Portfolio of investments—July 31, 2026 (unaudited)
Portfolio of investments
 
 
 
 
 
 
Shares
Value
Investment companies:  94.57%
 
Affiliated master portfolios:  34.25%
 
Allspring Disciplined International Developed Markets Portfolio
 
$9,645,421
Allspring Disciplined Large Cap Portfolio
 
26,406,127
Allspring Real Return Portfolio
 
27,213,802
Allspring Small Company Value Portfolio
 
1,499,267
 
 
64,764,617
Alternative investment funds:  4.44%
 
Allspring Alternative Risk Premia Fund Class R6♠
 
932,049
8,397,761
Bond funds:  5.44%
 
Allspring High Yield Bond Fund Institutional Class♠
 
3,439,691
10,284,676
Exchange-traded funds:  39.39%
 
Allspring Broad Market Core Bond ETF♠
 
537,095
13,067,736
Allspring Core Plus ETF♠
 
386,841
9,330,605
Allspring Income Plus ETF♠
 
840,055
20,745,158
Allspring Special Large Value ETF♠
 
149,356
4,594,041
iShares Core MSCI EAFE ETF
 
14,651
1,439,461
iShares Core MSCI Emerging Markets ETF
 
21,746
1,687,707
iShares Core U.S. Aggregate Bond ETF
 
171,723
16,720,669
iShares MSCI Global Gold Miners ETF
 
108,000
6,887,160
 
 
74,472,537
Multi-asset funds:  5.50%
 
Allspring Diversified Income Builder Fund Class R6♠
 
1,594,382
10,395,374
Stock funds:  5.55%
 
Allspring Disciplined Small Cap Fund Class R6♠
 
153,033
2,812,749
Allspring Emerging Growth Fund Class R6♠†
 
53,774
749,069
Allspring Emerging Markets Equity Fund Class R6♠
 
65,386
2,657,935
Allspring Large Cap Growth Fund Class R6♠†
 
46,886
2,159,113
Allspring Premier Large Company Growth Fund Class R6♠†
 
172,069
2,113,006
 
 
10,491,872
Total investment companies (Cost $160,830,102)
 
178,806,837
 
 
 
Yield
 
 
 
Short-term investments:  2.59%
 
Investment companies:  2.59%
 
Allspring Government Money Market Fund Select Class♠∞
3.59
%
 
4,891,259
4,891,259
Total short-term investments (Cost $4,891,259)
 
4,891,259
Total investments in securities (Cost $165,721,361)
97.16
%
 
183,698,096
Other assets and liabilities, net
2.84
 
5,375,608
Total net assets
100.00
%
 
$189,073,704
 
♠
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.
See accompanying notes to portfolio of investments
Spectrum Conservative Growth Fund | 1
Portfolio of investments—July 31, 2026 (unaudited)
 
 
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
$8,332,518
$0
$0
$0
$65,243
$8,397,761
Allspring Broad Market Core Bond ETF
13,344,125
0
0
0
(276,389
)
13,067,736
Allspring Core Plus ETF
9,547,236
0
0
0
(216,631
)
9,330,605
Allspring Disciplined Small Cap Fund Class R6
2,650,534
0
0
0
162,215
2,812,749
Allspring Diversified Income Builder Fund Class R6
10,208,033
140,394
0
0
46,947
10,395,374
Allspring Emerging Growth Fund Class R6†
746,918
0
0
0
2,151
749,069
Allspring Emerging Markets Equity Fund Class R6
2,559,203
0
0
0
98,732
2,657,935
Allspring High Yield Bond Fund Institutional Class
10,217,346
169,955
0
0
(102,625
)
10,284,676
Allspring Income Plus ETF
20,955,172
0
0
0
(210,014
)
20,745,158
Allspring Large Cap Growth Fund Class R6†
2,168,959
0
0
0
(9,846
)
2,159,113
Allspring Premier Large Company Growth Fund Class R6†
2,176,671
0
0
0
(63,665
)
2,113,006
Allspring Special Large Value ETF
4,436,710
0
0
0
157,331
4,594,041
Short-term investments
Allspring Government Money Market Fund Select Class
7,072,581
19,711,392
(21,892,714
)
0
0
4,891,259
 
