Portfolio of investments—July 31, 2024 (unaudited)
Portfolio of investments
Shares | Value | |||||
Investment companies: 98.84% | ||||||
Affiliated master portfolios: 35.25% | ||||||
Allspring Core Bond Portfolio | $21,586,151 | |||||
Allspring Disciplined International Developed Markets Portfolio | 6,904,238 | |||||
Allspring Disciplined Large Cap Portfolio | 20,777,934 | |||||
Allspring Emerging Growth Portfolio | 1,318,096 | |||||
Allspring Real Return Portfolio | 26,915,041 | |||||
Allspring Small Company Value Portfolio | 1,325,895 | |||||
78,827,355 | ||||||
Alternative investment funds: 3.64% | ||||||
Allspring Alternative Risk Premia Fund Class R6♠ | 990,699 | 8,143,548 | ||||
Bond funds: 21.17% | ||||||
Allspring Global Investment Grade Credit Fund Class R6♠ | 748,080 | 6,642,954 | ||||
Allspring High Yield Bond Fund Institutional Class♠ | 5,089,056 | 15,419,838 | ||||
Allspring Income Plus Fund Institutional Class♠ | 2,869,831 | 25,283,213 | ||||
47,346,005 | ||||||
Exchange-traded funds: 29.22% | ||||||
iShares Core MSCI EAFE ETF | 119,435 | 8,931,349 | ||||
iShares Core MSCI Emerging Markets ETF | 48,578 | 2,620,299 | ||||
iShares Core S&P 500 ETF | 27,515 | 15,224,600 | ||||
iShares Core U.S. Aggregate Bond ETF | 376,054 | 37,270,712 | ||||
iShares Russell 1000 Growth ETF | 3,570 | 1,278,738 | ||||
65,325,698 | ||||||
Multi-asset funds: 4.64% | ||||||
Allspring Diversified Income Builder Fund Class R6♠ | 1,771,219 | 10,379,343 | ||||
Stock funds: 4.92% | ||||||
Allspring Disciplined Small Cap Fund Class R6♠ | 157,101 | 2,218,265 | ||||
Allspring Emerging Markets Equity Fund Class R6♠ | 66,051 | 1,729,875 | ||||
Allspring Large Cap Growth Fund Class R6♠ | 48,370 | 2,241,929 | ||||
Allspring Premier Large Company Growth Fund Class R6♠† | 162,057 | 2,150,498 | ||||
Allspring Special Large Cap Value Fund Class R6♠ | 191,059 | 2,651,897 | ||||
10,992,464 | ||||||
Total investment companies (Cost $208,218,975) | 221,014,413 |
Yield | ||||||
Short-term investments: 0.09% | ||||||
Investment companies: 0.09% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.25 % | 200,000 | 200,000 | |||
Total short-term investments (Cost $200,000) | 200,000 | |||||
Total investments in securities (Cost $208,418,975) | 98.93 % | 221,214,413 | ||||
Other assets and liabilities, net | 1.07 | 2,396,893 | ||||
Total net assets | 100.00 % | $223,611,306 |
See accompanying notes to portfolio of investments
Spectrum Conservative Growth Fund | 1
Portfolio of investments—July 31, 2024 (unaudited)
♠ | 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 | $8,371,228 | $148,851 | $(436,617 ) | $(52,157 ) | $112,243 | $8,143,548 |
Allspring Disciplined Small Cap Fund Class R6 | 2,215,538 | 41,287 | (330,775 ) | 38,339 | 253,876 | 2,218,265 |
Allspring Discovery Large Cap Growth Fund Class R6† | 2,232,146 | 388,117 | (1,813,591 ) | 74,807 | (881,479 ) | 0 |
Allspring Diversified Income Builder Fund Class R6 | 10,658,481 | 191,215 | (786,553 ) | 470 | 315,730 | 10,379,343 |
Allspring Emerging Markets Equity Fund Class R6 | 1,804,379 | 44,406 | (187,117 ) | 14,003 | 54,204 | 1,729,875 |
Allspring Global Investment Grade Credit Fund Class R6 | 6,802,844 | 57,977 | (434,965 ) | (87,054 ) | 304,152 | 6,642,954 |
Allspring High Yield Bond Fund Institutional Class | 15,903,633 | 642,185 | (1,440,796 ) | (147,808 ) | 462,624 | 15,419,838 |
Allspring Income Plus Fund Institutional Class | 25,920,907 | 732,853 | (1,995,441 ) | (131,872 ) | 756,766 | 25,283,213 |
Allspring Large Cap Growth Fund Class R6 | 0 | 1,693,643 | 0 | 0 | 548,286 | 2,241,929 |
Allspring Premier Large Company Growth Fund Class R6† | 2,217,958 | 27,594 | (286,832 ) | (31,388 ) | 223,166 | 2,150,498 |
Allspring Special Large Cap Value Fund Class R6 | 2,692,688 | 19,776 | (291,964 ) | 19,326 | 212,071 | 2,651,897 |
Short-term investments | ||||||
Allspring Government Money Market Fund Select Class | 200,000 | 2,713,844 | (2,713,844 ) | 0 | 0 | 200,000 |
$(303,334 ) | $2,361,639 | $77,061,360 |
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 | 990,699 | $0 | $0 |
Allspring Disciplined Small Cap Fund Class R6 | 157,101 | 0 | 0 |
Allspring Discovery Large Cap Growth Fund Class R6† | 0 | 0 | 367,625 |
