Portfolio of investments—July 31, 2026 (unaudited)
Portfolio of investments
 
 
 
 
 
 
Shares
Value
Investment companies:  94.28%
 
Affiliated master portfolios:  28.00%
 
Allspring Core Bond Portfolio
 
$6,701,497
Allspring Disciplined International Developed Markets Portfolio
 
2,207,274
Allspring Disciplined Large Cap Portfolio
 
1,483,738
Allspring Real Return Portfolio
 
11,930,186
 
 
22,322,695
Alternative investment funds:  4.19%
 
Allspring Alternative Risk Premia Fund Class R6♠
 
371,084
3,343,462
Bond funds:  7.05%
 
Allspring High Yield Bond Fund Institutional Class♠
 
1,879,659
5,620,182
Exchange-traded funds:  46.11%
 
Allspring Broad Market Core Bond ETF♠
 
307,961
7,492,814
Allspring Core Plus ETF♠
 
353,710
8,531,485
Allspring Income Plus ETF♠
 
349,513
8,631,224
iShares Core U.S. Aggregate Bond ETF
 
94,837
9,234,279
iShares MSCI Global Gold Miners ETF
 
45,000
2,869,650
 
 
36,759,452
Multi-asset funds:  5.31%
 
Allspring Diversified Income Builder Fund Class R6♠
 
649,397
4,234,069
Stock funds:  3.62%
 
Allspring Disciplined Small Cap Fund Class R6♠
 
40,311
740,908
Allspring Emerging Markets Equity Fund Class R6♠
 
29,422
1,196,000
Allspring Premier Large Company Growth Fund Class R6♠†
 
76,983
945,346
 
 
2,882,254
Total investment companies (Cost $74,044,057)
 
75,162,114
 
 
 
Yield
 
 
 
Short-term investments:  2.85%
 
Investment companies:  2.85%
 
Allspring Government Money Market Fund Select Class♠∞
3.59
%
 
2,277,923
2,277,923
Total short-term investments (Cost $2,277,923)
 
2,277,923
Total investments in securities (Cost $76,321,980)
97.13
%
 
77,440,037
Other assets and liabilities, net
2.87
 
2,284,506
Total net assets
100.00
%
 
$79,724,543
 
♠
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 Income Allocation 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
$3,317,487
$0
$0
$0
$25,975
$3,343,462
Allspring Broad Market Core Bond ETF
9,663,736
0
(1,993,369
)
8,456
(186,009
)
7,492,814
Allspring Core Plus ETF
8,729,563
0
0
0
(198,078
)
8,531,485
Allspring Disciplined Small Cap Fund Class R6
698,179
0
0
0
42,729
740,908
Allspring Diversified Income Builder Fund Class R6
4,157,765
57,182
0
0
19,122
4,234,069
Allspring Emerging Markets Equity Fund Class R6
1,151,573
0
0
0
44,427
1,196,000
Allspring High Yield Bond Fund Institutional Class
5,583,389
124,318
(31,444
)
0
(56,081
)
5,620,182
Allspring Income Plus ETF
8,718,602
0
0
0
(87,378
)
8,631,224
Allspring Premier Large Company Growth Fund Class R6†
973,828
0
0
0
(28,482
)
945,346
Short-term investments
Allspring Government Money Market Fund Select Class
793,563
10,659,108
(9,174,748
)
0
0
2,277,923
 
$8,456
$(423,775
)
$43,013,413
 
 
Shares,
end of
period
Dividends from
affiliated
Underlying Funds
Investment companies
Allspring Alternative Risk Premia Fund Class R6
371,084
$0
Allspring Broad Market Core Bond ETF
307,961
106,372
Allspring Core Plus ETF
353,710
104,886
Allspring Disciplined Small Cap Fund Class R6
40,311
0
Allspring Diversified Income Builder Fund Class R6
649,397
57,183
Allspring Emerging Markets Equity Fund Class R6
29,422
0
Allspring High Yield Bond Fund Institutional Class
1,879,659
92,953
Allspring Income Plus ETF
349,513
118,950
Allspring Premier Large Company Growth Fund Class R6†
76,983
0
Short-term investments
Allspring Government Money Market Fund Select Class
2,277,923
19,132
 
$499,476
 
†
Non-income-earning security
See accompanying notes to portfolio of investments
2 | Spectrum Income Allocation 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 Core Bond Portfolio
0.19
%
0.14
%
$(49,169
)
$(92,965
)
$97,706
$0
$2,303
$6,701,497
Allspring Disciplined International
Developed Markets Portfolio
0.73
0.73
13,006
58,737
23
14,707
439
2,207,274
Allspring Disciplined Large Cap
Portfolio
0.41
0.41
20,625
37,013
23
4,145
157
1,483,738
Allspring Real Return Portfolio
2.81
2.73
(19,573
)
(547,554
)
83,721
12,986
26,578
11,930,186
 
$(35,111
)
$(544,769
)
$181,473
$31,838
$29,477
$22,322,695
Futures contracts 
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
2-Year Euro SCHATZ
134
9-8-2026
$16,334,017
$16,295,126
$0
$(38,891
)
Nikkei 225 Index
12
9-10-2026
4,943,720
4,805,883
0
(137,837
)
U.S. Dollar Index
24
9-14-2026
2,433,480
2,394,936
0
(38,544
)
3-Year Australian Bond
340
9-15-2026
24,969,933
24,927,557
0
(42,376
)
E-Mini S&P 500 Index
4
9-18-2026
1,485,345
1,503,850
18,505
0
Euro STOXX 50 Index
68
9-18-2026
4,913,553
4,997,336
83,783
0
MSCI Emerging Markets Index
24
9-18-2026
2,143,618
1,970,760
0
(172,858
)
10-Year U.S. Treasury Notes
10
9-21-2026
1,090,882
1,080,000
0
(10,882
)
Short
10-Year Australian Bond
(116
)
9-15-2026
(8,876,971
)
(8,825,261
)
51,710
0
S&P ASX Share Price Index 200
(32
)
9-17-2026
(4,956,870
)
(5,034,194
)
0
(77,324
)
 
$153,998
$(518,712
)
See accompanying notes to portfolio of investments
Spectrum Income Allocation 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 Income Allocation 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
$52,839,419
$0
$0
$52,839,419
Short-term investments
Investment companies
2,277,923
0
0
2,277,923
Investments measured at net asset value*
22,322,695
 
55,117,342
0
0
77,440,037
Futures contracts
153,998
0
0
153,998
Total assets
$55,271,340
$0
$0
$77,594,035
Liabilities
Futures contracts
$518,712
$0
$0
$518,712
Total liabilities
$518,712
$0
$0
$518,712
 
*
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 $22,322,695 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, $2,300,887 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 Income Allocation Fund | 5