.03 )
Total distributions to shareholders	(0.36 )	(0.46 )	(0.15 )	(0.13 )	(0.17 )
Net asset value, end of period	$9.41	$10.16	$10.74	$10.06	$9.73
Total return2	(3.89 )%	(1.26 )%	8.27 %	4.77 %	1.79 %
Ratios to average net assets (annualized)*
Gross expenses	1.84 %	1.81 %	2.06 %	2.18 %	1.91 %
Net expenses	1.53 %	1.53 %	1.53 %	1.53 %	1.52 %
Net investment income	3.32 %	4.42 %	1.17 %	1.09 %	1.08 %
Supplemental data
Portfolio turnover rate3	22 %	31 %	20 %	24 %	39 %
Net assets, end of period (000s omitted)	$1,380	$1,709	$1,195	$1,714	$2,553

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

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%
Year ended May 31, 2019	0.39%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

16 | Allspring Real Return Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class R6	2023	2022	2021	2020	2019
Net asset value, beginning of period	$10.47	$11.05	$10.33	$9.99	$9.96
Net investment income	0.46 1	0.63 1	0.29	0.22	0.23 1
Net realized and unrealized gains (losses) on investments	(0.74 )	(0.63 )	0.69	0.37	0.06
Total from investment operations	(0.28 )	0.00	0.98	0.59	0.29
Distributions to shareholders from
Net investment income	(0.47 )	(0.58 )	(0.26 )	(0.25 )	(0.23 )
Net realized gains	0.00	0.00	0.00	0.00	(0.03 )
Total distributions to shareholders	(0.47 )	(0.58 )	(0.26 )	(0.25 )	(0.26 )
Net asset value, end of period	$9.72	$10.47	$11.05	$10.33	$9.99
Total return	(2.68 )%	(0.15 )%	9.52 %	5.94 %	2.99 %
Ratios to average net assets (annualized)*
Gross expenses	0.71 %	0.68 %	0.85 %	1.05 %	0.82 %
Net expenses	0.40 %	0.40 %	0.40 %	0.40 %	0.39 %
Net investment income	4.68 %	5.68 %	2.70 %	2.08 %	2.34 %
Supplemental data
Portfolio turnover rate2	22 %	31 %	20 %	24 %	39 %
Net assets, end of period (000s omitted)	$15,796	$14,282	$36,202	$18,224	$14,358

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

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%
Year ended May 31, 2019	0.39%

1	Calculated based upon average shares outstanding
2	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 | 17

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Administrator Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$10.55	$11.12	$10.38	$10.03	$9.99
Net investment income	0.42 1	0.60 1	0.25 1	0.20 1	0.21 1
Net realized and unrealized gains (losses) on investments	(0.72 )	(0.63 )	0.71	0.36	0.06
Total from investment operations	(0.30 )	(0.03 )	0.96	0.56	0.27
Distributions to shareholders from
Net investment income	(0.44 )	(0.54 )	(0.22 )	(0.21 )	(0.20 )
Net realized gains	0.00	0.00	0.00	0.00	(0.03 )
Total distributions to shareholders	(0.44 )	(0.54 )	(0.22 )	(0.21 )	(0.23 )
Net asset value, end of period	$9.81	$10.55	$11.12	$10.38	$10.03
Total return	(2.87 )%	(0.36 )%	9.31 %	5.67 %	2.78 %
Ratios to average net assets (annualized)*
Gross expenses	1.02 %	0.99 %	1.23 %	1.37 %	1.10 %
Net expenses	0.60 %	0.60 %	0.60 %	0.60 %	0.59 %
Net investment income	4.24 %	5.42 %	2.26 %	1.92 %	2.15 %
Supplemental data
Portfolio turnover rate2	22 %	31 %	20 %	24 %	39 %
Net assets, end of period (000s omitted)	$13,227	$15,267	$13,203	$13,544	$13,562

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

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%
Year ended May 31, 2019	0.39%

1	Calculated based upon average shares outstanding
2	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

18 | Allspring Real Return Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$10.47	$11.05	$10.33	$9.99	$9.97
Net investment income	0.44 1	0.63 1	0.26	0.21	0.22
Net realized and unrealized gains (losses) on investments	(0.74 )	(0.64 )	0.71	0.37	0.05
Total from investment operations	(0.30 )	(0.01 )	0.97	0.58	0.27
Distributions to shareholders from
Net investment income	(0.46 )	(0.57 )	(0.25 )	(0.24 )	(0.22 )
Net realized gains	0.00	0.00	0.00	0.00	(0.03 )
Total distributions to shareholders	(0.46 )	(0.57 )	(0.25 )	(0.24 )	(0.25 )
Net asset value, end of period	$9.71	$10.47	$11.05	$10.33	$9.99
Total return	(2.83 )%	(0.19 )%	9.46 %	5.88 %	2.84 %
Ratios to average net assets (annualized)*
Gross expenses	0.76 %	0.74 %	0.95 %	1.10 %	0.84 %
Net expenses	0.45 %	0.45 %	0.45 %	0.45 %	0.44 %
Net investment income	4.42 %	5.76 %	2.37 %	2.09 %	2.20 %
Supplemental data
Portfolio turnover rate2	22 %	31 %	20 %	24 %	39 %
Net assets, end of period (000s omitted)	$36,525	$43,796	$10,787	$10,587	$11,094

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

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%
Year ended May 31, 2019	0.39%

1	Calculated based upon average shares outstanding
2	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 | 19

Notes to financial statements

ORGANIZATION

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 May 31, 2023, the Fund owned 37.67% 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 May 31, 2023 are included in this report and should be read in conjunction with the Fund’s financial statements.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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.

Investment transactions, income and expenses

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income monthly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

20 | Allspring Real Return Fund

Notes to financial statements

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $84,021,549 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$0
Gross unrealized losses	(4,259,064 )
Net unrealized losses	$(4,259,064 )

As of May 31, 2023, the Fund had capital loss carryforwards which consist of $1,240,076 in short-term capital losses and $151,059 in long-term capital losses.

Class allocations

FAIR VALUATION MEASUREMENTS

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Allspring Real Return Portfolio	Seeks returns that exceed the rate inflation over the long-term	$79,762,485

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

TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $5 billion	0.050 %
Next $5 billion	0.040
Over $10 billion	0.030

For the year ended May 31, 2023, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

	Class-level administration fee
Class A	0.16 %
Class C	0.16
Class R6	0.03
Administrator Class	0.10
Institutional Class	0.08

Allspring Real Return Fund | 21

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 reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of May 31, 2023, the contractual expense caps are as follows:

	EXPENSE RATIO CAPS
Class A	0.78 %
Class C	1.53
Class R6	0.40
Administrator Class	0.60
Institutional Class	0.45

Distribution fee

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 May 31, 2023, Allspring Funds Distributor received $1,358 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 May 31, 2023.

Shareholder servicing fees

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 short-term securities, for the year ended May 31, 2023 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$10,575,401	$6,686,365	$10,805,388	$8,588,668

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Fund under the agreement.

DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $3,781,523 and $3,818,953 of ordinary income for the years ended May 31, 2023 and May 31, 2022, respectively.

22 | 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 May 31, 2023, 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 May 31, 2023, 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

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 May 31, 2023, 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.

Boston, Massachusetts

July 27, 2023

24 | Allspring Real Return Fund

Portfolio of investments—May 31, 2023

Portfolio of investments

	Shares		Value
Common stocks: 12.87%
Consumer staples: 3.09%
Beverages: 0.56%
PepsiCo, Inc.		6,473	$1,180,352
Consumer staples distribution & retail: 1.03%
Costco Wholesale Corp.		1,803	922,343
Sysco Corp.		4,908	343,314
Walmart, Inc.		6,275	921,609
			2,187,266
Food products: 0.37%
Mondelez International, Inc. Class A		7,377	541,546
Nomad Foods Ltd.†		13,986	238,461
			780,007
Household products: 1.02%
Church & Dwight Co., Inc.		6,192	572,451
Clorox Co.		1,163	183,963
Procter & Gamble Co.		9,846	1,403,055
			2,159,469
Personal care products: 0.06%
Estee Lauder Cos., Inc. Class A		672	123,668
Tobacco: 0.05%
Philip Morris International, Inc.		1,302	117,193
Energy: 1.63%
Oil, gas & consumable fuels: 1.63%
Chevron Corp.		11,635	1,752,464
EOG Resources, Inc.		6,573	705,217
Phillips 66		10,918	1,000,198
			3,457,879
Materials: 3.08%
Chemicals: 1.19%
Ashland, Inc.		3,172	269,239
Ecolab, Inc.		1,947	321,352
Linde PLC		3,073	1,086,797
Olin Corp.		4,644	219,708
Sherwin-Williams Co.		1,161	264,453
Westlake Corp.		3,525	366,424
			2,527,973
Construction materials: 0.15%
Martin Marietta Materials, Inc.		766	304,899
Containers & packaging: 0.11%
Crown Holdings, Inc.		3,113	237,304

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

Allspring Real Return Portfolio | 25

Portfolio of investments—May 31, 2023

	Shares		Value
Metals & mining: 1.63%
Agnico Eagle Mines Ltd.		2,700	$137,106
Agnico Eagle Mines Ltd.		2,401	122,181
Alamos Gold, Inc. Class A		11,000	135,808
AngloGold Ashanti Ltd. ADR		2,900	70,180
Artemis Gold, Inc.†		8,000	26,578
B2Gold Corp.		32,500	120,424
Barrick Gold Corp.		10,356	174,809
Centerra Gold, Inc.		3,000	18,077
Dundee Precious Metals, Inc.		7,800	53,724
Endeavour Mining plc		7,480	197,152
Evolution Mining Ltd.		5,000	11,188
Franco-Nevada Corp.		1,300	188,924
Gold Fields Ltd. ADR		10,500	158,760
Kinross Gold Corp.		25,500	120,221
Lundin Gold, Inc.		12,000	152,044
MAG Silver Corp.†		4,800	58,307
Newcrest Mining Ltd.		7,500	125,325
Newmont Corp.		3,490	141,519
Northern Star Resources Ltd.		14,000	117,562
OceanaGold Corp.		7,000	15,212
Osisko Gold Royalties Ltd.		1,000	15,875
Osisko Mining, Inc.†		4,000	9,547
Pan American Silver Corp.		3,000	45,690
Pan American Silver Corp.		479	7,301
Royal Gold, Inc.		2,534	313,811
SilverCrest Metals, Inc.†		11,000	72,361
SSR Mining, Inc.		4,950	73,112
SSR Mining, Inc.		1,572	23,230
Steel Dynamics, Inc.		4,596	422,372
Torex Gold Resources, Inc.†		6,000	93,790
Triple Flag Precious Metals Corp.		2,000	28,435
Wheaton Precious Metals Corp.		4,200	190,338
			3,440,963
Real estate: 5.07%
Health care REITs: 0.27%
Welltower, Inc.		7,714	575,541
Industrial REITs : 0.84%
Prologis, Inc.		10,361	1,290,463
Terreno Realty Corp.		7,867	482,483
			1,772,946
Office REITs : 0.15%
Alexandria Real Estate Equities, Inc.		2,791	316,667
Residential REITs : 1.21%
American Homes 4 Rent Class A		12,659	433,951
Apartment Income REIT Corp.		8,799	305,237
Camden Property Trust		3,121	326,051

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

26 | Allspring Real Return Portfolio

Portfolio of investments—May 31, 2023

	Shares		Value
Residential REITs (continued)
Invitation Homes, Inc.		13,872	$469,983
Mid-America Apartment Communities, Inc.		2,418	355,591
Sun Communities, Inc.		5,338	675,951
			2,566,764
Retail REITs : 0.23%
Federal Realty Investment Trust		2,644	233,201
Simon Property Group, Inc.		2,376	249,836
			483,037
Specialized REITs : 2.37%
American Tower Corp.		5,467	1,008,333
Equinix, Inc.		1,845	1,375,540
Four Corners Property Trust, Inc.		17,464	448,825
Gaming & Leisure Properties, Inc.		6,985	336,258
Life Storage, Inc.		5,149	655,931
SBA Communications Corp.		2,968	658,243
VICI Properties, Inc.		17,071	528,006
			5,011,136
Total common stocks (Cost $19,065,430)			27,243,064

	Interest rate	Maturity date	Principal
Corporate bonds and notes: 13.69%
Basic materials: 0.41%
Chemicals: 0.32%
Avient Corp.144A	5.75 %	5-15-2025	$	50,000	49,755
Celanese U.S. Holdings LLC	6.05	3-15-2025		615,000	617,487
					667,242
Iron/steel: 0.09%
Cleveland-Cliffs, Inc.144A	6.75	3-15-2026		195,000	197,230
Communications: 0.82%
Internet: 0.38%
Gen Digital, Inc.144A	5.00	4-15-2025		285,000	278,370
Uber Technologies, Inc.144A	7.50	5-15-2025		525,000	531,114
					809,484
Media: 0.44%
Gray Television, Inc.144A	5.88	7-15-2026		460,000	395,384
Sirius XM Radio, Inc.144A	5.00	8-1-2027		375,000	339,999
Townsquare Media, Inc.144A	6.88	2-1-2026		215,000	199,348
					934,731
Consumer, cyclical: 3.41%
Airlines: 0.58%
Hawaiian Airlines Pass-Through Certificates Series 2013-1 Class 1A	3.90	7-15-2027		170,031	150,685

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

Allspring Real Return Portfolio | 27

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Airlines (continued)
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.144A	5.75 %	1-20-2026	$	390,000	$362,535
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.144A	6.50	6-20-2027		161,500	161,223
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.144A	8.00	9-20-2025		545,000	550,186
					1,224,629
Apparel: 0.05%
Michael Kors USA, Inc.144A	4.25	11-1-2024		110,000	106,288
Auto manufacturers: 0.19%
Ford Motor Credit Co. LLC	5.58	3-18-2024		400,000	398,190
Auto parts & equipment: 0.10%
Adient Global Holdings Ltd.144A	4.88	8-15-2026		220,000	208,250
Distribution/wholesale: 0.16%
G-III Apparel Group Ltd.144A	7.88	8-15-2025		365,000	344,925
Entertainment: 0.91%
CCM Merger, Inc.144A	6.38	5-1-2026		145,000	140,052
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op144A	5.50	5-1-2025		375,000	372,171
Cinemark USA, Inc.144A	8.75	5-1-2025		252,000	256,410
Live Nation Entertainment, Inc.144A	4.88	11-1-2024		190,000	186,612
Live Nation Entertainment, Inc.144A	6.50	5-15-2027		335,000	335,569
SeaWorld Parks & Entertainment, Inc.144A	8.75	5-1-2025		250,000	254,453
Six Flags Theme Parks, Inc.144A	7.00	7-1-2025		380,000	382,859
					1,928,126
Food service: 0.28%
Aramark Services, Inc.144A	6.38	5-1-2025		590,000	585,575
Home builders: 0.25%
Tri Pointe Group, Inc./Tri Pointe Homes, Inc.	5.88	6-15-2024		535,000	529,254
Housewares: 0.13%
Newell Brands, Inc.	4.70	4-1-2026		300,000	278,253
Leisure time: 0.08%
NCL Corp. Ltd.144A	8.38	2-1-2028		165,000	170,654
Lodging: 0.47%
Hilton Domestic Operating Co., Inc.144A	5.38	5-1-2025		280,000	278,220
Las Vegas Sands Corp.	3.20	8-8-2024		550,000	530,439
MGM Resorts International	6.75	5-1-2025		195,000	195,743
					1,004,402

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

28 | Allspring Real Return Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Retail: 0.21%
Bath & Body Works, Inc.144A	9.38 %	7-1-2025	$	294,000	$312,329
Penske Automotive Group, Inc.	3.50	9-1-2025		140,000	133,083
					445,412
Consumer, non-cyclical: 1.44%
Commercial services: 0.70%
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A	6.63	7-15-2026		310,000	291,173
Block, Inc.	2.75	6-1-2026		85,000	76,491
CoreCivic, Inc.	8.25	4-15-2026		335,000	335,086
Prime Security Services Borrower LLC/Prime Finance, Inc.144A	5.75	4-15-2026		245,000	239,689
Sabre Global, Inc.144A	9.25	4-15-2025		350,000	334,250
Sabre Global, Inc.144A	11.25	12-15-2027		265,000	203,705
					1,480,394
Food: 0.34%
Performance Food Group, Inc.144A	6.88	5-1-2025		355,000	355,788
U.S. Foods, Inc.144A	6.25	4-15-2025		370,000	369,228
					725,016
Healthcare-services: 0.40%
IQVIA, Inc.144A	5.00	10-15-2026		250,000	243,144
Tenet Healthcare Corp.	4.88	1-1-2026		610,000	590,066
					833,210
Energy: 2.77%
Energy-alternate sources: 0.27%
Enviva Partners LP/Enviva Partners Finance Corp.144A	6.50	1-15-2026		720,000	570,182
Oil & gas: 0.70%
Aethon United BR LP/Aethon United Finance Corp.144A	8.25	2-15-2026		145,000	140,313
Antero Resources Corp.144A	8.38	7-15-2026		390,000	404,480
EQT Corp.	6.13	2-1-2025		405,000	405,308
Murphy Oil Corp.	5.75	8-15-2025		200,000	196,772
Range Resources Corp.	4.88	5-15-2025		225,000	220,564
Range Resources Corp.	8.25	1-15-2029		90,000	93,733
Southwestern Energy Co.	5.70	1-23-2025		32,000	31,797
					1,492,967
Oil & gas services: 0.35%
Oceaneering International, Inc.	4.65	11-15-2024		650,000	632,560
USA Compression Partners LP/USA Compression Finance Corp.	6.88	4-1-2026		115,000	109,370
					741,930
Pipelines: 1.45%
Antero Midstream Partners LP/Antero Midstream Finance Corp.144A	7.88	5-15-2026		105,000	106,427
Buckeye Partners LP144A	4.13	3-1-2025		35,000	33,258
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.	5.75	4-1-2025		605,000	593,396

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

Allspring Real Return Portfolio | 29

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Pipelines (continued)
DCP Midstream Operating LP	5.38 %	7-15-2025	$	455,000	$449,982
EnLink Midstream Partners LP	4.15	6-1-2025		232,000	223,880
EQM Midstream Partners LP	4.00	8-1-2024		65,000	63,284
Rockies Express Pipeline LLC144A	3.60	5-15-2025		529,000	501,222
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A	6.00	3-1-2027		360,000	336,612
Venture Global LNG, Inc.144A	8.13	6-1-2028		380,000	381,900
Western Midstream Operating LP	4.65	7-1-2026		385,000	371,346
					3,061,307
Financial: 2.41%
Diversified financial services: 1.49%
Enact Holdings, Inc.144A	6.50	8-15-2025		810,000	795,763
LFS TopCo LLC144A	5.88	10-15-2026		120,000	104,610
Navient Corp.	5.88	10-25-2024		590,000	576,765
Navient Corp.	7.25	9-25-2023		87,000	86,806
OneMain Finance Corp.	3.50	1-15-2027		120,000	99,911
OneMain Finance Corp.	6.13	3-15-2024		475,000	464,029
PRA Group, Inc.144A	7.38	9-1-2025		290,000	270,425
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.144A	2.88	10-15-2026		165,000	144,174
United Wholesale Mortgage LLC144A	5.50	11-15-2025		650,000	608,595
					3,151,078
REITS: 0.92%
HAT Holdings I LLC/HAT Holdings II LLC144A	3.38	6-15-2026		245,000	214,375
HAT Holdings I LLC/HAT Holdings II LLC144A	6.00	4-15-2025		270,000	261,218
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.144A	5.25	10-1-2025		475,000	444,752
Service Properties Trust	4.35	10-1-2024		95,000	91,113
Service Properties Trust	7.50	9-15-2025		210,000	205,928
Starwood Property Trust, Inc.144A	3.75	12-31-2024		110,000	103,209
Starwood Property Trust, Inc.	4.75	3-15-2025		495,000	464,427
Starwood Property Trust, Inc.144A	5.50	11-1-2023		150,000	148,515
Vornado Realty LP	2.15	6-1-2026		20,000	16,420
					1,949,957
Industrial: 1.48%
Aerospace/defense: 0.40%
Spirit AeroSystems, Inc.144A	7.50	4-15-2025		185,000	182,689
TransDigm, Inc.144A	6.25	3-15-2026		670,000	665,413
					848,102
Electrical components & equipment: 0.27%
WESCO Distribution, Inc.144A	7.13	6-15-2025		575,000	579,210
Environmental control: 0.10%
Stericycle, Inc.144A	5.38	7-15-2024		215,000	212,565
Packaging & containers: 0.31%
Clearwater Paper Corp.144A	5.38	2-1-2025		315,000	306,337

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

30 | Allspring Real Return Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Packaging & containers (continued)
Sealed Air Corp.144A	5.13 %	12-1-2024	$	50,000	$49,553
Sealed Air Corp.144A	5.50	9-15-2025		300,000	297,817
					653,707
Trucking & leasing: 0.40%
DAE Funding LLC144A	2.63	3-20-2025		370,000	349,511
Fortress Transportation & Infrastructure Investors LLC144A	6.50	10-1-2025		505,000	490,462
					839,973
Technology: 0.05%
Computers: 0.05%
NCR Corp.144A	5.75	9-1-2027		98,000	97,468
Utilities: 0.90%
Electric: 0.90%
NextEra Energy Operating Partners LP144A	4.25	7-15-2024		755,000	740,768
NSG Holdings LLC/NSG Holdings, Inc.144A	7.75	12-15-2025		380,291	376,488
Vistra Operations Co. LLC144A	5.63	2-15-2027		825,000	793,493
					1,910,749
Total corporate bonds and notes (Cost $30,203,839)					28,980,460
Loans: 0.93%
Communications: 0.04%
Media: 0.04%
Gray Television, Inc. (U.S. SOFR 1 Month +2.50%)±	7.61	1-2-2026	$	100,000	95,813
Consumer, cyclical: 0.54%
Airlines: 0.27%
Mileage Plus Holdings LLC (3 Month LIBOR +5.25%)±	10.21	6-21-2027		361,250	373,630
SkyMiles IP Ltd. (U.S. SOFR 3 Month +3.75%)±	8.80	10-20-2027		193,500	200,139
					573,769
Entertainment: 0.23%
Live Nation Entertainment, Inc. (U.S. SOFR 1 Month +1.75%)±	6.93	10-17-2026		121,496	118,914
SeaWorld Parks & Entertainment, Inc. (1 Month LIBOR +3.00%)±	8.19	8-25-2028		368,413	364,040
					482,954
Leisure time: 0.04%
Carnival Corp. (1 Month LIBOR +3.00%)±	8.15	6-30-2025		78,020	77,264
Energy: 0.07%
Pipelines: 0.07%
GIP II Blue Holding LP (3 Month LIBOR +4.50%)±	9.66	9-29-2028		139,710	139,186

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

Allspring Real Return Portfolio | 31

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Financial: 0.10%
Diversified financial services: 0.10%
Resolute Investment Managers, Inc. (3 Month LIBOR +4.25%)±	9.41 %	4-30-2024		92,635	$67,624
Russell Investments U.S. Institutional Holdco, Inc. (U.S. SOFR 1 Month +3.50%)±	8.75	5-30-2025		148,277	140,269
					207,893
Industrial: 0.00%
Machinery-diversified: 0.00%
Vertical U.S. Newco, Inc. (6 Month LIBOR +3.50%)±	8.60	7-30-2027		851	820
Technology: 0.05%
Software: 0.05%
SS&C European Holdings Sarl (1 Month LIBOR +1.75%)±	6.90	4-16-2025		54,363	54,009
SS&C Technologies, Inc. (1 Month LIBOR +1.75%)±	6.90	4-16-2025		61,303	60,905
					114,914
Utilities: 0.13%
Electric: 0.13%
ExGen Renewables IV LLC (U.S. SOFR 3 Month +2.50%)±	7.76	12-15-2027		289,241	286,665
Total loans (Cost $2,025,555)					1,979,278
U.S. Treasury securities: 68.26%
TIPS	0.13	7-15-2024	$	2,897,971	2,812,843
TIPS	0.13	10-15-2024		4,352,384	4,207,956
TIPS	0.13	4-15-2025		9,043,571	8,659,484
TIPS	0.13	10-15-2025		2,303,057	2,200,994
TIPS	0.13	4-15-2026		6,387,051	6,044,495
TIPS	0.13	7-15-2026		4,274,577	4,052,708
TIPS	0.13	10-15-2026		3,313,410	3,131,140
TIPS	0.13	4-15-2027		5,345,149	5,004,395
TIPS	0.13	1-15-2030		4,926,768	4,481,691
TIPS	0.13	7-15-2030		4,449,514	4,041,294
TIPS	0.13	1-15-2031		5,020,072	4,522,248
TIPS	0.13	7-15-2031		3,068,486	2,754,955
TIPS	0.13	1-15-2032		5,770,375	5,145,101
TIPS	0.13	2-15-2051		3,106,710	2,059,439
TIPS	0.13	2-15-2052		1,891,859	1,248,775
TIPS	0.25	7-15-2029		2,424,633	2,244,135
TIPS	0.25	2-15-2050		4,296,474	2,991,672
TIPS	0.38	7-15-2025		2,965,298	2,858,559
TIPS	0.38	1-15-2027		3,329,651	3,157,706
TIPS	0.38	7-15-2027		4,071,441	3,860,593
TIPS	0.50	4-15-2024		1,453,918	1,417,929
TIPS	0.50	1-15-2028		3,132,237	2,963,420
TIPS	0.63	1-15-2026		5,010,781	4,826,743
TIPS	0.63	7-15-2032		5,323,542	4,954,170
TIPS	0.63	2-15-2043		2,408,804	1,974,373
TIPS	0.75	7-15-2028		4,099,945	3,933,332

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

32 | Allspring Real Return Portfolio

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
U.S. Treasury securities (continued)
TIPS	0.75 %	2-15-2042	$	3,252,308	$2,761,031
TIPS	0.75	2-15-2045		1,864,801	1,539,080
TIPS	0.88	1-15-2029		3,370,605	3,234,793
TIPS	0.88	2-15-2047		1,844,133	1,544,966
TIPS	1.00	2-15-2046		1,821,434	1,579,614
TIPS	1.00	2-15-2048		1,401,343	1,203,444
TIPS	1.00	2-15-2049		1,601,159	1,372,446
TIPS	1.13	1-15-2033		3,343,527	3,241,948
TIPS	1.38	2-15-2044		2,628,789	2,475,246
TIPS	1.63	10-15-2027		4,192,444	4,182,905
TIPS	1.75	1-15-2028		2,758,787	2,761,535
TIPS	2.00	1-15-2026		3,421,350	3,413,198
TIPS	2.13	2-15-2040		1,452,194	1,562,271
TIPS	2.13	2-15-2041		1,853,625	1,995,495
TIPS	2.38	1-15-2025		3,522,442	3,510,013
TIPS	2.38	1-15-2027		2,536,669	2,580,144
TIPS	2.50	1-15-2029		2,656,773	2,775,498
TIPS	3.38	4-15-2032		1,071,189	1,235,605
TIPS	3.63	4-15-2028		2,155,207	2,344,545
TIPS	3.88	4-15-2029		2,827,224	3,172,041
U.S. Treasury Notes	3.38	5-15-2033		530,000	518,655
Total U.S. Treasury securities (Cost $158,460,886)					144,554,623
Yankee corporate bonds and notes: 2.31%
Basic materials: 0.28%
Mining: 0.28%
Constellium SE144A	5.88	2-15-2026		300,000	295,552
FMG Resources August 2006 Pty. Ltd.144A	5.13	5-15-2024		300,000	299,797
					595,349
Communications: 0.17%
Media: 0.17%
Videotron Ltd.144A	5.38	6-15-2024		360,000	356,278
Consumer, cyclical: 1.04%
Airlines: 0.26%
Air Canada Pass-Through Trust Series 2020-1 Class C144A	10.50	7-15-2026		370,000	398,120
American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A	5.50	4-20-2026		170,000	166,838
					564,958
Auto parts & equipment: 0.23%
Clarios Global LP144A	6.75	5-15-2025		282,000	282,586
Clarios Global LP/Clarios U.S. Finance Co.144A	6.25	5-15-2026		201,000	198,868
					481,454
Leisure time: 0.39%
Carnival Corp.144A	10.50	2-1-2026		285,000	296,151

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

Allspring Real Return Portfolio | 33

Portfolio of investments—May 31, 2023

	Interest rate	Maturity date	Principal		Value
Leisure time (continued)
Royal Caribbean Cruises Ltd.144A	5.38 %	7-15-2027	$	320,000	$294,867
Royal Caribbean Cruises Ltd.144A	11.50	6-1-2025		221,000	233,586
					824,604
Retail: 0.16%
1011778 BC ULC/New Red Finance, Inc.144A	5.75	4-15-2025		335,000	334,013
Consumer, non-cyclical: 0.18%
Pharmaceuticals: 0.18%
Teva Pharmaceutical Finance Netherlands III BV	6.00	4-15-2024		379,000	376,135
Energy: 0.25%
Pipelines: 0.25%
Northriver Midstream Finance LP144A	5.63	2-15-2026		580,000	540,734
Financial: 0.30%
Diversified financial services: 0.30%
Macquarie Airfinance Holdings Ltd.	8.38	5-1-2028		225,000	221,654
Park Aerospace Holdings Ltd.144A	5.50	2-15-2024		415,000	410,505
					632,159
Industrial: 0.09%
Packaging & containers: 0.09%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.144A	5.25	4-30-2025		200,000	195,981
Total yankee corporate bonds and notes (Cost $5,021,310)					4,901,665

		Yield	Shares
Short-term investments: 1.20%
Investment companies: 1.20%
Allspring Government Money Market Fund Select Class♠∞		5.01		2,535,840	2,535,840
Total short-term investments (Cost $2,535,840)					2,535,840
Total investments in securities (Cost $217,312,860)	99.26 %				210,194,930
Other assets and liabilities, net	0.74				1,565,598
Total net assets	100.00 %				$211,760,528

†	Non-income-earning security
144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.
±	Variable rate investment. The rate shown is the rate in effect at period end.
♠	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.

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

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

34 | Allspring Real Return Portfolio

Portfolio of investments—May 31, 2023

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$2,766,670	$58,678,262	$(58,909,092 )	$0	$0	$2,535,840	2,535,840	$69,210
Investments in affiliates no longer held at end of period
Securities Lending Cash Investments LLC	0	3,611,368	(3,611,332 )	(36 )	0	0	0	9,311 1
				$(36 )	$0	$2,535,840		$78,521

1	Amount shown represents income before fees and rebates.

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
Ultra 10-Year U.S. Treasury Notes	4	9-20-2023	$478,724	$481,812	$3,088	$0
2-Year U.S. Treasury Notes	36	9-29-2023	7,420,839	7,409,813	0	(11,026 )
Short
Ultra Long Term U.S. Treasury Bond	(12 )	9-20-2023	(1,615,665 )	(1,642,500 )	0	(26,835 )
5-Year U.S. Treasury Notes	(13 )	9-29-2023	(1,417,205 )	(1,418,016 )	0	(811 )
					$3,088	$(38,672 )

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

Allspring Real Return Portfolio | 35

Statement of operations—year ended May 31, 2023

Statement of operations

Investment income
Interest	$9,622,312
Dividends (net of foreign withholdings taxes of $10,736)	753,157
Income from affiliated securities	71,486
Total investment income	10,446,955
Expenses
Advisory fee	864,264
Custody and accounting fees	31,990
Professional fees	101,129
Interest holder report expenses	25,112
Trustees’ fees and expenses	27,209
Other fees and expenses	13,684
Total expenses	1,063,388
Less: Fee waivers and/or expense reimbursements	(220,731 )
Net expenses	842,657
Net investment income	9,604,298
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities	219,406
Affiliated securities	(36 )
Foreign currency and foreign currency translations	(727 )
Futures contracts	311,107
Net realized gains on investments	529,750
Net change in unrealized gains (losses) on
Unaffiliated securities	(15,915,117 )
Foreign currency and foreign currency translations	(287 )
Futures contracts	(90,057 )
Net change in unrealized gains (losses) on investments	(16,005,461 )
Net realized and unrealized gains (losses) on investments	(15,475,711 )
Net decrease in net assets resulting from operations	$(5,871,413 )

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

Allspring Real Return Portfolio | 37

Notes to financial statements

ORGANIZATION

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

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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 May 31, 2023, such fair value pricing was not used in pricing certain foreign securities.

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

Foreign currency translation

40 | Allspring Real Return Portfolio

Notes to financial statements

Securities lending

Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Loans

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

Futures contracts

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

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.

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.

Allspring Real Return Portfolio | 41

Notes to financial statements

been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Paydown gains and losses are included in interest income.

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

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

Federal and other taxes

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $217,570,237 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$8,813,215
Gross unrealized losses	(16,224,106 )
Net unrealized losses	$(7,410,891 )

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 May 31, 2023:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Consumer staples	$6,547,955	$0	$0	$6,547,955
Energy	3,457,879	0	0	3,457,879
Materials	6,511,139	0	0	6,511,139
Real estate	10,726,091	0	0	10,726,091
Corporate bonds and notes	0	28,980,460	0	28,980,460
Loans	0	1,979,278	0	1,979,278
U.S. Treasury securities	144,554,623	0	0	144,554,623
Yankee corporate bonds and notes	0	4,901,665	0	4,901,665
Short-term investments
Investment companies	2,535,840	0	0	2,535,840
	174,333,527	35,861,403	0	210,194,930
Futures contracts	3,088	0	0	3,088
Total assets	$174,336,615	$35,861,403	$0	$210,198,018

42 | Allspring Real Return Portfolio

Notes to financial statements

Liabilities
Futures contracts	$38,672	$0	$0	$38,672
Total liabilities	$38,672	$0	$0	$38,672

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

For the year ended May 31, 2023, the Portfolio did not have any material transfers into/out of Level 3.

TRANSACTIONS WITH AFFILIATES

Advisory fee

Average daily net assets	Advisory fee
First $500 million	0.400 %
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 May 31, 2023, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Investments is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.28% and declining to 0.18% as the average daily net assets of the Portfolio increase.

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

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $0, $1,381,653 and $(71,440) in interfund purchases, sales and net realized gains (losses), respectively, during the year ended May 31, 2023.

