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Portfolio of investments—June 30, 2025 (unaudited)

Portfolio of investments

	Shares		Value
Common stocks: 98.87%
Communication services: 9.74%
Entertainment: 1.63%
Netflix, Inc.†#		37	$49,548
Interactive media & services: 8.11%
Alphabet, Inc. Class C#		629	111,578
Meta Platforms, Inc. Class A#		182	134,332
			245,910
Consumer discretionary: 11.24%
Broadline retail: 4.59%
Amazon.com, Inc.†#		635	139,313
Hotels, restaurants & leisure: 4.19%
Hilton Worldwide Holdings, Inc.#		189	50,338
McDonald’s Corp.#		157	45,871
Starbucks Corp.#		338	30,971
			127,180
Household durables: 1.07%
Garmin Ltd.#		155	32,352
Specialty retail: 1.39%
Home Depot, Inc.#		115	42,163
Consumer staples: 3.23%
Consumer staples distribution & retail: 1.04%
Walmart, Inc.#		323	31,583
Food products: 1.07%
Mondelez International, Inc. Class A#		478	32,236
Personal care products: 1.12%
Unilever PLC ADR#		556	34,011
Energy: 3.93%
Oil, gas & consumable fuels: 3.93%
Suncor Energy, Inc.#		1,557	58,310
TotalEnergies SE ADR#		993	60,960
			119,270
Financials: 15.84%
Banks: 6.03%
Citigroup, Inc.#		672	57,201
JPMorgan Chase & Co.#		330	95,670
Regions Financial Corp.#		1,279	30,082
			182,953

See accompanying notes to portfolio of investments

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Portfolio of investments—June 30, 2025 (unaudited)

	Shares		Value
Capital markets: 3.45%
BlackRock, Inc.#		49	$51,413
Blackstone, Inc.#		355	53,101
			104,514
Financial services: 3.55%
Berkshire Hathaway, Inc. Class B†#		91	44,205
Visa, Inc. Class A#		179	63,554
			107,759
Insurance: 2.81%
Manulife Financial Corp.#		1,385	44,265
Marsh & McLennan Cos., Inc.#		188	41,104
			85,369
Health care: 7.14%
Biotechnology: 1.58%
AbbVie, Inc.#		258	47,890
Health care equipment & supplies: 1.22%
Abbott Laboratories#		273	37,131
Health care providers & services: 1.00%
UnitedHealth Group, Inc.#		97	30,261
Life sciences tools & services: 0.98%
Thermo Fisher Scientific, Inc.#		73	29,598
Pharmaceuticals: 2.36%
Eli Lilly & Co.#		92	71,717
Industrials: 11.49%
Aerospace & defense: 4.08%
Boeing Co.†#		292	61,183
RTX Corp.#		429	62,642
			123,825
Commercial services & supplies: 1.27%
Waste Management, Inc.#		169	38,670
Electrical equipment: 2.18%
Eaton Corp. PLC#		185	66,043
Ground transportation: 2.74%
Uber Technologies, Inc.†#		470	43,851
Union Pacific Corp.#		171	39,344
			83,195
Machinery: 1.22%
Xylem, Inc.#		285	36,868

See accompanying notes to portfolio of investments

2 | Allspring Managed Account CoreBuilder® Shares - Series EPI

Portfolio of investments—June 30, 2025 (unaudited)

	Shares		Value
Information technology: 35.03%
Communications equipment: 1.46%
Motorola Solutions, Inc.#		105	$44,148
Electronic equipment, instruments & components: 2.20%
Keysight Technologies, Inc.†#		168	27,529
TE Connectivity PLC#		232	39,131
			66,660
IT services: 0.94%
Cognizant Technology Solutions Corp. Class A#		366	28,559
Semiconductors & semiconductor equipment: 12.09%
Advanced Micro Devices, Inc.†#		285	40,442
Analog Devices, Inc.#		171	40,701
ASML Holding NV#		42	33,658
Broadcom, Inc.#		550	151,608
Lam Research Corp.#		498	48,475
NVIDIA Corp.#		329	51,979
			366,863
Software: 11.25%
Adobe, Inc.†#		101	39,075
Microsoft Corp.#		561	279,047
Salesforce, Inc.#		85	23,179
			341,301
Technology hardware, storage & peripherals: 7.09%
Apple, Inc.#		1,049	215,223
Materials: 1.23%
Chemicals: 1.23%
Ecolab, Inc.#		138	37,183
Total common stocks (Cost $2,320,446)			2,999,296

		Yield
Short-term investments: 2.25%
Investment companies: 2.25%
Allspring Government Money Market Fund Select Class♠∞		4.26 %	68,186	68,186
Total short-term investments (Cost $68,186)				68,186
Total investments in securities (Cost $2,388,632)	101.12 %			3,067,482
Other assets and liabilities, net	(1.12 )			(34,017 )
Total net assets	100.00 %			$3,033,465

†	Non-income-earning security
#	All or a portion of this security is segregated as collateral for investments in derivative instruments.
♠	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.

