0001752724-24-090812.txt : 20240425 0001752724-24-090812.hdr.sgml : 20240425 20240425145036 ACCESSION NUMBER: 0001752724-24-090812 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240229 FILED AS OF DATE: 20240425 DATE AS OF CHANGE: 20240425 PERIOD START: 20240531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLSPRING FUNDS TRUST CENTRAL INDEX KEY: 0001081400 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-09253 FILM NUMBER: 24875478 BUSINESS ADDRESS: STREET 1: 1415 VANTAGE PARK DRIVE STREET 2: 3RD FLOOR CITY: CHARLOTTE STATE: NC ZIP: 28203 BUSINESS PHONE: 833-568-4225 MAIL ADDRESS: STREET 1: 1415 VANTAGE PARK DRIVE STREET 2: 3RD FLOOR CITY: CHARLOTTE STATE: NC ZIP: 28203 FORMER COMPANY: FORMER CONFORMED NAME: WELLS FARGO FUNDS TRUST DATE OF NAME CHANGE: 19990308 0001081400 S000007404 Allspring Spectrum Income Allocation Fund C000176115 Class C WCCFX C000176116 Class A WCAFX C000205245 Institutional Class WCYFX NPORT-P 1 primary_doc.xml NPORT-P false 0001081400 XXXXXXXX S000007404 C000176116 C000176115 C000205245 ALLSPRING FUNDS TRUST 811-09253 0001081400 549300XROIY0CTN7RZ24 1415 Vantage Park Drive 3rd Floor Charlotte 28203 833-568-4255 Allspring Spectrum Income Allocation Fund S000007404 549300GKZPFFZWXZR330 2024-05-31 2024-02-29 N 118824901.14 195405.87 118629495.27 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 865504.78000000 N Spectrum Income Allocation Blended Index SPECTRUM_INCOME_BMK Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 NZD FUT MAR24 000000000 -60.00000000 NC USD 11490.83000000 0.009686317870 N/A DFE US N 1 Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 Short CME New Zealand Dollar Currency Futures NVH4 Curncy 2024-03-18 -3660690.83000000 USD 11490.83000000 N N N Allspring Diversified Income Builder Fund 549300FP4HFAVX1JJC53 Allspring Diversified Income Builder Fund 94988V431 871737.03000000 NS USD 4968901.08000000 4.188588233213 Long EC RF US N 1 N N N iShares Core U.S. Aggregate Bond ETF 549300F7VSXTKBGHJE47 iShares Core U.S. Aggregate Bond ETF 464287226 30231.00000000 NS USD 2942987.85000000 2.480823039246 Long EC RF US N 1 N N N Allspring Disciplined International Developed Markets Portfolio 549300VZVN8YZXNU2Q83 Allspring Disciplined International Developed Markets Portfolio 000000000 36796.06000000 NS USD 1408823.88000000 1.187583135874 Long EC RF US N N/A N N N Allspring Emerging Markets Equity Fund N/A Allspring Emerging Markets Equity Fund 94987W539 14097.96000000 NS USD 351885.06000000 0.296625269456 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 10YR NOTE (CBT)JUN24 000000000 115.00000000 NC USD 46410.78000000 0.039122462667 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Long CBOT 10 Year U.S. Treasury Notes TYM4 Comdty 2024-06-18 12653901.72000000 USD 46410.78000000 N N N Allspring Discovery Large Cap Growth Fund 549300TFGN5ZIYDW8F69 Allspring Discovery Large Cap Growth Fund 94990B738 33154.13000000 NS USD 354417.63000000 0.298760126386 Long EC RF US N 1 N N N Allspring Special Large Cap Value Fund 5493002LOF7PLQRDRS59 Allspring Special Large Cap Value Fund 94987W844 37596.68000000 NS USD 471462.37000000 0.397424240006 Long EC RF US N 1 N N N ALLSPRING CORE BOND PORTFOLIO 549300HBRVSSS2TEMC28 ALLSPRING CORE BOND PORTFOLIO 000000000 1090700.53000000 NS USD 25308026.09000000 21.33367088210 Long EC RF US N N/A N N N Allspring Premier Large Co. Growth Fund 549300274OAZNFJPY711 Allspring Premier Large Co. Growth Fund 94987W810 28284.00000000 NS USD 356095.57000000 0.300174563829 Long EC RF US N 1 N N N Allspring Global Investment Grade Credit Fund 549300Q1IJPVA0GX7B43 Allspring Global Investment Grade Credit Fund 94988V233 404973.20000000 NS USD 3519217.14000000 2.966561673376 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US ULTRA BOND CBT JUN24 000000000 -20.00000000 NC USD -38492.30000000 -0.03244749538 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short CME Ultra Long Term U.S. Treasury Bond Futures WNM4 Comdty 2024-06-18 -2519007.70000000 USD -38492.30000000 N N N ICE Futures U.S., Inc. 5493004R83R1LVX2IL36 MSCI EMGMKT MAR24 000000000 -34.00000000 NC USD -1017.33000000 -0.00085756918 N/A DE US N 1 ICE Futures U.S., Inc. 5493004R83R1LVX2IL36 Short ICE MSCI Emerging Markets EM Index Futures MESH4 Index 2024-03-15 -1727542.67000000 USD -1017.33000000 N N N Allspring Income Plus Fund 549300I50X4BVRPXJM50 Allspring Income Plus Fund 94988A809 1353295.58000000 NS USD 11746605.61000000 9.901926652612 Long EC RF US N 1 N N N Allspring Disciplined Large Cap Portfolio 549300QUEXT3S9XGLQ23 Allspring Disciplined Large Cap Portfolio 000000000 219463.45000000 NS USD 4390368.06000000 3.700907645276 Long EC RF US N N/A N N N iShares Core S&P Small-Cap ETF 549300BZQ17QYN750B25 iShares Core S&P Small-Cap ETF 464287804 4367.00000000 NS USD 468797.45000000 0.395177817230 Long EC RF US N 1 N N N Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 EURO FX CURR FUT MAR24 000000000 27.00000000 NC USD -4000.46000000 -0.00337223048 N/A DFE US N 1 Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 Long CME Euro Foreign Exchange Currency Futures ECH4 Curncy 2024-03-18 3652037.96000000 USD -4000.46000000 N N N Allspring High Yield Bond Fund 54930002ABPAT8LDZI59 Allspring High Yield Bond Fund 94988A726 2516260.36000000 NS USD 7498455.86000000 6.320903450641 Long EC RF US N 1 N N N Allspring Emerging Growth Portfolio 549300SI8FXK5E3YWR27 Allspring Emerging Growth Portfolio 000000000 5576.68000000 NS USD 238181.53000000 0.200777664490 Long EC RF US N N/A N N N iShares Core MSCI EAFE ETF 5493009FT582MI7Y3I36 iShares Core MSCI EAFE ETF 46432F842 16395.00000000 NS USD 1177161.00000000 0.992300437020 Long EC RF US N 1 N N N Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 CHF CURRENCY FUT MAR24 000000000 -26.00000000 NC USD 63607.96000000 0.053619009214 N/A DFE US N 1 Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 Short CME Swiss Franc Currency Futures SFH4 Curncy 2024-03-18 -3743745.46000000 USD 63607.96000000 N N N iShares Core MSCI Emerging Markets ETF 5493007C24Z3ZDJ0VD06 iShares Core MSCI Emerging Markets ETF 46434G103 11572.00000000 NS USD 582534.48000000 0.491053661380 Long EC RF US N 1 N N N Allspring Real Return Portfolio 54930082DLIF1PX1JB16 Allspring Real Return Portfolio 000000000 702091.40000000 NS USD 13856538.40000000 11.68051703201 Long EC RF US N N/A N N N Allspring Alternative Risk Premia Fund 54930083MXJPKNFMUK49 Allspring Alternative Risk Premia Fund 94988V241 466448.76000000 NS USD 3754912.51000000 3.165243602743 Long EC RF US N 1 N N N iShares U.S. Treasury Bond ETF 549300YMK9GAMCTG8G20 iShares U.S. Treasury Bond ETF 46429B267 1321065.00000000 NS USD 29922122.25000000 25.22317251868 Long EC RF US N 1 N N N Allspring Small Company Value Portfolio 549300KI79XTV85VYS50 Allspring Small Company Value Portfolio 000000000 2150.78000000 NS USD 236958.89000000 0.199747027044 Long EC RF US N N/A N N N iShares Core S&P 500 ETF 5493007M4YMN8XL48C14 iShares Core S&P 500 ETF 464287200 7176.00000000 NS USD 3662989.20000000 3.087755866838 Long EC RF US N 1 N N N Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 NASDAQ 100 E-MINI MAR24 000000000 10.00000000 NC USD 27584.48000000 0.023252632018 N/A DE US N 1 Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 Long CME E-Mini NASDAQ 100 Index Futures NQH4 Index 2024-03-15 3588965.52000000 USD 27584.48000000 N N N ICE Futures U.S., Inc. 5493004R83R1LVX2IL36 DOLLAR INDEX MAR24 000000000 -30.00000000 NC USD -19114.20000000 -0.01611251902 N/A DFE US N 1 ICE Futures U.S., Inc. 5493004R83R1LVX2IL36 Short NYBOT FINEX U.S. Dollar Index Futures DXH4 Curncy 2024-03-18 -3103825.80000000 USD -19114.20000000 N N N iShares Russell 1000 Growth ETF 549300H1KWQVEKI25E14 iShares Russell 1000 Growth ETF 464287614 713.00000000 NS USD 236102.82000000 0.199025393695 Long EC RF US N 1 N N N Allspring Disciplined Small Cap Fund 549300LW6174DF5P6I75 Allspring Disciplined Small Cap Fund 94990B506 27820.50000000 NS USD 357493.37000000 0.301352854268 Long EC RF US N 1 N N N Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 S+P500 EMINI FUT MAR24 000000000 -7.00000000 NC USD -5884.29000000 -0.00496022509 N/A DE US N 1 Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 Short CME E-Mini Standard & Poor's 500 Index Futures ESH4 Index 2024-03-15 -1780428.21000000 USD -5884.29000000 N N N 2024-04-01 ALLSPRING FUNDS TRUST Jeremy DePalma Jeremy DePalma Treasurer XXXX NPORT-EX 2 NPORT_WBH0_61463026_0224.htm EDGAR HTML
Portfolio of investments—February 29, 2024 (unaudited)
Portfolio of investments
 