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended May 31, 2023 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$28,075,861	$18,535,675	$28,686,438	$23,052,071

DERIVATIVE TRANSACTIONS

During the year ended May 31, 2023, the Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Portfolio had an average notional amount of $4,037,920 in long futures contracts and $2,830,168 in short futures contracts during the year ended May 31, 2023.

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.

Allspring Real Return Portfolio | 43

Notes to financial statements

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Portfolio under the agreement.

INDEMNIFICATION

44 | Allspring Real Return 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 Real Return Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of May 31, 2023, 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 Portfolio as of May 31, 2023, 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

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 May 31, 2023, 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 financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

Boston, Massachusetts

July 27, 2023

Allspring Real Return Portfolio | 45

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 May 31, 2023.

Pursuant to Section 854 of the Internal Revenue Code, $218,444 of income dividends paid during the fiscal year ended May 31, 2023 has been designated as qualified dividend income (QDI).

For the fiscal year ended May 31, 2023, $3,404,900 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 May 31, 2023, 4% of the ordinary income distributed was derived from interest on U.S. government securities.

Proxy voting information

Quarterly portfolio holdings information

46 | Allspring Real Return Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A

Allspring Real Return Fund | 47

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

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

48 | Allspring Real Return Fund

Other information (unaudited)

Officers1

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

Allspring Real Return Fund | 49

Other information (unaudited)

Board consideration of investment management, advisory, and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Allspring Funds Trust (“Funds Trust”) and Allspring Master Trust (“Master Trust”, and collectively, the “Trusts”) must determine annually whether to approve the continuation of the Trusts’ investment management, advisory, and sub-advisory agreements, as applicable. In this regard, at a Board meeting held on May 15-17, 2023 (the “Meeting”), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Real Return Fund, a portfolio of Funds Trust (the “Feeder Fund”), an investment management agreement (the “Feeder Fund Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”).

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the “Master Portfolio Advisory Agreement”) with Allspring Funds Management for the Allspring Real Return Portfolio, a portfolio of Master Trust (the “Master Portfolio”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management, for the Master Portfolio.

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

50 | Allspring Real Return Fund

Other information (unaudited)

Nature, Extent, and Quality of Services

Fund Investment Performance and Expenses

The Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2022. The Boards considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Feeder Fund (the “Universe”), and in comparison to the Feeder Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Funds Trust Board noted that the investment performance of the Feeder Fund (Administrator Class) was lower than the average investment performance of its Universe for all periods under review. The Funds Trust Board also noted that the investment performance of the Feeder Fund was higher than its benchmark index, the Bloomberg U.S. TIPS Index, for all periods under review.

The Master Trust Board took note of the investment performance of the Master Portfolio in the context of reviewing the investment performance of the Feeder Fund.

The Funds Trust Board received information concerning, and discussed factors contributing to, the underperformance of the Feeder Fund relative to the Universe for the periods identified above. The Funds Trust Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Feeder Fund’s investment performance.

The Funds Trust Board also received and considered information regarding the Feeder Fund’s net operating expense ratios, which include fees and expenses of the Master Portfolio, and their various components, including actual management fees assessed at the Feeder Fund and Master Portfolio levels, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Funds Trust Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Feeder Fund (the “Groups”). The Funds Trust Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Funds Trust Board noted that the net operating expense ratios of the Feeder Fund were lower than the median net operating expense ratios of the expense Groups for all share classes. The Funds Trust Board noted that Allspring Funds Management had agreed to reduce the net operating expense caps for the Feeder Fund’s Class A shares.

The Boards took into account the Funds’ investment performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

Investment Management, Advisory, and Sub-Advisory Fee Rates

Allspring Real Return Fund | 51

Other information (unaudited)

Among other information reviewed by the Funds Trust Board was a comparison of the Feeder Fund’s Management Rate, which, for this purpose, includes the advisory fees paid at the Master Portfolio level, with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Funds Trust Board noted that the Management Rates of the Feeder Fund were lower than the sum of these average rates for the Feeder Fund’s expense Groups for all share classes.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Master Portfolio with those of other funds in the Master Portfolio’s expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rate of the Master Portfolio was lower than the median rate for the Master Portfolio’s expense Group.

Profitability

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and differences in how Allspring Global Investments calculates its pre-tax profit metric versus the methodology used when Allspring Funds Management was part of Wells Fargo. It was noted that the impact of such differences had only minor impact on the financial results presented. Among other things, the Boards noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.
Based on their review, the Boards did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Funds to be at a level that would prevent the Boards from approving the continuation of the Advisory Agreements.

Economies of Scale

52 | Allspring Real Return Fund

Other information (unaudited)

Other Benefits to Allspring Funds Management and the Sub-Adviser

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

Conclusion

Allspring Real Return Fund | 53

Other information (unaudited)

Liquidity risk management program

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s and the Portfolio’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s and the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund or the Portfolio does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s or Portfolio’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund or the Portfolio has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s or the Portfolio’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Boards.

54 | Allspring Real Return Fund

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

ALL-06072023-xnnhxyxi 07-23
AR1753 05-23

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Allspring Small Company Growth Fund
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Report of independent registered public accounting firm	24
Allspring Small Company Growth Portfolio
Portfolio of investments	25
Financial statements
Statement of assets and liabilities	31
Statement of operations	32
Statement of changes in net assets	33
Financial highlights	34
Notes to financial statements	35
Report of independent registered public accounting firm	38
Other information	39

Allspring Small Company Growth Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Allspring Small Company Growth Fund for the 12-month period that ended May 31, 2023. Globally, stocks and bonds experienced heightened volatility and poor performance through the challenging period. The market was focused on persistently high inflation as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war. Markets received a boost in December with the removal of China’s strict COVID-19 lockdowns. In March 2023, a new wave of market anxiety resulted from several bank failures and unease over the possibility of more rate hikes. However, investors regained confidence and markets finished the period in relative calm.

High inflation and central bank rate hikes rocked markets.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Small Company Growth Fund

Letter to shareholders (unaudited)

Allspring Small Company Growth Fund | 3

Letter to shareholders (unaudited)

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

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

The Purchasing Managers Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index.

4 | Allspring Small Company Growth Fund

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser for the affiliated master portfolio*	Peregrine Capital Management, LLC
Portfolio managers	William A. Grierson, CFA, Paul E. von Kuster, CFA, Allison Lewis, CFA†, Ryan H. Smith, CFA, Samuel D. Smith, CFA

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WFSAX)	1-30-2004	-5.96	3.27	8.12	-0.22	4.50	8.76	1.33	1.28
Class C (WSMCX)	1-30-2004	-1.92	3.75	8.13	-0.92	3.75	8.13	2.08	2.03
Class R6 (WSCRX)3	10-31-2014	–	–	–	0.21 ♠	4.95	9.24	0.91	0.86
Administrator Class (NVSCX)	11-11-1994	–	–	–	-0.11	4.61	8.91	1.26	1.19
Institutional Class (WSCGX)	3-31-2008	–	–	–	0.16	4.88	9.18	1.01	0.94
Russell 2000® Growth Index4	–	–	–	–	2.68	2.74	7.90	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


♠	Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles.
1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and Class C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.28% for Class A, 2.03% for Class C, 0.86% for Class R6, 1.19% for Administrator Class and 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
4	The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

*	The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.
†	Ms. Lewis became a portfolio manager of the Fund on June 30, 2023.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Small Company Growth Fund

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

•The Fund underperformed its benchmark, the Russell 2000® Growth Index, for the 12-month period that ended May 31, 2023.

•Stock selection within the health care and industrials sectors were the largest detractors from performance.

•Positive stock selection in the consumer staples and consumer discretionary sectors were the largest contributors to performance in the period.

The Fed, inflation, and the economic outlook have dominated the market narrative.

Early in the period, investors were skeptical of the Federal Reserve’s (Fed’s) hawkish position that aimed to curb 40-year-high inflation as it had lost credibility by insisting that inflation was only transitory. As the Fed realized its error, the increased pace and magnitude of the tightening of financial conditions in order to tame inflation “by any means necessary” was a persistent headwind to market returns. As a result, rate increases, weakening economic indicators, compression of stock valuations, and downward earnings revisions caused a significant sell-off in financial markets. Asset correlations also neared 40-year-highs as equity and fixed income correlations turned positive for the first time in more than 20 years. To make matters worse, the failures of SVB Financial Group and Signature Bank, two prominent regional lenders, were additional unforeseen shocks that further muddied forward visibility in March 2023.

Ten largest holdings (%) as of May 31, 20231
PTC, Inc.	1.81
ICON PLC	1.64
elf Beauty, Inc.	1.61
KBR, Inc.	1.46
International Game Technology PLC	1.45
Box, Inc. Class A	1.38
Element Solutions, Inc.	1.37
Ciena Corp.	1.36
SS&C Technologies Holdings, Inc.	1.35
FTI Consulting, Inc.	1.31

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

The Fund was overweight industrials, information technology (IT), and financials and underweight consumer discretionary and energy.

The Fund remained consistent with its long-term discipline of investing in rapidly growing companies purchased at attractive valuations. Relative to the benchmark, the Fund’s largest overweight positions were in the industrials, IT, and financials sectors, where valuations remain attractive. Conversely, the Fund was most underweight the consumer discretionary and energy sectors.

Stock selection in health care and industrials were the leading detractors.

Health care and industrials were the leading detracting sectors for the fiscal year. Underperformance in health care was driven by negative stock selection in biotechnology and life science tools and services. An underweight to biotechnology also detracted, as the group outperformed meaningfully after bottoming in June 2022. Within biotechnology, precommercial and speculative companies, which the Fund is under-indexed to, drove outsized returns. Additionally, headwinds within the life sciences industry hurt Syneos Health, Inc.;* Avantor, Inc.; Azenta, Inc.; and ICON Plc.

Underperformance in industrials was driven by weakness in the building products, construction, and engineering (C&E), and aerospace and defense industries. Building products and C&E holdings underperformed as recession fears began to mount while the Fund’s aerospace and defense holdings were affected by company-specific program delays.

Sector allocation as of May 31, 20231

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

This security was no longer held at the end of the reporting period.

8 | Allspring Small Company Growth Fund

Performance highlights (unaudited)

Consumer staples and consumer discretionary were leading contributors.

Consumer staples and consumer discretionary were the top-contributing sectors for the fiscal year. Strong performance in consumer staples was driven by stock selection in personal care products and food products. Notable stock contributors included elf Beauty, Inc., a cosmetic and beauty products company, and Lamb Weston Holdings, Inc., a leading producer of frozen potato products. Outperformance in the consumer discretionary sector was driven by stock selection within broadline and specialty retail. Positive returns were generated from exposure to value/off-price retailers such as Academy Sports and Outdoors Inc.; Five Below, Inc.; and Ollie’s Bargain Outlet Holdings Inc., which benefited from consumers trading down in response to rising inflation and economic uncertainty.

Small-cap growth stocks continue to trade at reasonable valuations.

The Fed, an increased potential for a recession, and newly surfaced regional bank issues are risk factors worthy of heightened scrutiny when evaluating company fundamental trajectories. This is true in every market

environment, where known risks are incorporated into company valuations. However, in macro-focused and risk-averse environments like the ones seen over the past year, these known risks can overshoot, creating excellent opportunities for information gaps. The Fund has seen many market environments with myriad different risks. Through the diligent implementation of our discipline, in the long-term we have not only survived, we also thrived by reliably sourcing high-growth companies at attractive valuations. We see many favorable opportunities in the current market environment and we are excited to capitalize on a growing number of large information gaps.

Allspring Small Company Growth Fund | 9

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from December 1, 2022 to May 31, 2023.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1, 2	Annualized net expense ratio2
Class A
Actual	$1,000.00	$1,000.02	$6.43	1.29 %
Hypothetical (5% return before expenses)	$1,000.00	$1,018.50	$6.49	1.29 %
Class C
Actual	$1,000.00	$999.99	$10.17	2.04 %
Hypothetical (5% return before expenses)	$1,000.00	$1,014.76	$10.25	2.04 %
Class R6
Actual	$1,000.00	$1,000.04	$4.29	0.86 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.64	$4.33	0.86 %
Administrator Class
Actual	$1,000.00	$1,000.03	$5.93	1.19 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.00	$5.99	1.19 %
Institutional Class
Actual	$1,000.00	$1,000.04	$4.69	0.94 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.24	$4.73	0.94 %

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

10 | Allspring Small Company Growth Fund

Statement of assets and liabilities—May 31, 2023

Financial statements

Statement of assets and liabilities

Assets
Investments in affiliated Master Portfolio, at value (cost $581,049,760)	$700,121,306
Receivable for Fund shares sold	1,826,686
Receivable from manager	17,412
Prepaid expenses and other assets	39,307
Total assets	702,004,711
Liabilities
Payable for Fund shares redeemed	576,992
Administration fees payable	61,034
Distribution fee payable	1,464
Trustees’ fees and expenses payable	693
Accrued expenses and other liabilities	89,219
Total liabilities	729,402
Total net assets	$701,275,309
Net assets consist of
Paid-in capital	$579,540,596
Total distributable earnings	121,734,713
Total net assets	$701,275,309
Computation of net asset value and offering price per share
Net assets–Class A	$28,813,262
Shares outstanding–Class A1	1,035,172
Net asset value per share–Class A	$27.83
Maximum offering price per share – Class A2	$29.53
Net assets–Class C	$2,304,628
Shares outstanding–Class C1	124,933
Net asset value per share–Class C	$18.45
Net assets–Class R6	$218,784,751
Shares outstanding–Class R61	6,511,205
Net asset value per share–Class R6	$33.60
Net assets–Administrator Class	$40,292,544
Shares outstanding–Administrator Class1	1,305,982
Net asset value per share–Administrator Class	$30.85
Net assets–Institutional Class	$411,080,124
Shares outstanding–Institutional Class1	12,360,491
Net asset value per share–Institutional Class	$33.26

1	The Fund has an unlimited number of authorized shares.
2	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.

12 | Allspring Small Company Growth Fund

Statement of operations—year ended May 31, 2023

Statement of operations

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $6,617)	$2,933,185
Affiliated income allocated from affiliated Master Portfolio	707,998
Interest allocated from affiliated Master Portfolio	398
Expenses allocated from affiliated Master Portfolio	(5,827,191 )
Total investment income	(2,185,610 )
Expenses
Management fee	356,726
Administration fees
Class A	64,801
Class C	7,587
Class R6	66,248
Administrator Class	54,011
Institutional Class	541,590
Shareholder servicing fees
Class A	77,145
Class C	8,958
Administrator Class	103,719
Distribution fee
Class C	26,648
Custody and accounting fees	24,275
Professional fees	42,482
Registration fees	40,234
Shareholder report expenses	65,109
Trustees’ fees and expenses	21,093
Other fees and expenses	8,608
Total expenses	1,509,234
Less: Fee waivers and/or expense reimbursements
Fund-level	(356,704 )
Class A	(4,859 )
Class R6	(33,037 )
Administrator Class	(14,446 )
Institutional Class	(146,183 )
Net expenses	954,005
Net investment loss	(3,139,615 )
Realized and unrealized gains (losses) on investments
Net realized gains on investments allocated from affiliated Master Portfolio	29,634,010
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio	(31,050,649 )
Net realized and unrealized gains (losses) on investments	(1,416,639 )
Net decrease in net assets resulting from operations	$(4,556,254 )

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

Allspring Small Company Growth Fund | 13

Statement of changes in net assets

	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment loss		$(3,139,615 )		$(5,624,754 )
Net realized gains on investments		29,634,010		234,292,155
Net change in unrealized gains (losses) on investments		(31,050,649 )		(380,610,924 )
Net decrease in net assets resulting from operations		(4,556,254 )		(151,943,523 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(2,956,608 )		(25,935,297 )
Class C		(524,720 )		(5,561,323 )
Class R6		(18,290,276 )		(100,466,883 )
Administrator Class		(3,736,177 )		(21,521,432 )
Institutional Class		(31,910,643 )		(248,029,970 )
Total distributions to shareholders		(57,418,424 )		(401,514,905 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	226,653	6,618,593	600,158	33,843,292
Class C	8,202	151,573	89,397	4,393,866
Class R6	939,968	32,682,134	837,876	41,916,286
Administrator Class	179,672	5,855,715	132,770	6,666,051
Institutional Class	5,808,569	199,389,086	8,331,378	426,789,587
		244,697,101		513,609,082
Reinvestment of distributions
Class A	94,538	2,624,367	643,072	23,980,172
Class C	27,185	501,841	206,792	5,422,079
Class R6	535,212	17,897,479	2,119,772	93,248,751
Administrator Class	121,376	3,732,301	525,535	21,483,861
Institutional Class	460,271	15,239,567	3,043,545	132,759,448
		39,995,555		276,894,311
Payment for shares redeemed
Class A	(637,477 )	(18,452,346 )	(611,917 )	(25,389,359 )
Class C	(188,144 )	(3,694,553 )	(200,817 )	(6,158,661 )
Class R6	(1,131,878 )	(39,699,243 )	(2,783,941 )	(175,259,458 )
Administrator Class	(242,658 )	(7,818,670 )	(366,235 )	(17,779,520 )
Institutional Class	(7,571,990 )	(262,535,497 )	(9,833,729 )	(544,346,151 )
		(332,200,309 )		(768,933,149 )
Net increase (decrease) in net assets resulting from capital share transactions		(47,507,653 )		21,570,244
Total decrease in net assets		(109,482,331 )		(531,888,184 )
Net assets
Beginning of period		810,757,640		1,342,645,824
End of period		$701,275,309		$810,757,640

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

14 | Allspring Small Company Growth Fund

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$30.93	$61.44	$46.62	$48.98	$56.66
Net investment loss	(0.23 )1	(0.47 )1	(0.47 )1	(0.34 )1	(0.36 )
Net realized and unrealized gains (losses) on investments	0.15	(5.55 )	24.27	2.49	(3.22 )
Total from investment operations	(0.08 )	(6.02 )	23.80	2.15	(3.58 )
Distributions to shareholders from
Net realized gains	(3.02 )	(24.49 )	(8.98 )	(4.51 )	(4.10 )
Net asset value, end of period	$27.83	$30.93	$61.44	$46.62	$48.98
Total return2	(0.22 )%	(16.59 )%	53.84 %	3.70 %	(6.13 )%
Ratios to average net assets (annualized)*
Gross expenses	1.36 %	1.34 %	1.33 %	1.32 %	1.31 %
Net expenses	1.29 %	1.29 %	1.29 %	1.32 %	1.31 %
Net investment loss	(0.78 )%	(1.04 )%	(0.85 )%	(0.69 )%	(0.63 )%
Supplemental data
Portfolio turnover rate3	37 %	61 %	44 %	41 %	54 %
Net assets, end of period (000s omitted)	$28,813	$41,795	$44,249	$36,534	$64,182

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

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%
Year ended May 31, 2019	0.78%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring Small Company Growth Fund | 15

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$21.67	$50.65	$39.84	$42.75	$50.38
Net investment loss	(0.32 )1	(0.60 )1	(0.75 )1	(0.61 )1	(0.66 )1
Net realized and unrealized gains (losses) on investments	0.12	(3.89 )	20.54	2.21	(2.87 )
Total from investment operations	(0.20 )	(4.49 )	19.79	1.60	(3.53 )
Distributions to shareholders from
Net realized gains	(3.02 )	(24.49 )	(8.98 )	(4.51 )	(4.10 )
Net asset value, end of period	$18.45	$21.67	$50.65	$39.84	$42.75
Total return2	(0.92 )%	(17.25 )%	52.86 %	2.92 %	(6.82 )%
Ratios to average net assets (annualized)*
Gross expenses	2.09 %	2.08 %	2.08 %	2.07 %	2.06 %
Net expenses	2.04 %	2.04 %	2.04 %	2.07 %	2.06 %
Net investment loss	(1.56 )%	(1.71 )%	(1.60 )%	(1.44 )%	(1.38 )%
Supplemental data
Portfolio turnover rate3	37 %	61 %	44 %	41 %	54 %
Net assets, end of period (000s omitted)	$2,305	$6,018	$9,235	$9,336	$13,968

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

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%
Year ended May 31, 2019	0.78%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

16 | Allspring Small Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class R6	2023	2022	2021	2020	2019
Net asset value, beginning of period	$36.55	$67.95	$50.64	$52.65	$60.31
Net investment loss	(0.12 )1	(0.26 )1	(0.17 )	(0.14 )1	(0.12 )
Net realized and unrealized gains (losses) on investments	0.19	(6.65 )	26.46	2.64	(3.44 )
Total from investment operations	0.07	(6.91 )	26.29	2.50	(3.56 )
Distributions to shareholders from
Net realized gains	(3.02 )	(24.49 )	(8.98 )	(4.51 )	(4.10 )
Net asset value, end of period	$33.60	$36.55	$67.95	$50.64	$52.65
Total return	0.24 %	(16.24 )%	54.53 %	4.12 %	(5.73 )%
Ratios to average net assets (annualized)*
Gross expenses	0.92 %	0.91 %	0.90 %	0.90 %	0.88 %
Net expenses	0.86 %	0.86 %	0.86 %	0.89 %	0.88 %
Net investment loss	(0.35 )%	(0.48 )%	(0.41 )%	(0.27 )%	(0.20 )%
Supplemental data
Portfolio turnover rate2	37 %	61 %	44 %	41 %	54 %
Net assets, end of period (000s omitted)	$218,785	$225,464	$407,311	$462,050	$564,516

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

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%
Year ended May 31, 2019	0.78%

1	Calculated based upon average shares outstanding
2	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring Small Company Growth Fund | 17

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Administrator Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$33.92	$64.98	$48.87	$51.10	$58.85
Net investment loss	(0.22 )1	(0.47 )1	(0.44 )1	(0.29 )1	(0.29 )1
Net realized and unrealized gains (losses) on investments	0.17	(6.10 )	25.53	2.57	(3.36 )
Total from investment operations	(0.05 )	(6.57 )	25.09	2.28	(3.65 )
Distributions to shareholders from
Net realized gains	(3.02 )	(24.49 )	(8.98 )	(4.51 )	(4.10 )
Net asset value, end of period	$30.85	$33.92	$64.98	$48.87	$51.10
Total return	(0.11 )%	(16.52 )%	54.02 %	3.80 %	(6.02 )%
Ratios to average net assets (annualized)*
Gross expenses	1.27 %	1.26 %	1.25 %	1.24 %	1.23 %
Net expenses	1.19 %	1.19 %	1.19 %	1.20 %	1.20 %
Net investment loss	(0.68 )%	(0.93 )%	(0.74 )%	(0.57 )%	(0.51 )%
Supplemental data
Portfolio turnover rate2	37 %	61 %	44 %	41 %	54 %
Net assets, end of period (000s omitted)	$40,293	$42,317	$62,092	$55,917	$87,850

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

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%
Year ended May 31, 2019	0.78%

1	Calculated based upon average shares outstanding
2	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

18 | Allspring Small Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$36.24	$67.62	$50.47	$52.51	$60.20
Net investment loss	(0.15 )1	(0.27 )1	(0.29 )	(0.17 )1	(0.15 )
Net realized and unrealized gains (losses) on investments	0.19	(6.62 )	26.42	2.64	(3.44 )
Total from investment operations	0.04	(6.89 )	26.13	2.47	(3.59 )
Distributions to shareholders from
Net realized gains	(3.02 )	(24.49 )	(8.98 )	(4.51 )	(4.10 )
Net asset value, end of period	$33.26	$36.24	$67.62	$50.47	$52.51
Total return	0.16 %	(16.31 )%	54.39 %	4.07 %	(5.77 )%
Ratios to average net assets (annualized)*
Gross expenses	1.03 %	1.01 %	1.00 %	1.00 %	0.98 %
Net expenses	0.94 %	0.94 %	0.94 %	0.95 %	0.95 %
Net investment loss	(0.43 )%	(0.51 )%	(0.49 )%	(0.32 )%	(0.26 )%
Supplemental data
Portfolio turnover rate2	37 %	61 %	44 %	41 %	54 %
Net assets, end of period (000s omitted)	$411,080	$495,163	$819,760	$793,581	$1,047,883

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

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%
Year ended May 31, 2019	0.78%

1	Calculated based upon average shares outstanding
2	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 | 19

Notes to financial statements

ORGANIZATION

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 May 31, 2023, the Fund owned 97.57% 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 May 31, 2023 are included in this report and should be read in conjunction with the Fund’s financial statements.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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.

Investment transactions, income and expenses

Distributions to shareholders

Federal and other taxes

20 | Allspring Small Company Growth Fund

Notes to financial statements

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $596,456,632 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$103,664,674
Gross unrealized losses	0
Net unrealized gains	$103,664,674

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary difference causing such reclassification is due to net operating losses. At May 31, 2023, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statements of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(4,248,166 )	$4,248,166

As of May 31, 2023, the Fund had a qualified late-year ordinary loss of $950,497 which will be recognized on the first day of the following fiscal year.

Class allocations

FAIR VALUATION MEASUREMENTS

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Allspring Small Company Growth Portfolio	Seek long-term capital appreciation	$700,121,306

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

TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $5 billion	0.050 %
Next $5 billion	0.040
Over $10 billion	0.030

For the year ended May 31, 2023, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

Allspring Small Company Growth Fund | 21

Notes to financial statements

	Class-level administration fee
Class A	0.21 %
Class C	0.21
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 reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of May 31, 2023, the contractual expense caps are as follows:

	EXPENSE RATIO CAPS
Class A	1.29 %
Class C	2.04
Class R6	0.86
Administrator Class	1.19
Institutional Class	0.94

Distribution fee

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 May 31, 2023, Allspring Funds Distributor received $1,035 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 May 31, 2023.

Shareholder servicing fees

INVESTMENT PORTFOLIO TRANSACTIONS

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Fund under the agreement.

22 | 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 May 31, 2023, 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 May 31, 2023, 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

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 May 31, 2023, 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.

Boston, Massachusetts

July 27, 2023

24 | Allspring Small Company Growth Fund

Portfolio of investments—May 31, 2023

Portfolio of investments

	Shares		Value
Common stocks: 96.66%
Communication services: 0.41%
Entertainment: 0.41%
Lions Gate Entertainment Corp. Class B†		303,834	$2,944,151
Consumer discretionary: 8.66%
Automobile components: 0.54%
Fox Factory Holding Corp.†		43,818	3,896,296
Broadline retail: 0.79%
Ollie’s Bargain Outlet Holdings, Inc.†		103,239	5,690,534
Hotels, restaurants & leisure: 2.51%
Bowlero Corp.†		194,783	2,232,213
International Game Technology PLC		423,538	10,389,387
Papa John’s International, Inc.		76,582	5,369,164
			17,990,764
Household durables: 1.08%
Skyline Champion Corp.†		103,362	6,008,433
Sonos, Inc.†		119,588	1,737,614
			7,746,047
Leisure products: 0.63%
Topgolf Callaway Brands Corp.†		262,116	4,474,320
Specialty retail: 3.11%
Academy Sports & Outdoors, Inc.		116,120	5,685,235
Boot Barn Holdings, Inc.†		58,228	3,937,377
Burlington Stores, Inc.†		24,980	3,758,491
Five Below, Inc.†		35,822	6,180,012
Monro, Inc.		66,873	2,766,536
			22,327,651
Consumer staples: 4.69%
Consumer staples distribution & retail : 1.11%
Performance Food Group Co.†		144,391	7,983,378
Food products: 1.97%
Lamb Weston Holdings, Inc.		73,337	8,155,075
TreeHouse Foods, Inc.†		125,881	5,960,465
			14,115,540
Personal care products: 1.61%
elf Beauty, Inc.†		111,207	11,567,752
Energy: 1.92%
Energy equipment & services: 0.77%
ChampionX Corp.		219,102	5,534,517

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

Allspring Small Company Growth Portfolio | 25

Portfolio of investments—May 31, 2023

	Shares		Value
Oil, gas & consumable fuels: 1.15%
Callon Petroleum Co.†		120,498	$3,690,853
Ranger Oil Corp. Class A		124,265	4,566,739
			8,257,592
Financials: 9.19%
Banks: 0.81%
Triumph Financial, Inc.†		111,966	5,813,274
Capital markets: 3.03%
Evercore, Inc. Class A		54,811	5,916,848
Focus Financial Partners, Inc. Class A†		84,435	4,398,219
Stifel Financial Corp.		140,992	7,834,925
Virtu Financial, Inc. Class A		201,849	3,550,524
			21,700,516
Financial services: 1.78%
Essent Group Ltd.		163,586	7,225,594
WEX, Inc.†		33,597	5,572,062
			12,797,656
Insurance: 3.57%
BRP Group, Inc. Class A†		376,410	7,550,785
Palomar Holdings, Inc.†		92,949	5,080,592
Ryan Specialty Holdings, Inc.†		211,219	8,615,623
Skyward Specialty Insurance Group, Inc.†		186,103	4,393,892
			25,640,892
Health care: 23.31%
Biotechnology: 5.87%
Amicus Therapeutics, Inc.†		453,926	5,111,207
Avid Bioservices, Inc.†		232,070	3,585,482
Blueprint Medicines Corp.†		82,757	4,677,426
Cytokinetics, Inc.†		105,274	3,967,777
Insmed, Inc.†		208,850	3,974,415
Ionis Pharmaceuticals, Inc.†		86,081	3,520,713
Myriad Genetics, Inc.†		12,773	281,772
Neurocrine Biosciences, Inc.†		53,861	4,822,175
Sarepta Therapeutics, Inc.†		20,825	2,573,970
SpringWorks Therapeutics, Inc.†		97,790	2,677,490
Syndax Pharmaceuticals, Inc.†		134,602	2,688,002
Ultragenyx Pharmaceutical, Inc.†		85,710	4,230,646
			42,111,075
Health care equipment & supplies: 8.05%
Axonics, Inc.†		135,828	6,572,717
CONMED Corp.		67,474	8,184,596
Glaukos Corp.†		97,114	5,537,440
Haemonetics Corp.†		74,297	6,285,526
iRhythm Technologies, Inc.†		38,136	4,357,801

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

26 | Allspring Small Company Growth Portfolio

Portfolio of investments—May 31, 2023

	Shares		Value
Health care equipment & supplies (continued)
Novocure Ltd.†		23,174	$1,664,125
Omnicell, Inc.†		89,583	6,577,184
Silk Road Medical, Inc.†		207,698	6,270,403
Tandem Diabetes Care, Inc.†		109,905	2,856,431
TransMedics Group, Inc.†		70,601	5,129,869
Treace Medical Concepts, Inc.†		161,262	4,289,569
			57,725,661
Health care providers & services: 2.22%
HealthEquity, Inc.†		99,179	5,435,009
Privia Health Group, Inc.†		142,343	3,551,458
U.S. Physical Therapy, Inc.		68,190	6,965,609
			15,952,076
Health care technology: 2.08%
Evolent Health, Inc. Class A†		180,942	5,272,650
Phreesia, Inc.†		181,505	5,448,780
Veradigm, Inc.†		357,475	4,211,055
			14,932,485
Life sciences tools & services: 4.18%
Adaptive Biotechnologies Corp.†		267,808	1,863,944
Avantor, Inc.†		422,077	8,416,215
Azenta, Inc.†		69,092	2,988,229
BioLife Solutions, Inc.†		210,988	4,926,570
ICON PLC†		55,431	11,808,466
			30,003,424
Pharmaceuticals: 0.91%
Axsome Therapeutics, Inc.†		61,632	4,547,209
Ventyx Biosciences, Inc.†		57,884	1,995,261
			6,542,470
Industrials: 23.05%
Aerospace & defense: 1.24%
Kratos Defense & Security Solutions, Inc.†		321,075	4,218,926
Mercury Systems, Inc.†		115,380	4,683,274
			8,902,200
Air freight & logistics: 0.71%
GXO Logistics, Inc.†		91,593	5,121,881
Building products: 3.26%
Advanced Drainage Systems, Inc.		68,825	6,660,195
AZEK Co., Inc.†		197,151	4,583,761
Masonite International Corp.†		85,370	7,518,536
Zurn Elkay Water Solutions Corp. Class C		205,910	4,635,034
			23,397,526

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

Allspring Small Company Growth Portfolio | 27

Portfolio of investments—May 31, 2023

	Shares		Value
Commercial services & supplies: 0.90%
Openlane, Inc.†		252,499	$3,792,535
RB Global, Inc.		50,430	2,626,394
			6,418,929
Construction & engineering: 1.73%
Dycom Industries, Inc.†		64,675	6,559,985
MYR Group, Inc.†		45,745	5,832,488
			12,392,473
Electrical equipment: 1.46%
Atkore, Inc.†		51,262	5,985,863
Vicor Corp.†		81,528	4,512,575
			10,498,438
Ground transportation: 1.65%
Knight-Swift Transportation Holdings, Inc.		110,599	6,081,839
Schneider National, Inc. Class B		221,279	5,735,552
			11,817,391
Machinery: 2.71%
Chart Industries, Inc.†		51,161	5,613,897
SPX Technologies, Inc.†		109,442	8,356,991
Wabash National Corp.		234,222	5,492,506
			19,463,394
Professional services: 7.82%
ASGN, Inc.†		108,792	7,118,260
Clarivate PLC†		421,304	3,286,171
FTI Consulting, Inc.†		50,262	9,449,759
ICF International, Inc.		78,083	8,744,515
KBR, Inc.		177,491	10,475,519
SS&C Technologies Holdings, Inc.		175,924	9,668,783
Verra Mobility Corp.†		419,227	7,390,972
			56,133,979
Trading companies & distributors: 1.57%
Boise Cascade Co.		72,833	5,230,866
Core & Main, Inc. Class A†		225,050	6,017,837
			11,248,703
Information technology: 21.89%
Communications equipment: 2.14%
Ciena Corp.†		208,236	9,732,951
Lumentum Holdings, Inc.†		105,830	5,598,407
			15,331,358
Electronic equipment, instruments & components: 2.06%
Itron, Inc.†		80,466	5,449,962

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

28 | Allspring Small Company Growth Portfolio

Portfolio of investments—May 31, 2023

	Shares		Value
Electronic equipment, instruments & components (continued)
PAR Technology Corp.†		109,625	$3,789,736
Rogers Corp.†		35,134	5,532,551
			14,772,249
Semiconductors & semiconductor equipment: 2.56%
Onto Innovation, Inc.†		51,386	5,516,287
Silicon Motion Technology Corp. ADR		72,626	4,447,616
Synaptics, Inc.†		34,224	2,944,633
Teradyne, Inc.		54,791	5,489,511
			18,398,047
Software: 14.51%
Bills Holdings, Inc.†		38,509	3,988,762
Black Knight, Inc.†		132,341	7,646,663
Box, Inc. Class A†		350,827	9,882,797
Confluent, Inc. Class A†		194,260	6,165,812
CyberArk Software Ltd.†		55,130	8,530,265
DoubleVerify Holdings, Inc.†		171,265	5,972,011
HashiCorp, Inc. Class A†		155,825	5,351,030
Jamf Holding Corp.†		296,031	5,441,050
JFrog Ltd.†		261,369	6,366,949
LiveRamp Holdings, Inc.†		161,368	3,927,697
Nutanix, Inc. Class A†		231,409	6,854,335
PagerDuty, Inc.†		248,154	6,752,270
PTC, Inc.†		96,568	12,978,739
Sprout Social, Inc. Class A†		114,844	4,973,894
Varonis Systems, Inc.†		182,122	4,786,166
Zuora, Inc. Class A†		416,271	4,491,564
			104,110,004
Technology hardware, storage & peripherals: 0.62%
Pure Storage, Inc. Class A†		156,108	4,494,349
Materials: 2.76%
Chemicals: 2.16%
Element Solutions, Inc.		547,875	9,823,399
Orion Engineered Carbons SA		245,908	5,702,606
			15,526,005
Metals & mining: 0.60%
Steel Dynamics, Inc.		46,685	4,290,352
Real estate: 0.78%
Hotel & resort REITs: 0.78%
Ryman Hospitality Properties, Inc.		60,761	5,573,607
Total common stocks (Cost $523,369,035)			693,638,956

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

Allspring Small Company Growth Portfolio | 29

Portfolio of investments—May 31, 2023

		Yield	Shares		Value
Short-term investments: 3.18%
Investment companies: 3.18%
Allspring Government Money Market Fund Select Class♠∞		5.01 %		22,796,664	$22,796,664
Total short-term investments (Cost $22,796,664)					22,796,664
Total investments in securities (Cost $546,165,699)	99.84 %				716,435,620
Other assets and liabilities, net	0.16				1,120,926
Total net assets	100.00 %				$717,556,546

†	Non-income-earning security
♠	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.

