Wells Fargo Master Trust NCSRS Certified semi-annual shareholder report (management investment company)

LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

Allspring Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Matthew Prasse

Allspring Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-222-8222

Date of fiscal year end: May 31

Registrant is making a filing for 12 of its series:

Allspring C&B Large Cap Value Portfolio, Allspring Emerging Growth Portfolio, Allspring Index Portfolio, Allspring Small Company Growth Portfolio, Allspring Small Company Value Portfolio, Allspring Disciplined Large Cap Portfolio, Allspring Diversified Large Cap Growth Portfolio, Allspring Disciplined International Developed Markets Portfolio, Allspring Large Company Value Portfolio, Allspring Core Bond Portfolio, Allspring Real Return Portfolio and Allspring Managed Fixed Income Portfolio.

Date of reporting period: November 30, 2021

ITEM 1.

REPORT TO STOCKHOLDERS

Semi-Annual Report

November 30, 2021

Allspring Core Bond Fund

Contents

The views expressed and any forward-looking statements are as of November 30, 2021, unless otherwise noted, and are those of the Fund's portfolio managers and/or Allspring Global Investments. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Allspring Global Investments disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

Allspring Core Bond Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for Allspring Core Bond Fund for the six-month period that ended November 30, 2021. Global stocks yielded mixed results as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. The bond market had mostly positive returns during the period.

For the six-month period, U.S. stocks, based on the S&P 500 Index,¹ gained 9.38%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned -5.76%, while the MSCI EM Index (Net) (USD),³ trailed its developed market counterparts with a 10.81% loss. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index,⁴ returned 1.02%, the Bloomberg Global Aggregate ex-USD Index (unhedged),⁵ returned -4.64%, the Bloomberg Municipal Bond Index⁶ returned 0.56%, and the ICE BofA U.S. High Yield Index,⁷ gained 1.09%.

Vaccination rollout drove the stock markets to new highs.

June witnessed the S&P 500 Index reach a new all-time high. 2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances. Late June saw a deal reached on a U.S. infrastructure package of approximately $1 trillion for road, bridge, and broadband network upgrades over the next eight years. The U.S. Federal Reserve's (Fed) June meeting yielded no change to policy, but its projections pointed to a possible interest rate rise in 2023. This, combined with a rebound in economic activity and investors searching for yield, led to U.S. Treasury yields being down for the month. Many European and Asian countries saw vaccination momentum increase, while the U.K. dealt with a rise in COVID-19 infections, specifically the Delta variant. Meanwhile, crude oil jumped over 10% in June on the back of the pickup in global economic activity and the Organization of the Petroleum Exporting Countries’ (OPEC) slow pace of supply growth.

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

⁴

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁵	The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved.

2 | Allspring Core Bond Fund

Table of Contents

Letter to shareholders (unaudited)

July began the month seeing vaccinations making progress, as several major developed countries eased restrictions, only to be threatened again by the spread of COVID-19’s Delta variant. Inflation continued to climb, aided by the continued supply bottleneck in the face of high demand. As it pertains to the equity area of the market, U.S. equities led the way in positive return territory, followed by international developed markets. In contrast, emerging markets were well in negative territory for the month, hindered by China’s plans for new regulations on a number of sectors, specifically education and technology. The U.S. 10-Year Treasury bond yield continued to decline, as strong demand swallowed up supply. After hitting a multi-year high earlier in the month, oil prices leveled off following an agreement by OPEC to raise oil production starting in August.

The Delta variant of COVID-19 produced outbreaks globally in August, increasing the potential for increased market volatility and bringing into question the ongoing economic recovery. Domestically, the U.S. economy continued to stay strong in the face of the Delta variant, continued inflationary pressures, and worries over Hurricane Ida. Emerging market equities experienced elevated volatility, largely influenced by China’s regulatory stance. Emerging market equities started the month with poor performance but rebounded to end the month in positive territory. Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market. In the commodity segment of the market, crude oil fell sharply during the month on the back of dampened expectations as a result of the Delta variant but was still a leading asset class performer for the year.

Global markets suffered their broadest retreat in a year during September, with the exception of commodities. Concerns over inflation and the interest rate outlook depressed investor confidence and hurt performance. Emerging markets declined on concerns over the continued supply chain disruptions and worries over higher energy and food prices. Meanwhile, the Fed indicated it would slow the pace of asset purchases in the near future. All eyes domestically were fixed on the raising of the debt ceiling, the 2022 budget plan, and the ongoing debate over the infrastructure package. Contrary to most asset classes, commodities thrived in September, driven by sharply higher energy prices.