 
 
 
 
Shares
Value
Investment companies:  99.37%
 
Affiliated master portfolios:  38.31%
 
Allspring Core Bond Portfolio
 
$25,308,143
Allspring Disciplined International Developed Markets Portfolio
 
1,408,824
Allspring Disciplined Large Cap Portfolio
 
4,390,359
Allspring Emerging Growth Portfolio
 
238,186
Allspring Real Return Portfolio
 
13,856,489
Allspring Small Company Value Portfolio
 
236,955
 
 
45,438,956
Alternative investment funds:  3.17%
 
Allspring Alternative Risk Premia Fund Class R6♠
 
466,583
3,755,994
Bond funds:  19.24%
 
Allspring Global Investment Grade Credit Fund Class R6♠
 
405,178
3,520,994
Allspring High Yield Bond Fund Institutional Class♠
 
2,533,945
7,551,156
Allspring Income Plus Fund Institutional Class♠
 
1,354,081
11,753,420
 
 
22,825,570
Exchange-traded funds:  32.87%
 
iShares Core MSCI EAFE ETF
 
16,399
1,177,448
iShares Core MSCI Emerging Markets ETF
 
11,590
583,441
iShares Core S&P 500 ETF
 
7,176
3,662,989
iShares Core S&P Small-Cap ETF
 
4,372
469,334
iShares Core U.S. Aggregate Bond ETF
 
30,233
2,943,182
iShares Russell 1000 Growth ETF
 
713
236,103
iShares U.S. Treasury Bond ETF
 
1,321,115
29,923,255
 
 
38,995,752
Multi-asset funds:  4.19%
 
Allspring Diversified Income Builder Fund Class R6♠
 
871,737
4,968,901
Stock funds:  1.59%
 
Allspring Disciplined Small Cap Fund Class R6♠
 
27,820
357,493
Allspring Discovery Large Cap Growth Fund Class R6♠†
 
33,167
354,558
Allspring Emerging Markets Equity Fund Class R6♠
 
14,108
352,135
Allspring Premier Large Company Growth Fund Class R6♠†
 
28,284
356,096
Allspring Special Large Cap Value Fund Class R6♠
 
37,600
471,508
 
 
1,891,790
Total investment companies (Cost $119,540,890)
 