Abbreviations:
ADR	American depositary receipt
REIT	Real estate investment trust

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$32,660,804	$232,852,801	$(242,716,941 )	$0	$0	$22,796,664	22,796,664	$706,851
Investments in affiliates no longer held at end of period
Securities Lending Cash Investments LLC	2,594,900	81,499,530	(84,094,991 )	561	0	0	0	115,044 1
				$561	$0	$22,796,664		$821,895

1	Amount shown represents income before fees and rebates.

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

30 | Allspring Small Company Growth Portfolio

Notes to financial statements

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.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Securities lending

Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Federal and other taxes

Allspring Small Company Growth Portfolio | 35

Notes to financial statements

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $568,929,833 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$217,313,843
Gross unrealized losses	(69,808,056 )
Net unrealized gains	$147,505,787

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 May 31, 2023:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$2,944,151	$0	$0	$2,944,151
Consumer discretionary	62,125,612	0	0	62,125,612
Consumer staples	33,666,670	0	0	33,666,670
Energy	13,792,109	0	0	13,792,109
Financials	65,952,338	0	0	65,952,338
Health care	167,267,191	0	0	167,267,191
Industrials	165,394,914	0	0	165,394,914
Information technology	157,106,007	0	0	157,106,007
Materials	19,816,357	0	0	19,816,357
Real estate	5,573,607	0	0	5,573,607
Short-term investments
Investment companies	22,796,664	0	0	22,796,664
Total assets	$716,435,620	$0	$0	$716,435,620

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

For the year ended May 31, 2023, the Portfolio did not have any transfers into/out of Level 3.

TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

36 | Allspring Small Company Growth 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 %
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 May 31, 2023, the advisory fee was equivalent to an annual rate of 0.79% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Peregrine Capital Management, LLC, which is not an affiliate of Allspring Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate of 0.38% of the Portfolio’s average daily net assets.

Interfund transactions

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended May 31, 2023 were $265,968,778 and $358,187,796, respectively.

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Portfolio under the agreement.

INDEMNIFICATION

Allspring Small Company Growth Portfolio | 37

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 May 31, 2023, 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 Portfolio as of May 31, 2023, 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

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 May 31, 2023, 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.

Boston, Massachusetts

July 27, 2023

38 | Allspring Small Company Growth Portfolio

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A

40 | Allspring Small Company Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

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

Allspring Small Company Growth Fund | 41

Other information (unaudited)

Officers1

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

42 | Allspring Small Company Growth Fund

Other information (unaudited)

Board consideration of investment management, advisory, and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Allspring Funds Trust (“Funds Trust”) and Allspring Master Trust (“Master Trust”, and collectively, the “Trusts”) must determine annually whether to approve the continuation of the Trusts’ investment management, advisory, and sub-advisory agreements, as applicable. In this regard, at a Board meeting held on May 15-17, 2023 (the “Meeting”), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Small Company Growth Fund, a portfolio of Funds Trust (the “Feeder Fund”), an investment management agreement (the “Feeder Fund Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”).

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the “Master Portfolio Advisory Agreement”) with Allspring Funds Management for the Allspring Small Company Growth Portfolio, a portfolio of Master Trust (the “Master Portfolio”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Peregrine Capital Management, LLC (the “Sub-Adviser”) for the Master Portfolio.

The Boards noted that they initially approved the Advisory Agreements at a meeting of the Boards held in May 2021, all for a two-year term, in advance of the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC, 1 a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. (the “Transaction”). The Trustees also noted that, while they did not specifically consider the continuation of the Advisory Agreements in 2022 as a result of the two-year term that was approved in 2021, the Trustees received and considered certain information at a meeting of the Boards held in April 2022 that was applicable to the Advisory Agreements, including an overview and financial review of the Allspring Global Investments business, information regarding certain ancillary agreements that were approved by the Boards at the April 2022 Board meeting, and comparative data regarding Fund fees and expenses.

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

Allspring Small Company Growth Fund | 43

Other information (unaudited)

Nature, Extent, and Quality of Services

The Boards further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Boards received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, Allspring Funds Management’s role as administrator of the Funds’ liquidity risk management programs. The Boards also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.

Fund Investment Performance and Expenses

The Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2022. The Boards considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Feeder Fund (the “Universe”), and in comparison to the Feeder Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Funds Trust Board noted that the investment performance of the Feeder Fund (Administrator Class) was higher than the average investment performance of its Universe for all periods under review. The Funds Trust Board also noted that the investment performance of the Feeder Fund was higher than its benchmark index, the Russell 2000® Growth Index, for all periods under review.

The Master Trust Board took note of the investment performance of the Master Portfolio in the context of reviewing the investment performance of the Feeder Fund.

The Funds Trust Board also received and considered information regarding the Feeder Fund’s net operating expense ratios, which include fees and expenses of the Master Portfolio, and their various components, including actual management fees assessed at the Feeder Fund and Master Portfolio levels, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Funds Trust Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Feeder Fund (the “Groups”). The Funds Trust Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Funds Trust Board noted that the net operating expense ratios of the Feeder Fund were lower than, equal to or in range of the median net operating expense ratios of the expense Groups for all share classes. The Funds Trust Board noted that Allspring Funds Management had agreed to reduce the net operating expense caps for the Feeder Fund’s Class A shares.

The Boards took into account the Funds’ investment performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

Investment Management, Advisory, and Sub-Advisory Fee Rates

44 | Allspring Small Company Growth Fund

Other information (unaudited)

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Master Portfolio with those of other funds in the Master Portfolio’s expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rate of the Master Portfolio was lower than the median rate for the Master Portfolio’s expense Group.

Profitability

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and differences in how Allspring Global Investments calculates its pre-tax profit metric versus the methodology used when Allspring Funds Management was part of Wells Fargo. It was noted that the impact of such differences had only minor impact on the financial results presented. Among other things, the Boards noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.

Economies of Scale

Allspring Small Company Growth Fund | 45

Other information (unaudited)

Other Benefits to Allspring Funds Management and the Sub-Adviser

Conclusion

46 | Allspring Small Company Growth Fund

Other information (unaudited)

Liquidity risk management program

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s and the Portfolio’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s and the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund or the Portfolio does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s or Portfolio’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund or the Portfolio has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s or the Portfolio’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Boards.

Allspring Small Company Growth Fund | 47

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

ALL-06072023-03ygle59 07-23
AR1848 05-23

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	10
Allspring Small Company Value Fund
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Report of independent registered public accounting firm	24
Allspring Small Company Value Portfolio
Portfolio of investments	25
Financial statements
Statement of assets and liabilities	32
Statement of operations	33
Statement of changes in net assets	34
Financial highlights	35
Notes to financial statements	36
Report of independent registered public accounting firm	39
Other information	40

Allspring Small Company Value Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Allspring Small Company Value Fund for the 12-month period that ended May 31, 2023. Globally, stocks and bonds experienced heightened volatility and poor performance through the challenging period. The market was focused on persistently high inflation as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war. Markets received a boost in December with the removal of China’s strict COVID-19 lockdowns. In March 2023, a new wave of market anxiety resulted from several bank failures and unease over the possibility of more rate hikes. However, investors regained confidence and markets finished the period in relative calm.

High inflation and central bank rate hikes rocked markets.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Small Company Value Fund

Letter to shareholders (unaudited)

Allspring Small Company Value Fund | 3

Letter to shareholders (unaudited)

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

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

The Purchasing Managers Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index.

4 | Allspring Small Company Value Fund

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser for the affiliated master portfolio*	Allspring Global Investments, LLC
Portfolio managers	Jeff Goverman, Gustaf Little, Garth R. Nisbet, CFA, Craig Pieringer, CFA

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (SCVAX)	1-31-2002	-15.46	1.82	6.28	-10.31	3.04	6.92	1.32	1.15
Class C (SCVFX)	8-30-2002	-11.94	2.30	6.29	-10.94	2.30	6.29	2.07	1.90
Class R6 (SCVJX)3	10-31-2016	–	–	–	-9.95	3.44	7.25	0.89	0.75
Administrator Class (SCVIX)	1-31-2002	–	–	–	-10.20	3.13	7.05	1.24	1.05
Institutional Class (SCVNX)	7-30-2010	–	–	–	-10.03	3.34	7.27	0.99	0.85
Russell 2000® Value Index4	–	–	–	–	-11.50	2.09	6.43	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2	The manager has contractually committed through September 30, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.75% for Class R6, 1.05% for Administrator Class and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
4	The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a

substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the

investment activities of the affiliated master portfolio in which it invests.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Small Company Value Fund

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

•The Fund outperformed its benchmark, the Russell 2000® Value Index, for the 12-month period that ended May 31, 2023.

•The industrials and consumer staples sectors were the primary contributors to relative performance. Within the industrials sector, favorable stock selection was driven by construction and engineering, machinery, and building product stocks. A beverage bottling and distribution company was the primary contributor within consumer staples.

•The energy and consumer discretionary sectors detracted from relative performance. Within energy, weakness in the Fund’s oil and gas drilling stocks detracted from performance, while declines in leisure products and specialty retail stocks led to underperformance in consumer discretionary.

Market review

The 12 months that ended May 31, 2023, saw multiple headlines affecting the stock market and the economy, including:

•Interest rate volatility

•Persistent inflation and low unemployment

•Anxiety over geopolitical events

•Regional bank concerns

•Possibility of a recession

•U.S. debt ceiling debate

During the 12-month period, total nonfarm payroll employment increased by 4.1 million, and the U.S. unemployment rate ended the period at 3.7%, according to the U.S. Bureau of Labor Statistics.

Ultimately, events in California and New York upset the market. In mid-March, the first bank run since 2008 emerged rather quickly. In quick succession came the collapse of three American banks, the industry bailout of a fourth, and heightened concern about a run on smaller banks as depositors shifted their money to larger “too big to fail” institutions. Almost simultaneously, the long-running troubles facing Credit Suisse also ignited questions about European banks. By period-end, U.S. regional bank stocks had recovered a portion of their year-to-date losses.

Ten largest holdings (%) as of May 31, 20231
Sterling Infrastructure, Inc.	1.49
Eagle Materials, Inc.	1.49
Diamondback Energy, Inc.	1.48
STAG Industrial, Inc.	1.47
Unum Group	1.44
American Equity Investment Life Holding Co.	1.43
Standex International Corp.	1.33
Annaly Capital Management, Inc.	1.29
AGNC Investment Corp.	1.26
Hawkins, Inc.	1.20

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

The industrials and consumer staples sectors were the primary contributors to relative performance.

The Fund’s infrastructure-related stocks within the construction and engineering, machinery, and building products industries were the main drivers of outperformance in the industrials sector. Woodlands, Texas–based Sterling Infrastructure, Inc., which provides specialty infrastructure construction services, was the top-performing stock in the sector. The company continued to experience healthy demand and record backlogs due to strength in its E-infrastructure, building, and transportation divisions. Coca-Cola Consolidated, Inc. led the outperformance in the consumer staples sector. The Charlotte, NC-based company bottles and distributes beverages of The Coca-Cola Company and is the largest Coca-Cola bottler in the United States. Over the last year, the company benefited from solid volume gains and improved pricing, resulting in higher margins and profitability.

Sector allocation as of May 31, 20231

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

8 | Allspring Small Company Value Fund

Performance highlights (unaudited)

The energy and consumer discretionary sectors detracted from relative performance.

The energy sector was the main detractor from performance over the past year. Houston, Texas–based Patterson-UTI Energy, Inc., has been under pressure due to lower commodity prices, forcing the company to lower expectations. The consumer discretionary sector detracted from performance due to pressure on leisure products and specialty retail stocks. Underperformance from Funko, Inc.,* weighed on the sector’s returns as the company faced numerous operational challenges, including difficulties implementing new warehouse and enterprise resource planning systems.

Outlook: Conditions could favor small-cap stocks.

Investing is challenging during regular times, especially during periods of extreme volatility such as we are witnessing now. There are myriad issues to consider: inflation, interest rates, the economy, oil prices, geopolitics, elections, accounting changes, and regulations, among others. Our experience has taught us that well-managed companies with good

balance sheets can take advantage of the opportunities as they present themselves. Stock prices are not linear in the short term, and bouts of volatility should be embraced.

We believe we might be beginning a long, durable small-cap robust performance cycle—driven by attractive relative valuations, a breakdown in large-cap tech leadership, a more supportive macroeconomic environment, and improving small-cap fundamentals. Current conditions remain consistent with those at the start of prior small-cap cycles, specifically given relative valuation and the disinflation trend since last year’s peak. While there is plenty of fear and volatility right now, there remains reason to believe conditions are potentially setting up for a new long-term small-cap cycle.

Our strategy does not mirror or replicate a benchmark. We are fundamentals-driven and dedicated to small-cap value. We believe investing in companies with the following characteristics will produce long-term results: value, quality partner, and contrarian. At purchase, companies we buy fall into one or more of the following purchase conditions: neglected, oversold, theme, and earnings turnaround.

This security was no longer held at the end of the reporting period.

Allspring Small Company Value Fund | 9

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from December 1, 2022 to May 31, 2023.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1, 2	Annualized net expense ratio2
Class A
Actual	$1,000.00	$998.94	$5.73	1.15 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.20	$5.79	1.15 %
Class C
Actual	$1,000.00	$998.91	$9.47	1.90 %
Hypothetical (5% return before expenses)	$1,000.00	$1,015.46	$9.55	1.90 %
Class R6
Actual	$1,000.00	$998.96	$3.74	0.75 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.19	$3.78	0.75 %
Administrator Class
Actual	$1,000.00	$998.94	$5.23	1.05 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.70	$5.29	1.05 %
Institutional Class
Actual	$1,000.00	$998.95	$4.24	0.85 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.69	$4.28	0.85 %

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

10 | Allspring Small Company Value Fund

Statement of assets and liabilities—May 31, 2023

Financial statements

Statement of assets and liabilities

Assets
Investments in affiliated Master Portfolio, at value (cost $388,845,602)	$448,713,630
Receivable for Fund shares sold	436,433
Receivable from manager	84,850
Prepaid expenses and other assets	53,520
Total assets	449,288,433
Liabilities
Payable for Fund shares redeemed	268,146
Administration fees payable	71,633
Shareholder servicing fees payable	71,415
Trustees’ fees and expenses payable	1,024
Distribution fee payable	914
Accrued expenses and other liabilities	115,905
Total liabilities	529,037
Total net assets	$448,759,396
Net assets consist of
Paid-in capital	$410,844,177
Total distributable earnings	37,915,219
Total net assets	$448,759,396
Computation of net asset value and offering price per share
Net assets–Class A	$304,600,572
Shares outstanding–Class A1	10,313,491
Net asset value per share–Class A	$29.53
Maximum offering price per share – Class A2	$31.33
Net assets–Class C	$1,307,060
Shares outstanding–Class C1	51,673
Net asset value per share–Class C	$25.30
Net assets–Class R6	$14,572,862
Shares outstanding–Class R61	474,928
Net asset value per share–Class R6	$30.68
Net assets–Administrator Class	$17,742,771
Shares outstanding–Administrator Class1	585,028
Net asset value per share–Administrator Class	$30.33
Net assets–Institutional Class	$110,536,131
Shares outstanding–Institutional Class1	3,622,421
Net asset value per share–Institutional Class	$30.51

1	The Fund has an unlimited number of authorized shares.
2	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.

12 | Allspring Small Company Value Fund

Statement of operations—year ended May 31, 2023

Statement of operations

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $15,292)	$9,127,734
Affiliated income allocated from affiliated Master Portfolio	485,764
Interest allocated from affiliated Master Portfolio	133
Interest	14
Expenses allocated from affiliated Master Portfolio	(4,192,386 )
Waivers allocated from affiliated Master Portfolio	465,726
Total investment income	5,886,985
Expenses
Management fee	251,887
Administration fees
Class A	728,667
Class C	4,101
Class R6	3,652
Administrator Class	26,461
Institutional Class	159,002
Shareholder servicing fees
Class A	867,460
Class C	4,882
Administrator Class	50,692
Distribution fee
Class C	14,647
Custody and accounting fees	14,329
Professional fees	52,398
Registration fees	72,113
Shareholder report expenses	106,566
Trustees’ fees and expenses	21,093
Other fees and expenses	83,933
Total expenses	2,461,883
Less: Fee waivers and/or expense reimbursements
Fund-level	(705,463 )
Class A	(118,237 )
Class C	(525 )
Administrator Class	(9,829 )
Net expenses	1,627,829
Net investment income	4,259,156
Realized and unrealized gains (losses) on investments
Net realized losses on investments allocated from affiliated Master Portfolio	(12,161,642 )
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio	(44,270,421 )
Net realized and unrealized gains (losses) on investments	(56,432,063 )
Net decrease in net assets resulting from operations	$(52,172,907 )

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

Allspring Small Company Value Fund | 13

Statement of changes in net assets

	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$4,259,156		$1,997,250
Net realized gains (losses) on investments		(12,161,642 )		55,806,887
Net change in unrealized gains (losses) on investments		(44,270,421 )		(68,307,228 )
Net decrease in net assets resulting from operations		(52,172,907 )		(10,503,091 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(14,333,053 )		(23,780,784 )
Class C		(93,570 )		(208,181 )
Class R6		(506,589 )		(352,499 )
Administrator Class		(798,183 )		(1,952,485 )
Institutional Class		(5,228,302 )		(4,608,431 )
Total distributions to shareholders		(20,959,697 )		(30,902,380 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	398,977	12,672,302	656,676	24,000,526
Class C	6,555	180,325	19,681	658,109
Class R6	357,751	11,911,540	189,729	7,081,211
Administrator Class	196,183	6,527,787	415,003	15,666,878
Institutional Class	1,630,016	54,246,836	2,016,490	74,654,109
		85,538,790		122,060,833
Reinvestment of distributions
Class A	437,444	14,076,915	658,773	23,358,988
Class C	3,383	93,570	6,753	208,181
Class R6	15,179	506,589	9,588	352,499
Administrator Class	23,252	768,015	52,212	1,898,392
Institutional Class	156,571	5,199,039	124,652	4,555,015
		20,644,128		30,373,075
Payment for shares redeemed
Class A	(1,488,263 )	(47,166,763 )	(1,505,117 )	(54,479,971 )
Class C	(34,738 )	(926,078 )	(53,609 )	(1,691,679 )
Class R6	(124,227 )	(4,060,442 )	(208,117 )	(7,991,882 )
Administrator Class	(311,874 )	(10,266,220 )	(651,213 )	(24,288,201 )
Institutional Class	(1,435,391 )	(47,534,257 )	(761,649 )	(28,166,610 )
		(109,953,760 )		(116,618,343 )
Net increase (decrease) in net assets resulting from capital share transactions		(3,770,842 )		35,815,565
Total decrease in net assets		(76,903,446 )		(5,589,906 )
Net assets
Beginning of period		525,662,842		531,252,748
End of period		$448,759,396		$525,662,842

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

14 | Allspring Small Company Value Fund

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$34.30	$37.11	$20.91	$24.22	$28.60
Net investment income	0.24 1	0.12 1	0.09	0.18 1	0.09
Net realized and unrealized gains (losses) on investments	(3.66 )	(0.71 )	16.22	(3.35 )	(4.31 )
Total from investment operations	(3.42 )	(0.59 )	16.31	(3.17 )	(4.22 )
Distributions to shareholders from
Net investment income	0.00	(0.08 )	(0.11 )	(0.14 )	(0.16 )
Net realized gains	(1.35 )	(2.14 )	0.00	0.00	0.00
Total distributions to shareholders	(1.35 )	(2.22 )	(0.11 )	(0.14 )	(0.16 )
Net asset value, end of period	$29.53	$34.30	$37.11	$20.91	$24.22
Total return2	(10.31 )%	(1.77 )%	77.80 %	(13.25 )%	(14.72 )%
Ratios to average net assets (annualized)*
Gross expenses	1.32 %	1.32 %	1.32 %	1.32 %	1.49 %
Net expenses	1.14 %	1.14 %	1.14 %	1.13 %	1.15 %
Net investment income	0.76 %	0.33 %	0.33 %	0.74 %	0.38 %
Supplemental data
Portfolio turnover rate3	87 %	70 %	62 %	78 %	168 %
Net assets, end of period (000s omitted)	$304,601	$376,072	$414,013	$262,574	$11,902

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

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%
Year ended May 31, 2019	0.75%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Allspring Small Company Value Fund | 15

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$29.79	$32.69	$18.43	$21.48	$25.38
Net investment income (loss)	0.00 1,2	(0.12 )2	(0.07 )2	0.01 2	(0.08 )2
Net realized and unrealized gains (losses) on investments	(3.14 )	(0.64 )	14.33	(3.00 )	(3.82 )
Total from investment operations	(3.14 )	(0.76 )	14.26	(2.99 )	(3.90 )
Distributions to shareholders from
Net investment income	0.00	0.00	0.00	(0.06 )	0.00
Net realized gains	(1.35 )	(2.14 )	0.00	0.00	0.00
Total distributions to shareholders	(1.35 )	(2.14 )	0.00	(0.06 )	0.00
Net asset value, end of period	$25.30	$29.79	$32.69	$18.43	$21.48
Total return3	(10.94 )%	(2.56 )%	76.80 %	(13.98 )%	(15.37 )%
Ratios to average net assets (annualized)*
Gross expenses	2.07 %	2.07 %	2.06 %	2.08 %	2.22 %
Net expenses	1.90 %	1.90 %	1.90 %	1.90 %	1.90 %
Net investment income (loss)	0.00 %	(0.39 )%	(0.29 )%	0.02 %	(0.35 )%
Supplemental data
Portfolio turnover rate4	87 %	70 %	62 %	78 %	168 %
Net assets, end of period (000s omitted)	$1,307	$2,278	$3,388	$4,431	$1,099

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

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%
Year ended May 31, 2019	0.75%

1	Amount is less than $0.005.
2	Calculated based upon average shares outstanding
3	Total return calculations do not include any sales charges.
4	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

16 | Allspring Small Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Class R6	2023	2022	2021	2020	2019
Net asset value, beginning of period	$35.46	$38.33	$21.56	$24.92	$29.44
Net investment income	0.37 1	0.33	0.20	0.31	0.21 1
Net realized and unrealized gains (losses) on investments	(3.79 )	(0.80 )	16.78	(3.50 )	(4.45 )
Total from investment operations	(3.42 )	(0.47 )	16.98	(3.19 )	(4.24 )
Distributions to shareholders from
Net investment income	(0.01 )	(0.26 )	(0.21 )	(0.17 )	(0.28 )
Net realized gains	(1.35 )	(2.14 )	0.00	0.00	0.00
Total distributions to shareholders	(1.36 )	(2.40 )	(0.21 )	(0.17 )	(0.28 )
Net asset value, end of period	$30.68	$35.46	$38.33	$21.56	$24.92
Total return	(9.95 )%	(1.41 )%	78.63 %	(12.97 )%	(14.38 )%
Ratios to average net assets (annualized)*
Gross expenses	0.89 %	0.89 %	0.89 %	0.90 %	1.09 %
Net expenses	0.75 %	0.75 %	0.75 %	0.75 %	0.75 %
Net investment income	1.11 %	0.71 %	0.73 %	1.22 %	0.77 %
Supplemental data
Portfolio turnover rate2	87 %	70 %	62 %	78 %	168 %
Net assets, end of period (000s omitted)	$14,573	$8,021	$9,007	$6,491	$731

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

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%
Year ended May 31, 2019	0.75%

1	Calculated based upon average shares outstanding
2	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 | 17

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Administrator Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$35.15	$37.98	$21.40	$24.80	$29.23
Net investment income	0.28 1	0.17 1	0.10 1	0.21 1	0.14 1
Net realized and unrealized gains (losses) on investments	(3.75 )	(0.75 )	16.62	(3.43 )	(4.43 )
Total from investment operations	(3.47 )	(0.58 )	16.72	(3.22 )	(4.29 )
Distributions to shareholders from
Net investment income	0.00	(0.11 )	(0.14 )	(0.18 )	(0.14 )
Net realized gains	(1.35 )	(2.14 )	0.00	0.00	0.00
Total distributions to shareholders	(1.35 )	(2.25 )	(0.14 )	(0.18 )	(0.14 )
Net asset value, end of period	$30.33	$35.15	$37.98	$21.40	$24.80
Total return	(10.20 )%	(1.71 )%	77.91 %	(13.18 )%	(14.65 )%
Ratios to average net assets (annualized)*
Gross expenses	1.24 %	1.24 %	1.24 %	1.32 %	1.35 %
Net expenses	1.05 %	1.05 %	1.05 %	1.05 %	1.05 %
Net investment income	0.86 %	0.45 %	0.35 %	0.82 %	0.49 %
Supplemental data
Portfolio turnover rate2	87 %	70 %	62 %	78 %	168 %
Net assets, end of period (000s omitted)	$17,743	$23,813	$32,721	$15,581	$13,905

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

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%
Year ended May 31, 2019	0.75%

1	Calculated based upon average shares outstanding
2	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

18 | Allspring Small Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	2019
Net asset value, beginning of period	$35.30	$38.13	$21.46	$24.86	$29.40
Net investment income	0.35 1	0.20 1	0.15 1	0.25	0.19 1
Net realized and unrealized gains (losses) on investments	(3.78 )	(0.71 )	16.70	(3.43 )	(4.45 )
Total from investment operations	(3.43 )	(0.51 )	16.85	(3.18 )	(4.26 )
Distributions to shareholders from
Net investment income	(0.01 )	(0.18 )	(0.18 )	(0.22 )	(0.28 )
Net realized gains	(1.35 )	(2.14 )	0.00	0.00	0.00
Total distributions to shareholders	(1.36 )	(2.32 )	(0.18 )	(0.22 )	(0.28 )
Net asset value, end of period	$30.51	$35.30	$38.13	$21.46	$24.86
Total return	(10.03 )%	(1.53 )%	78.39 %	(13.03 )%	(14.46 )%
Ratios to average net assets (annualized)*
Gross expenses	0.99 %	0.99 %	0.99 %	1.07 %	1.14 %
Net expenses	0.85 %	0.85 %	0.85 %	0.85 %	0.85 %
Net investment income	1.06 %	0.54 %	0.52 %	1.04 %	0.68 %
Supplemental data
Portfolio turnover rate2	87 %	70 %	62 %	78 %	168 %
Net assets, end of period (000s omitted)	$110,536	$115,479	$72,123	$33,600	$33,116

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

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%
Year ended May 31, 2019	0.75%

1	Calculated based upon average shares outstanding
2	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 | 19

Notes to financial statements

ORGANIZATION

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 May 31, 2023, the Fund owned 88.78% 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 May 31, 2023 are included in this report and should be read in conjunction with the Fund’s financial statements.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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.

Investment transactions, income and expenses

Distributions to shareholders

Federal and other taxes

20 | Allspring Small Company Value Fund

Notes to financial statements

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $402,852,494 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$45,861,136
Gross unrealized losses	0
Net unrealized gains	$45,861,136

As of May 31, 2023, the Fund had capital loss carryforwards which consist of $12,204,996 in short-term capital losses.

Class allocations

FAIR VALUATION MEASUREMENTS

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Allspring Small Company Value Portfolio	Seeks long-term capital appreciation	$448,713,630

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

TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $5 billion	0.050 %
Next $5 billion	0.040
Over $10 billion	0.030

For the year ended May 31, 2023, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Administration fees

	Class-level administration fee
Class A	0.21 %
Class C	0.21
Class R6	0.03
Administrator Class	0.13
Institutional Class	0.13

Waivers and/or expense reimbursements

Allspring Small Company Value Fund | 21

Notes to financial statements

classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of May 31, 2023, the contractual expense caps are as follows:

	EXPENSE RATIO CAPS
Class A	1.15 %
Class C	1.90
Class R6	0.75
Administrator Class	1.05
Institutional Class	0.85

Distribution fee

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 May 31, 2023, Allspring Funds Distributor received $1,048 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 May 31, 2023.

Shareholder servicing fees

INVESTMENT PORTFOLIO TRANSACTIONS

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Fund under the agreement.

DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended May 31, 2023 and May 31, 2022 were as follows:

	Year ended May 31
	2023	2022
Ordinary income	$62,215	$11,642,015
Long-term capital gain	20,897,482	19,260,365

As of May 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains	Capital loss carryforward
$4,259,079	$45,861,136	$(12,204,996 )

22 | 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 May 31, 2023, 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 May 31, 2023, 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

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 May 31, 2023, 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.