$0
$(346,551
)
$92,198,482
 
 
Shares,
end of
period
Dividends from
affiliated
Underlying Funds
Investment companies
Allspring Alternative Risk Premia Fund Class R6
932,049
$0
Allspring Broad Market Core Bond ETF
537,095
159,603
Allspring Core Plus ETF
386,841
114,710
Allspring Disciplined Small Cap Fund Class R6
153,033
0
Allspring Diversified Income Builder Fund Class R6
1,594,382
140,394
Allspring Emerging Growth Fund Class R6†
53,774
0
Allspring Emerging Markets Equity Fund Class R6
65,386
0
Allspring High Yield Bond Fund Institutional Class
3,439,691
170,100
Allspring Income Plus ETF
840,055
285,896
Allspring Large Cap Growth Fund Class R6†
46,886
0
Allspring Premier Large Company Growth Fund Class R6†
172,069
0
Allspring Special Large Value ETF
149,356
0
Short-term investments
Allspring Government Money Market Fund Select Class
4,891,259
99,809
 
$970,512
 
†
Non-income-earning security
See accompanying notes to portfolio of investments
2 | Spectrum Conservative Growth Fund
Portfolio of investments—July 31, 2026 (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 Disciplined International
Developed Markets Portfolio
3.19
%
3.19
%
$56,837
$263,545
$98
$64,265
$1,920
$9,645,421
Allspring Disciplined Large Cap
Portfolio
7.23
7.23
367,015
679,136
408
73,746
2,799
26,406,127
Allspring Real Return Portfolio
6.40
6.24
(44,448
)
(1,188,077
)
190,964
29,621
60,624
27,213,802
Allspring Small Company Value
Portfolio
0.22
0.23
66,242
(5,820
)
19
6,047
120
1,499,267
 
$445,646
$(251,216
)
$191,489
$173,679
$65,463
$64,764,617
Futures contracts 
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
2-Year Euro SCHATZ
315
9-8-2026
$38,397,163
$38,305,706
$0
$(91,457
)
Nikkei 225 Index
28
9-10-2026
11,535,346
11,213,727
0
(321,619
)
U.S. Dollar Index
58
9-14-2026
5,880,910
5,787,762
0
(93,148
)
3-Year Australian Bond
811
9-15-2026
59,561,416
59,459,556
0
(101,860
)
Euro STOXX 50 Index
162
9-18-2026
11,705,818
11,905,419
199,601
0
MSCI Emerging Markets Index
56
9-18-2026
5,001,775
4,598,440
0
(403,335
)
10-Year U.S. Treasury Notes
18
9-21-2026
1,963,589
1,944,000
0
(19,589
)
Short
10-Year Australian Bond
(276
)
9-15-2026
(21,121,704
)
(20,998,036
)
123,668
0
S&P ASX Share Price Index 200
(75
)
9-17-2026
(11,617,665
)
(11,798,892
)
0
(181,227
)
E-Mini S&P 500 Index
(1
)
9-18-2026
(378,787
)
(375,963
)
2,824
0
 
$326,093
$(1,212,235
)
See accompanying notes to portfolio of investments
Spectrum Conservative Growth Fund | 3
Notes to portfolio of investments—July 31, 2026 (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.
4 | Spectrum Conservative Growth Fund
Notes to portfolio of investments—July 31, 2026 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2026: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Investment companies
$114,042,220
$0
$0
$114,042,220
Short-term investments
Investment companies
4,891,259
0
0
4,891,259
Investments measured at net asset value*
64,764,617
 
118,933,479
0
0
183,698,096
Futures contracts
326,093
0
0
326,093
Total assets
$119,259,572
$0
$0
$184,024,189
Liabilities
Futures contracts
$1,212,235
$0
$0
$1,212,235
Total liabilities
$1,212,235
$0
$0
$1,212,235
 
*
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 $64,764,617 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, 2026, $5,196,808 was segregated as cash collateral for these open futures contracts.
At July 31, 2026, the Fund did not have any transfers into/out of Level 3.
The investment objective of each affiliated Master Portfolio is as follows: 
Affiliated Master Portfolio
Investment objective
Allspring Disciplined International Developed Markets Portfolio
Seeks long-term capital appreciation
Allspring Disciplined Large Cap Portfolio
Seeks long-term capital appreciation
Allspring 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