October’s key themes continued to be elevated inflation pressures and a supply bottleneck, but strong earnings provided a bright spot in the markets. Earnings releases in the U.S. were generally strong and consumer confidence was high. The Fed reaffirmed its plans to taper quantitative easing to a stop by mid-2022. Meanwhile, elevated inflation figures were still being considered transitory by the Fed. Similar to the U.S., the eurozone and many Asian countries saw positive earnings but were facing inflation pressures caused by supply bottlenecks while also experiencing energy price increases amid natural gas shortages. Globally, government bond yields rose as central banks prepared to lower monetary policy accommodation in the face of rising inflationary pressures. As previously referenced, positive commodity performance was driven by sharply higher energy costs.

November was dominated by rising COVID-19 hospitalizations and concerns regarding the Omicron variant. Most major asset classes, both domestically and internationally, declined in November with two exceptions: U.S. investment-grade bonds and Treasury Inflation-Protected Securities. The United Nations Climate Change Conference (COP26) took place during the month with hopes of agreement among countries to limit global warming. While several initiatives were discussed, the conference ultimately ended without the specifics required to instill confidence that the limiting of global warming would succeed. In the U.S., President Biden signed a long-awaited infrastructure bill to upgrade U.S. roads, bridges, and railways. Meanwhile, the Consumer Price Index¹, a measure of domestic inflation conditions, jumped to its highest level in 31 years. While the threat of consistently high inflation led the Fed to discuss a faster pace of tapering, the Omicron strain makes that less likely to occur. Commodities came in negative for the month, largely driven by sharp declines in oil prices (and energy costs in general), as well as precious metals.

_“ Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market._”

¹	The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

Allspring Core Bond Fund | 3

Table of Contents

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Information on transaction closing.

On November 1, 2021, GTCR LLC and Reverence Capital Partners, L.P., announced the beginning of Allspring Global Investments™, with the close of the transaction to acquire Wells Fargo Funds Management, LLC; Wells Capital Management LLC; Galliard Capital Management LLC.; Wells Fargo Asset Management (International) Ltd.; Wells Fargo Asset Management Luxembourg S.A.; and Wells Fargo Funds Distributor, LLC, as well as Wells Fargo Bank, N.A.’s business of acting as trustee to its collective investment trusts and all related Wells Fargo Asset Management legal entities. The transaction closed on November 1, 2021, forming Allspring Global Investments, a privately held asset management firm with $587 billion in AUM¹ as of September 30, 2021.

Allspring Global Investments™ is a leading independent asset management firm with a full breadth of investment capabilities across diverse asset classes, serving the needs of its institutional and wealth management clients around the world. Allspring operates across 18 offices globally supported by more than 480 investment professionals. Allspring and its investment teams provide a broad range of differentiated investment products and solutions to help its diverse range of clients meet their investment objectives.

As part of this transition, all mutual funds within the Wells Fargo Funds family were rebranded as Allspring Funds. Each individual fund had “Wells Fargo” removed from its fund name and replaced with “Allspring.” The fund name changes went into effect on December 6, 2021.

Allspring Global Investments is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

¹	As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm.

4 | Allspring Core Bond Fund

Table of Contents

This page is intentionally left blank.

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks total return, consisting of income and capital appreciation.
Manager	Allspring Funds Management, LLC

Subadviser for the affiliated master portfolio*

Allspring Global Investments, LLC

Portfolio managers

Maulik Bhansali, CFA®^‡, Jarad Vasquez

Average annual total returns (%) as of November 30, 2021
		Including sales charge			Excluding sales charge			Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net ²
Class A (MBFAX)	10-31-2001	-6.06	2.44	2.52	-1.64	3.39	2.99	0.83	0.78
Class C (MBFCX)	10-31-2001	-3.39	2.62	2.22	-2.39	2.62	2.22	1.58	1.53
Class R (WTRRX)	7-9-2010	–	–	–	-1.71	3.18	2.76	1.08	1.03
Class R4 (MBFRX)³	11-30-2012	–	–	–	-1.37	3.68	3.28	0.60	0.52
Class R6 (WTRIX)⁴	11-30-2012	–	–	–	-1.23	3.83	3.42	0.45	0.37
Administrator Class (MNTRX)	6-30-1997	–	–	–	-1.55	3.47	3.07	0.77	0.70
Institutional Class (MBFIX)	10-31-2001	–	–	–	-1.27	3.77	3.37	0.50	0.42
Bloomberg U.S. Aggregate Bond Index⁵	–	–	–	–	-1.15	3.65	3.04	–	–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, allspringglobal.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