Boston, Massachusetts

July 27, 2023

24 | Allspring Small Company Value Fund

Portfolio of investments—May 31, 2023

Portfolio of investments

	Shares		Value
Common stocks: 98.96%
Communication services: 0.24%
Interactive media & services: 0.24%
Cargurus, Inc.†		65,313	$1,227,231
Consumer discretionary: 11.09%
Automobile components: 0.80%
Patrick Industries, Inc.		61,343	4,019,807
Diversified consumer services: 0.75%
Carriage Services, Inc.		145,137	3,796,784
Hotels, restaurants & leisure: 1.55%
Dine Brands Global, Inc.		49,400	2,955,602
Wyndham Hotels & Resorts, Inc.		71,675	4,891,819
			7,847,421
Household durables: 3.16%
Cavco Industries, Inc.†		9,156	2,279,661
Century Communities, Inc.		63,674	4,051,576
Ethan Allen Interiors, Inc.		86,628	2,168,299
GoPro, Inc. Class A†		117,475	493,395
Helen of Troy Ltd.†		31,094	2,993,730
Meritage Homes Corp.		34,787	4,011,985
			15,998,646
Leisure products: 1.87%
Johnson Outdoors, Inc. Class A		80,316	4,558,736
Malibu Boats, Inc. Class A†		93,399	4,898,778
			9,457,514
Specialty retail: 2.60%
1-800-Flowers.com, Inc. Class A†		339,566	2,757,276
American Eagle Outfitters, Inc.		129,717	1,319,222
Dick’s Sporting Goods, Inc.		33,997	4,334,957
Shoe Carnival, Inc.		171,325	3,352,830
Williams-Sonoma, Inc.		12,141	1,378,125
			13,142,410
Textiles, apparel & luxury goods: 0.36%
Rocky Brands, Inc.		94,640	1,808,570
Consumer staples: 4.06%
Beverages: 0.82%
Coca-Cola Consolidated, Inc.		6,274	4,151,757
Consumer staples distribution & retail: 1.62%
Grocery Outlet Holding Corp.†		146,397	4,204,522
Sprouts Farmers Market, Inc.†		114,553	3,958,951
			8,163,473

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

Allspring Small Company Value Portfolio | 25

Portfolio of investments—May 31, 2023

	Shares		Value
Food products: 1.62%
Flowers Foods, Inc.		84,046	$2,099,469
Hostess Brands, Inc.†		112,479	2,798,478
Post Holdings, Inc.†		38,592	3,278,776
			8,176,723
Energy: 4.13%
Energy equipment & services: 1.92%
Helmerich & Payne, Inc.		160,027	4,941,634
Patterson-UTI Energy, Inc.		487,887	4,752,019
			9,693,653
Oil, gas & consumable fuels: 2.21%
Diamondback Energy, Inc.		58,775	7,473,242
W&T Offshore, Inc.†		954,152	3,692,568
			11,165,810
Financials: 22.33%
Banks: 10.93%
Ameris Bancorp		171,577	5,414,970
Atlantic Union Bankshares Corp.		203,316	5,196,757
Axos Financial, Inc.†		157,464	5,955,288
Banner Corp.		111,333	4,817,379
Customers Bancorp, Inc.†		136,122	3,133,528
FB Financial Corp.		117,424	3,130,524
Great Southern Bancorp, Inc.		106,528	5,180,457
Heritage Financial Corp.		169,166	2,765,864
Independent Bank Corp.		293,144	4,792,904
OceanFirst Financial Corp.		87,541	1,243,082
OFG Bancorp		229,304	5,562,915
Synovus Financial Corp.		196,962	5,335,701
Univest Financial Corp.		153,950	2,729,534
			55,258,903
Capital markets: 2.79%
Donnelley Financial Solutions, Inc.†		96,906	4,297,781
Piper Sandler Cos.,		44,692	5,692,420
Stifel Financial Corp.		73,835	4,103,011
			14,093,212
Financial services: 2.06%
Cass Information Systems, Inc.		43,947	1,697,233
Euronet Worldwide, Inc.†		23,769	2,647,867
Jackson Financial, Inc. Class A		40,588	1,124,288
WEX, Inc.†		29,985	4,973,012
			10,442,400
Insurance: 4.00%
American Equity Investment Life Holding Co.		182,757	7,209,763
Brighthouse Financial, Inc.†		30,303	1,219,999

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

26 | Allspring Small Company Value Portfolio

Portfolio of investments—May 31, 2023

	Shares		Value
Insurance (continued)
Genworth Financial, Inc. Class A†		844,677	$4,519,022
Unum Group†		166,846	7,249,459
			20,198,243
Mortgage real estate investment trusts (REITs): 2.55%
AGNC Investment Corp.		691,638	6,356,153
Annaly Capital Management, Inc.		345,500	6,523,040
			12,879,193
Health care: 12.11%
Biotechnology: 1.41%
CRISPR Therapeutics AG†		59,604	3,817,040
Protagonist Therapeutics, Inc.†		126,017	3,285,263
			7,102,303
Health care equipment & supplies: 4.83%
Dentsply Sirona, Inc.		96,419	3,482,654
EDAP TMS SA ADR†		324,801	3,231,770
Figs, Inc. Class A†		209,344	1,724,995
Masimo Corp.†		13,806	2,234,363
Merit Medical Systems, Inc.†		55,148	4,544,195
QuidelOrtho Corp.†		64,046	5,452,877
UFP Technologies, Inc.†		24,145	3,733,541
			24,404,395
Health care providers & services: 5.21%
Addus HomeCare Corp.†		56,872	5,127,011
AMN Healthcare Services, Inc.†		57,362	5,447,095
Ensign Group, Inc.		38,564	3,417,156
Fulgent Genetics, Inc.†		112,069	4,456,984
Joint Corp.†		34,081	483,269
Option Care Health, Inc.†		79,323	2,185,349
Pediatrix Medical Group, Inc.†		72,468	963,824
U.S. Physical Therapy, Inc.		41,638	4,253,322
			26,334,010
Pharmaceuticals: 0.66%
Prestige Consumer Healthcare, Inc.†		50,192	2,872,488
Supernus Pharmaceuticals, Inc.†		14,738	488,418
			3,360,906
Industrials: 21.31%
Building products: 2.50%
CSW Industrials, Inc.		27,083	3,838,203
UFP Industries, Inc.		57,234	4,469,975
Zurn Elkay Water Solutions Corp. Class C		191,068	4,300,941
			12,609,119

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

Allspring Small Company Value Portfolio | 27

Portfolio of investments—May 31, 2023

	Shares		Value
Commercial services & supplies: 1.47%
ABM Industries, Inc.		95,031	$4,196,569
ACCO Brands Corp.		287,348	1,390,764
Healthcare Services Group, Inc.†		134,882	1,822,256
			7,409,589
Construction & engineering: 3.52%
Comfort Systems USA, Inc.		29,027	4,295,415
MYR Group, Inc.†		46,861	5,974,778
Sterling Infrastructure, Inc.†		163,694	7,541,383
			17,811,576
Electrical equipment: 2.09%
Atkore, Inc.†		20,812	2,430,217
Generac Holdings, Inc.†		36,565	3,982,660
Regal Rexnord Corp.		31,832	4,134,659
			10,547,536
Ground transportation: 0.82%
ArcBest Corp.		49,704	4,164,201
Machinery: 7.01%
Federal Signal Corp.		107,760	5,710,202
Hillenbrand, Inc.		125,552	6,022,730
Hillman Solutions Corp.†		59,020	478,062
Kadant, Inc.		25,994	4,931,582
Miller Industries, Inc.		101,669	3,340,843
Shyft Group, Inc.		183,737	4,319,657
Standex International Corp.		49,198	6,700,276
Timken Co.		55,208	3,950,132
			35,453,484
Passenger airlines: 0.66%
Alaska Air Group, Inc.†		74,486	3,346,656
Professional services: 1.71%
CBIZ, Inc.†		93,816	4,730,203
First Advantage Corp.†		141,999	1,918,406
TTEC Holdings, Inc.		62,574	1,984,847
			8,633,456
Trading companies & distributors: 1.53%
Air Lease Corp.		39,487	1,501,295
Boise Cascade Co.		78,818	5,660,709
Hudson Technologies, Inc.†		65,789	574,996
			7,737,000

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

28 | Allspring Small Company Value Portfolio

Portfolio of investments—May 31, 2023

	Shares		Value
Information technology: 10.92%
Communications equipment: 1.20%
Aviat Networks, Inc.†		61,517	$1,883,651
Harmonic, Inc.†		238,933	4,207,610
			6,091,261
Electronic equipment, instruments & components: 4.77%
Belden, Inc.		23,636	2,067,914
ePlus, Inc.†		82,103	4,055,067
Insight Enterprises, Inc.†		28,325	3,830,107
Methode Electronics, Inc.		107,868	4,643,717
PC Connection, Inc.		79,597	3,579,477
Richardson Electronics Ltd.		89,763	1,489,168
Sanmina Corp.†		84,203	4,466,127
			24,131,577
IT services: 1.42%
EPAM Systems, Inc.†		15,552	3,990,954
Hackett Group, Inc.		40,885	792,760
Kyndryl Holdings, Inc.†		190,442	2,391,952
			7,175,666
Semiconductors & semiconductor equipment: 2.73%
Cirrus Logic, Inc.†		29,787	2,313,854
Diodes, Inc.†		26,999	2,425,590
FormFactor, Inc.†		101,768	3,184,321
Ichor Holdings Ltd.†		75,486	2,287,226
Onto Innovation, Inc.†		33,244	3,568,743
			13,779,734
Software: 0.80%
Mitek Systems, Inc.†		73,524	766,120
Verint Systems, Inc.†		90,995	3,264,901
			4,031,021
Materials: 5.86%
Chemicals: 3.24%
AdvanSix, Inc.		149,312	4,912,365
Hawkins, Inc.		128,923	6,051,645
Ingevity Corp.†		14,635	690,626
Minerals Technologies, Inc.		58,129	3,232,554
Stepan Co.		15,938	1,465,499
			16,352,689
Construction materials: 1.49%
Eagle Materials, Inc.		46,192	7,526,062
Containers & packaging: 0.19%
Greif, Inc. Class A		15,839	951,924

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

Allspring Small Company Value Portfolio | 29

Portfolio of investments—May 31, 2023

		Yield
Short-term investments: 0.94%
Investment companies: 0.94%
Allspring Government Money Market Fund Select Class♠∞		5.01 %	4,743,595	4,743,595
Total short-term investments (Cost $4,743,595)				4,743,595
Total investments in securities (Cost $416,947,278)	99.90 %			504,920,660
Other assets and liabilities, net	0.10			528,144
Total net assets	100.00 %			$505,448,804

†	Non-income-earning security
♠	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.

Abbreviations:
ADR	American depositary receipt
REIT	Real estate investment trust

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$5,144,446	$86,990,939	$(87,391,790 )	$0	$0	$4,743,595	4,743,595	$176,646
Investments in affiliates no longer held at end of period
Securities Lending Cash Investments LLC	8,022,300	73,268,132	(81,290,232 )	(200 )	0	0	0	107,340 1
				$(200 )	$0	$4,743,595		$283,986

1	Amount shown represents income before fees and rebates.

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

Allspring Small Company Value Portfolio | 31

Notes to financial statements

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.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Securities lending

Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Federal and other taxes

36 | Allspring Small Company Value Portfolio

Notes to financial statements

As of May 31, 2023, the aggregate cost of all investments for federal income tax purposes was $429,288,754 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$105,377,395
Gross unrealized losses	(29,745,489 )
Net unrealized gains	$75,631,906

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 May 31, 2023:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$1,227,231	$0	$0	$1,227,231
Consumer discretionary	56,071,152	0	0	56,071,152
Consumer staples	20,491,953	0	0	20,491,953
Energy	20,859,463	0	0	20,859,463
Financials	112,871,951	0	0	112,871,951
Health care	61,201,614	0	0	61,201,614
Industrials	107,712,617	0	0	107,712,617
Information technology	55,209,259	0	0	55,209,259
Materials	29,591,418	0	0	29,591,418
Real estate	32,166,396	0	0	32,166,396
Utilities	2,773,800	0	0	2,773,800
Warrants
Energy	0	211	0	211
Short-term investments
Investment companies	4,743,595	0	0	4,743,595
Total assets	$504,920,449	$211	$0	$504,920,660

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

For the year ended May 31, 2023, the Portfolio did not have any transfers into/out of Level 3.

TRANSACTIONS WITH AFFILIATES

Advisory fee

Allspring Small Company Value Portfolio | 37

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 %
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 May 31, 2023, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Investments is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.55% 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

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended May 31, 2023 were $485,998,766 and $504,206,386, respectively.

BANK BORROWINGS

For the year ended May 31, 2023, there were no borrowings by the Portfolio under the agreement.

INDEMNIFICATION

38 | 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 May 31, 2023, 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 Portfolio as of May 31, 2023, 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

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 May 31, 2023, 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.

Boston, Massachusetts

July 27, 2023

Allspring Small Company Value Portfolio | 39

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 51% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended May 31, 2023.

Pursuant to Section 852 of the Internal Revenue Code, $20,897,482 was designated as a 20% rate gain distribution for the fiscal year ended May 31, 2023.

Pursuant to Section 854 of the Internal Revenue Code, $31,370 of income dividends paid during the fiscal year ended May 31, 2023 has been designated as qualified dividend income (QDI).

For the fiscal year ended May 31, 2023, $144 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

Quarterly portfolio holdings information

40 | Allspring Small Company Value Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A

Allspring Small Company Value Fund | 41

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

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

42 | Allspring Small Company Value Fund

Other information (unaudited)

Officers1

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

Allspring Small Company Value Fund | 43

Other information (unaudited)

Board consideration of investment management, advisory, and sub-advisory agreements:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Allspring Funds Trust (“Funds Trust”) and Allspring Master Trust (“Master Trust”, and collectively, the “Trusts”) must determine annually whether to approve the continuation of the Trusts’ investment management, advisory, and sub-advisory agreements, as applicable. In this regard, at a Board meeting held on May 15-17, 2023 (the “Meeting”), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Small Company Value Fund, a portfolio of Funds Trust (the “Feeder Fund”), an investment management agreement (the “Feeder Fund Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”).

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the “Master Portfolio Advisory Agreement”) with Allspring Funds Management for the Allspring Small Company Value Portfolio, a portfolio of Master Trust (the “Master Portfolio”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC 1(the “Sub-Adviser”), an affiliate of Allspring Funds Management, for the Master Portfolio.

The Boards noted that they initially approved the Advisory Agreements at a meeting of the Boards held in May 2021, all for a two-year term, in advance of the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. (the “Transaction”). The Trustees also noted that, while they did not specifically consider the continuation of the Advisory Agreements in 2022 as a result of the two-year term that was approved in 2021, the Trustees received and considered certain information at a meeting of the Boards held in April 2022 that was applicable to the Advisory Agreements, including an overview and financial review of the Allspring Global Investments business, information regarding certain ancillary agreements that were approved by the Boards at the April 2022 Board meeting, and comparative data regarding Fund fees and expenses.

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

44 | Allspring Small Company Value Fund

Other information (unaudited)

Nature, Extent, and Quality of Services

Fund Investment Performance and Expenses

The Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2022. The Boards considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Feeder Fund (the “Universe”), and in comparison to the Feeder Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Funds Trust Board noted that the investment performance of the Feeder Fund (Administrator Class) was higher than the average investment performance of its Universe for all periods under review. The Funds Trust Board also noted that the investment performance of the Feeder Fund was higher than its benchmark index, the Russell 2000® Value Index, for all periods under review.

The Master Trust Board took note of the investment performance of the Master Portfolio in the context of reviewing the investment performance of the Feeder Fund.

The Funds Trust Board also received and considered information regarding the Feeder Fund’s net operating expense ratios, which include fees and expenses of the Master Portfolio, and their various components, including actual management fees assessed at the Feeder Fund and Master Portfolio levels, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Funds Trust Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Feeder Fund (the “Groups”). The Funds Trust Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Funds Trust Board noted that the net operating expense ratios of the Feeder Fund were lower than the median net operating expense ratios of the expense Groups for all share classes.

The Boards took into account the Funds’ investment performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

Investment Management, Advisory, and Sub-Advisory Fee Rates

Allspring Small Company Value Fund | 45

Other information (unaudited)

the Feeder Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”).

Among other information reviewed by the Funds Trust Board was a comparison of the Feeder Fund’s Management Rate, which, for this purpose, includes the advisory fees paid at the Master Portfolio level, with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Funds Trust Board noted that the Management Rates of the Feeder Fund were in range of the sum of these average rates for the Feeder Fund’s expense Groups for all share classes, except the Institutional Class shares were higher than the sum of these average rates for the Feeder Fund’s expense Groups.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Master Portfolio with those of other funds in the Master Portfolio’s expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rate of the Master Portfolio was in range of the median rate for the Master Portfolio’s expense Group.

Profitability

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and differences in how Allspring Global Investments calculates its pre-tax profit metric versus the methodology used when Allspring Funds Management was part of Wells Fargo. It was noted that the impact of such differences had only minor impact on the financial results presented. Among other things, the Boards noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.

Economies of Scale

46 | Allspring Small Company Value Fund

Other information (unaudited)

Other Benefits to Allspring Funds Management and the Sub-Adviser

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

Conclusion

Allspring Small Company Value Fund | 47

Other information (unaudited)

Liquidity risk management program

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s and the Portfolio’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s and the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund or the Portfolio does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s or Portfolio’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund or the Portfolio has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s or the Portfolio’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Boards.

48 | Allspring Small Company Value Fund

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

ALL-06072023-uglas5w9 07-23
AR1815 05-23

Contents

Letter to shareholders	2
Performance Highlights
Spectrum Aggressive Growth Fund	6
Spectrum Conservative Growth Fund	10
Spectrum Growth Fund	14
Spectrum Income Allocation Fund	18
Spectrum Moderate Growth Fund	22
Fund expenses	26
Portfolio of investments
Spectrum Aggressive Growth Fund	28
Spectrum Conservative Growth Fund	31
Spectrum Growth Fund	35
Spectrum Income Allocation Fund	39
Spectrum Moderate Growth Fund	43
Financial statements
Statements of assets and liabilities	47
Statements of operations	49
Statements of changes in net assets	53
Financial highlights
Spectrum Aggressive Growth Fund	59
Spectrum Conservative Growth Fund	63
Spectrum Growth Fund	66
Spectrum Income Allocation Fund	69
Spectrum Moderate Growth Fund	72
Notes to financial statements	75
Report of independent registered public accounting firm	86
Other information	87

Multi-Asset Funds | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Allspring Spectrum Funds for the 12-month period that ended May 31, 2023. Globally, stocks and bonds experienced heightened volatility and poor performance through the challenging period. The market was focused on persistently high inflation as well as the impact of ongoing aggressive central bank rate hikes and the prospect of more rate hikes. Compounding these concerns were the global reverberations of the Russia-Ukraine war. Markets received a boost in December with the removal of China’s strict COVID-19 lockdowns. In March 2023, a new wave of market anxiety resulted from several bank failures and unease over the possibility of more rate hikes. However, investors regained confidence and markets finished the period in relative calm.

High inflation and central bank rate hikes rocked markets.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Multi-Asset Funds

Letter to shareholders (unaudited)

Multi-Asset Funds | 3

Letter to shareholders (unaudited)

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

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

The Purchasing Managers Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index.

4 | Multi-Asset Funds

Performance highlights (unaudited)

Performance highlights
Allspring Spectrum Aggressive Growth Fund

Investment objective	The Fund seeks long-term capital appreciation with no emphasis on income.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Kandarp R. Acharya, CFA, FRM, Petros N. Bocray, CFA, FRM, Travis L. Keshemberg, CFA, CIPM, FRM

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WEAFX)3	2-10-2017	-5.94	5.87	7.47	-0.20	7.13	8.11	1.02	0.74
Class C (WEACX)4	10-1-1997	-1.96	6.34	7.76	-0.96	6.34	7.76	1.77	1.49
Administrator Class 5	2-4-2022	–	–	–	-0.10	7.27	8.17	0.95	0.67
Institutional Class (WEAYX)6	7-31-2018	–	–	–	0.18	7.49	8.28	0.70	0.42
Spectrum Aggressive Growth Blended Index7	–	–	–	–	1.14	7.74	9.18	–	–
MSCI ACWI ex USA Index (Net)8	–	–	–	–	-1.41	2.22	3.83	–	–
Russell 3000® Index9	–	–	–	–	2.03	10.07	11.45	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.27% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C, 0.67% for Administrator Class and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.
4	Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar.
5	Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Administrator Class shares.
6	Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.
7	Source: Allspring Funds Management, LLC. The Spectrum Aggressive Growth Blended Index is composed 70% of the Russell 3000® Index and 30% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Equity Blended Index was renamed the Spectrum Aggressive Growth Blended Index. You cannot invest directly in an index.
8	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
9	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Multi-Asset Funds

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Aggressive Growth Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

•The Fund underperformed the Spectrum Aggressive Growth Blended Index for the 12-month period that ended May 31, 2023.

•Dynamic Risk Hedging (DRH) and poor relative performance by our U.S. growth equity strategies were the largest detractors from performance over the period.

•Strong relative performance from emerging market holdings generated the largest contributors to relative performance.

Slow growth, rising rates lead to muted market returns.

The 12-month period that ended May 31, 2023, saw a small gain in broad U.S. equity markets, as illustrated by the Russell 3000® Index’s return of +2.03%. Large-cap U.S. stocks, as measured by the Russell 1000® Index*, fared better (+2.45%) than small-cap U.S. stocks, as represented by the Russell 2000® Index**, which declined 4.68%.

While these return numbers seem modest, they reflect a recovery from multiple double-digit declines that occurred over the period. Non-U.S. equities also declined. The MSCI ACWI ex USA Index (Net) posted a -1.41% return over the period. Developed markets, as represented by the MSCI EAFE Index (Net)***, advanced 3.06%, while emerging markets, as represented by the MSCI EM Index (Net)†, declined 8.49%. Core holdings remained stable.

The allocations among the portfolio’s core holdings remained stable over the period.

In contrast, the Fund’s Tactical Asset Allocation (TAA) overlay was active throughout the year. The overlay had a distinctly defensive posturing at the start of the period, which became less defensive as both stock and bond markets recovered in the second half of the period. The DRH process was very active throughout most of 2022, with activity subsiding as markets recovered after December. For the trailing 12 months, DRH detracted about 32 basis points (bps; 100 bps equal 1.00%) from performance.

Ten largest holdings (%) as of May 31, 20231
Allspring Disciplined Large Cap Portfolio	24.31
Allspring Factor Enhanced International Equity Portfolio	19.36
iShares Core S&P 500 ETF	13.16
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio	11.12
Allspring Discovery Large Cap Growth Fund Class R6	4.07
Allspring Premier Large Company Growth Fund Class R6	4.06
Allspring Special Large Cap Value Fund Class R6	3.96
Allspring Emerging Markets Equity Fund Class R6	2.96
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio	2.93
iShares Core S&P Small-Cap ETF	2.90

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

DRH was the largest detractor from relative performance along with poor stock selection among U.S. growth equity strategies.

Last year saw a high level of market volatility, with lows reached in June, September into October, and again near year-end. These lows were followed by subsequent recoveries. Hedge levels tend to rise with increased volatility. In these types of seesaw markets, it can be difficult for DRH to consistently add to performance. While the September/October correction added to hedge performance, it was not large enough to compensate for hedge losses earlier in the period.

Poor stock selection, particularly within U.S. large-cap growth and U.S. small-cap growth, detracted from performance. The recovery from market lows since the end of 2022 was led by a narrow group of growth stocks. Failing to hold the winners in weights equal to the index resulted in underperformance.

Strong performance from emerging market holdings made the largest contribution to relative performance.

Although emerging markets posted negative absolute returns, both of our actively managed emerging strategies outperformed their market

The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index.

The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index.

***

The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. You cannot invest directly in an index.

†

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

8 | Multi-Asset Funds

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Aggressive Growth Fund (continued)

benchmark on a relative basis. Stock selection and country allocation drove strong relative performance.

Allocation (%) as of May 31, 2023
	Neutral allocation	Effective allocation1
Large Cap Funds	60	60
International Developed Funds	23	23
Small Cap Funds	10	10
Emerging Markets Funds	7	7

Effective allocation includes the effect of any tactical futures overlay that

may be in place. Effective cash, if any, represents the net offset to such

futures positions. The effective allocation does not reflect futures

positions held in dynamic risk hedging strategies. Effective allocations are

subject to change and may have changed since the date specified.

Looking ahead, we are still somewhat guarded.

While U.S. lending standards are tightening and the impact of higher rates is just starting to be felt within the banking sector, the contagion from bank

failures in the U.S. has been limited so far. The Federal Reserve (Fed) is likely to be more data dependent from this point forward and the pattern of consistently hiking every quarter should end. However, with real yields on the rise and the U.S. dollar stabilizing, the combination of further Fed balance sheet shrinkage and tighter fiscal policy affected by the debt limit negotiations should put downward pressure on growth. The household sector balance sheet remains healthy and supported by a strong labor market. Negative real wages and fading government support are likely to lead to lower spending going forward.

Multi-Asset Funds | 9

Performance highlights (unaudited)

Performance highlights
Allspring Spectrum Conservative Growth Fund

Investment objective	The Fund seeks a combination of current income and capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Kandarp R. Acharya, CFA, FRM, Petro N. Bocray, CFA, Travis L. Keshemberg, CFA, CIPM, FRM

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WMBGX)3	2-10-2017	-8.68	2.20	3.29	-3.11	3.42	3.90	1.12	0.74
Class C (WMBFX)4	9-30-2004	-4.83	2.66	3.57	-3.83	2.66	3.57	1.87	1.49
Institutional Class (WMBZX)5	7-31-2018	–	–	–	-2.87	3.74	4.06	0.80	0.42
Spectrum Conservative Growth Blended Index6	–	–	–	–	-1.01	3.83	4.66	–	–
Bloomberg U.S. Aggregate Bond Index7	–	–	–	–	-2.14	0.81	1.39	–	–
Bloomberg U.S. TIPS Index8	–	–	–	–	-4.20	2.64	1.75	–	–
ICE BofA U.S. High Yield Constrained Index9	–	–	–	–	-0.09	2.92	3.89	–	–
MSCI ACWI ex USA Index (Net)10	–	–	–	–	-1.41	2.22	3.83	–	–
Russell 3000® Index11	–	–	–	–	2.03	10.07	11.45	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.35% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.
4	Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar.
5	Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.
6	Source: Allspring Funds Management, LLC. Spectrum Conservative Growth Blended Index is composed 41% of the Bloomberg U.S. Aggregate Bond Index, 20% of the Russell 3000® Index, 15% of the Bloomberg U.S. TIPS Index, 15% of ICE BofA U.S. High Yield Constrained Index, and 9% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Moderate Balanced Blended Index, which was composed 60% of the Bloomberg U.S. Aggregate Bond Index, 28% of the Russell 3000® Index, and 12% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Conservative Growth Blended Index. You cannot invest directly in an index.
7	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
8	The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

10 | Multi-Asset Funds

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Conservative Growth Fund (continued)

Growth of $10,000 investment as of May 31, 20231

The chart compares the performance of Class A shares for the most recent ten years with the Spectrum Conservative Growth Blended Index, Bloomberg U.S. Aggregate

Bond Index, Bloomberg U.S. TIPS Index, ICE BofA U.S. High Yield Constrained Index, MSCI ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a

hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

Footnotes continued from previous page
9	The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.
10	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
11	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Multi-Asset Funds | 11

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Conservative Growth Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

•The Fund underperformed the Spectrum Conservative Growth Blended Index for the 12-month period that ended May 31, 2023.

•The Tactical Asset Allocation (TAA) overlay was the largest detractor from relative performance over the period. The allocation to commodity investments also detracted from performance.

•Strong relative performance from the fixed income managers was the largest contributor to relative performance.

Slow growth, rising rates lead to muted market returns.

The 12-month period that ended May 31, 2023, saw a small gain in broad U.S. equity markets, as illustrated by the Russell 3000® Index’s return of +2.03%. Broad foreign markets did worse, as reflected by the MSCI ACWI ex USA Index (Net)’s return of -1.41%. While these return numbers are modest, they reflect a recovery from some severe double-digit declines. The broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index, posted a return of -2.14%. Commodity prices moved significantly lower as the Bloomberg Commodity Index* declined 22.48%.

Ten largest holdings (%) as of May 31, 20231
Allspring Bloomberg US Aggregate ex-Corporate Portfolio	13.36
Allspring Core Bond Portfolio	12.06
Allspring Income Plus Fund Institutional Class	11.46
Allspring Real Return Portfolio	7.85
Allspring Disciplined Large Cap Portfolio	7.02
Allspring High Yield Bond Fund Institutional Class	7.02
Allspring Factor Enhanced International Equity Portfolio	5.60
Allspring Diversified Income Builder Fund Class R6	4.70
iShares Core U.S. Aggregate Bond ETF	4.51
iShares Core S&P 500 ETF	3.81

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

The portfolio reduced exposure to commodities.

Portfolio management made one change to the underlying portfolio.

The allocations among the portfolio’s core holdings remained stable over the period. However, in November 2022, we reduced exposure to commodities from 4.5% to 2.0%, after commodities had performed incredibly well.

In contrast, the Fund’s TAA overlay was active throughout the year. The overlay had a distinctly defensive posturing at the start of the period, which became less defensive as both stock and bond markets recovered in the second half of the period. The Dynamic Risk Hedging (DRH) process was very active throughout most of 2022, with activity subsiding as the market recovered after December. For the trailing 12 months, DRH detracted a small amount from performance.

The TAA overlay detracted from relative performance along with the allocation to commodities.

The TAA overlay was the largest detractor from relative performance over the period, reducing performance by about 40 basis points (bps; 100 bps equal 1.00%) over the entire period. Early on, the overlay was defensively postured. However, even some of the classic defensive trades detracted from performance. Since the beginning of 2023, we have been selectively adding risk. Our base case suggests a globally synchronized slowdown in economic activity with inflation more persistent than many local central banks may want it to be. We continue to prefer relative-value trades as opposed to directional trades amid much uncertainty.

Over the latest trailing 12 months, the Bloomberg Commodity Index declined 22.48%, making it one of the worst-performing assets over the period. This stands in stark contrast to the year-earlier period, when the same index was up more than 41%. As stated above, in November 2022, we made a considerable reduction in our exposure to commodities.

Strong performance from active fixed income managers was the largest contributor to relative performance.

Although the broad fixed income market posted losses, nearly all of our actively managed fixed income strategies outperformed their respective market benchmarks. Credit sector allocation and lower-than-market duration drove performance.

12 | Multi-Asset Funds

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Conservative Growth Fund (continued)

Allocation (%) as of May 31, 2023
	Neutral allocation	Effective allocation1
Bond Funds	54	60
Stock Funds	28	29
Inflation Sensitive Funds	14	10
Alternative Funds	4	3
Effective Cash	0	(2 )

Effective allocation includes the effect of any tactical futures overlay that

may be in place. Effective cash, if any, represents the net offset to such

futures positions. The effective allocation does not reflect futures

positions held in dynamic risk hedging strategies. Effective allocations are

subject to change and may have changed since the date specified.

Looking ahead, we are still somewhat guarded.

While U.S. lending standards are tightening and the impact of higher rates is just starting to be felt within the banking sector, the contagion from bank

failures in the U.S. has been limited, so far. The Federal Reserve (Fed) is likely to be more data dependent from this point forward and the pattern of consistently hiking every quarter should end. However, with real yields on the rise and the U.S. dollar stabilizing, the combination of further Fed balance sheet shrinkage and tighter fiscal policy affected by the debt limit negotiations should put downward pressure on growth. The household sector balance sheet remains healthy and supported by a strong labor market. Negative real wages and fading government support are likely to lead to lower spending going forward.

Multi-Asset Funds | 13

Performance highlights (unaudited)

Performance highlights
Allspring Spectrum Growth Fund

Investment objective	The Fund seeks capital appreciation with a secondary emphasis on current income.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Kandarp R. Acharya, CFA, FRM, Petros N. Bocray, CFA, Travis L. Keshemberg, CFA, CIPM, FRM

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WGAFX)3	2-10-2017	-8.13	4.18	5.97	-2.53	5.42	6.60	1.08	0.74
Class C (WGCFX)4	9-30-2004	-4.22	4.66	6.27	-3.22	4.66	6.27	1.83	1.49
Institutional Class (WGAYX)5	7-31-2018	–	–	–	-2.17	5.72	6.75	0.76	0.42
Spectrum Growth Blended Index6	–	–	–	–	-0.08	5.66	7.29	–	–
Bloomberg U.S. Aggregate Bond Index7	–	–	–	–	-2.14	0.81	1.39	–	–
Bloomberg U.S. TIPS Index8	–	–	–	–	-4.20	2.64	1.75	–	–
ICE BofA U.S. High Yield Constrained Index9	–	–	–	–	-0.09	2.92	3.89	–	–
MSCI ACWI ex USA Index (Net)10	–	–	–	–	-1.41	2.22	3.83	–	–
Russell 3000® Index11	–	–	–	–	2.03	10.07	11.45	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.29% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.
4	Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar.
5	Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.
6	Source: Allspring Funds Management, LLC. Spectrum Growth Blended Index is composed 40% of the Russell 3000® Index, 17% of the MSCI ACWI ex USA Index (Net), 15% of the Bloomberg U.S. Aggregate Bond Index, 14% of the Bloomberg U.S. TIPS Index, and 14% of ICE BofA U.S. High Yield Constrained Index. Effective November 2, 2020, the WealthBuilder Growth Allocation Blended Index, which was composed 56% of the Russell 3000® Index, 24% of the MSCI ACWI ex USA Index (Net), and 20% of the Bloomberg U.S. Aggregate Bond Index, was renamed the Spectrum Growth Blended Index. You cannot invest directly in an index.
7	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
8	The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

14 | Multi-Asset Funds

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Growth Fund (continued)

Growth of $10,000 investment as of May 31, 20231

The chart compares the performance of Class A shares for the most recent ten years with the Spectrum Growth Blended Index, Bloomberg U.S. Aggregate Bond Index,

Bloomberg U.S. TIPS Index, ICE BofA U.S. High Yield Constrained Index, MSCI ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical

investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

Footnotes continued from previous page
9	The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.
10	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
11	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Multi-Asset Funds | 15

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Growth Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

•The Fund underperformed the Spectrum Growth Blended Index for the 12-month period that ended May 31, 2023.

•The allocation to commodities and performance from the Tactical Asset Allocation (TAA) overlay were the largest detractors from relative performance over the period.

•Strong relative performance from both the emerging market equity and fixed income managers were the largest contributors to relative performance.

Slow growth, rising rates lead to muted market returns.

Ten largest holdings (%) as of May 31, 20231
Allspring Disciplined Large Cap Portfolio	14.97
Allspring Factor Enhanced International Equity Portfolio	11.63
Allspring Real Return Portfolio	8.13
Allspring High Yield Bond Fund Institutional Class	7.61
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio	6.86
Allspring Diversified Income Builder Fund Class R6	5.74
iShares Core S&P 500 ETF	5.05
iShares Core U.S. Aggregate Bond ETF	4.49
Allspring Core Bond Portfolio	3.98
Allspring Bloomberg US Aggregate ex-Corporate Portfolio	3.48

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

We reduced exposure to commodities.

In contrast, the Fund’s TAA overlay was active throughout the year. The overlay had a distinctly defensive posturing at the start of the period, which became less defensive as both stock and bond markets recovered in the second half of the period. The Dynamic Risk Hedging (DRH) process was very active throughout most of 2022, with activity subsiding as markets recovered after December. For the trailing 12 months, DRH detracted a small amount from performance.

The TAA overlay detracted from relative performance along with the allocation to commodities.

The TAA overlay was the largest detractor from relative performance, reducing performance by about 41 basis points (bps; 100 bps equals 1.00%) over the entire period. Early on, the overlay was defensively postured. However, even some of the classic defensive trades detracted from performance. Since the beginning of 2023, we have been selectively adding risk. Our base case suggests a globally synchronized slowdown in economic activity with inflation more persistent than many local central banks may want it to be. We continue to prefer relative-value trades as opposed to directional trades amid much uncertainty.

Strong performance from emerging market equity and fixed income managers contributed to relative performance.

Although emerging markets posted negative absolute returns, both of our actively managed emerging strategies outperformed their market benchmark on a relative basis. Stock selection and country allocation drove relative performance. Likewise, although the broad fixed income market posted losses, nearly all of our actively managed fixed income strategies outperformed their respective market benchmark. Credit sector allocation and lower-than-market duration drove performance.

16 | Multi-Asset Funds

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Growth Fund (continued)

Allocation (%) as of May 31, 2023
	Neutral allocation	Effective allocation1
Stock Funds	58	57
Bond Funds	24	33
Inflation Sensitive Funds	15	10
Alternative Funds	3	2
Effective Cash	0	(2 )

Effective allocation includes the effect of any tactical futures overlay that

may be in place. Effective cash, if any, represents the net offset to such

futures positions. The effective allocation does not reflect futures

positions held in dynamic risk hedging strategies. Effective allocations are

subject to change and may have changed since the date specified.

Looking ahead, we are still somewhat guarded.