Allspring Diversified Income Builder Fund Class R6 | 1,771,219 | 188,690 | 0 |
Allspring Emerging Markets Equity Fund Class R6 | 66,051 | 0 | 0 |
Allspring Global Investment Grade Credit Fund Class R6 | 748,080 | 55,842 | 0 |
Allspring High Yield Bond Fund Institutional Class | 5,089,056 | 273,967 | 0 |
Allspring Income Plus Fund Institutional Class | 2,869,831 | 322,477 | 0 |
Allspring Large Cap Growth Fund Class R6 | 48,370 | 0 | 0 |
Allspring Premier Large Company Growth Fund Class R6† | 162,057 | 0 | 0 |
Allspring Special Large Cap Value Fund Class R6 | 191,059 | 0 | 0 |
Short-term investments | |||
Allspring Government Money Market Fund Select Class | 200,000 | 852 | 0 |
$841,828 | $367,625 |
† | Non-income-earning security |
See accompanying notes to portfolio of investments
2 | Spectrum Conservative Growth Fund
Portfolio of investments—July 31, 2024 (unaudited)
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 Core Bond Portfolio | 0.44 % | 0.41 % | $(89,694 ) | $594,238 | $256,049 | $0 | $9,341 | $21,586,151 |
Allspring Disciplined International Developed Markets Portfolio | 2.35 | 2.39 | 23,025 | 226,888 | 101 | 56,727 | 1,869 | 6,904,238 |
Allspring Disciplined Large Cap Portfolio | 6.11 | 6.25 | 257,306 | 1,402,228 | 267 | 71,633 | 4,237 | 20,777,934 |
Allspring Emerging Growth Portfolio | 0.47 | 0.45 | 72,177 | 28,410 | 0 | 173 | 191 | 1,318,096 |
Allspring Real Return Portfolio | 11.50 | 11.12 | 204,276 | 2,354,959 | 139,361 | 34,708 | 89,375 | 26,915,041 |
Allspring Small Company Value Portfolio | 0.19 | 0.17 | 13,628 | 120,653 | 0 | 6,196 | 170 | 1,325,895 |
$480,718 | $4,727,376 | $395,778 | $169,437 | $105,183 | $78,827,355 |
Futures contracts
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
TOPIX Index | 26 | 9-12-2024 | $4,784,589 | $4,854,444 | $69,855 | $0 |
Australian Dollar Futures | 84 | 9-16-2024 | 5,665,931 | 5,504,520 | 0 | (161,411 ) |
Euro Futures | 53 | 9-16-2024 | 7,137,499 | 7,188,125 | 50,626 | 0 |
E-Mini NASDAQ 100 Index | 20 | 9-20-2024 | 7,945,771 | 7,802,100 | 0 | (143,671 ) |
E-Mini S&P 500 Index | 20 | 9-20-2024 | 5,503,021 | 5,558,000 | 54,979 | 0 |
Euro STOXX 600 Index | 81 | 9-20-2024 | 2,289,738 | 2,277,465 | 0 | (12,273 ) |
Long Gilt Futures | 64 | 9-26-2024 | 7,969,315 | 8,163,347 | 194,032 | 0 |
2-Year U.S. Treasury Notes | 259 | 9-30-2024 | 52,979,599 | 53,190,102 | 210,503 | 0 |
Short | ||||||
Swiss Franc Futures | (51 ) | 9-16-2024 | (7,180,301 ) | (7,288,219 ) | 0 | (107,918 ) |
Canadian Dollar Futures | (94 ) | 9-17-2024 | (6,884,603 ) | (6,823,460 ) | 61,143 | 0 |
10-Year U.S. Treasury Notes | (34 ) | 9-19-2024 | (3,756,571 ) | (3,801,625 ) | 0 | (45,054 ) |
MSCI Emerging Markets Index | (137 ) | 9-20-2024 | (7,405,876 ) | (7,511,025 ) | 0 | (105,149 ) |
$641,138 | $(575,476 ) |
See accompanying notes to portfolio of investments
Spectrum Conservative Growth Fund | 3
Notes to portfolio of investments—July 31, 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 Funds 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.
4 | Spectrum Conservative Growth Fund
Notes to portfolio of investments—July 31, 2024 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2024:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Investment companies | $142,187,058 | $0 | $0 | $142,187,058 |
Short-term investments | ||||
Investment companies | 200,000 | 0 | 0 | 200,000 |
Investments measured at net asset value* | 78,827,355 | |||
142,387,058 | 0 | 0 | 221,214,413 | |
Futures contracts | 641,138 | 0 | 0 | 641,138 |
Total assets | $143,028,196 | $0 | $0 | $221,855,551 |
Liabilities | ||||
Futures contracts | $575,476 | $0 | $0 | $575,476 |
Total liabilities | $575,476 | $0 | $0 | $575,476 |
* | 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 $78,827,355 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 the Portfolio of Investments. All other assets and liabilities are reported at their market value at measurement date.
As of July 31, 2024, $2,875,808 was segregated as cash collateral for these open futures contracts.
At July 31, 2024, the Funds 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 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 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 |
Spectrum Conservative Growth Fund | 5