¹	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
²	The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 1.03% for Class R, 0.52% for Class R4, 0.37% for Class R6, 0.70% for Administrator Class, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
³	Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R4 shares would be higher.
⁴	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
⁵	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

^‡

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Core Bond Fund

Table of Contents

Performance highlights (unaudited)

Allspring Core Bond Fund | 7

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 2021¹
FNMA, 2.50%, 12-13-2051	3.12
FNMA, 2.50%, 2-11-2051	2.84
U.S. Treasury Note, 1.25%, 11-30-2026	2.35
U.S. Treasury Note, 0.50%, 11-30-2023	1.72
U.S. Treasury Bond, 1.38%, 11-15-2040	1.67
U.S. Treasury Note, 1.50%, 9-30-2024	1.45
U.S. Treasury Bond, 1.13%, 5-15-2040	1.42
U.S. Treasury Bond, 1.75%, 8-15-2041	1.41
U.S. Treasury Note, 0.75%, 11-15-2024	1.39
U.S. Treasury Note, 0.13%, 12-31-2022	1.36

¹	Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Portfolio composition as of November 30, 2021¹

¹	Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

8 | Allspring Core Bond Fund

Table of Contents

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2021 to November 30, 2021.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Allspring Core Bond Fund | 9

Table of Contents

Fund expenses (unaudited)

	Beginning account value 6-1-2021	Ending account value 11-30-2021	Expenses paid during the period^1,2	Annualized net expense ratio²
Class A
Actual	$1,000.00	$1,006.91	$3.92	0.78%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.16	$3.95	0.78%
Class C
Actual	$1,000.00	$1,003.29	$7.68	1.53%
Hypothetical (5% return before expenses)	$1,000.00	$1,017.40	$7.74	1.53%
Class R
Actual	$1,000.00	$1,006.24	$4.63	0.92%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.46	$4.66	0.92%
Class R4
Actual	$1,000.00	$1,008.28	$2.62	0.52%
Hypothetical (5% return before expenses)	$1,000.00	$1,022.46	$2.64	0.52%
Class R6
Actual	$1,000.00	$1,009.04	$1.86	0.37%
Hypothetical (5% return before expenses)	$1,000.00	$1,023.21	$1.88	0.37%
Administrator Class
Actual	$1,000.00	$1,007.38	$3.52	0.70%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.56	$3.55	0.70%
Institutional Class
Actual	$1,000.00	$1,009.56	$2.12	0.42%
Hypothetical (5% return before expenses)	$1,000.00	$1,022.96	$2.13	0.42%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

² Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

10 | Allspring Core Bond Fund

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

		Value
Investment companies: 100.05%
Affiliated master portfolio: 100.05%
Allspring Core Bond Portfolio		$5,127,213,213
Total Investment companies (Cost $5,114,748,252)		5,127,213,213
Total investments in securities (Cost $5,114,748,252)	100.05%	5,127,213,213
Other assets and liabilities, net	(0.05)	(2,622,483)
Total net assets	100.00%	$5,124,590,730

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Interest allocated from affiliated Master Portfolio	Affiliated income allocated from affiliated Master Portfolio	Value, end of period
Allspring Core Bond Portfolio	94.49%	94.18%	$18,478,641	$2,327,769	$39,251,978	$27,584	$5,127,213,213

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Fund | 11

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in affiliated Master Portfolio, at value (cost $5,114,748,252)	$ 5,127,213,213
Receivable for Fund shares sold	3,724,000
Receivable from manager	83,483
Prepaid expenses and other assets	90,720
Total assets	5,131,111,416
Liabilities
Payable for Fund shares redeemed	5,435,197
Dividends payable	524,312
Administration fees payable	293,237
Distribution fees payable	7,101
Trustees’ fees and expenses payable	655
Accrued expenses and other liabilities	260,184
Total liabilities	6,520,686
Total net assets	$5,124,590,730
Net assets consist of
Paid-in capital	$ 5,086,876,433
Total distributable earnings	37,714,297
Total net assets	$5,124,590,730
Computation of net asset value and offering price per share
Net assets – Class A	$ 367,087,999
Shares outstanding – Class A¹	27,246,997
Net asset value per share – Class A	$13.47
Maximum offering price per share – Class A²	$14.10
Net assets – Class C	$ 10,984,226
Shares outstanding �� Class C¹	823,880
Net asset value per share – Class C	$13.33
Net assets – Class R	$ 1,568,531
Shares outstanding – Class R¹	119,444
Net asset value per share – Class R	$13.13
Net assets – Class R4	$ 1,829,632
Shares outstanding – Class R4¹	139,324
Net asset value per share – Class R4	$13.13
Net assets – Class R6	$ 1,765,026,824
Shares outstanding – Class R6¹	134,512,852
Net asset value per share – Class R6	$13.12
Net assets – Administrator Class	$ 221,573,196
Shares outstanding – Administrator Class¹	16,868,953
Net asset value per share – Administrator Class	$13.13
Net assets – Institutional Class	$ 2,756,520,322
Shares outstanding – Institutional Class¹	210,149,958
Net asset value per share – Institutional Class	$13.12