While U.S. lending standards are tightening and the impact of higher rates is just starting to be felt within the banking sector, the contagion from bank

Multi-Asset Funds | 17

Performance highlights (unaudited)

Performance highlights
Allspring Spectrum Income Allocation Fund

Investment objective	The Fund seeks current income with a secondary emphasis on capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Kandarp R. Acharya, CFA, FRM, Petros N. Bocray, CFA, Travis L. Keshemberg, CFA, CIPM, FRM

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WCAFX)3	2-10-2017	-8.88	0.64	1.47	-3.32	1.84	2.07	1.10	0.74
Class C (WCCFX)4	9-30-2004	-5.07	1.05	1.72	-4.07	1.05	1.72	1.85	1.49
Institutional Class (WCYFX)5	7-31-2018	–	–	–	-2.99	2.16	2.23	0.78	0.42
Spectrum Income Allocation Blended Index6	–	–	–	–	-1.60	2.32	3.03	–	–
Bloomberg U.S. Aggregate Bond Index7	–	–	–	–	-2.14	0.81	1.39	–	–
Bloomberg U.S. TIPS Index8	–	–	–	–	-4.20	2.64	1.75	–	–
ICE BofA U.S. High Yield Constrained Index9	–	–	–	–	-0.09	2.92	3.89	–	–
MSCI ACWI ex USA Index (Net)10	–	–	–	–	-1.41	2.22	3.83	–	–
Russell 3000® Index11	–	–	–	–	2.03	10.07	11.45	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.30% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.
4	Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar.
5	Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.
6	Source: Allspring Funds Management, LLC. Spectrum Income Allocation Blended Index is composed 65% of the Bloomberg U.S. Aggregate Bond Index, 15% of ICE BofA U.S. High Yield Constrained Index, 10% of the Bloomberg U.S. TIPS Index, 7% of the Russell 3000® Index, and 3% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Growth Allocation Blended Index, which was composed 80% of the Bloomberg U.S. Aggregate Bond Index, 14% of the Russell 3000® Index, and 6% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Income Allocation Blended Index. You cannot invest directly in an index.
7	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
8	The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

18 | Multi-Asset Funds

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Income Allocation Fund (continued)

Growth of $10,000 investment as of May 31, 20231

The chart compares the performance of the Fund for the most recent ten years with the Spectrum Income Allocation Blended Index, Bloomberg U.S. Aggregate Bond

Index, Bloomberg U.S. TIPS Index, ICE BofA U.S. High Yield Constrained Index, MSCI ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical

investment of $10,000 investment and reflects all operating expenses of the Fund.

Footnotes continued from previous page
9	The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.
10	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
11	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Multi-Asset Funds | 19

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Income Allocation Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

•The Fund underperformed the Spectrum Income Allocation Blended Index for the 12-month period that ended May 31, 2023.

•The Tactical Asset Allocation (TAA) overlay was the largest detractor from relative performance over the period. The allocation to commodity investments also detracted from performance.

•Strong relative performance from fixed income was the largest contributor to relative performance.

Slow growth, rising rates lead to muted market returns.

Ten largest holdings (%) as of May 31, 20231
Allspring Bloomberg US Aggregate ex-Corporate Portfolio	24.28
Allspring Core Bond Portfolio	23.91
Allspring Income Plus Fund Institutional Class	9.93
Allspring Real Return Portfolio	7.13
Allspring High Yield Bond Fund Institutional Class	6.38
iShares Core U.S. Aggregate Bond ETF	4.49
Allspring Diversified Income Builder Fund Class R6	4.18
Allspring Alternative Risk Premia Fund Class R6	3.20
Allspring Global Investment Grade Credit Fund Class R6	3.01
Allspring Disciplined Large Cap Portfolio	2.59

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

The portfolio reduced exposure to commodities.

Portfolio management made one change to the underlying portfolio.

The allocations among the portfolio’s core holdings remained stable over the period. However, in November 2022, we reduced exposure to commodities from 4.5% to 2.0% after commodities had performed incredibly well.

The TAA overlay detracted from relative performance along with the allocation to commodities.

The TAA overlay was the largest detractor from relative performance over the period, reducing performance by about 45 basis points (bps; 100 bps equal 1.00%) over the entire period. Early on, the overlay was defensively postured, but even some of the classic defensive trades detracted from performance. Since the beginning of 2023, we have selectively added risk. Our base case suggests a globally synchronized slowdown in economic activity with inflation more persistent than many local central banks may want it to be. We continue to prefer relative-value trades as opposed to directional trades amid much uncertainty.

Strong relative performance from active fixed income was the largest contributor to relative performance.

20 | Multi-Asset Funds

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Income Allocation Fund (continued)

Allocation (%) as of May 31, 2023
	Neutral allocation	Effective allocation1
Bond Funds	77	80
Inflation Sensitive Funds	10	10
Stock Funds	10	10
Alternative Funds	3	3
Effective Cash	0	(3 )

Effective allocation includes the effect of any tactical futures overlay that

may be in place. Effective cash, if any, represents the net offset to such

futures positions. The effective allocation does not reflect futures

positions held in dynamic risk hedging strategies. Effective allocations are

subject to change and may have changed since the date specified.

Looking ahead, we are still somewhat guarded.

While U.S. lending standards are tightening and the impact of higher rates is just starting to be felt within the banking sector, the contagion from bank

Multi-Asset Funds | 21

Performance highlights (unaudited)

Performance highlights
Allspring Spectrum Moderate Growth Fund

Investment objective	The Fund seeks a combination of capital appreciation and current income.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Kandarp R. Acharya, CFA, FRM, Petro N. Bocray, CFA, Travis L. Keshemberg, CFA, CIPM, FRM

Average annual total returns (%) as of May 31, 2023
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WGBAX)3	2-10-2017	-8.35	3.41	4.87	-2.76	4.64	5.49	1.04	0.74
Class C (WGBFX)4	10-1-1997	-4.46	3.88	5.16	-3.46	3.88	5.16	1.79	1.49
Institutional Class (WGBIX)5	7-31-2018	–	–	–	-2.40	4.96	5.65	0.72	0.42
Spectrum Moderate Growth Blended Index6	–	–	–	–	-0.43	4.98	6.10	–	–
Bloomberg U.S. Aggregate Bond Index7	–	–	–	–	-2.14	0.81	1.39	–	–
Bloomberg U.S. TIPS Index8	–	–	–	–	-4.20	2.64	1.75	–	–
ICE BofA U.S. High Yield Constrained Index9	–	–	–	–	-0.09	2.92	3.89	–	–
MSCI ACWI ex USA Index (Net)10	–	–	–	–	-1.41	2.22	3.83	–	–
Russell 3000® Index11	–	–	–	–	2.03	10.07	11.45	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.31% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
2	The manager has contractually committed through September 30, 2023 (September 30, 2024 for Class A and C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.
4	Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar.
5	Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.
6	Source: Allspring Funds Management, LLC. Spectrum Moderate Growth Blended Index is composed 32% of the Russell 3000® Index, 26% of the Bloomberg U.S. Aggregate Bond Index, 14% of the Bloomberg U.S. TIPS Index, 14% of ICE BofA U.S. High Yield Constrained Index, and 14% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Growth Balanced Blended Index, which was composed of 42% of the Russell 3000® Index, 40% of the Bloomberg U.S. Aggregate Bond Index, and 18% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Moderate Growth Blended Index. You cannot invest directly in an index.
7	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

22 | Multi-Asset Funds

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Moderate Growth Fund (continued)

Growth of $10,000 investment as of May 31, 20231

The chart compares the performance of Class A shares for the most recent ten years with the Spectrum Moderate Growth Blended Index, Bloomberg U.S. Aggregate Bond

Index, Bloomberg U.S. TIPS Index, ICE BofA U.S. High Yield Constrained Index, MSCI ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical

investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

Footnotes continued from previous page
8	The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.
9	The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved.
10	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
11	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Multi-Asset Funds | 23

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Moderate Growth Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

•The Fund underperformed the Spectrum Moderate Growth Blended Index for the 12-month period that ended May 31, 2023.

•The Tactical Asset Allocation (TAA) overlay was the largest detractor from relative performance over the period; the allocation to commodity investments also detracted.

•Strong relative performance from both the emerging market equity and fixed income managers were the largest contributors to relative performance.

Slow growth, rising rates lead to muted market returns.

Ten largest holdings (%) as of May 31, 20231
Allspring Disciplined Large Cap Portfolio	12.07
Allspring Factor Enhanced International Equity Portfolio	9.66
Allspring Income Plus Fund Institutional Class	7.88
Allspring Real Return Portfolio	7.75
Allspring High Yield Bond Fund Institutional Class	6.61
Allspring Core Bond Portfolio	6.18
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio	6.03
Allspring Bloomberg US Aggregate ex-Corporate Portfolio	5.98
Allspring Diversified Income Builder Fund Class R6	5.01
iShares Core U.S. Aggregate Bond ETF	4.50

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

The portfolio reduced exposure to commodities.

The TAA overlay detracted along with the allocation to commodities.

The TAA overlay was the largest detractor from relative performance over the period, reducing performance by about 41 basis points (bps; 100 bps equal 1.00%) over the entire period. Early on, the overlay was defensively postured. However, even some of the classic defensive trades detracted from performance. Since the beginning of 2023, we have been selectively adding risk. Our base case suggests a globally synchronized slowdown in economic activity with inflation more persistent than many local central banks may want it to be. We continue to prefer relative-value trades as opposed to directional trades amid much uncertainty.

Strong performance from emerging market equity and fixed income managers contributed to relative performance.

Although emerging markets posted losses over the period, both of our actively managed emerging strategies outperformed their market benchmark on a relative basis. Stock selection and country allocation drove strong relative performance. Likewise, although the broad fixed income market posted losses, nearly all of our actively managed fixed income strategies outperformed their respective market benchmarks. Credit sector allocation and lower-than-market duration drove performance.

24 | Multi-Asset Funds

Performance highlights (unaudited)

Performance highlights (continued)
Allspring Spectrum Moderate Growth Fund (continued)

Allocation (%) as of May 31, 2023
	Neutral allocation	Effective allocation1
Stock Funds	45	46
Bond Funds	37	43
Inflation Sensitive Funds	14	10
Alternative Funds	4	4
Effective Cash	0	(3 )

Effective allocation includes the effect of any tactical futures overlay that

may be in place. Effective cash, if any, represents the net offset to such

futures positions. The effective allocation does not reflect futures

positions held in dynamic risk hedging strategies. Effective allocations are

subject to change and may have changed since the date specified.

Looking ahead, we are still somewhat guarded.

While U.S. lending standards are tightening and the impact of higher rates is just starting to be felt within the banking sector, the contagion from bank

Multi-Asset Funds | 25

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from December 1, 2022 to May 31, 2023.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1, 2	Annualized net expense ratio2
Spectrum Aggressive Growth Fund
Class A
Actual	$1,000.00	$1,000.08	$3.74	0.75 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.19	$3.78	0.75 %
Class C
Actual	$1,000.00	$1,000.04	$7.48	1.50 %
Hypothetical (5% return before expenses)	$1,000.00	$1,017.45	$7.54	1.50 %
Administrator Class
Actual	$1,000.00	$1,000.09	$3.34	0.67 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.59	$3.38	0.67 %
Institutional Class
Actual	$1,000.00	$1,000.10	$2.09	0.42 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.84	$2.12	0.42 %

2 Amounts do not reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests.

26 | Multi-Asset Funds

Fund expenses (unaudited)

	Beginning account value 12-1-2022	Ending account value 5-31-2023	Expenses paid during the period1, 2	Annualized net expense ratio2
Spectrum Conservative Growth Fund
Class A
Actual	$1,000.00	$1,000.08	$3.74	0.75 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.19	$3.78	0.75 %
Class C
Actual	$1,000.00	$1,000.04	$7.48	1.50 %
Hypothetical (5% return before expenses)	$1,000.00	$1,017.45	$7.54	1.50 %
Institutional Class
Actual	$1,000.00	$1,000.10	$2.09	0.42 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.84	$2.12	0.42 %
Spectrum Growth Fund
Class A
Actual	$1,000.00	$1,000.07	$3.74	0.75 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.19	$3.78	0.75 %
Class C
Actual	$1,000.00	$1,000.03	$7.48	1.50 %
Hypothetical (5% return before expenses)	$1,000.00	$1,017.45	$7.54	1.50 %
Institutional Class
Actual	$1,000.00	$1,000.08	$2.09	0.42 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.84	$2.12	0.42 %
Spectrum Income Allocation Fund
Class A
Actual	$1,000.00	$1,000.07	$3.74	0.75 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.19	$3.78	0.75 %
Class C
Actual	$1,000.00	$1,000.04	$7.48	1.50 %
Hypothetical (5% return before expenses)	$1,000.00	$1,017.45	$7.54	1.50 %
Institutional Class
Actual	$1,000.00	$1,000.09	$2.09	0.42 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.84	$2.12	0.42 %
Spectrum Moderate Growth Fund
Class A
Actual	$1,000.00	$1,000.07	$3.74	0.75 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.19	$3.78	0.75 %
Class C
Actual	$1,000.00	$1,000.03	$7.48	1.50 %
Hypothetical (5% return before expenses)	$1,000.00	$1,017.45	$7.54	1.50 %
Institutional Class
Actual	$1,000.00	$1,000.09	$2.09	0.42 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.84	$2.12	0.42 %

2 Amounts do not reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests.

Multi-Asset Funds | 27

Portfolio of investments—May 31, 2023

Portfolio of investments
Spectrum Aggressive Growth Fund

	Shares		Value
Investment companies: 99.53%
Affiliated master portfolios: 64.03%
Allspring Disciplined Large Cap Portfolio			$109,635,379
Allspring Emerging Growth Portfolio			8,784,314
Allspring Factor Enhanced Emerging Markets Equity Portfolio			11,076,857
Allspring Factor Enhanced International Equity Portfolio			87,322,245
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio			50,154,595
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio			13,230,860
Allspring Small Company Value Portfolio			8,609,999
			288,814,249
Exchange-traded funds: 20.45%
iShares Core MSCI EAFE ETF		165,710	10,941,832
iShares Core MSCI Emerging Markets ETF		186,283	8,863,345
iShares Core S&P 500 ETF		141,521	59,358,153
iShares Core S&P Small-Cap ETF		141,512	13,079,954
			92,243,284
Stock funds: 15.05%
Allspring Discovery Large Cap Growth Fund Class R6♠†		2,067,196	18,356,702
Allspring Emerging Markets Equity Fund Class R6♠		559,143	13,346,748
Allspring Premier Large Company Growth Fund Class R6♠†		1,413,366	18,317,214
Allspring Special Large Cap Value Fund Class R6♠		1,644,037	17,854,244
			67,874,908
Total investment companies (Cost $388,871,981)			448,932,441

		Yield
Short-term investments: 0.07%
Investment companies: 0.07%
Allspring Government Money Market Fund Select Class♠∞		5.01 %	300,000	300,000
Total short-term investments (Cost $300,000)				300,000
Total investments in securities (Cost $389,171,981)	99.60 %			449,232,441
Other assets and liabilities, net	0.40			1,792,582
Total net assets	100.00 %			$451,025,023

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

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

28 | Multi-Asset Funds

Portfolio of investments—May 31, 2023

Spectrum Aggressive Growth Fund

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses) on affiliated Underlying Funds	Net change in unrealized gains (losses) on affiliated Underlying Funds	Value, end of period
Investment companies
Allspring Discovery Large Cap Growth Fund Class R6†	$20,058,723	$6,482,772	$(7,955,366 )	$(1,588,284 )	$1,358,857	$18,356,702
Allspring Emerging Markets Equity Fund Class R6	15,314,331	3,352,231	(4,398,738 )	(1,261,898 )	340,822	13,346,748
Allspring Premier Large Company Growth Fund Class R6†	20,066,524	4,152,886	(6,784,488 )	(1,365,217 )	2,247,509	18,317,214
Allspring Special Large Cap Value Fund Class R6	19,984,560	3,537,995	(4,321,173 )	(538,644 )	(808,494 )	17,854,244
Short-term investments
Allspring Government Money Market Fund Select Class	2,400,005	50,187,108	(52,287,113 )	0	0	300,000
				$(4,754,043 )	$3,138,694	$68,174,908

	Shares, end of period	Dividends from affiliated Underlying Funds	Net realized gains on capital gain distributions from affiliated Underlying Funds
Investment companies
Allspring Discovery Large Cap Growth Fund Class R6†	2,067,196	$0	$1,780,764
Allspring Emerging Markets Equity Fund Class R6	559,143	175,964	0
Allspring Premier Large Company Growth Fund Class R6†	1,413,366	0	0
Allspring Special Large Cap Value Fund Class R6	1,644,037	243,674	1,437,910
Short-term investments
Allspring Government Money Market Fund Select Class	300,000	56,512	0
		$476,150	$3,218,674

†	Non-income-earning security

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

Multi-Asset Funds | 29

Portfolio of investments—May 31, 2023

Spectrum Aggressive Growth Fund

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on investments allocated from affiliated Master Portfolios	Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios	Dividends allocated from affiliated Master Portfolios	Interest allocated from affiliated Master Portfolios	Affiliated Income Allocated from affiliated Master Portfolios	Value, end of period
Allspring Disciplined Large Cap Portfolio	44.89 %	50.69 %	$5,138,324	$(4,787,420 )	$1,894,997	$7,972	$60,916	$109,635,379
Allspring Emerging Growth Portfolio	2.67	2.71	801,005	(833,731 )	20,682	628	7,908	8,784,314
Allspring Factor Enhanced Emerging Markets Equity Portfolio	9.37	10.67	(484,675 )	(755,581 )	424,637	800	13,190	11,076,857
Allspring Factor Enhanced International Equity Portfolio	18.40	20.84	(9,532,300 )	7,417,017	2,855,344	2,043	77,970	87,322,245
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio	9.31	10.67	8,085	148,583	819,703	3,594	52,489	50,154,595
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio	9.95	11.27	(443,411 )	(488,766 )	179,147	2,542	17,491	13,230,860
Allspring Small Company Value Portfolio	1.68	1.70	(83,438 )	(1,006,809 )	163,866	618	8,031	8,609,999
			$(4,596,410 )	$(306,707 )	$6,358,376	$18,197	$237,995	$288,814,249

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
TOPIX	76	6-8-2023	$11,291,138	$11,597,057	$305,919	$0
Japanese Yen Futures	191	6-16-2023	17,915,724	17,190,000	0	(725,724 )
Short
E-Mini Russell 2000 Index	(1 )	6-16-2023	(86,629 )	(87,590 )	0	(961 )
E-Mini S&P 500 Index	(2 )	6-16-2023	(416,532 )	(419,050 )	0	(2,518 )
Euro STOXX 50 Index	(241 )	6-16-2023	(11,143,744 )	(10,863,201 )	280,543	0
MSCI EAFE Index	(1 )	6-16-2023	(106,300 )	(102,670 )	3,630	0
MSCI Emerging Markets Index	(1 )	6-16-2023	(49,780 )	(47,840 )	1,940	0
					$592,032	$(729,203 )

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

30 | Multi-Asset Funds

Portfolio of investments—May 31, 2023

Spectrum Conservative Growth Fund

	Shares		Value
Investment companies: 99.36%
Affiliated master portfolios: 52.00%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio			$34,384,645
Allspring Core Bond Portfolio			31,039,773
Allspring Disciplined Large Cap Portfolio			18,065,252
Allspring Emerging Growth Portfolio			1,497,313
Allspring Factor Enhanced Emerging Markets Equity Portfolio			1,767,265
Allspring Factor Enhanced International Equity Portfolio			14,409,867
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio			8,504,726
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio			2,511,436
Allspring Real Return Portfolio			20,195,986
Allspring Small Company Value Portfolio			1,467,601
			133,843,864
Alternative investment funds: 5.55%
Allspring Alternative Risk Premia Fund Class R6♠		1,160,639	9,540,449
PIMCO CommodityRealReturn Strategy Fund Institutional Class		383,033	4,749,615
			14,290,064
Bond funds: 21.49%
Allspring Global Investment Grade Credit Fund Class R6♠		908,875	7,752,710
Allspring High Yield Bond Fund Institutional Class♠		6,249,629	18,061,427
Allspring Income Plus Fund Institutional Class♠		3,446,483	29,501,895
			55,316,032
Exchange-traded funds: 11.25%
iShares Core MSCI EAFE ETF		30,144	1,990,408
iShares Core MSCI Emerging Markets ETF		21,259	1,011,503
iShares Core S&P 500 ETF		23,379	9,805,854
iShares Core S&P Small-Cap ETF		21,422	1,980,036
iShares Core U.S. Aggregate Bond ETF		117,679	11,599,619
iShares iBoxx High Yield Corporate Bond ETF		34,699	2,571,543
			28,958,963
Multi-asset funds: 4.70%
Allspring Diversified Income Builder Fund Class R6♠		2,304,525	12,098,756
Stock funds: 4.37%
Allspring Discovery Large Cap Growth Fund Class R6♠†		349,948	3,107,539
Allspring Emerging Markets Equity Fund Class R6♠		84,891	2,026,357
Allspring Premier Large Company Growth Fund Class R6♠†		238,991	3,097,321
Allspring Special Large Cap Value Fund Class R6♠		279,169	3,031,770
			11,262,987
Total investment companies (Cost $265,049,010)			255,770,666

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

Multi-Asset Funds | 31

Portfolio of investments—May 31, 2023

Spectrum Conservative Growth Fund

		Yield	Shares		Value
Short-term investments: 0.08%
Investment companies: 0.08%
Allspring Government Money Market Fund Select Class♠∞		5.01 %		200,000	$200,000
Total short-term investments (Cost $200,000)					200,000
Total investments in securities (Cost $265,249,010)	99.44 %				255,970,666
Other assets and liabilities, net	0.56				1,436,371
Total net assets	100.00 %				$257,407,037

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

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses) on affiliated Underlying Funds	Net change in unrealized gains (losses) on affiliated Underlying Funds	Value, end of period
Investment companies
Allspring Alternative Risk Premia Fund Class R6	$5,907,585	$6,386,466	$(1,904,633 )	$(225,363 )	$(623,606 )	$9,540,449
Allspring Discovery Large Cap Growth Fund Class R6†	3,720,335	856,200	(1,425,880 )	(246,193 )	203,077	3,107,539
Allspring Diversified Income Builder Fund Class R6	10,795,571	3,910,897	(2,132,894 )	(220,170 )	(254,648 )	12,098,756
Allspring Emerging Markets Equity Fund Class R6	2,548,936	207,844	(571,117 )	(281,738 )	122,432	2,026,357
Allspring Global Investment Grade Credit Fund Class R6	9,264,236	317,264	(1,386,918 )	(310,660 )	(131,212 )	7,752,710
Allspring High Yield Bond Fund Institutional Class	13,050,676	9,249,336	(3,643,462 )	(574,664 )	(20,459 )	18,061,427
Allspring Income Plus Fund Institutional Class	35,290,646	2,418,641	(6,661,830 )	(719,236 )	(826,326 )	29,501,895
Allspring Premier Large Company Growth Fund Class R6†	3,721,531	476,782	(1,257,373 )	(235,556 )	391,937	3,097,321
Allspring Special Large Cap Value Fund Class R6	3,706,054	441,046	(889,946 )	(89,709 )	(135,675 )	3,031,770
Short-term investments
Allspring Government Money Market Fund Select Class	1,280,702	22,891,907	(23,972,609 )	0	0	200,000
				$(2,903,289 )	$(1,274,480 )	$88,418,224

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

32 | Multi-Asset Funds

Portfolio of investments—May 31, 2023

Spectrum Conservative Growth Fund

	Shares, end of period	Dividends from affiliated Underlying Funds	Net realized gains on capital gain distributions from affiliated Underlying Funds
Investment companies
Allspring Alternative Risk Premia Fund Class R6	1,160,639	$928,972	$423,388
Allspring Discovery Large Cap Growth Fund Class R6†	349,948	0	318,194
Allspring Diversified Income Builder Fund Class R6	2,304,525	587,797	0
Allspring Emerging Markets Equity Fund Class R6	84,891	27,921	0
Allspring Global Investment Grade Credit Fund Class R6	908,875	255,775	0
Allspring High Yield Bond Fund Institutional Class	6,249,629	966,180	0
Allspring Income Plus Fund Institutional Class	3,446,483	1,307,621	0
Allspring Premier Large Company Growth Fund Class R6†	238,991	0	0
Allspring Special Large Cap Value Fund Class R6	279,169	42,904	251,724
Short-term investments
Allspring Government Money Market Fund Select Class	200,000	30,004	0
		$4,147,174	$993,306

†	Non-income-earning security

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on investments allocated from affiliated Master Portfolios	Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios	Interest allocated from affiliated Master Portfolios	Dividends allocated from affiliated Master Portfolios	Affiliated Income Allocated from affiliated Master Portfolios	Value, end of period
Allspring Bloomberg US Aggregate ex-Corporate Portfolio	9.86 %	13.57 %	$(1,459,591 )	$(354,924 )	$899,358	$0	$44,899	$34,384,645
Allspring Core Bond Portfolio	0.94	0.67	(2,808,370 )	428,166	1,181,162	0	29,328	31,039,773
Allspring Disciplined Large Cap Portfolio	11.17	8.35	1,395,374	(2,362,405 )	636	374,414	12,071	18,065,252
Allspring Emerging Growth Portfolio	0.49	0.46	377,494	(369,642 )	51	3,697	1,503	1,497,313
Allspring Factor Enhanced Emerging Markets Equity Portfolio	1.64	1.70	112,948	(324,048 )	62	72,224	2,267	1,767,265
Allspring Factor Enhanced International Equity Portfolio	3.32	3.44	(469,219 )	128,692	487	488,235	13,978	14,409,867
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio	1.72	1.81	386,144	(348,868 )	291	146,751	9,697	8,504,726
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio	2.05	2.14	91,141	(252,330 )	392	35,774	3,552	2,511,436
Allspring Real Return Portfolio	7.88	9.54	135,998	(1,204,682 )	850,304	68,466	7,006	20,195,986
Allspring Small Company Value Portfolio	0.31	0.29	(27,592 )	(148,401 )	50	29,394	1,528	1,467,601
			$(2,265,673 )	$(4,808,442 )	$2,932,793	$1,218,955	$125,829	$133,843,864

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
10-Year Euro BUND Index	49	6-8-2023	$7,029,767	$7,125,770	$96,003	$0
TOPIX	43	6-8-2023	6,388,407	6,561,493	173,086	0

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

Multi-Asset Funds | 33

Portfolio of investments—May 31, 2023

Spectrum Growth Fund

	Shares		Value
Investment companies: 99.32%
Affiliated master portfolios: 54.71%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio			$7,272,270
Allspring Core Bond Portfolio			8,305,672
Allspring Disciplined Large Cap Portfolio			31,246,256
Allspring Emerging Growth Portfolio			2,413,169
Allspring Factor Enhanced Emerging Markets Equity Portfolio			3,078,250
Allspring Factor Enhanced International Equity Portfolio			24,264,371
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio			14,322,202
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio			3,989,464
Allspring Real Return Portfolio			16,974,383
Allspring Small Company Value Portfolio			2,323,389
			114,189,426
Alternative investment funds: 4.31%
Allspring Alternative Risk Premia Fund Class R6♠		638,769	5,250,684
PIMCO CommodityRealReturn Strategy Fund Institutional Class		302,704	3,753,531
			9,004,215
Bond funds: 11.71%
Allspring Global Investment Grade Credit Fund Class R6♠		491,493	4,192,441
Allspring High Yield Bond Fund Institutional Class♠		5,497,809	15,888,667
Allspring Income Plus Fund Institutional Class♠		510,393	4,368,966
			24,450,074
Exchange-traded funds: 13.43%
iShares Core MSCI EAFE ETF		24,548	1,620,904
iShares Core MSCI Emerging Markets ETF		38,811	1,846,627
iShares Core S&P 500 ETF		25,151	10,549,084
iShares Core S&P Small-Cap ETF		27,529	2,544,506
iShares Core U.S. Aggregate Bond ETF		95,077	9,371,740
iShares iBoxx High Yield Corporate Bond ETF		28,183	2,088,642
			28,021,503
Multi-asset funds: 5.74%
Allspring Diversified Income Builder Fund Class R6♠		2,280,414	11,972,172
Stock funds: 9.42%
Allspring Discovery Large Cap Growth Fund Class R6♠†		597,942	5,309,722
Allspring Emerging Markets Equity Fund Class R6♠		163,579	3,904,640
Allspring Premier Large Company Growth Fund Class R6♠†		408,447	5,293,465
Allspring Special Large Cap Value Fund Class R6♠		474,397	5,151,954
			19,659,781
Total investment companies (Cost $200,841,115)			207,297,171

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

Multi-Asset Funds | 35

Portfolio of investments—May 31, 2023

Spectrum Growth Fund

		Yield	Shares		Value
Short-term investments: 0.10%
Investment companies: 0.10%
Allspring Government Money Market Fund Select Class♠∞		5.01 %		200,000	$200,000
Total short-term investments (Cost $200,000)					200,000
Total investments in securities (Cost $201,041,115)	99.42 %				207,497,171
Other assets and liabilities, net	0.58				1,211,234
Total net assets	100.00 %				$208,708,405

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

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses) on affiliated Underlying Funds	Net change in unrealized gains (losses) on affiliated Underlying Funds	Value, end of period
Investment companies
Allspring Alternative Risk Premia Fund Class R6	$3,138,549	$3,510,499	$(951,846 )	$21,504	$(468,022 )	$5,250,684
Allspring Discovery Large Cap Growth Fund Class R6†	6,069,094	1,348,455	(2,022,171 )	(451,304 )	365,648	5,309,722
Allspring Diversified Income Builder Fund Class R6	9,642,438	4,260,860	(1,521,372 )	(206,063 )	(203,691 )	11,972,172
Allspring Emerging Markets Equity Fund Class R6	4,728,342	420,293	(948,877 )	(458,347 )	163,229	3,904,640
Allspring Global Investment Grade Credit Fund Class R6	4,811,276	341,863	(729,251 )	(199,025 )	(32,422 )	4,192,441
Allspring High Yield Bond Fund Institutional Class	11,640,635	8,585,440	(3,768,139 )	(540,852 )	(28,417 )	15,888,667
Allspring Income Plus Fund Institutional Class	5,010,516	816,444	(1,234,464 )	(106,030 )	(117,500 )	4,368,966
Allspring Premier Large Company Growth Fund Class R6†	6,071,093	694,722	(1,719,584 )	(321,135 )	568,369	5,293,465
Allspring Special Large Cap Value Fund Class R6	6,051,349	696,795	(1,208,875 )	(127,743 )	(259,572 )	5,151,954
Short-term investments
Allspring Government Money Market Fund Select Class	966,952	21,332,206	(22,099,158 )	0	0	200,000
				$(2,388,995 )	$(12,378 )	$61,532,711

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

36 | Multi-Asset Funds

Portfolio of investments—May 31, 2023

Spectrum Growth Fund

	Shares, end of period	Dividends from affiliated Underlying Funds	Net realized gains on capital gain distributions from affiliated Underlying Funds
Investment companies
Allspring Alternative Risk Premia Fund Class R6	638,769	$490,064	$223,351
Allspring Discovery Large Cap Growth Fund Class R6†	597,942	0	529,139
Allspring Diversified Income Builder Fund Class R6	2,280,414	557,017	0
Allspring Emerging Markets Equity Fund Class R6	163,579	52,451	0
Allspring Global Investment Grade Credit Fund Class R6	491,493	134,613	0
Allspring High Yield Bond Fund Institutional Class	5,497,809	840,562	0
Allspring Income Plus Fund Institutional Class	510,393	188,628	0
Allspring Premier Large Company Growth Fund Class R6†	408,447	0	0
Allspring Special Large Cap Value Fund Class R6	474,397	71,376	420,256
Short-term investments
Allspring Government Money Market Fund Select Class	200,000	22,373	0
		$2,357,084	$1,172,746

†	Non-income-earning security

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on investments allocated from affiliated Master Portfolios	Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios	Dividends allocated from affiliated Master Portfolios	Interest allocated from affiliated Master Portfolios	Affiliated Income Allocated from affiliated Master Portfolios	Value, end of period
Allspring Bloomberg US Aggregate ex-Corporate Portfolio	1.60 %	2.87 %	$(198,797 )	$(41,955 )	$0	$176,351	$8,181	$7,272,270
Allspring Core Bond Portfolio	0.19	0.18	(576,172 )	132,223	0	289,194	6,847	8,305,672
Allspring Disciplined Large Cap Portfolio	14.75	14.45	2,109,717	(2,474,060 )	574,834	1,886	18,525	31,246,256
Allspring Emerging Growth Portfolio	0.77	0.74	417,952	(414,008 )	5,890	142	2,307	2,413,169
Allspring Factor Enhanced Emerging Markets Equity Portfolio	2.74	2.96	114,149	(465,197 )	122,236	185	3,779	3,078,250
Allspring Factor Enhanced International Equity Portfolio	5.38	5.79	(868,039 )	372,674	807,837	1,432	22,427	24,264,371
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio	2.79	3.05	781,931	(722,892 )	240,569	849	15,544	14,322,202
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio	3.21	3.40	98,120	(370,242 )	56,738	730	5,536	3,989,464
Allspring Real Return Portfolio	7.69	8.02	74,039	(1,229,432 )	59,737	762,295	5,460	16,974,383
Allspring Small Company Value Portfolio	0.49	0.46	(48,760 )	(235,736 )	46,566	138	2,349	2,323,389
			$1,904,140	$(5,448,625 )	$1,914,407	$1,233,202	$90,955	$114,189,426

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
10-Year Euro BUND Index	39	6-8-2023	$5,595,120	$5,671,531	$76,411	$0
TOPIX	35	6-8-2023	5,199,866	5,340,750	140,884	0

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

Multi-Asset Funds | 37

Portfolio of investments—May 31, 2023

Spectrum Income Allocation Fund

	Shares		Value
Investment companies: 99.28%
Affiliated master portfolios: 61.59%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio			$33,653,133
Allspring Core Bond Portfolio			33,140,221
Allspring Disciplined Large Cap Portfolio			3,586,418
Allspring Emerging Growth Portfolio			269,142
Allspring Factor Enhanced Emerging Markets Equity Portfolio			271,183
Allspring Factor Enhanced International Equity Portfolio			2,529,088
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio			1,378,016
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio			408,173
Allspring Real Return Portfolio			9,882,719
Allspring Small Company Value Portfolio			268,979
			85,387,072
Alternative investment funds: 5.05%
Allspring Alternative Risk Premia Fund Class R6♠		539,670	4,436,084
PIMCO CommodityRealReturn Strategy Fund Institutional Class		207,211	2,569,416
			7,005,500
Bond funds: 19.32%
Allspring Global Investment Grade Credit Fund Class R6♠		488,436	4,166,365
Allspring High Yield Bond Fund Institutional Class♠		3,057,735	8,836,854
Allspring Income Plus Fund Institutional Class♠		1,608,798	13,771,308
			26,774,527
Exchange-traded funds: 7.66%
iShares Core MSCI EAFE ETF		6,053	399,680
iShares Core MSCI Emerging Markets ETF		8,563	407,427
iShares Core S&P 500 ETF		3,945	1,654,651
iShares Core S&P Small-Cap ETF		5,876	543,119
iShares Core U.S. Aggregate Bond ETF		63,173	6,226,963
iShares iBoxx High Yield Corporate Bond ETF		18,611	1,379,261
			10,611,101
Multi-asset funds: 4.18%
Allspring Diversified Income Builder Fund Class R6♠		1,104,045	5,796,240
Stock funds: 1.48%
Allspring Discovery Large Cap Growth Fund Class R6♠†		62,190	552,243
Allspring Emerging Markets Equity Fund Class R6♠		17,091	407,955
Allspring Premier Large Company Growth Fund Class R6♠†		42,489	550,660
Allspring Special Large Cap Value Fund Class R6♠		49,796	540,791
			2,051,649
Total investment companies (Cost $148,251,251)			137,626,089