See accompanying notes to portfolio of investments

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Portfolio of investments—June 30, 2025 (unaudited)

Abbreviations:
ADR	American depositary receipt

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)	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	$78,374	$1,043,418	$(1,053,606 )	$0	$0	$68,186	68,186	$1,499

Written options

Description	Counterparty	Number of contracts	Notional amount	Exercise price	Expiration date	Value
Call
E-Mini S&P 500 Index	Morgan Stanley Co.	(7 )	$(434,000 )	$620.00	7-3-2025	$(1,970 )
E-Mini S&P 500 Index	Morgan Stanley Co.	(14 )	(910,000 )	650.00	7-3-2025	(35 )
E-Mini S&P 500 Index	Morgan Stanley Co.	(4 )	(246,800 )	617.00	7-11-2025	(2,962 )
E-Mini S&P 500 Index	Morgan Stanley Co.	(14 )	(903,000 )	645.00	7-11-2025	(126 )
E-Mini S&P 500 Index	Morgan Stanley Co.	(12 )	(742,800 )	619.00	7-18-2025	(9,924 )
E-Mini S&P 500 Index	Morgan Stanley Co.	(8 )	(520,000 )	650.00	7-18-2025	(176 )
E-Mini S&P 500 Index	Morgan Stanley Co.	(12 )	(768,000 )	640.00	7-25-2025	(2,022 )
E-Mini S&P 500 Index	Morgan Stanley Co.	(7 )	(469,000 )	670.00	7-25-2025	(49 )
Invesco QQQ Trust, Series 1	Morgan Stanley Co.	(2 )	(110,000 )	550.00	7-3-2025	(792 )
Invesco QQQ Trust, Series 1	Morgan Stanley Co.	(3 )	(164,250 )	547.50	7-11-2025	(2,610 )
Invesco QQQ Trust, Series 1	Morgan Stanley Co.	(2 )	(119,000 )	595.00	7-18-2025	(26 )
Invesco QQQ Trust, Series 1	Morgan Stanley Co.	(2 )	(114,000 )	570.00	7-25-2025	(564 )
iShares Russell 2000 ETF	Morgan Stanley Co.	(11 )	(242,000 )	220.00	7-3-2025	(457 )
iShares Russell 2000 ETF	Morgan Stanley Co.	(10 )	(218,000 )	218.00	7-11-2025	(2,175 )
iShares Russell 2000 ETF	Morgan Stanley Co.	(11 )	(242,000 )	220.00	7-18-2025	(2,629 )
iShares Russell 2000 ETF	Morgan Stanley Co.	(11 )	(248,600 )	226.00	7-25-2025	(1,491 )
SPDR Dow Jones Industrial Average ETF	Morgan Stanley Co.	(1 )	(44,000 )	440.00	7-3-2025	(237 )
SPDR Dow Jones Industrial Average ETF	Morgan Stanley Co.	(3 )	(130,800 )	436.00	7-11-2025	(2,092 )
SPDR Dow Jones Industrial Average ETF	Morgan Stanley Co.	(3 )	(139,500 )	465.00	7-18-2025	(30 )
						$(30,367 )

See accompanying notes to portfolio of investments

4 | Allspring Managed Account CoreBuilder® Shares - Series EPI

Notes to portfolio of investments—June 30, 2025 (unaudited)

Notes to portfolio of investments

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.

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.

Options that are listed on a foreign or domestic exchange or market are valued at the closing mid-price. Non-listed options are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

Foreign currency translation

The accounting records of the 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.

Options

The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains on the expiration date. For exercised options, the difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

The Fund may also purchase call or put options. Premiums paid are subsequently adjusted based on the current market values of the options. Premiums paid for purchased options that expire are recognized as realized losses on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. The Fund is subject to equity price risk. Purchased options traded over-the-counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk can be mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

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

Allspring Managed Account CoreBuilder® Shares - Series EPI | 5

Notes to portfolio of investments—June 30, 2025 (unaudited)

active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

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

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$295,458	$0	$0	$295,458
Consumer discretionary	341,008	0	0	341,008
Consumer staples	97,830	0	0	97,830
Energy	119,270	0	0	119,270
Financials	480,595	0	0	480,595
Health care	216,597	0	0	216,597
Industrials	348,601	0	0	348,601
Information technology	1,062,754	0	0	1,062,754
Materials	37,183	0	0	37,183
Short-term investments
Investment companies	68,186	0	0	68,186
Total assets	$3,067,482	$0	$0	$3,067,482
Liabilities
Written options	$30,367	$0	$0	$30,367
Total liabilities	$30,367	$0	$0	$30,367

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

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

6 | Allspring Managed Account CoreBuilder® Shares - Series EPI