117,876,963
See accompanying notes to portfolio of investments
Spectrum Income Allocation Fund | 1
Portfolio of investments—February 29, 2024 (unaudited)
 
 
 
 
Yield
 
Shares
Value
Short-term investments:  0.17%
 
Investment companies:  0.17%
 
Allspring Government Money Market Fund Select Class♠∞
5.24
%
 
200,000
$200,000
Total short-term investments (Cost $200,000)
 
200,000
Total investments in securities (Cost $119,740,890)
99.54
%
 
118,076,963
Other assets and liabilities, net
0.46
 
540,470
Total net assets
100.00
%
 
$118,617,433
 
♠
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
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 Alternative Risk Premia Fund Class R6
$4,436,084
$542,832
$(1,157,899
)
$(129,958
)
$64,935
$3,755,994
Allspring Disciplined Small Cap Fund Class R6
0
375,713
(50,057
)
2,407
29,430
357,493
Allspring Discovery Large Cap Growth Fund Class R6†
552,243
44,556
(322,657
)
101,510
(21,094
)
354,558
Allspring Diversified Income Builder Fund Class R6
5,796,240
236,771
(1,494,321
)
(117,041
)
547,252
4,968,901
Allspring Emerging Markets Equity Fund Class R6
407,955
33,853
(108,875
)
(446
)
19,648
352,135
Allspring Global Investment Grade Credit Fund Class R6
4,166,365
155,496
(864,874
)
(205,146
)
269,153
3,520,994
Allspring High Yield Bond Fund Institutional Class
8,836,854
792,022
(2,321,601
)
(345,733
)
589,614
7,551,156
Allspring Income Plus Fund Institutional Class
13,771,308
856,925
(3,035,278
)
(274,471
)
434,936
11,753,420
Allspring Premier Large Company Growth Fund Class R6†
550,660
152,338
(343,689
)
(57,779
)
54,566
356,096
Allspring Special Large Cap Value Fund Class R6
540,791
31,930
(175,802
)
(9,591
)
84,180
471,508
Short-term investments
Allspring Government Money Market Fund Select Class
200,000
38,763,788
(38,763,788
)
0
0
200,000
 
$(1,036,248
)
$2,072,620
$33,642,255
See accompanying notes to portfolio of investments
2 | Spectrum Income Allocation Fund
Portfolio of investments—February 29, 2024 (unaudited)
 
 
 
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
466,583
$169,859
$0
Allspring Disciplined Small Cap Fund Class R6
27,820
956
8,677
Allspring Discovery Large Cap Growth Fund Class R6†
33,167
0
20,261
Allspring Diversified Income Builder Fund Class R6
871,737
215,486
0
Allspring Emerging Markets Equity Fund Class R6
14,108
5,019
0
Allspring Global Investment Grade Credit Fund Class R6
405,178
129,369
0
Allspring High Yield Bond Fund Institutional Class
2,533,945
455,082
0
Allspring Income Plus Fund Institutional Class
1,354,081
579,115
0
Allspring Premier Large Company Growth Fund Class R6†
28,284
0
118,129
Allspring Special Large Cap Value Fund Class R6
37,600
5,843
10,420
Short-term investments
Allspring Government Money Market Fund Select Class
200,000
13,727
0
 