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

Multi-Asset Funds | 39

Portfolio of investments—May 31, 2023

Spectrum Income Allocation Fund

		Yield	Shares		Value
Short-term investments: 0.14%
Investment companies: 0.14%
Allspring Government Money Market Fund Select Class♠∞		5.01 %		200,000	$200,000
Total short-term investments (Cost $200,000)					200,000
Total investments in securities (Cost $148,451,251)	99.42 %				137,826,089
Other assets and liabilities, net	0.58				805,550
Total net assets	100.00 %				$138,631,639

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

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses) on affiliated Underlying Funds	Net change in unrealized gains (losses) on affiliated Underlying Funds	Value, end of period
Investment companies
Allspring Alternative Risk Premia Fund Class R6	$2,785,846	$3,420,090	$(1,350,705 )	$(147,492 )	$(271,655 )	$4,436,084
Allspring Discovery Large Cap Growth Fund Class R6†	698,564	153,868	(290,953 )	12,115	(21,351 )	552,243
Allspring Diversified Income Builder Fund Class R6	6,126,706	1,463,044	(1,496,694 )	(244,068 )	(52,748 )	5,796,240
Allspring Emerging Markets Equity Fund Class R6	538,374	51,404	(148,193 )	(58,509 )	24,879	407,955
Allspring Global Investment Grade Credit Fund Class R6	5,201,022	180,517	(963,303 )	(222,367 )	(29,504 )	4,166,365
Allspring High Yield Bond Fund Institutional Class	8,791,749	3,358,218	(2,858,320 )	(440,603 )	(14,190 )	8,836,854
Allspring Income Plus Fund Institutional Class	17,365,555	1,370,849	(4,197,209 )	(415,695 )	(352,192 )	13,771,308
Allspring Premier Large Company Growth Fund Class R6†	698,985	90,230	(265,839 )	(49,397 )	76,681	550,660
Allspring Special Large Cap Value Fund Class R6	349,550	391,853	(196,385 )	(20,398 )	16,171	540,791
Short-term investments
Allspring Government Money Market Fund Select Class	1,100,002	12,044,820	(12,944,822 )	0	0	200,000
				$(1,586,414 )	$(623,909 )	$39,258,500

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

40 | Multi-Asset Funds

Portfolio of investments—May 31, 2023

Spectrum Income Allocation Fund

	Shares, end of period	Dividends from affiliated Underlying Funds	Net realized gains on capital gain distributions from affiliated Underlying Funds
Investment companies
Allspring Alternative Risk Premia Fund Class R6	539,670	$453,412	$206,644
Allspring Discovery Large Cap Growth Fund Class R6†	62,190	0	57,682
Allspring Diversified Income Builder Fund Class R6	1,104,045	297,223	0
Allspring Emerging Markets Equity Fund Class R6	17,091	5,756	0
Allspring Global Investment Grade Credit Fund Class R6	488,436	140,968	0
Allspring High Yield Bond Fund Institutional Class	3,057,735	529,233	0
Allspring Income Plus Fund Institutional Class	1,608,798	628,348	0
Allspring Premier Large Company Growth Fund Class R6†	42,489	0	0
Allspring Special Large Cap Value Fund Class R6	49,796	7,841	46,000
Short-term investments
Allspring Government Money Market Fund Select Class	200,000	28,137	0
		$2,090,918	$310,326

†	Non-income-earning security

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on investments allocated from affiliated Master Portfolios	Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios	Interest allocated from affiliated Master Portfolios	Dividends allocated from affiliated Master Portfolios	Affiliated Income Allocated from affiliated Master Portfolios	Value, end of period
Allspring Bloomberg US Aggregate ex- Corporate Portfolio	10.18 %	13.28 %	$(1,399,864 )	$(580,212 )	$903,980	$0	$46,333	$33,653,133
Allspring Core Bond Portfolio	1.06	0.71	(3,053,598 )	197,920	1,300,252	0	33,151	33,140,221
Allspring Disciplined Large Cap Portfolio	2.80	1.66	336,286	(696,437 )	50	82,882	2,645	3,586,418
Allspring Emerging Growth Portfolio	0.09	0.08	135,959	(133,258 )	3	669	285	269,142
Allspring Factor Enhanced Emerging Markets Equity Portfolio	0.26	0.26	30,465	(65,525 )	3	11,392	360	271,183
Allspring Factor Enhanced International Equity Portfolio	0.61	0.60	(84,151 )	8,216	32	87,312	2,559	2,529,088
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio	0.29	0.29	109,351	(104,829 )	17	24,391	1,638	1,378,016
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio	0.35	0.35	35,722	(60,727 )	54	5,911	591	408,173
Allspring Real Return Portfolio	1.86	4.67	175,083	(217,529 )	316,242	28,386	3,491	9,882,719
Allspring Small Company Value Portfolio	0.06	0.05	2,709	(31,764 )	3	5,400	288	268,979
			$(3,712,038 )	$(1,684,145 )	$2,520,636	$246,343	$91,341	$85,387,072

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
10-Year Euro BUND Index	26	6-8-2023	$3,730,081	$3,781,021	$50,940	$0
TOPIX	23	6-8-2023	3,417,055	3,509,636	92,581	0

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

Multi-Asset Funds | 41

Portfolio of investments—May 31, 2023

Spectrum Moderate Growth Fund

	Shares		Value
Investment companies: 99.35%
Affiliated master portfolios: 52.23%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio			$22,616,698
Allspring Core Bond Portfolio			23,355,142
Allspring Disciplined Large Cap Portfolio			45,645,325
Allspring Emerging Growth Portfolio			3,680,643
Allspring Factor Enhanced Emerging Markets Equity Portfolio			4,461,529
Allspring Factor Enhanced International Equity Portfolio			36,517,506
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio			22,787,561
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio			5,541,294
Allspring Real Return Portfolio			29,292,117
Allspring Small Company Value Portfolio			3,596,987
			197,494,802
Alternative investment funds: 5.86%
Allspring Alternative Risk Premia Fund Class R6♠		1,849,597	15,203,693
PIMCO CommodityRealReturn Strategy Fund Institutional Class		562,101	6,970,049
			22,173,742
Bond funds: 17.51%
Allspring Global Investment Grade Credit Fund Class R6♠		1,336,150	11,397,364
Allspring High Yield Bond Fund Institutional Class♠		8,653,833	25,009,576
Allspring Income Plus Fund Institutional Class♠		3,481,373	29,800,554
			66,207,494
Exchange-traded funds: 11.26%
iShares Core MSCI EAFE ETF		16,621	1,097,485
iShares Core MSCI Emerging Markets ETF		54,689	2,602,102
iShares Core S&P 500 ETF		32,643	13,691,453
iShares Core S&P Small-Cap ETF		47,294	4,371,384
iShares Core U.S. Aggregate Bond ETF		172,710	17,024,025
iShares iBoxx High Yield Corporate Bond ETF		50,998	3,779,462
			42,565,911
Multi-asset funds: 5.01%
Allspring Diversified Income Builder Fund Class R6♠		3,609,225	18,948,431
Stock funds: 7.48%
Allspring Discovery Large Cap Growth Fund Class R6♠†		859,798	7,635,012
Allspring Emerging Markets Equity Fund Class R6♠		234,252	5,591,586
Allspring Premier Large Company Growth Fund Class R6♠†		587,880	7,618,922
Allspring Special Large Cap Value Fund Class R6♠		684,727	7,436,131
			28,281,651
Total investment companies (Cost $377,208,834)			375,672,031

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

Multi-Asset Funds | 43

Portfolio of investments—May 31, 2023

Spectrum Moderate Growth Fund

		Yield	Shares		Value
Short-term investments: 0.07%
Investment companies: 0.07%
Allspring Government Money Market Fund Select Class♠∞		5.01 %		250,000	$250,000
Total short-term investments (Cost $250,000)					250,000
Total investments in securities (Cost $377,458,834)	99.42 %				375,922,031
Other assets and liabilities, net	0.58				2,197,389
Total net assets	100.00 %				$378,119,420

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

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses) on affiliated Underlying Funds	Net change in unrealized gains (losses) on affiliated Underlying Funds	Value, end of period
Investment companies
Allspring Alternative Risk Premia Fund Class R6	$9,053,738	$10,585,559	$(3,088,562 )	$(356,652 )	$(990,390 )	$15,203,693
Allspring Discovery Large Cap Growth Fund Class R6†	9,057,449	1,814,290	(3,098,519 )	(756,145 )	617,937	7,635,012
Allspring Diversified Income Builder Fund Class R6	15,800,480	6,992,250	(3,183,249 )	(434,087 )	(226,963 )	18,948,431
Allspring Emerging Markets Equity Fund Class R6	6,975,576	492,863	(1,433,190 )	(728,736 )	285,073	5,591,586
Allspring Global Investment Grade Credit Fund Class R6	13,518,921	658,310	(2,133,374 )	(531,802 )	(114,691 )	11,397,364
Allspring High Yield Bond Fund Institutional Class	19,995,524	11,803,779	(5,796,560 )	(918,781 )	(74,386 )	25,009,576
Allspring Income Plus Fund Institutional Class	35,340,494	3,558,006	(7,539,301 )	(769,972 )	(788,673 )	29,800,554
Allspring Premier Large Company Growth Fund Class R6†	9,060,356	885,467	(2,685,963 )	(490,792 )	849,854	7,618,922
Allspring Special Large Cap Value Fund Class R6	9,056,281	1,033,704	(2,095,543 )	(214,798 )	(343,513 )	7,436,131
Short-term investments
Allspring Government Money Market Fund Select Class	2,652,135	37,958,612	(40,360,747 )	0	0	250,000
				$(5,201,765 )	$(785,752 )	$128,891,269

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

44 | Multi-Asset Funds

Portfolio of investments—May 31, 2023

Spectrum Moderate Growth Fund

	Shares, end of period	Dividends from affiliated Underlying Funds	Net realized gains on capital gain distributions from affiliated Underlying Funds
Investment companies
Allspring Alternative Risk Premia Fund Class R6	1,849,597	$1,461,670	$666,169
Allspring Discovery Large Cap Growth Fund Class R6†	859,798	0	783,803
Allspring Diversified Income Builder Fund Class R6	3,609,225	899,740	0
Allspring Emerging Markets Equity Fund Class R6	234,252	75,831	0
Allspring Global Investment Grade Credit Fund Class R6	1,336,150	372,536	0
Allspring High Yield Bond Fund Institutional Class	8,653,833	1,369,900	0
Allspring Income Plus Fund Institutional Class	3,481,373	1,309,778	0
Allspring Premier Large Company Growth Fund Class R6†	587,880	0	0
Allspring Special Large Cap Value Fund Class R6	684,727	105,051	620,306
Short-term investments
Allspring Government Money Market Fund Select Class	250,000	64,672	0
		$5,659,178	$2,070,278

†	Non-income-earning security

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on investments allocated from affiliated Master Portfolios	Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios	Dividends allocated from affiliated Master Portfolios	Interest allocated from affiliated Master Portfolios	Affiliated Income Allocated from affiliated Master Portfolios	Value, end of period
Allspring Bloomberg US Aggregate ex-Corporate Portfolio	6.43 %	8.92 %	$(903,256 )	$(268,461 )	$0	$587,345	$28,850	$22,616,698
Allspring Core Bond Portfolio	0.56	0.50	(1,671,925 )	393,965	0	826,540	19,748	23,355,142
Allspring Disciplined Large Cap Portfolio	22.77	21.10	3,405,503	(4,121,825 )	866,909	2,484	28,065	45,645,325
Allspring Emerging Growth Portfolio	1.20	1.14	699,737	(688,788 )	9,071	195	3,597	3,680,643
Allspring Factor Enhanced Emerging Markets Equity Portfolio	4.09	4.30	156,635	(688,417 )	180,414	241	5,566	4,461,529
Allspring Factor Enhanced International Equity Portfolio	8.37	8.72	(1,469,477 )	640,397	1,234,461	1,939	34,542	36,517,506
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio	4.58	4.85	900,367	(808,069 )	391,331	1,217	25,410	22,787,561
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio	4.49	4.72	218,026	(586,031 )	78,813	971	7,698	5,541,294
Allspring Real Return Portfolio	14.43	13.83	183,792	(2,405,067 )	106,952	1,379,268	9,813	29,292,117
Allspring Small Company Value Portfolio	0.76	0.71	(55,274 )	(380,056 )	71,887	192	3,658	3,596,987
			$1,464,128	$(8,912,352 )	$2,939,838	$2,800,392	$166,947	$197,494,802

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
10-Year Euro BUND Index	71	6-8-2023	$10,185,988	$10,325,095	$139,107	$0
TOPIX	64	6-8-2023	9,508,327	9,765,943	257,616	0

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

Multi-Asset Funds | 45

Statements of assets and liabilities—May 31, 2023

Financial statements

Statements of assets and liabilities

	Spectrum Aggressive Growth Fund	Spectrum Conservative Growth Fund
Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$288,814,249	$133,843,864
Investments in unaffiliated Underlying Funds, at value (see cost below)	92,243,284	33,708,578
Investments in affiliated Underlying Funds, at value (see cost below)	68,174,908	88,418,224
Cash at broker segregated for futures contracts	2,241,847	1,901,808
Receivable for daily variation margin on open futures contracts	275,158	239,155
Receivable for investments sold	100,174	23,017
Receivable for Fund shares sold	92,775	8,156
Receivable for dividends	0	107,539
Prepaid expenses and other assets	96,518	58,007
Total assets	452,038,913	258,308,348
Liabilities
Payable for Fund shares redeemed	267,069	252,587
Payable for daily variation margin on open futures contracts	190,921	219,168
Distribution fee payable	162,625	136,534
Shareholder servicing fees payable	95,618	52,407
Administration fees payable	76,045	45,462
Overdraft due to custodian bank	73,725	2,751
Management fee payable	59,272	30,338
Payable for investments purchased	26,333	134,741
Trustees’ fees and expenses payable	1,290	504
Accrued expenses and other liabilities	60,992	26,819
Total liabilities	1,013,890	901,311
Total net assets	$451,025,023	$257,407,037
Net assets consist of
Paid-in capital	$421,537,176	$282,092,391
Total distributable earnings (loss)	29,487,847	(24,685,354 )
Total net assets	$451,025,023	$257,407,037
Computation of net asset value and offering price per share
Net assets–Class A	$120,576,072	$31,509,450
Shares outstanding–Class A1	7,000,089	3,484,662
Net asset value per share–Class A	$17.22	$9.04
Maximum offering price per share – Class A2	$18.27	$9.59
Net assets–Class C	$254,614,966	$213,452,336
Shares outstanding–Class C1	14,911,713	22,951,409
Net asset value per share–Class C	$17.07	$9.30
Net assets–Administrator Class	$71,010,159	N/A
Shares outstanding–Administrator Class1	4,110,074	N/A
Net asset value per share–Administrator Class	$17.28	N/A
Net assets–Institutional Class	$4,823,826	$12,445,251
Shares outstanding–Institutional Class1	278,914	1,373,310
Net asset value per share–Institutional Class	$17.30	$9.06
Investments in affiliated Master Portfolios, at cost	$235,700,748	$138,161,523
Investments in unaffiliated Underlying Funds, at cost	$82,603,950	$31,629,506
Investments in affiliated Underlying Funds, at cost	$70,867,283	$95,457,981

1	Each Fund has an unlimited number of authorized shares.
2	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.

Multi-Asset Funds | 47

Statements of assets and liabilities—May 31, 2023

	Spectrum Growth Fund	Spectrum Income Allocation Fund	Spectrum Moderate Growth Fund
Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$114,189,426	$85,387,072	$197,494,802
Investments in unaffiliated Underlying Funds, at value (see cost below)	31,775,034	13,180,517	49,535,960
Investments in affiliated Underlying Funds, at value (see cost below)	61,532,711	39,258,500	128,891,269
Cash	0	35,947	0
Cash at broker segregated for futures contracts	1,579,862	1,001,887	2,832,735
Receivable for daily variation margin on open futures contracts	192,674	127,869	351,063
Receivable for investments sold	34,660	5,404	36,839
Receivable for Fund shares sold	145,006	1,650	10,957
Receivable for dividends	94,592	52,654	149,065
Prepaid expenses and other assets	54,059	54,302	64,648
Total assets	209,598,024	139,105,802	379,367,338
Liabilities
Payable for Fund shares redeemed	313,600	91,603	282,876
Payable for daily variation margin on open futures contracts	177,227	116,982	322,096
Distribution fee payable	115,967	73,961	209,320
Shareholder servicing fees payable	44,388	28,381	79,534
Administration fees payable	37,466	24,525	67,636
Overdraft due to custodian bank	8,794	0	13,229
Management fee payable	31,446	15,041	53,443
Payable for investments purchased	126,569	97,379	182,323
Trustees’ fees and expenses payable	504	504	504
Accrued expenses and other liabilities	33,658	25,787	36,957
Total liabilities	889,619	474,163	1,247,918
Total net assets	$208,708,405	$138,631,639	$378,119,420
Net assets consist of
Paid-in capital	$212,587,154	$161,411,558	$398,563,849
Total distributable loss	(3,878,749 )	(22,779,919 )	(20,444,429 )
Total net assets	$208,708,405	$138,631,639	$378,119,420
Computation of net asset value and offering price per share
Net assets–Class A	$25,802,700	$17,127,973	$44,965,628
Shares outstanding–Class A1	2,406,767	2,018,647	4,277,986
Net asset value per share–Class A	$10.72	$8.48	$10.51
Maximum offering price per share – Class A2	$11.37	$9.00	$11.15
Net assets–Class C	$181,270,167	$115,932,491	$326,438,393
Shares outstanding–Class C1	16,432,822	13,670,012	30,222,980
Net asset value per share–Class C	$11.03	$8.48	$10.80
Net assets–Institutional Class	$1,635,538	$5,571,175	$6,715,399
Shares outstanding–Institutional Class1	152,548	658,059	638,904
Net asset value per share–Institutional Class	$10.72	$8.47	$10.51
Investments in affiliated Master Portfolios, at cost	$105,828,491	$92,419,921	$190,726,719
Investments in unaffiliated Underlying Funds, at cost	$29,692,771	$13,476,207	$48,135,043
Investments in affiliated Underlying Funds, at cost	$65,519,853	$42,555,123	$138,597,072

1	Each Fund has an unlimited number of authorized shares.
2	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.

48 | Multi-Asset Funds

Statements of operations—year ended May 31, 2023

Statements of operations

	Spectrum Aggressive Growth Fund	Spectrum Conservative Growth Fund
Investment income
Dividends allocated from affiliated Master Portfolios*	$6,358,376	$1,218,955
Dividends from unaffiliated Underlying Funds	1,753,912	3,879,490
Dividends from affiliated Underlying Funds	476,150	4,147,174
Affiliated income allocated from affiliated Master Portfolios	237,995	125,829
Interest	68,479	39,295
Interest allocated from affiliated Master Portfolios**	18,197	2,932,793
Expenses allocated from affiliated Master Portfolios	(830,142 )	(418,689 )
Waivers allocated from affiliated Master Portfolios	99,488	58,447
Total investment income	8,182,455	11,983,294
Expenses
Management fee	1,157,441	690,978
Administration fees
Class A	247,685	67,984
Class C	564,495	486,514
Administrator Class	92,418	N/A
Institutional Class	6,673	16,048
Shareholder servicing fees
Class A	294,843	80,933
Class C	670,826	578,185
Administrator Class	176,721	N/A
Distribution fee
Class C	2,004,079	1,732,150
Custody and accounting fees	51,206	47,464
Professional fees	59,173	45,899
Registration fees	75,867	56,528
Shareholder report expenses	92,125	49,401
Trustees’ fees and expenses	21,099	23,125
Other fees and expenses	12,192	7,408
Total expenses	5,526,843	3,882,617
Less: Fee waivers and/or expense reimbursements
Fund-level	(100,100 )	(112,872 )
Class A	(9,463 )	(41 )
Class C	(129 )	(33 )
Administrator Class	(4,499 )	N/A
Institutional Class	(350 )	0
Net expenses	5,412,302	3,769,671
Net investment income	2,770,153	8,213,623

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

Multi-Asset Funds | 49

Statements of operations—year ended May 31, 2023

	Spectrum Aggressive Growth Fund	Spectrum Conservative Growth Fund
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Investments allocated from affiliated Master Portfolios	$(4,596,410 )	$(2,265,673 )
Affiliated Underlying Funds	(4,754,043 )	(2,903,289 )
Unaffiliated Underlying Funds	(334,875 )	(4,139,748 )
Foreign currency and foreign currency translations	(11,814 )	(6,896 )
Futures contracts	(3,263,971 )	(3,651,844 )
Capital gain distributions from affiliated Underlying Funds	3,218,674	993,306
Net realized losses on investments	(9,742,439 )	(11,974,144 )
Net change in unrealized gains (losses) on
Investments allocated from affiliated Master Portfolios	(306,707 )	(4,808,442 )
Affiliated Underlying Funds	3,138,693	(1,274,480 )
Unaffiliated Underlying Funds	(435,576 )	(3,609,512 )
Foreign currency and foreign currency translations	6	3
Futures contracts	(274,628 )	1,474,290
Net change in unrealized gains (losses) on investments	2,121,788	(8,218,141 )
Net realized and unrealized gains (losses) on investments	(7,620,651 )	(20,192,285 )
Net decrease in net assets resulting from operations	$(4,850,498 )	$(11,978,662 )
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of	$478,567	$82,701
**Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of	0	137

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

50 | Multi-Asset Funds

Statements of operations—year ended May 31, 2023

	Spectrum Growth Fund	Spectrum Income Allocation Fund	Spectrum Moderate Growth Fund
Investment income
Dividends allocated from affiliated Master Portfolios*	$1,914,407	$246,343	$2,939,838
Dividends from unaffiliated Underlying Funds	3,214,898	2,011,436	5,723,485
Dividends from affiliated Underlying Funds	2,357,084	2,090,918	5,659,178
Affiliated income allocated from affiliated Master Portfolios	90,955	91,341	166,947
Interest	34,096	20,557	60,326
Interest allocated from affiliated Master Portfolios**	1,233,202	2,520,636	2,800,392
Expenses allocated from affiliated Master Portfolios	(367,443 )	(252,350 )	(636,947 )
Waivers allocated from affiliated Master Portfolios	50,653	32,311	88,914
Total investment income	8,527,852	6,761,192	16,802,133
Expenses
Management fee	547,847	382,856	1,011,786
Administration fees
Class A	52,395	39,943	91,503
Class C	403,725	269,867	744,739
Institutional Class	2,521	7,298	8,455
Shareholder servicing fees
Class A	62,354	47,552	108,914
Class C	479,867	320,588	885,066
Distribution fee
Class C	1,435,533	960,662	2,651,764
Custody and accounting fees	38,671	34,315	42,393
Professional fees	50,693	43,375	46,843
Registration fees	53,896	48,385	36,697
Shareholder report expenses	42,687	34,724	48,611
Trustees’ fees and expenses	23,426	22,208	22,203
Other fees and expenses	8,124	7,855	9,688
Total expenses	3,201,739	2,219,628	5,708,662
Less: Fee waivers and/or expense reimbursements
Fund-level	(122,730 )	(124,643 )	(46,858 )
Class A	(93 )	(955 )	(18 )
Class C	(64 )	(18 )	(52 )
Institutional Class	0	(301 )	0
Net expenses	3,078,852	2,093,711	5,661,734
Net investment income	5,449,000	4,667,481	11,140,399

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

Multi-Asset Funds | 51

Statements of operations—year ended May 31, 2023

	Spectrum Growth Fund	Spectrum Income Allocation Fund	Spectrum Moderate Growth Fund
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Investments allocated from affiliated Master Portfolios	$1,904,140	$(3,712,038 )	$1,464,128
Affiliated Underlying Funds	(2,388,995 )	(1,586,414 )	(5,201,765 )
Unaffiliated Underlying Funds	(3,752,393 )	(1,430,246 )	(7,094,139 )
Foreign currency and foreign currency translations	(5,335 )	(3,692 )	(10,045 )
Futures contracts	(2,826,492 )	(1,302,521 )	(5,290,918 )
Capital gain distributions from affiliated Underlying Funds	1,172,746	310,326	2,070,278
Net realized losses on investments	(5,896,329 )	(7,724,585 )	(14,062,461 )
Net change in unrealized gains (losses) on
Investments allocated from affiliated Master Portfolios	(5,448,625 )	(1,684,145 )	(8,912,352 )
Affiliated Underlying Funds	(12,378 )	(623,909 )	(785,752 )
Unaffiliated Underlying Funds	(3,738,833 )	(2,292,100 )	(5,993,481 )
Foreign currency and foreign currency translations	1,167	307	2,542
Futures contracts	1,342,099	699,300	2,251,067
Net change in unrealized gains (losses) on investments	(7,856,570 )	(3,900,547 )	(13,437,976 )
Net realized and unrealized gains (losses) on investments	(13,752,899 )	(11,625,132 )	(27,500,437 )
Net decrease in net assets resulting from operations	$(8,303,899 )	$(6,957,651 )	$(16,360,038 )
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of	$136,502	$14,847	$207,701
**Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of	31	139	94

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

52 | Multi-Asset Funds

Statements of changes in net assets

	Spectrum Aggressive Growth Fund
	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$2,770,153		$925,743
Net realized gains (losses) on investments		(9,742,439 )		26,183,999
Net change in unrealized gains (losses) on investments		2,121,788		(77,972,191 )
Net decrease in net assets resulting from operations		(4,850,498 )		(50,862,449 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(5,360,320 )		(10,049,605 )
Class C		(10,294,513 )		(46,652,606 )
Administrator Class		(3,317,435 )		0 1
Institutional Class		(249,706 )		(874,349 )
Tax basis return of capital
Class A		(583,510 )		0
Class C		(1,329,868 )		0
Administrator Class		(351,709 )		0 1
Institutional Class		(25,395 )		0
Total distributions to shareholders		(21,512,456 )		(57,576,560 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	721,959	12,361,279	816,312	18,171,153
Class C	309,768	5,239,508	343,193	7,214,990
Administrator Class	95,193	1,618,791	45,122 1	865,939 1
Institutional Class	158,844	2,731,633	634,500	14,278,622
		21,951,211		40,530,704
Reinvestment of distributions
Class A	352,466	5,923,710	480,525	10,028,952
Class C	692,911	11,606,677	2,264,481	46,540,235
Administrator Class	215,782	3,634,990	0 1	0 1
Institutional Class	16,341	275,101	41,686	874,349
		21,440,478		57,443,536
Payment for shares redeemed
Class A	(964,265 )	(16,433,611 )	(680,485 )	(14,517,658 )
Class C	(2,892,486 )	(48,988,220 )	(2,606,924 )	(55,520,562 )
Administrator Class	(409,693 )	(7,043,597 )	(563,869 )1	(10,089,956 )1
Institutional Class	(213,905 )	(3,636,097 )	(706,658 )	(16,276,740 )
		(76,101,525 )		(96,404,916 )

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

Multi-Asset Funds | 53

Statements of changes in net assets

	Spectrum Conservative Growth Fund
	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$8,213,623		$6,806,428
Net realized gains (losses) on investments		(11,974,144 )		8,220,605
Net change in unrealized gains (losses) on investments		(8,218,141 )		(36,062,340 )
Net decrease in net assets resulting from operations		(11,978,662 )		(21,035,307 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(2,099,930 )		(4,026,983 )
Class C		(12,875,159 )		(28,133,207 )
Institutional Class		(844,294 )		(1,743,701 )
Total distributions to shareholders		(15,819,383 )		(33,903,891 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	579,071	5,351,457	405,172	4,537,206
Class C	528,590	4,942,351	390,078	4,442,312
Institutional Class	210,943	1,927,887	1,635,750	19,304,397
		12,221,695		28,283,915
Reinvestment of distributions
Class A	231,125	2,091,844	362,796	4,006,426
Class C	1,381,228	12,866,079	2,485,248	28,094,921
Institutional Class	93,167	844,294	158,208	1,742,918
		15,802,217		33,844,265
Payment for shares redeemed
Class A	(751,253 )	(6,888,334 )	(782,754 )	(8,635,241 )
Class C	(4,683,836 )	(44,241,657 )	(5,251,986 )	(60,023,029 )
Institutional Class	(218,887 )	(2,000,907 )	(770,543 )	(8,351,769 )
		(53,130,898 )		(77,010,039 )
Net decrease in net assets resulting from capital share transactions		(25,106,986 )		(14,881,859 )
Total decrease in net assets		(52,905,031 )		(69,821,057 )
Net assets
Beginning of period		310,312,068		380,133,125
End of period		$257,407,037		$310,312,068

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

Multi-Asset Funds | 55

Statements of changes in net assets

	Spectrum Growth Fund
	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$5,449,000		$5,149,272
Net realized gains (losses) on investments		(5,896,329 )		14,558,737
Net change in unrealized gains (losses) on investments		(7,856,570 )		(36,266,865 )
Net decrease in net assets resulting from operations		(8,303,899 )		(16,558,856 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(1,789,005 )		(4,137,271 )
Class C		(12,249,697 )		(30,888,748 )
Institutional Class		(154,866 )		(338,432 )
Total distributions to shareholders		(14,193,568 )		(35,364,451 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	437,991	4,760,622	246,428	3,515,326
Class C	344,996	3,865,363	465,805	6,529,020
Institutional Class	174,644	1,899,496	204,168	2,791,934
		10,525,481		12,836,280
Reinvestment of distributions
Class A	168,220	1,784,634	307,722	4,128,480
Class C	1,117,113	12,232,792	2,251,455	30,852,298
Institutional Class	14,625	154,866	25,184	338,432
		14,172,292		35,319,210
Payment for shares redeemed
Class A	(450,613 )	(4,944,924 )	(467,843 )	(6,436,687 )
Class C	(2,771,943 )	(31,050,525 )	(2,997,181 )	(42,147,744 )
Institutional Class	(245,195 )	(2,657,387 )	(199,958 )	(2,769,747 )
		(38,652,836 )		(51,354,178 )
Net decrease in net assets resulting from capital share transactions		(13,955,063 )		(3,198,688 )
Total decrease in net assets		(36,452,530 )		(55,121,995 )
Net assets
Beginning of period		245,160,935		300,282,930
End of period		$208,708,405		$245,160,935

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

56 | Multi-Asset Funds

Statements of changes in net assets

	Spectrum Income Allocation Fund
	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$4,667,481		$3,406,997
Net realized losses on investments		(7,724,585 )		(547,741 )
Net change in unrealized gains (losses) on investments		(3,900,547 )		(16,587,889 )
Net decrease in net assets resulting from operations		(6,957,651 )		(13,728,633 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(864,868 )		(1,594,768 )
Class C		(4,811,187 )		(10,477,880 )
Institutional Class		(271,477 )		(790,454 )
Total distributions to shareholders		(5,947,532 )		(12,863,102 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	361,848	3,108,477	287,235	2,920,363
Class C	208,362	1,804,859	367,054	3,613,412
Institutional Class	53,807	469,980	1,272,557	13,383,942
		5,383,316		19,917,717
Reinvestment of distributions
Class A	101,327	863,269	157,714	1,593,948
Class C	563,218	4,801,488	1,036,351	10,471,257
Institutional Class	31,957	271,477	78,749	789,993
		5,936,234		12,855,198
Payment for shares redeemed
Class A	(692,795 )	(5,923,735 )	(498,067 )	(5,053,056 )
Class C	(3,260,095 )	(28,066,319 )	(3,981,333 )	(39,973,681 )
Institutional Class	(68,847 )	(596,639 )	(818,687 )	(7,694,286 )
		(34,586,693 )		(52,721,023 )
Net decrease in net assets resulting from capital share transactions		(23,267,143 )		(19,948,108 )
Total decrease in net assets		(36,172,326 )		(46,539,843 )
Net assets
Beginning of period		174,803,965		221,343,808
End of period		$138,631,639		$174,803,965

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

Multi-Asset Funds | 57

Statements of changes in net assets

	Spectrum Moderate Growth Fund
	Year ended May 31, 2023		Year ended May 31, 2022
Operations
Net investment income		$11,140,399		$9,720,875
Net realized gains (losses) on investments		(14,062,461 )		22,358,842
Net change in unrealized gains (losses) on investments		(13,437,976 )		(62,757,073 )
Net decrease in net assets resulting from operations		(16,360,038 )		(30,677,356 )
Distributions to shareholders from
Net investment income and net realized gains
Class A		(2,975,461 )		(6,498,756 )
Class C		(21,472,598 )		(50,916,068 )
Institutional Class		(475,492 )		(1,255,455 )
Total distributions to shareholders		(24,923,551 )		(58,670,279 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	695,034	7,405,345	437,749	5,871,568
Class C	508,539	5,636,312	525,068	7,193,590
Institutional Class	367,124	3,944,823	861,717	11,938,967
		16,986,480		25,004,125
Reinvestment of distributions
Class A	283,302	2,949,491	496,494	6,478,082
Class C	1,998,615	21,442,402	3,817,523	50,833,512
Institutional Class	45,741	475,492	96,014	1,255,455
		24,867,385		58,567,049
Payment for shares redeemed
Class A	(712,515 )	(7,636,466 )	(945,140 )	(12,411,416 )
Class C	(6,098,542 )	(67,180,571 )	(5,676,098 )	(76,893,468 )
Institutional Class	(407,494 )	(4,406,072 )	(571,340 )	(7,428,017 )
		(79,223,109 )		(96,732,901 )
Net decrease in net assets resulting from capital share transactions		(37,369,244 )		(13,161,727 )
Total decrease in net assets		(78,652,833 )		(102,509,362 )
Net assets
Beginning of period		456,772,253		559,281,615
End of period		$378,119,420		$456,772,253

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

58 | Multi-Asset Funds

Financial highlights

Financial highlights

Spectrum Aggressive Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$18.17	$22.82	$18.59	$16.52	$20.55
Net investment income	0.17 1	0.25	0.14	0.19	0.17 1
Net realized and unrealized gains (losses) on investments	(0.24 )	(1.74 )	6.65	2.11	(0.81 )
Total from investment operations	(0.07 )	(1.49 )	6.79	2.30	(0.64 )
Distributions to shareholders from
Net investment income	(0.20 )	(0.18 )	(0.22 )	(0.19 )	(0.26 )
Net realized gains	(0.60 )	(2.98 )	(2.34 )	(0.04 )	(3.13 )
Tax basis return of capital	(0.08 )	0.00	0.00	0.00	0.00
Total distributions to shareholders	(0.88 )	(3.16 )	(2.56 )	(0.23 )	(3.39 )
Net asset value, end of period	$17.22	$18.17	$22.82	$18.59	$16.52
Total return2	(0.20 )%	(8.22 )%	38.53 %	13.91 %	(2.35 )%
Ratios to average net assets (annualized)
Gross expenses*	0.78 %	0.76 %	0.77 %	0.77 %	0.76 %
Net expenses*	0.75 %	0.75 %	0.75 %	0.75 %	0.75 %
Net investment income	1.02 %	0.76 %	0.63 %	1.08 %	0.97 %
Supplemental data
Portfolio turnover rate3	38 %	62 %	82 %	71 %	78 %
Net assets, end of period (000s omitted)	$120,576	$125,195	$66,239	$44,714	$42,588

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

Year ended May 31, 2023	0.16%
Year ended May 31, 2022	0.16%
Year ended May 31, 2021	0.15%
Year ended May 31, 2020	0.18%
Year ended May 31, 2019	0.18%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

Multi-Asset Funds | 59

Financial highlights

Spectrum Aggressive Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$18.00	$22.63	$18.45	$16.39	$20.33
Net investment income (loss)	0.04 1	(0.01 )	(0.03 )	0.07	0.06
Net realized and unrealized gains (losses) on investments	(0.24 )	(1.63 )	6.62	2.07	(0.82 )
Total from investment operations	(0.20 )	(1.64 )	6.59	2.14	(0.76 )
Distributions to shareholders from
Net investment income	(0.05 )	(0.01 )	(0.07 )	(0.04 )	(0.05 )
Net realized gains	(0.60 )	(2.98 )	(2.34 )	(0.04 )	(3.13 )
Tax basis return of capital	(0.08 )	0.00	0.00	0.00	0.00
Total distributions to shareholders	(0.73 )	(2.99 )	(2.41 )	(0.08 )	(3.18 )
Net asset value, end of period	$17.07	$18.00	$22.63	$18.45	$16.39
Total return2	(0.96 )%	(8.87 )%	37.57 %	13.06 %	(3.16 )%
Ratios to average net assets (annualized)
Gross expenses*	1.52 %	1.50 %	1.52 %	1.52 %	1.51 %
Net expenses*	1.50 %	1.50 %	1.50 %	1.50 %	1.50 %
Net investment income (loss)	0.27 %	(0.03 )%	(0.12 )%	0.33 %	0.32 %
Supplemental data
Portfolio turnover rate3	38 %	62 %	82 %	71 %	78 %
Net assets, end of period (000s omitted)	$254,615	$302,402	$378,941	$323,778	$355,837

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

Year ended May 31, 2023	0.16%
Year ended May 31, 2022	0.16%
Year ended May 31, 2021	0.15%
Year ended May 31, 2020	0.18%
Year ended May 31, 2019	0.18%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

60 | Multi-Asset Funds

Financial highlights

Spectrum Aggressive Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Administrator Class	2023	20221
Net asset value, beginning of period	$18.23	$20.11
Net investment income	0.19 2	0.06
Net realized and unrealized gains (losses) on investments	(0.25 )	(1.94 )
Total from investment operations	(0.06 )	(1.88 )
Distributions to shareholders from
Net investment income	(0.21 )	0.00
Net realized gains	(0.60 )	0.00
Tax basis return of capital	(0.08 )	0.00
Total distributions to shareholders	(0.89 )	0.00
Net asset value, end of period	$17.28	$18.23
Total return3	(0.10 )%	(9.35 )%
Ratios to average net assets (annualized)
Gross expenses*	0.70 %	0.67 %
Net expenses*	0.67 %	0.67 %
Net investment income	1.10 %	0.98 %
Supplemental data
Portfolio turnover rate4	38 %	62 %
Net assets, end of period (000s omitted)	$71,010	$76,706

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

Year ended May 31, 2023	0.16%
Year ended May 31, 20221	0.15%

1	For the period from February 4, 2022 (commencement of class operations) to May 31, 2022
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

Multi-Asset Funds | 61

Financial highlights

Spectrum Aggressive Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	20191
Net asset value, beginning of period	$18.24	$22.87	$18.62	$16.55	$21.08
Net investment income	0.23 2	0.27	0.22	0.29	0.14
Net realized and unrealized gains (losses) on investments	(0.24 )	(1.69 )	6.65	2.07	(1.26 )
Total from investment operations	(0.01 )	(1.42 )	6.87	2.36	(1.12 )
Distributions to shareholders from
Net investment income	(0.25 )	(0.23 )	(0.28 )	(0.25 )	(0.28 )
Net realized gains	(0.60 )	(2.98 )	(2.34 )	(0.04 )	(3.13 )
Tax basis return of capital	(0.08 )	0.00	0.00	0.00	0.00
Total distributions to shareholders	(0.93 )	(3.21 )	(2.62 )	(0.29 )	(3.41 )
Net asset value, end of period	$17.30	$18.24	$22.87	$18.62	$16.55
Total return3	0.18 %	(7.89 )%	38.96 %	14.26 %	(4.54 )%
Ratios to average net assets (annualized)
Gross expenses*	0.45 %	0.43 %	0.43 %	0.44 %	0.43 %
Net expenses*	0.42 %	0.42 %	0.42 %	0.42 %	0.42 %
Net investment income	1.35 %	1.00 %	0.96 %	1.40 %	1.40 %
Supplemental data
Portfolio turnover rate4	38 %	62 %	82 %	71 %	78 %
Net assets, end of period (000s omitted)	$4,824	$5,794	$7,962	$2,281	$1,172

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

Year ended May 31, 2023	0.16%
Year ended May 31, 2022	0.16%
Year ended May 31, 2021	0.15%
Year ended May 31, 2020	0.18%
Year ended May 31, 20191	0.18%

1	For the period from July 31, 2018 (commencement of class operations) to May 31, 2019
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

62 | Multi-Asset Funds

Financial highlights

Spectrum Conservative Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$9.97	$11.73	$10.92	$10.30	$10.90
Net investment income	0.33 1	0.28	0.14	0.15	0.19 1
Net realized and unrealized gains (losses) on investments	(0.65 )	(0.85 )	1.56	0.76	0.03
Total from investment operations	(0.32 )	(0.57 )	1.70	0.91	0.22
Distributions to shareholders from
Net investment income	(0.38 )	(0.29 )	(0.11 )	(0.21 )	(0.18 )
Net realized gains	(0.23 )	(0.90 )	(0.78 )	(0.08 )	(0.64 )
Total distributions to shareholders	(0.61 )	(1.19 )	(0.89 )	(0.29 )	(0.82 )
Net asset value, end of period	$9.04	$9.97	$11.73	$10.92	$10.30
Total return2	(3.11 )%	(5.69 )%	16.04 %	8.95 %	2.40 %
Ratios to average net assets (annualized)
Gross expenses*	0.79 %	0.78 %	0.77 %	0.77 %	0.76 %
Net expenses*	0.75 %	0.75 %	0.75 %	0.75 %	0.75 %
Net investment income	3.58 %	2.52 %	1.07 %	1.47 %	1.81 %
Supplemental data
Portfolio turnover rate3	93 %	137 %	152 %	162 %	155 %
Net assets, end of period (000s omitted)	$31,509	$34,171	$40,354	$31,965	$34,104

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

Year ended May 31, 2023	0.13%
Year ended May 31, 2022	0.14%
Year ended May 31, 2021	0.15%
Year ended May 31, 2020	0.16%
Year ended May 31, 2019	0.16%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

Multi-Asset Funds | 63

Financial highlights

Spectrum Conservative Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$10.23	$11.98	$11.14	$10.50	$11.10
Net investment income	0.27 1	0.21	0.04	0.09	0.12 1
Net realized and unrealized gains (losses) on investments	(0.67 )	(0.88 )	1.61	0.77	0.02
Total from investment operations	(0.40 )	(0.67 )	1.65	0.86	0.14
Distributions to shareholders from
Net investment income	(0.30 )	(0.18 )	(0.03 )	(0.14 )	(0.10 )
Net realized gains	(0.23 )	(0.90 )	(0.78 )	(0.08 )	(0.64 )
Total distributions to shareholders	(0.53 )	(1.08 )	(0.81 )	(0.22 )	(0.74 )
Net asset value, end of period	$9.30	$10.23	$11.98	$11.14	$10.50
Total return2	(3.83 )%	(6.38 )%	15.17 %	8.24 %	1.58 %
Ratios to average net assets (annualized)
Gross expenses*	1.54 %	1.53 %	1.52 %	1.52 %	1.51 %
Net expenses*	1.50 %	1.50 %	1.50 %	1.50 %	1.50 %
Net investment income	2.84 %	1.80 %	0.31 %	0.73 %	1.13 %
Supplemental data
Portfolio turnover rate3	93 %	137 %	152 %	162 %	155 %
Net assets, end of period (000s omitted)	$213,452	$263,264	$336,665	$339,482	$393,207

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

Year ended May 31, 2023	0.13%
Year ended May 31, 2022	0.14%
Year ended May 31, 2021	0.15%
Year ended May 31, 2020	0.16%
Year ended May 31, 2019	0.17%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

64 | Multi-Asset Funds

Financial highlights

Spectrum Conservative Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	20191
Net asset value, beginning of period	$10.00	$11.77	$10.94	$10.32	$11.06
Net investment income	0.36 2	0.34	0.17	0.20	0.14
Net realized and unrealized gains (losses) on investments	(0.66 )	(0.87 )	1.57	0.74	(0.04 )
Total from investment operations	(0.30 )	(0.53 )	1.74	0.94	0.10
Distributions to shareholders from
Net investment income	(0.41 )	(0.34 )	(0.13 )	(0.24 )	(0.20 )
Net realized gains	(0.23 )	(0.90 )	(0.78 )	(0.08 )	(0.64 )
Total distributions to shareholders	(0.64 )	(1.24 )	(0.91 )	(0.32 )	(0.84 )
Net asset value, end of period	$9.06	$10.00	$11.77	$10.94	$10.32
Total return3	(2.87 )%	(5.36 )%	16.44 %	9.26 %	1.28 %
Ratios to average net assets (annualized)
Gross expenses*	0.46 %	0.45 %	0.44 %	0.44 %	0.43 %
Net expenses*	0.42 %	0.42 %	0.42 %	0.42 %	0.42 %
Net investment income	3.89 %	2.24 %	1.39 %	1.80 %	1.37 %
Supplemental data
Portfolio turnover rate4	93 %	137 %	152 %	162 %	155 %
Net assets, end of period (000s omitted)	$12,445	$12,877	$3,114	$2,678	$1,817

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

Year ended May 31, 2023	0.13%
Year ended May 31, 2022	0.14%
Year ended May 31, 2021	0.15%
Year ended May 31, 2020	0.16%
Year ended May 31, 20191	0.16%

1	For the period from July 31, 2018 (commencement of class operations) to May 31, 2019
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

Multi-Asset Funds | 65

Financial highlights

Spectrum Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.87	$14.46	$12.70	$11.57	$13.88
Net investment income	0.34 1	0.34 1	0.13	0.15	0.14 1
Net realized and unrealized gains (losses) on investments	(0.67 )	(1.00 )	3.24	1.17	(0.30 )
Total from investment operations	(0.33 )	(0.66 )	3.37	1.32	(0.16 )
Distributions to shareholders from
Net investment income	(0.41 )	(0.33 )	(0.13 )	(0.18 )	(0.23 )
Net realized gains	(0.41 )	(1.60 )	(1.48 )	(0.01 )	(1.92 )
Total distributions to shareholders	(0.82 )	(1.93 )	(1.61 )	(0.19 )	(2.15 )
Net asset value, end of period	$10.72	$11.87	$14.46	$12.70	$11.57
Total return2	(2.53 )%	(5.83 )%	27.87 %	11.34 %	(0.38 )%
Ratios to average net assets (annualized)
Gross expenses*	0.81 %	0.80 %	0.79 %	0.79 %	0.78 %
Net expenses*	0.75 %	0.75 %	0.75 %	0.75 %	0.75 %
Net investment income	3.12 %	2.46 %	0.90 %	1.14 %	1.20 %
Supplemental data
Portfolio turnover rate3	57 %	61 %	100 %	98 %	97 %
Net assets, end of period (000s omitted)	$25,803	$26,717	$31,295	$25,089	$23,420

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

Year ended May 31, 2023	0.14%
Year ended May 31, 2022	0.14%
Year ended May 31, 2021	0.14%
Year ended May 31, 2020	0.16%
Year ended May 31, 2019	0.17%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

66 | Multi-Asset Funds

Financial highlights

Spectrum Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$12.17	$14.78	$12.96	$11.78	$14.02
Net investment income	0.27 1	0.24	0.02	0.06	0.08
Net realized and unrealized gains (losses) on investments	(0.68 )	(1.03 )	3.30	1.20	(0.33 )
Total from investment operations	(0.41 )	(0.79 )	3.32	1.26	(0.25 )
Distributions to shareholders from
Net investment income	(0.32 )	(0.22 )	(0.02 )	(0.07 )	(0.07 )
Net realized gains	(0.41 )	(1.60 )	(1.48 )	(0.01 )	(1.92 )
Total distributions to shareholders	(0.73 )	(1.82 )	(1.50 )	(0.08 )	(1.99 )
Net asset value, end of period	$11.03	$12.17	$14.78	$12.96	$11.78
Total return2	(3.22 )%	(6.53 )%	26.86 %	10.67 %	(1.12 )%
Ratios to average net assets (annualized)
Gross expenses*	1.56 %	1.55 %	1.54 %	1.53 %	1.52 %
Net expenses*	1.50 %	1.50 %	1.50 %	1.50 %	1.50 %
Net investment income	2.39 %	1.73 %	0.15 %	0.40 %	0.56 %
Supplemental data
Portfolio turnover rate3	57 %	61 %	100 %	98 %	97 %
Net assets, end of period (000s omitted)	$181,270	$215,969	$266,399	$241,980	$261,722

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

Year ended May 31, 2023	0.14%
Year ended May 31, 2022	0.14%
Year ended May 31, 2021	0.15%
Year ended May 31, 2020	0.16%
Year ended May 31, 2019	0.17%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

Multi-Asset Funds | 67

Financial highlights

Spectrum Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	20191
Net asset value, beginning of period	$11.87	$14.46	$12.70	$11.57	$14.20
Net investment income	0.39 2	0.42	0.22	0.16	0.18
Net realized and unrealized gains (losses) on investments	(0.68 )	(1.03 )	3.19	1.20	(0.65 )
Total from investment operations	(0.29 )	(0.61 )	3.41	1.36	(0.47 )
Distributions to shareholders from
Net investment income	(0.45 )	(0.38 )	(0.17 )	(0.22 )	(0.24 )
Net realized gains	(0.41 )	(1.60 )	(1.48 )	(0.01 )	(1.92 )
Total distributions to shareholders	(0.86 )	(1.98 )	(1.65 )	(0.23 )	(2.16 )
Net asset value, end of period	$10.72	$11.87	$14.46	$12.70	$11.57
Total return3	(2.17 )%	(5.55 )%	28.25 %	11.71 %	(2.47 )%
Ratios to average net assets (annualized)
Gross expenses*	0.48 %	0.47 %	0.46 %	0.46 %	0.45 %
Net expenses*	0.42 %	0.42 %	0.42 %	0.42 %	0.42 %
Net investment income	3.53 %	2.85 %	1.24 %	1.44 %	1.84 %
Supplemental data
Portfolio turnover rate4	57 %	61 %	100 %	98 %	97 %
Net assets, end of period (000s omitted)	$1,636	$2,475	$2,589	$1,016	$699

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

Year ended May 31, 2023	0.14%
Year ended May 31, 2022	0.14%
Year ended May 31, 2021	0.14%
Year ended May 31, 2020	0.16%
Year ended May 31, 20191	0.17%

1	For the period from July 31, 2018 (commencement of class operations) to May 31, 2019
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

68 | Multi-Asset Funds

Financial highlights

Spectrum Income Allocation Fund

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$9.18	$10.50	$10.40	$9.82	$10.05
Net investment income	0.32 1	0.23	0.11	0.16	0.18
Net realized and unrealized gains (losses) on investments	(0.63 )	(0.83 )	0.71	0.59	0.18
Total from investment operations	(0.31 )	(0.60 )	0.82	0.75	0.36
Distributions to shareholders from
Net investment income	(0.31 )	(0.25 )	(0.14 )	(0.17 )	(0.19 )
Net realized gains	(0.08 )	(0.47 )	(0.58 )	0.00	(0.40 )
Total distributions to shareholders	(0.39 )	(0.72 )	(0.72 )	(0.17 )	(0.59 )
Net asset value, end of period	$8.48	$9.18	$10.50	$10.40	$9.82
Total return2	(3.32 )%	(6.28 )%	8.07 %	7.72 %	3.84 %
Ratios to average net assets (annualized)
Gross expenses*	0.83 %	0.81 %	0.80 %	0.80 %	0.79 %
Net expenses*	0.75 %	0.75 %	0.75 %	0.75 %	0.75 %
Net investment income	3.67 %	2.26 %	1.04 %	1.61 %	2.15 %
Supplemental data
Portfolio turnover rate3	148 %	225 %	206 %	197 %	183 %
Net assets, end of period (000s omitted)	$17,128	$20,647	$24,170	$21,256	$16,242

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

Year ended May 31, 2023	0.14%
Year ended May 31, 2022	0.16%
Year ended May 31, 2021	0.16%
Year ended May 31, 2020	0.15%
Year ended May 31, 2019	0.16%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

Multi-Asset Funds | 69

Financial highlights

Spectrum Income Allocation Fund

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$9.18	$10.46	$10.36	$9.81	$10.06
Net investment income	0.25 1	0.15	0.03	0.09	0.14 1
Net realized and unrealized gains (losses) on investments	(0.62 )	(0.82 )	0.71	0.58	0.13
Total from investment operations	(0.37 )	(0.67 )	0.74	0.67	0.27
Distributions to shareholders from
Net investment income	(0.25 )	(0.14 )	(0.06 )	(0.12 )	(0.12 )
Net realized gains	(0.08 )	(0.47 )	(0.58 )	0.00	(0.40 )
Total distributions to shareholders	(0.33 )	(0.61 )	(0.64 )	(0.12 )	(0.52 )
Net asset value, end of period	$8.48	$9.18	$10.46	$10.36	$9.81
Total return2	(4.07 )%	(6.91 )%	7.25 %	6.90 %	2.89 %
Ratios to average net assets (annualized)
Gross expenses*	1.58 %	1.56 %	1.55 %	1.55 %	1.54 %
Net expenses*	1.50 %	1.50 %	1.50 %	1.50 %	1.50 %
Net investment income	2.92 %	1.53 %	0.30 %	0.89 %	1.41 %
Supplemental data
Portfolio turnover rate3	148 %	225 %	206 %	197 %	183 %
Net assets, end of period (000s omitted)	$115,932	$148,281	$196,035	$212,465	$237,153

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

Year ended May 31, 2023	0.14%
Year ended May 31, 2022	0.16%
Year ended May 31, 2021	0.16%
Year ended May 31, 2020	0.15%
Year ended May 31, 2019	0.16%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

70 | Multi-Asset Funds

Financial highlights

Spectrum Income Allocation Fund

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	20191
Net asset value, beginning of period	$9.17	$10.50	$10.39	$9.80	$10.15
Net investment income	0.34 2	0.20 2	0.19	0.21	0.15
Net realized and unrealized gains (losses) on investments	(0.62 )	(0.77 )	0.68	0.57	0.12
Total from investment operations	(0.28 )	(0.57 )	0.87	0.78	0.27
Distributions to shareholders from
Net investment income	(0.34 )	(0.29 )	(0.18 )	(0.19 )	(0.22 )
Net realized gains	(0.08 )	(0.47 )	(0.58 )	0.00	(0.40 )
Total distributions to shareholders	(0.42 )	(0.76 )	(0.76 )	(0.19 )	(0.62 )
Net asset value, end of period	$8.47	$9.17	$10.50	$10.39	$9.80
Total return3	(2.99 )%	(5.93 )%	8.51 %	8.07 %	2.95 %
Ratios to average net assets (annualized)
Gross expenses*	0.51 %	0.48 %	0.47 %	0.47 %	0.46 %
Net expenses*	0.42 %	0.42 %	0.42 %	0.42 %	0.42 %
Net investment income	3.98 %	1.98 %	1.33 %	1.96 %	1.61 %
Supplemental data
Portfolio turnover rate4	148 %	225 %	206 %	197 %	183 %
Net assets, end of period (000s omitted)	$5,571	$5,876	$1,139	$710	$434

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

Year ended May 31, 2023	0.14%
Year ended May 31, 2022	0.16%
Year ended May 31, 2021	0.16%
Year ended May 31, 2020	0.15%
Year ended May 31, 20191	0.16%

1	For the period from July 31, 2018 (commencement of class operations) to May 31, 2019
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

Multi-Asset Funds | 71

Financial highlights

Spectrum Moderate Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Class A	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.63	$13.92	$12.64	$11.64	$13.27
Net investment income	0.36 1	0.32	0.14	0.15	0.18 1
Net realized and unrealized gains (losses) on investments	(0.71 )	(0.95 )	2.59	1.07	(0.14 )
Total from investment operations	(0.35 )	(0.63 )	2.73	1.22	0.04
Distributions to shareholders from
Net investment income	(0.44 )	(0.32 )	(0.15 )	(0.21 )	(0.23 )
Net realized gains	(0.33 )	(1.34 )	(1.30 )	(0.01 )	(1.44 )
Total distributions to shareholders	(0.77 )	(1.66 )	(1.45 )	(0.22 )	(1.67 )
Net asset value, end of period	$10.51	$11.63	$13.92	$12.64	$11.64
Total return2	(2.76 )%	(5.66 )%	22.56 %	10.49 %	1.02 %
Ratios to average net assets (annualized)
Gross expenses*	0.76 %	0.74 %	0.75 %	0.76 %	0.76 %
Net expenses*	0.75 %	0.74 %	0.75 %	0.75 %	0.75 %
Net investment income	3.38 %	2.49 %	0.96 %	1.31 %	1.51 %
Supplemental data
Portfolio turnover rate3	65 %	89 %	120 %	131 %	126 %
Net assets, end of period (000s omitted)	$44,966	$46,650	$56,004	$46,133	$46,380

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

Year ended May 31, 2023	0.14%
Year ended May 31, 2022	0.14%
Year ended May 31, 2021	0.15%
Year ended May 31, 2020	0.16%
Year ended May 31, 2019	0.17%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

72 | Multi-Asset Funds

Financial highlights

Spectrum Moderate Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Class C	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.91	$14.22	$12.87	$11.85	$13.40
Net investment income	0.29 1	0.24 1	0.03	0.08	0.11
Net realized and unrealized gains (losses) on investments	(0.72 )	(1.00 )	2.66	1.06	(0.14 )
Total from investment operations	(0.43 )	(0.76 )	2.69	1.14	(0.03 )
Distributions to shareholders from
Net investment income	(0.35 )	(0.21 )	(0.04 )	(0.11 )	(0.08 )
Net realized gains	(0.33 )	(1.34 )	(1.30 )	(0.01 )	(1.44 )
Total distributions to shareholders	(0.68 )	(1.55 )	(1.34 )	(0.12 )	(1.52 )
Net asset value, end of period	$10.80	$11.91	$14.22	$12.87	$11.85
Total return2	(3.46 )%	(6.39 )%	21.79 %	9.58 %	0.31 %
Ratios to average net assets (annualized)
Gross expenses*	1.51 %	1.49 %	1.50 %	1.51 %	1.50 %
Net expenses*	1.50 %	1.49 %	1.50 %	1.50 %	1.50 %
Net investment income	2.66 %	1.76 %	0.21 %	0.57 %	0.84 %
Supplemental data
Portfolio turnover rate3	65 %	89 %	120 %	131 %	126 %
Net assets, end of period (000s omitted)	$326,438	$402,753	$499,835	$477,998	$539,352

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

Year ended May 31, 2023	0.14%
Year ended May 31, 2022	0.14%
Year ended May 31, 2021	0.15%
Year ended May 31, 2020	0.16%
Year ended May 31, 2019	0.17%

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges.
3	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

Multi-Asset Funds | 73

Financial highlights

Spectrum Moderate Growth Fund

(For a share outstanding throughout each period)

	Year ended May 31
Institutional Class	2023	2022	2021	2020	20191
Net asset value, beginning of period	$11.63	$13.93	$12.64	$11.65	$13.52
Net investment income	0.40 2	0.31 2	0.23	0.25	0.15
Net realized and unrealized gains (losses) on investments	(0.71 )	(0.90 )	2.55	1.01	(0.33 )
Total from investment operations	(0.31 )	(0.59 )	2.78	1.26	(0.18 )
Distributions to shareholders from
Net investment income	(0.48 )	(0.37 )	(0.19 )	(0.26 )	(0.25 )
Net realized gains	(0.33 )	(1.34 )	(1.30 )	(0.01 )	(1.44 )
Total distributions to shareholders	(0.81 )	(1.71 )	(1.49 )	(0.27 )	(1.69 )
Net asset value, end of period	$10.51	$11.63	$13.93	$12.64	$11.65
Total return3	(2.40 )%	(5.40 )%	22.99 %	10.78 %	(0.62 )%
Ratios to average net assets (annualized)
Gross expenses*	0.43 %	0.41 %	0.42 %	0.43 %	0.43 %
Net expenses*	0.42 %	0.41 %	0.42 %	0.42 %	0.42 %
Net investment income	3.73 %	2.38 %	1.32 %	1.63 %	1.38 %
Supplemental data
Portfolio turnover rate4	65 %	89 %	120 %	131 %	126 %
Net assets, end of period (000s omitted)	$6,715	$7,369	$3,443	$1,945	$1,067

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

Year ended May 31, 2023	0.14%
Year ended May 31, 2022	0.14%
Year ended May 31, 2021	0.15%
Year ended May 31, 2020	0.16%
Year ended May 31, 20191	0.16%

1	For the period from July 31, 2018 (commencement of class operations) to May 31, 2019
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation.

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

74 | Multi-Asset Funds

Notes to financial statements

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 Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Allspring Spectrum Aggressive Growth Fund (“Spectrum Aggressive Growth Fund”), Allspring Spectrum Conservative Growth Fund (“Spectrum Conservative Growth Fund”), Allspring Spectrum Growth Fund (“Spectrum Growth Fund”), Allspring Spectrum Income Allocation Fund (“Spectrum Income Allocation Fund”), Allspring Spectrum Moderate Growth Fund (“Spectrum Moderate Growth Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Each Fund is a fund-of-funds that may invest in various affiliated and unaffiliated mutual funds and exchange-traded funds (collectively, the “Underlying Funds”) to pursue its investment objective. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. Investments in affiliated mutual funds may also include investments in one or more separate diversified portfolios (each, an “affiliated Master Portfolio”, 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 each Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investments in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of each affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements for the Underlying Funds are presented in separate financial statements and may be obtained by contacting Investor Services for the affiliated mutual funds or by contacting the servicing agent of the unaffiliated mutual funds and exchange-traded funds. The financial statements of the affiliated Master Portfolios are available by visiting the SEC website at sec.gov and 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.

SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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, 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.

Futures contracts

Futures contracts are agreements between each Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. Each Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values and foreign exchange rates and is subject to interest rate risk, equity price risk and 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 Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange

Multi-Asset Funds | 75

Notes to financial statements

and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

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

Investment transactions, income and expenses

Investments in affiliated Master Portfolios and securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Each Fund records on a daily basis its proportionate share of each affiliated Master Portfolio’s income, expenses and realized and unrealized gains and losses. Income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Each Fund also accrues its own expenses.

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

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date for each Fund as follows:

	Net investment income	Net realized gains
Spectrum Aggressive Growth Fund	Annually	Annually
Spectrum Conservative Growth Fund	Quarterly	Annually
Spectrum Growth Fund	Annually	Annually
Spectrum Income Allocation Fund	Monthly	Annually
Spectrum Moderate Growth Fund	Annually	Annually

Federal and other taxes

Each Fund is treated as a separate entity for federal income tax purposes. Each 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.

Each 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 each 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 May 31, 2023, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:

	Tax cost	Gross unrealized gains	Gross unrealized losses	Net unrealized gains (losses)
Spectrum Aggressive Growth Fund	$408,753,985	$60,503,551	$(20,162,266 )	$40,341,285
Spectrum Conservative Growth Fund	270,593,118	187,873	(13,640,503 )	(13,452,630 )
Spectrum Growth Fund	207,229,067	8,501,819	(7,240,179 )	1,261,640
Spectrum Income Allocation Fund	151,095,398	92,581	(12,748,754 )	(12,656,173 )
Spectrum Moderate Growth Fund	384,485,179	7,025,699	(13,907,693 )	(6,881,994 )

Reclassifications are made to each Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net

76 | Multi-Asset Funds

Notes to financial statements

assets or net asset values per share. At May 31, 2023, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statements of Assets and Liabilities:

	Paid-in capital	Total distributable earnings (loss)
Spectrum Aggressive Growth Fund	$(28,225 )	$28,225
Spectrum Conservative Growth Fund	(18,479 )	18,479
Spectrum Growth Fund	(17,523 )	17,523
Spectrum Income Allocation Fund	(9,842 )	9,842
Spectrum Moderate Growth Fund	(28,222 )	28,222

As of May 31, 2023, the following Funds had capital loss carryforwards which consist of short-term and long-term capital losses.

	No expiration
	Short-term	Long-term
Spectrum Aggressive Growth Fund	$10,853,438	$0
Spectrum Conservative Growth Fund	11,468,639	1,157,760
Spectrum Growth Fund	5,785,670	0
Spectrum Income Allocation Fund	7,598,403	2,937,135
Spectrum Moderate Growth Fund	14,442,031	0

Class allocations

The separate classes of shares offered by each 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.

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 each 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). Each Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing each Fund’s assets and liabilities as of May 31, 2023:

Spectrum Aggressive Growth Fund	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Investment companies	$160,118,192	$0	$0	$160,118,192
Short-term investments
Investment companies	300,000	0	0	300,000
Investments measured at net asset value*				288,814,249
	160,418,192	0	0	449,232,441
Futures contracts	592,032	0	0	592,032
Total assets	$161,010,224	$0	$0	$449,824,473

Multi-Asset Funds | 77

Notes to financial statements

Liabilities
Futures contracts	$729,203	$0	$0	$729,203
Total liabilities	$729,203	$0	$0	$729,203

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 Statements of

Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $288,814,249. Each affiliated Master Portfolio does not have a redemption

period notice, can be redeemed daily and does not have any unfunded commitments.

Spectrum Conservative Growth Fund	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Investment companies	$121,926,802	$0	$0	$121,926,802
Short-term investments
Investment companies	200,000	0	0	200,000
Investments measured at net asset value*				133,843,864
	122,126,802	0	0	255,970,666
Futures contracts	1,891,205	0	0	1,891,205
Total assets	$124,018,007	$0	$0	$257,861,871

Liabilities
Futures contracts	$721,383	$0	$0	$721,383
Total liabilities	$721,383	$0	$0	$721,383

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 Statements of

Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $133,843,864. Each affiliated Master Portfolio does not have a redemption

period notice, can be redeemed daily and does not have any unfunded commitments.

Spectrum Growth Fund	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Investment companies	$93,107,745	$0	$0	$93,107,745
Short-term investments
Investment companies	200,000	0	0	200,000
Investments measured at net asset value*				114,189,426
	93,307,745	0	0	207,497,171
Futures contracts	1,517,697	0	0	1,517,697
Total assets	$94,825,442	$0	$0	$209,014,868

Liabilities
Futures contracts	$524,161	$0	$0	$524,161
Total liabilities	$524,161	$0	$0	$524,161

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 Statements of

Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $114,189,426. Each affiliated Master Portfolio does not have a redemption

period notice, can be redeemed daily and does not have any unfunded commitments.

78 | Multi-Asset Funds

Notes to financial statements

Spectrum Income Allocation Fund	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Investment companies	$52,239,017	$0	$0	$52,239,017
Short-term investments
Investment companies	200,000	0	0	200,000
Investments measured at net asset value*				85,387,072
	52,439,017	0	0	137,826,089
Futures contracts	1,004,027	0	0	1,004,027
Total assets	$53,443,044	$0	$0	$138,830,116

Liabilities
Futures contracts	$390,891	$0	$0	$390,891
Total liabilities	$390,891	$0	$0	$390,891

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 Statements of

Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $85,387,072. Each affiliated Master Portfolio does not have a redemption

period notice, can be redeemed daily and does not have any unfunded commitments.

Spectrum Moderate Growth Fund	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Investment companies	$178,177,229	$0	$0	$178,177,229
Short-term investments
Investment companies	250,000	0	0	250,000
Investments measured at net asset value*				197,494,802
	178,427,229	0	0	375,922,031
Futures contracts	2,751,387	0	0	2,751,387
Total assets	$181,178,616	$0	$0	$378,673,418

Liabilities
Futures contracts	$1,070,233	$0	$0	$1,070,233
Total liabilities	$1,070,233	$0	$0	$1,070,233

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 Statements of

Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $197,494,802. Each affiliated Master Portfolio does not have a redemption

period notice, can be redeemed daily and does not have any unfunded commitments.

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

For the year ended May 31, 2023, the Funds did not have any transfers into/out of Level 3.