$1,574,456
$157,487
 
†
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*
13.28
%
0.00
%
$(3,747,474
)
$2,553,712
$463,032
$0
$48,045
$0
Allspring Core Bond Portfolio
0.71
0.50
(981,020
)
328,046
934,064
0
40,550
25,308,143
Allspring Disciplined International
Developed Markets Portfolio
0.00
0.56
1,784
423,237
16
4,217
566
1,408,824
Allspring Disciplined Large Cap
Portfolio
1.66
1.55
219,077
694,050
432
41,782
2,414
4,390,359
Allspring Emerging Growth Portfolio
0.08
0.08
(2,905
)
37,507
2
236
189
238,186
Allspring Factor Enhanced Emerging
Markets Equity Portfolio*
0.26
0.00
12,248
(4,401
)
16
4,491
277
0
Allspring Factor Enhanced International
Equity Portfolio*
0.60
0.00
357,451
(247,696
)
146
13,776
3,468
0
Allspring Factor Enhanced U.S. Large
Cap Equity Portfolio*
0.29
0.00
393,003
(266,954
)
136
9,258
1,515
0
Allspring Factor Enhanced U.S. Small
Cap Equity Portfolio*
0.35
0.00
22,221
(8,326
)
48
2,693
581
0
Allspring Real Return Portfolio
4.67
5.60
(581,478
)
740,896
254,812
33,076
78,538
13,856,489
Allspring Small Company Value
Portfolio
0.05
0.03
13,374
39,258
0
3,768
92
236,955
 
$(4,293,719
)
$4,289,329
$1,652,704
$113,297
$176,235
$45,438,956
 
*
Liquidated on December 6, 2023
See accompanying notes to portfolio of investments
Spectrum Income Allocation Fund | 3
Portfolio of investments—February 29, 2024 (unaudited)
 
Futures contracts 
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
E-Mini NASDAQ 100 Index
10
3-15-2024
$3,588,966
$3,616,550
$27,584
$0
Euro Futures
27
3-18-2024
3,652,039
3,648,038
0
(4,001
)
10-Year U.S. Treasury Notes
115
6-18-2024
12,653,902
12,700,313
46,411
0
Short
E-Mini S&P 500 Index
(7
)
3-15-2024
(1,780,429
)
(1,786,313
)
0
(5,884
)
MSCI Emerging Markets Index
(34
)
3-15-2024
(1,727,542
)
(1,728,560
)
0
(1,018
)
New Zealand Dollar Futures
(60
)
3-18-2024
(3,660,691
)
(3,649,200
)
11,491
0
Swiss Franc Futures
(26
)
3-18-2024
(3,743,746
)
(3,680,138
)
63,608
0
U.S. Dollar Futures
(30
)
3-18-2024
(3,103,826
)
(3,122,940
)
0
(19,114
)
Ultra Long Term U.S. Treasury Bond
(20
)
6-18-2024
(2,519,008
)
(2,557,500
)
0
(38,492
)
 
$149,094
$(68,509
)
See accompanying notes to portfolio of investments
4 | Spectrum Income Allocation Fund
Notes to portfolio of investments—February 29, 2024 (unaudited)
Notes to portfolio of investments
The Fund is a fund-of-funds that invests in various affiliated mutual funds, unaffiliated mutual funds and exchange-traded funds (collectively, the “Underlying Funds”) to pursue its investment objective. Investments in affiliated mutual funds may 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 the Fund acquires an indirect interest in those securities.
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 an affiliated Master Portfolio are valued daily based on the Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which is 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.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Futures contracts
Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price 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.
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). 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.  
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.
Spectrum Income Allocation Fund | 5
Notes to portfolio of investments—February 29, 2024 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2024: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Investment companies
$72,438,007
$0
$0
$72,438,007
Short-term investments
Investment companies
200,000
0
0
200,000
Investments measured at net asset value*
45,438,956
 
72,638,007
0
0
118,076,963
Futures contracts
149,094
0
0
149,094
Total assets
$72,787,101
$0
$0
$118,226,057
Liabilities
Futures contracts
$68,509
$0
$0
$68,509
Total liabilities
$68,509
$0
$0
$68,509
 
*
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 aggregated affiliated Master Portfolios valued at $45,438,956 do not have a redemption period notice, can be redeemed daily and do 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. All other assets and liabilities are reported at their market value at measurement date.
As of February 29, 2024, $696,887 was segregated as cash collateral for these open futures contracts.
At February 29, 2024, 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 Bloomberg US Aggregate ex-Corporate Portfolio*
Seeks to replicate the total return of the Bloomberg U.S. Aggregate
ex-Corporate Index, before fees and expenses
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 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
* Liquidated on December 6, 2023
6 | Spectrum Income Allocation Fund