Multi-Asset Funds | 79

Notes to financial statements

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

Affiliated Master Portfolio	Investment objective
Allspring Bloomberg US Aggregate ex-Corporate Portfolio	Seeks to replicate the total return of the Bloomberg U.S. Aggregate ex-Corporate Index, before fee and expenses
Allspring Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation
Allspring Disciplined Large Cap Portfolio	Seeks long-term capital appreciation
Allspring Emerging Growth Portfolio	Seeks long-term capital appreciation
Allspring Factor Enhanced Emerging Markets Equity Portfolio	Seeks long-term capital appreciation
Allspring Factor Enhanced International Equity Portfolio	Seeks long-term capital appreciation
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio	Seeks long-term capital appreciation
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio	Seeks long-term capital appreciation
Allspring Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term
Allspring Small Company Value Portfolio	Seeks long-term capital appreciation

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 each 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 each Fund, supervising the subadviser and providing fund-level administrative services in connection with each Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee at the following annual rate based on each Fund’s average daily net assets:

Average daily net assets	Management fee
First $1 billion	0.250 %
Next $4 billion	0.225
Next $5 billion	0.190
Over $10 billion	0.180

For the year ended May 31, 2023, the management fee was equivalent to an annual rate of 0.25% of each Fund’s average daily net assets.

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

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

Administration fees

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

	Class-level administration fee
Class A	0.21 %
Class C	0.21
Administrator Class	0.13
Institutional Class	0.13

Waivers and/or expense reimbursements

80 | Multi-Asset Funds

Notes to financial statements

will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through September 30, 2023 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. As of May 31, 2023, the contractual expense caps are as follows:

	EXPENSE RATIO CAPS
Class A	0.75 %
Class C	1.50
Administrator Class	0.67
Institutional Class	0.42

Distribution fee

The Trust has adopted a Distribution Plan for Class C shares of the applicable Funds 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 of each Fund, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended May 31, 2023, Allspring Funds Distributor received front-end sales charges and/or contingent deferred sales charges from the following Funds:

	Front end sales-charges	Contingent Deferred Sales Charges
	Class A	Class A	Class C
Spectrum Aggressive Growth Fund	$3,816	$36	$25
Spectrum Conservative Growth Fund	673	0	17
Spectrum Growth Fund	2,670	0	46
Spectrum Income Allocation Fund	999	0	0
Spectrum Moderate Growth Fund	2,004	0	19

Shareholder servicing fees

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

INVESTMENT PORTFOLIO TRANSACTIONS

Each Fund seeks to achieve its investment objective by investing in various affiliated Master Portfolios and Underlying Funds. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage in the respective affiliated Master Portfolio at the end of the period by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales in Underlying Funds in which the Fund invests are actual aggregate purchases and sales of those investments. Purchases and sales of investments, excluding short-term securities, for the year ended May 31, 2023 were as follows:

	Purchases at cost		Sales proceeds
	U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
Spectrum Aggressive Growth Fund	$0	$170,899,334	$0	$234,826,554
Spectrum Conservative Growth Fund	121,202,496	131,560,528	137,660,602	141,147,334
Spectrum Growth Fund	29,178,817	92,950,360	32,431,289	112,293,898
Spectrum Income Allocation Fund	129,235,858	94,740,708	145,903,702	97,788,262
Spectrum Moderate Growth Fund	84,528,471	173,230,571	95,325,124	206,075,252

Multi-Asset Funds | 81

Notes to financial statements

DERIVATIVE TRANSACTIONS

During the year ended May 31, 2023, the following Fund entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy. The volume of each Fund’s futures contracts during the year ended May 31, 2023 was as follows:

	Long contracts	Short contracts
Spectrum Aggressive Growth Fund	$34,047,300	$65,656,534
Spectrum Conservative Growth Fund	48,920,716	45,203,220
Spectrum Growth Fund	37,493,631	40,669,757
Spectrum Income Allocation Fund	27,116,656	23,790,303
Spectrum Moderate Growth Fund	74,180,330	75,339,281

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 May 31, 2023 by primary risk type on the Statements of Assets and Liabilities was as follows for the Spectrum Aggressive Growth Fund:

	Equity risk	Foreign currency risk	Total
Asset derivatives
Futures contracts	$592,032 *	$0 *	$592,032
Liability derivatives
Futures contracts	$3,479 *	$725,724 *	$729,203

*	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 May 31, 2023 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended May 31, 2023 was as follows:

	Equity risk	Foreign currency risk	Total
Net realized gains (losses) on derivatives
Futures contracts	$(1,295,265 )	$(1,968,706 )	$(3,263,971 )
Net change in unrealized gains (losses) on derivatives
Futures contracts	$579,641	$(854,269 )	$(274,628 )

The fair value of derivative instruments as of May 31, 2023 by primary risk type on the Statements of Assets and Liabilities was as follows for Spectrum Conservative Growth Fund:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Asset derivatives
Futures contracts	$105,508 *	$1,785,697 *	$0 *	$1,891,205
Liability derivatives
Futures contracts	$96,439 *	$212,063 *	$412,881 *	$721,383

*	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 May 31, 2023 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended May 31, 2023 was as follows:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Net realized gains (losses) on derivatives
Futures contracts	$(933,608 )	$(1,513,752 )	$(1,204,484 )	$(3,651,844 )
Net change in unrealized gains (losses) on derivatives
Futures contracts	$(1,772 )	$1,966,738	$(490,676 )	$1,474,290

82 | Multi-Asset Funds

Notes to financial statements

The fair value of derivative instruments as of May 31, 2023 by primary risk type on the Statements of Assets and Liabilities was as follows for Spectrum Growth Fund:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Asset derivatives
Futures contracts	$84,015 *	$1,433,682 *	$0 *	$1,517,697
Liability derivatives
Futures contracts	$77,151 *	$110,749 *	$336,261 *	$524,161

*	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 May 31, 2023 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended May 31, 2023 was as follows:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Net realized gains (losses) on derivatives
Futures contracts	$(334,356 )	$(1,557,953 )	$(934,183 )	$(2,826,492 )
Net change in unrealized gains (losses) on derivatives
Futures contracts	$127	$1,741,433	$(399,461 )	$1,342,099

The fair value of derivative instruments as of May 31, 2023 by primary risk type on the Statements of Assets and Liabilities was as follows for Spectrum Income Allocation Fund:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Asset derivatives
Futures contracts	$56,100 *	$947,927 *	$0 *	$1,004,027
Liability derivatives
Futures contracts	$52,148 *	$119,449 *	$219,294 *	$390,891

*	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 May 31, 2023 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended May 31, 2023 was as follows:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Net realized gains (losses) on derivatives
Futures contracts	$70,014	$(715,868 )	$(656,667 )	$(1,302,521 )
Net change in unrealized gains (losses) on derivatives
Futures contracts	$(1,390 )	$967,864	$(267,174 )	$699,300

The fair value of derivative instruments as of May 31, 2023 by primary risk type on the Statements of Assets and Liabilities was as follows for Spectrum Moderate Growth Fund:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Asset derivatives
Futures contracts	$152,957 *	$2,598,430 *	$0 *	$2,751,387
Liability derivatives
Futures contracts	$141,086 *	$317,179 *	$611,968 *	$1,070,233

*	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 May 31, 2023 is reported separately on the Statements of Assets and Liabilities.

Multi-Asset Funds | 83

Notes to financial statements

The effect of derivative instruments on the Statements of Operations for the year ended May 31, 2023 was as follows:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Net realized gains (losses) on derivatives
Futures contracts	$(894,995 )	$(2,664,963 )	$(1,730,960 )	$(5,290,918 )
Net change in unrealized gains (losses) on derivatives
Futures contracts	$(2,801 )	$2,982,654	$(728,786 )	$2,251,067

ACQUISITION

After the close of business on February 4, 2022, Spectrum Aggressive Growth Fund acquired the net assets of Allspring Diversified Equity Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C and Administrator Class shares of Allspring Diversified Equity Fund received Class A, Class C and Administrator Class shares, respectively, of Spectrum Aggressive Growth Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Allspring Diversified Equity Fund for 8,155,750 shares of Spectrum Aggressive Growth Fund valued at $163,825,191 at an exchange ratio of 0.78, 0.56 and 0.79 for Class A, Class C, and Administrator Class shares, respectively. The investment portfolio of Allspring Diversified Equity Fund with a fair value of $112,534,752, identified cost of $82,610,160 and unrealized gains (losses) of $29,924,592 at February 4, 2022 were the principal assets acquired by Spectrum Aggressive Growth Fund. The aggregate net assets of Allspring Diversified Equity Fund and Spectrum Aggressive Growth Fund immediately prior to the acquisition were $163,825,191 and $426,061,071, respectively. The aggregate net assets of Spectrum Aggressive Growth Fund immediately after the acquisition were $589,886,262. For financial reporting purposes, assets received and shares issued by Spectrum Aggressive Growth Fund were recorded at fair value; however, the cost basis of the investments received from Allspring Diversified Equity Fund was carried forward to align with ongoing reporting of Spectrum Aggressive Growth Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed June 1, 2021, the beginning of the annual reporting period for Spectrum Aggressive Growth Fund, the pro forma results of operations for the year ended May 31, 2022 would have been as follows (unaudited):

Net investment income	$1,889,609
Net realized and unrealized losses on investments	(64,314,900 )
Net decrease in net assets resulting from operations	$(62,425,291 )

BANK BORROWINGS

The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $350,000,000 revolving credit agreement whereby each 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 each 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 May 31, 2023, there were no borrowings by each Fund under the agreement.

DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended May 31, 2023 and May 31, 2022 were as follows:

	Ordinary income		Long-term capital gain		Tax basis return of capital
	2023	2022	2023	2022	2023	2022
Spectrum Aggressive Growth Fund	$3,192,434	$26,022,522	$16,029,540	$31,554,038	$2,290,482	$0
Spectrum Conservative Growth Fund	9,254,849	20,737,292	6,564,534	13,166,727	0	0
Spectrum Growth Fund	6,400,314	19,119,343	7,793,254	16,245,108	0	0
Spectrum Income Allocation Fund	4,605,526	8,811,314	1,342,006	4,051,788	0	0
Spectrum Moderate Growth Fund	13,035,610	29,731,201	11,887,941	28,939,078	0	0

84 | Multi-Asset Funds

Notes to financial statements

As of May 31, 2023, the components of distributable earnings on a tax basis were as follows:

	Undistributed ordinary income	Unrealized gains (losses)	Capital loss carryforward
Spectrum Aggressive Growth Fund	$0	$40,341,285	$(10,853,438 )
Spectrum Conservative Growth Fund	1,393,675	(13,452,630 )	(12,626,399 )
Spectrum Growth Fund	645,281	1,261,640	(5,785,670 )
Spectrum Income Allocation Fund	411,792	(12,656,173 )	(10,535,538 )
Spectrum Moderate Growth Fund	879,596	(6,881,994 )	(14,442,031 )

10.

INDEMNIFICATION

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

Multi-Asset Funds | 85

Report of independent registered public accounting firm

To the Shareholders of the Funds and Board of Trustees
Allspring Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Allspring Spectrum Aggressive Growth Fund, Allspring Spectrum Conservative Growth Fund, Allspring Spectrum Growth Fund, Allspring Spectrum Income Allocation Fund and Allspring Spectrum Moderate Growth Fund (collectively, the Funds), five of the funds constituting Allspring Funds Trust, including the portfolios of investments, as of May 31, 2023, the related statements 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 or periods 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 Funds as of May 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods 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 Funds’ 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 Funds 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 May 31, 2023, by correspondence with the custodian, transfer agents 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.

Boston, Massachusetts

July 27, 2023

86 | Multi-Asset Funds

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, the percentage of ordinary income dividends qualifying for the corporate dividends-received deduction was as follows for the fiscal year ended May 31, 2023:

	Dividends-received deduction
Spectrum Aggressive Growth Fund	69 %
Spectrum Conservative Growth Fund	9
Spectrum Growth Fund	19
Spectrum Income Allocation Fund	4
Spectrum Moderate Growth Fund	15

Pursuant to Section 852 of the Internal Revenue Code, the following amounts were designated as a 20% rate gain distribution for the fiscal year ended May 31, 2023:

	20% rate gain distribution
Spectrum Aggressive Growth Fund	$16,029,540
Spectrum Conservative Growth Fund	6,564,534
Spectrum Growth Fund	7,793,254
Spectrum Income Allocation Fund	1,342,006
Spectrum Moderate Growth Fund	11,887,941

Pursuant to Section 854 of the Internal Revenue Code, the following amounts of income dividends paid during the fiscal year ended May 31, 2023 have been designated as qualified dividend income (QDI):

	QDI
Spectrum Aggressive Growth Fund	$4,416,020
Spectrum Conservative Growth Fund	1,504,671
Spectrum Growth Fund	2,235,149
Spectrum Income Allocation Fund	300,668
Spectrum Moderate Growth Fund	3,598,625

For the fiscal year ended May 31, 2023, the following amounts have been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code:

	Interest-related dividends
Spectrum Aggressive Growth Fund	$45,971
Spectrum Conservative Growth Fund	1,728,869
Spectrum Growth Fund	835,052
Spectrum Income Allocation Fund	1,079,869
Spectrum Moderate Growth Fund	1,824,368

For the fiscal year ended May 31, 2023, the percentage of ordinary income distributed which was derived from interest on U.S. government securities was as follows:

	% of U.S. government income
Spectrum Aggressive Growth Fund	2 %
Spectrum Conservative Growth Fund	8
Spectrum Growth Fund	8
Spectrum Income Allocation Fund	9
Spectrum Moderate Growth Fund	8

Multi-Asset Funds | 87

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A

Multi-Asset Funds | 89

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

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

90 | Multi-Asset Funds

Other information (unaudited)

Officers1

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

Multi-Asset Funds | 91

Other information (unaudited)

Board consideration of investment management and sub-advisory agreements:

Allspring Spectrum Aggressive Growth Fund, Allspring Spectrum Conservative Growth Fund, Allspring Spectrum Growth Fund, Allspring Spectrum Income Allocation Fund, and Allspring Spectrum Moderate Growth Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 15-17, 2023 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for each of the funds of the Trust identified above (each, a “Fund” and collectively, the “Funds”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

The Board noted that it initially approved the Advisory Agreements at a Board meeting held in May 2021, each for a two-year term, in advance of the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC,1 a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. (the “Transaction”). The Trustees also noted that, while they did not specifically consider the continuation of the Advisory Agreements in 2022 as a result of the two-year term that was approved in 2021, the Trustees received and considered certain information at a Board meeting held in April 2022 that was applicable to the Advisory Agreements, including an overview and financial review of the Allspring Global Investments business, information regarding certain ancillary agreements that were approved by the Board at the April 2022 Board meeting, and comparative data regarding Fund fees and expenses.

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

Nature, Extent, and Quality of Services

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

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

92 | Multi-Asset Funds

Other information (unaudited)

of investments made in the Allspring Global Investments business. The Board also considered information about retention arrangements with respect to key personnel of Allspring Global Investments that were put in place in connection with the Transaction. The Board took into account information about the services that continue to be provided by Wells Fargo & Co. and/or its affiliates (“Wells Fargo”) since the Transaction under a transition services agreement and the anticipated timeline for exiting the transition services agreement. In addition, the Board received and considered information about the full range of services provided to the Funds by Allspring Funds Management and its affiliates.

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

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management’s role as administrator of the Funds’ liquidity risk management program, and the Funds’ derivatives risk management program. The Board also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.

Fund Investment Performance and Expenses

The Board considered the investment performance results for each of the Funds over various time periods ended December 31, 2022. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to each respective Fund (each, a “Universe”), and in comparison to each Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in each performance Universe.

The Board noted that the investment performance of each Fund (Class A) relative to its respective Universe was as follows: (i) the investment performance of the Allspring Spectrum Aggressive Growth Fund was higher than the average investment performance of its Universe for all periods under review, except the one-year period was lower than the average investment performance of the Universe; (ii) the investment performance of the Allspring Spectrum Conservative Growth Fund was lower than the average investment performance of the Universe for all periods under review, except the three-year period was in-range of the average investment performance of the Universe; (iii) the investment performance of the Allspring Spectrum Growth Fund was higher than the average investment performance of the Universe for all periods under review, except the one-year period was lower than the average investment performance of the Universe; (iv) the investment performance of the Allspring Spectrum Income Allocation Fund was higher than or in range of the average investment performance of the Universe for all periods under review, except the ten-year period was lower than the average investment performance of the Universe; and (v) the investment performance of the Allspring Spectrum Moderate Growth Fund was in range of the average investment performance of the Universe for the one- and three-year periods under review and lower than the average investment performance of the Universe for the five- and ten-year periods under review.

The Board also noted that investment performance of each Fund (Class A) relative to its respective benchmark index was as follows: (i) the investment performance of the Allspring Spectrum Aggressive Growth Fund was higher than or in range of its benchmark index, the Spectrum Aggressive Growth Blended Index, for the three- and five-year periods under review and lower than its benchmark index for the one- and ten-year periods under review; (ii) the investment performance of the Allspring Spectrum Conservative Growth Fund was higher than or in range of its benchmark index, the Spectrum Conservative Growth Blended Index, for the three- and five-year periods under review and lower than its benchmark index for the one- and ten-year periods under review; (iii) the investment performance of the Allspring Spectrum Growth Fund was higher than or in range of its benchmark index, the Spectrum Growth Blended Index, for all periods under review, except the one-year period was lower than the investment performance of the benchmark index; (iv) the investment performance of the Allspring Spectrum Income Allocation Fund was higher than or in range of its benchmark index, the Spectrum Income Allocation Blended Index, for all periods under review, except the ten-year period was lower than the investment performance of the benchmark index; and (v) the investment performance of the Allspring Spectrum Moderate Growth Fund was higher than or in range of its benchmark index, the Spectrum Moderate Growth Blended Index, for all periods under review, except the one-year period was lower than the investment performance of the benchmark index.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Allspring Spectrum Income Allocation Fund for the periods identified above. The Board took note of the explanations for the underperformance relative to the Universe and benchmark index for the periods identified above, including with respect to investment decisions and market factors that affected the Fund’s investment performance.

The Board also received and considered information regarding each Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios for each Fund in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to each Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year.

Multi-Asset Funds | 93

Other information (unaudited)

Based on the Broadridge reports, the Board noted that the net operating expense ratios of each of the Funds were lower than, equal to, or in range of the median net operating expense ratio of each Fund’s respective expense Group for each share class. The Board noted that the Funds invest in both affiliated and unaffiliated underlying mutual funds, while most of the funds included in each expense Group, and all of the funds identified by Allspring Funds Management as being in a competitor sub-group, invest only in affiliated funds. The Board also considered that the Funds are designed to offer exposure to a wide range of investment styles, including alternatives, while maintaining a low investment minimum. The Board also noted that Allspring Funds Management had agreed to reduce the net operating expense caps for the Funds’ Class A shares.

The Board took into account each Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment Management and Sub-Advisory Fee Rates

The Board reviewed and considered the contractual fee rates payable by each Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by each Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of each Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of each Fund were in range of or equal to the sum of these average rates for the Fund’s expense Groups for all share classes except for the Class A shares of the Allspring Spectrum Conservative Growth Fund, the Allspring Spectrum Growth Fund, and the Allspring Spectrum Moderate Growth Fund, which were higher than the sum of the average rates.

Profitability

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

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Funds to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of Scale

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in each Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of each Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

94 | Multi-Asset Funds

Other information (unaudited)

The Board concluded that Allspring Funds Management’s arrangements with respect to the Funds, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

Other Benefits to Allspring Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Funds. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it.

Conclusion

Multi-Asset Funds | 95

Other information (unaudited)

Liquidity risk management program

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Allspring Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series (other than the series that operate as money market funds), including each Fund, which is reasonably designed to assess and manage each Fund’s liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that each Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Allspring Funds Management, LLC (“Allspring Funds Management”), each Fund’s investment manager, to administer the Program, and Allspring Funds Management has established a Liquidity Risk Management Council (the “Council”) composed of personnel from multiple departments within Allspring Funds Management and its affiliates to assist Allspring Funds Management in the administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence each Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of each Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent each Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of each Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if each Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of each Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

Allspring Funds Management determined in the Report that the Program has been implemented and operates effectively to manage each Fund’s, including the Fund’s, liquidity risk, and Allspring Funds Management continues to believe that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to each Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

96 | Multi-Asset Funds

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Funds’ 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 shareholders of the Allspring Funds. 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 Funds’ website at allspringglobal.com. Read the prospectus carefully before you invest or send money.

ALL-06072023-vbb3a7wv 07-23
AR4330 05-23

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

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

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

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

(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.

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

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

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

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

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

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.

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

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

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

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.

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.


	Shares		Shares
Payment for shares redeemed
Class A	(13,420,146 )	$(169,645,607 )	(12,061,446 )	$(190,070,003 )
Class C	(1,018,638 )	(12,896,313 )	(1,380,131 )	(21,542,495 )
Class R	(66,642 )	(856,905 )	(32,919 )	(483,592 )
Administrator Class	(417,160 )	(5,415,295 )	(366,341 )	(5,897,327 )
Institutional Class	(4,693,101 )	(59,574,954 )	(3,378,156 )	(52,642,800 )
		(248,389,074 )		(270,636,217 )
Net increase (decrease) in net assets resulting from capital share transactions		(133,961,419 )		22,781,156
Total decrease in net assets		(247,033,125 )		(347,415,754 )
Net assets
Beginning of period		1,543,132,753		1,890,548,507
End of period		$1,296,099,628		$1,543,132,753

Computation of net asset value and offering price per share
Net assets–Class A	$1,095,066,167
Shares outstanding–Class A1	87,359,482
Net asset value per share–Class A	$12.54
Maximum offering price per share – Class A2	$13.31
Net assets–Class C	$18,773,752
Shares outstanding–Class C1	1,482,524
Net asset value per share–Class C	$12.66
Net assets–Class R	$2,222,515
Shares outstanding–Class R1	177,724
Net asset value per share–Class R	$12.51
Net assets–Administrator Class	$12,949,418
Shares outstanding–Administrator Class1	998,481
Net asset value per share–Administrator Class	$12.97
Net assets–Institutional Class	$167,087,776
Shares outstanding–Institutional Class1	13,296,716
Net asset value per share–Institutional Class	$12.57

		Value
Investment companies: 99.94%
Affiliated master portfolio: 99.94%
Allspring C&B Large Cap Value Portfolio		$199,030,307
Total investment companies (Cost $173,821,522)		199,030,307
Total investments in securities (Cost $173,821,522)	99.94 %	199,030,307
Other assets and liabilities, net	0.06	119,203
Total net assets	100.00 %	$199,149,510

Assets
Investments in unaffiliated securities, at value (cost $207,997,734)	$247,790,030
Investments in affiliated securities, at value (cost $5,079,661)	5,079,661
Receivable for dividends	486,925
Prepaid expenses and other assets	1,026
Total assets	253,357,642
Liabilities
Advisory fee payable	122,787
Custody and accounting fees payable	13,067
Trustees’ fees and expenses payable	504
Accrued expenses and other liabilities	6,136
Total liabilities	142,494
Total net assets	$253,215,148

Investment income
Dividends (net of foreign withholdings taxes of $135,740)	$6,000,256
Income from affiliated securities	188,085
Interest	254
Total investment income	6,188,595
Expenses
Advisory fee	1,827,068
Custody and accounting fees	29,694
Professional fees	62,168
Interest holder report expenses	19,945
Trustees’ fees and expenses	25,708
Other fees and expenses	18,697
Total expenses	1,983,280
Less: Fee waivers and/or expense reimbursements	(184,321 )
Net expenses	1,798,959
Net investment income	4,389,636
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities	24,842,175
Affiliated securities	(16 )
Net realized gains on investments	24,842,159
Net change in unrealized gains (losses) on investments	(41,838,078 )
Net realized and unrealized gains (losses) on investments	(16,995,919 )
Net decrease in net assets resulting from operations	$(12,606,283 )

		Value
Investment companies: 100.00%
Affiliated master portfolio: 100.00%
Allspring Core Bond Portfolio		$4,465,317,904
Total investment companies (Cost $4,706,276,613)		4,465,317,904
Total investments in securities (Cost $4,706,276,613)	100.00 %	4,465,317,904
Other assets and liabilities, net	0.00	92,978
Total net assets	100.00 %	$4,465,410,882

Assets
Investments in unaffiliated securities, at value (cost $5,110,830,907)	$4,861,637,352
Investments in affiliated securities, at value (cost $117,290,523)	117,290,523
Cash	2,267,865
Cash due from broker	270,000
Segregated cash for when-issued securities	1,438,202
Receivable for investments sold	268,769,159
Receivable for interest	22,690,600
Principal paydown receivable	1,316,371
Prepaid expenses and other assets	71,840
Total assets	5,275,751,912
Liabilities
Payable for when-issued transactions	456,739,540
Payable for investments purchased	141,993,969
Securities sold short, at value (proceeds $12,239,801)	12,035,113
Advisory fee payable	1,202,087
Cash collateral due to broker	670,396
Trustees’ fees and expenses payable	504
Accrued expenses and other liabilities	127,062
Total liabilities	612,768,671
Total net assets	$4,662,983,241

Investment income
Interest (net of foreign withholding taxes of $5,992)	$151,508,682
Income from affiliated securities	3,887,580
Total investment income	155,396,262
Expenses
Advisory fee	15,815,926
Custody and accounting fees	288,524
Professional fees	134,101
Interest holder report expenses	33,891
Trustees’ fees and expenses	27,688
Other fees and expenses	137,594
Total expenses	16,437,724
Less: Fee waivers and/or expense reimbursements	(329,616 )
Net expenses	16,108,108
Net investment income	139,288,154
Realized and unrealized gains (losses) on investments
Net realized losses on
Unaffiliated securities	(329,727,799 )
Affiliated securities	(81 )
Net realized losses on investments	(329,727,880 )
Net change in unrealized gains (losses) on
Unaffiliated securities	89,960,355
Securities sold short	204,688
Net change in unrealized gains (losses) on investments	90,165,043
Net realized and unrealized gains (losses) on investments	(239,562,837 )
Net decrease in net assets resulting from operations	$(100,274,683 )

		Value
Investment companies: 100.26%
Affiliated master portfolio: 100.26%
Allspring Emerging Growth Portfolio		$290,401,028
Total investment companies (Cost $221,959,366)		290,401,028
Total investments in securities (Cost $221,959,366)	100.26 %	290,401,028
Other assets and liabilities, net	(0.26 )	(741,598 )
Total net assets	100.00 %	$289,659,430

Assets
Investments in unaffiliated securities, at value (cost $248,410,074)	$312,734,435
Investments in affiliated securities, at value (cost $9,781,514)	9,781,514
Receivable for investments sold	4,081,943
Receivable for dividends	119,692
Prepaid expenses and other assets	9,425
Total assets	326,727,009
Liabilities
Payable for investments purchased	2,325,715
Advisory fee payable	221,403
Trustees’ fees and expenses payable	505
Accrued expenses and other liabilities	39,551
Total liabilities	2,587,174
Total net assets	$324,139,835

Investment income
Dividends	$807,272
Income from affiliated securities	228,871
Securities lending income (including from affiliate), net	104,981
Interest	38
Total investment income	1,141,162
Expenses
Advisory fee	2,803,445
Custody and accounting fees	57,825
Professional fees	50,291
Interest holder report expenses	10,561
Trustees’ fees and expenses	24,280
Other fees and expenses	8,846
Total expenses	2,955,248
Less: Fee waivers and/or expense reimbursements	(11,837 )
Net expenses	2,943,411
Net investment loss	(1,802,249 )
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities	5,257,703
Affiliated securities	182
Net realized gains on investments	5,257,885
Net change in unrealized gains (losses) on investments	(9,158,116 )
Net realized and unrealized gains (losses) on investments	(3,900,231 )
Net decrease in net assets resulting from operations	$(5,702,480 )

		Value
Investment companies: 99.96%
Affiliated master portfolio: 99.96%
Allspring Real Return Portfolio		$79,762,485
Total investment companies (Cost $83,976,426)		79,762,485
Total investments in securities (Cost $83,976,426)	99.96 %	79,762,485
Other assets and liabilities, net	0.04	27,933
Total net assets	100.00 %	$79,790,418

Assets
Investments in unaffiliated securities, at value (cost $214,777,020)	$207,659,090
Investments in affiliated securities, at value (cost $2,535,840)	2,535,840
Cash at broker segregated for futures contracts	336,000
Foreign currency, at value (cost $17,665)	17,455
Receivable for dividends and interest	929,828
Receivable for investments sold	372,365
Receivable for daily variation margin on open futures contracts	13,969
Prepaid expenses and other assets	1,413
Total assets	211,865,960
Liabilities
Advisory fee payable	56,127
Payable for daily variation margin on open futures contracts	17,969
Custody and accounting fees payable	14,840
Interest holder report expenses payable	13,613
Trustees’ fees and expenses payable	505
Accrued expenses and other liabilities	2,378
Total liabilities	105,432
Total net assets	$211,760,528

		Value
Investment companies: 99.84%
Affiliated master portfolio: 99.84%
Allspring Small Company Growth Portfolio		$700,121,306
Total investment companies (Cost $581,049,760)		700,121,306
Total investments in securities (Cost $581,049,760)	99.84 %	700,121,306
Other assets and liabilities, net	0.16	1,154,003
Total net assets	100.00 %	$701,275,309

Assets
Investments in unaffiliated securities, at value (cost $523,369,035)	$693,638,956
Investments in affiliated securities, at value (cost $22,796,664)	22,796,664
Receivable for investments sold	2,771,892
Receivable for dividends	759,243
Prepaid expenses and other assets	17,346
Total assets	719,984,101
Liabilities
Payable for investments purchased	1,895,032
Advisory fee payable	483,645
Trustees’ fees and expenses payable	504
Accrued expenses and other liabilities	48,374
Total liabilities	2,427,555
Total net assets	$717,556,546

Investment income
Dividends (net of foreign withholdings taxes of $6,787)	$3,008,361
Income from affiliated securities	726,054
Interest	408
Total investment income	3,734,823
Expenses
Advisory fee	5,792,866
Custody and accounting fees	45,908
Professional fees	61,872
Interest holder report expenses	16,477
Trustees’ fees and expenses	22,389
Other fees and expenses	38,269
Total expenses	5,977,781
Net investment loss	(2,242,958 )
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities	29,813,537
Affiliated securities	561
Net realized gains on investments	29,814,098
Net change in unrealized gains (losses) on investments	(30,986,997 )
Net realized and unrealized gains (losses) on investments	(1,172,899 )
Net decrease in net assets resulting from operations	$(3,415,857 )

		Value
Investment companies: 99.99%
Affiliated master portfolio: 99.99%
Allspring Small Company Value Portfolio		$448,713,630
Total investment companies (Cost $388,845,602)		448,713,630
Total investments in securities (Cost $388,845,602)	99.99 %	448,713,630
Other assets and liabilities, net	0.01	45,766
Total net assets	100.00 %	$448,759,396

	Shares		Value
Metals & mining: 0.94%
Schnitzer Steel Industries, Inc. Class A		173,055	$4,760,743
Real estate: 6.36%
Diversified REITs: 0.90%
Armada Hoffler Properties, Inc.		294,336	3,249,469
One Liberty Properties, Inc.		65,967	1,320,000
			4,569,469
Health care REITs: 0.30%
Global Medical REIT, Inc.		174,513	1,521,753
Industrial REITs : 2.71%
LXP Industrial Trust		236,095	2,441,222
Plymouth Industrial REIT, Inc.		175,303	3,840,889
STAG Industrial, Inc.		212,648	7,400,150
			13,682,261
Office REITs : 0.22%
Vornado Realty Trust		81,364	1,103,296
Retail REITs : 1.16%
Agree Realty Corp.		63,659	4,105,369
Retail Opportunity Investments Corp.		145,291	1,772,550
			5,877,919
Specialized REITs : 1.07%
Outfront Media, Inc.		131,722	1,886,259
PotlatchDeltic Corp.		75,767	3,525,439
			5,411,698
Utilities: 0.55%
Electric utilities: 0.37%
IDACORP, Inc.		5,914	615,470
Pinnacle West Capital Corp.		8,639	667,622
Portland General Electric Co.		11,559	563,270
			1,846,362
Water utilities: 0.18%
California Water Service Group		10,864	618,270
Middlesex Water Co.		3,800	309,168
			927,438
Total common stocks (Cost $412,203,683)			500,176,854

Assets
Investments in unaffiliated securities, at value (cost $412,203,683)	$500,177,065
Investments in affiliated securities, at value (cost $4,743,595)	4,743,595
Cash	156,255
Receivable for investments sold	5,012,357
Receivable for dividends	784,246
Prepaid expenses and other assets	6,610
Total assets	510,880,128
Liabilities
Payable for investments purchased	5,098,711
Advisory fee payable	303,338
Trustees’ fees and expenses payable	504
Accrued expenses and other liabilities	28,771
Total liabilities	5,431,324
Total net assets	$505,448,804

Investment income
Dividends (net of foreign withholdings taxes of $17,167)	$10,250,490
Income from affiliated securities	545,814
Interest	150
Total investment income	10,796,454
Expenses
Advisory fee	4,507,550
Custody and accounting fees	61,434
Professional fees	67,178
Interest holder report expenses	18,862
Trustees’ fees and expenses	27,365
Other fees and expenses	25,377
Total expenses	4,707,766
Less: Fee waivers and/or expense reimbursements	(523,137 )
Net expenses	4,184,629
Net investment income	6,611,825
Realized and unrealized gains (losses) on investments
Net realized losses on
Unaffiliated securities	(12,010,256 )
Affiliated securities	(200 )
Net realized losses on investments	(12,010,456 )
Net change in unrealized gains (losses) on investments	(51,512,308 )
Net realized and unrealized gains (losses) on investments	(63,522,764 )
Net decrease in net assets resulting from operations	$(56,910,939 )


	Fiscal year ended May 31, 2023		Fiscal year ended May 31, 2022
Audit fees	$	374,180	$	339,920
Audit-related fees^(1,2)		—		12,800
Tax fees⁽³⁾		71,900		69,950
All other fees		—		—

	$	446,080	$	422,670


(a)(1)		Code of Ethics.

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

(a)(3)		Not applicable.

(a)(4)		Not applicable.

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


Allspring Funds Trust

By:		/s/ Andrew Owen
		Andrew Owen
		President

Date: July 27, 2023