¹	The Fund has an unlimited number of authorized shares.
²	Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

12 | Allspring Core Bond Fund

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $12,891)	$ 39,251,978
Affiliated income allocated from affiliated Master Portfolio	27,584
Expenses allocated from affiliated Master Portfolio	(9,296,250)
Total investment income	29,983,312
Expenses
Management fee	1,300,081
Administration fees
Class A	298,204
Class C	9,627
Class R	1,349
Class R4	709
Class R6	279,155
Administrator Class	111,419
Institutional Class	1,109,945
Shareholder servicing fees
Class A	465,944
Class C	14,955
Class R	1,583
Class R4	884
Administrator Class	269,367
Distribution fees
Class C	44,845
Class R	1,583
Custody and accounting fees	72,470
Professional fees	18,191
Registration fees	13,012
Shareholder report expenses	6,285
Trustees’ fees and expenses	9,967
Other fees and expenses	33,503
Total expenses	4,063,078
Less: Fee waivers and/or expense reimbursements
Fund-level	(925,746)
Class A	(13,227)
Class C	(2)
Class R4	(301)
Class R6	(317,155)
Administrator Class	(19,171)
Institutional Class	(480,428)
Net expenses	2,307,048
Net investment income	27,676,264
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio	18,478,424
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	2,327,986
Net realized and unrealized gains (losses) on investments	20,806,410
Net increase in net assets resulting from operations	$48,482,674

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Fund | 13

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)		Year ended May 31, 2021
Operations
Net investment income		$ 27,676,264		$ 68,755,092
Net realized gains on investments		18,478,424		124,275,417
Net change in unrealized gains (losses) on investments		2,327,986		(163,776,116)
Net increase in net assets resulting from operations		48,482,674		29,254,393
Distributions to shareholders from
Net investment income and net realized gains
Class A		(1,455,491)		(18,390,567)
Class C		(3,566)		(826,028)
Class R		(5,356)		(109,006)
Class R4		(9,201)		(255,450)
Class R6		(11,071,124)		(147,643,160)
Administrator Class		(955,924)		(13,932,917)
Institutional Class		(15,788,554)		(162,044,711)
Total distributions to shareholders		(29,289,216)		(343,201,839)
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	1,664,077	22,498,128	12,273,258	169,431,477
Class C	52,600	704,410	429,511	6,062,121
Class R	5,278	69,540	42,683	585,880
Class R4	19,599	258,288	73,596	1,019,265
Class R6	8,669,906	114,360,640	41,373,976	564,946,588
Administrator Class	1,944,278	25,673,562	7,772,437	107,461,106
Institutional Class	31,243,609	412,518,270	91,169,096	1,242,662,922
		576,082,838		2,092,169,359
Reinvestment of distributions
Class A	100,545	1,360,968	1,173,633	16,238,069
Class C	262	3,515	58,078	794,241
Class R	281	3,707	5,020	67,665
Class R4	693	9,141	18,865	254,704
Class R6	670,307	8,837,854	8,211,303	110,794,663
Administrator Class	68,245	900,859	991,907	13,386,686
Institutional Class	1,109,315	14,622,137	11,300,587	152,228,735
		25,738,181		293,764,763
Payment for shares redeemed
Class A	(2,137,736)	(28,942,605)	(6,969,911)	(96,545,555)
Class C	(236,998)	(3,177,776)	(1,472,599)	(20,765,992)
Class R	(17,177)	(225,850)	(150,925)	(2,094,716)
Class R4	(16,948)	(224,737)	(285,459)	(3,858,168)
Class R6	(26,074,861)	(344,908,039)	(82,522,155)	(1,114,913,998)
Administrator Class	(1,550,142)	(20,467,248)	(8,154,991)	(111,662,175)
Institutional Class	(32,522,983)	(428,860,630)	(63,368,919)	(856,440,756)
		(826,806,885)		(2,206,281,360)
Net increase (decrease) in net assets resulting from capital share transactions		(224,985,866)		179,652,762
Total decrease in net assets		(205,792,408)		(134,294,684)
Net assets
Beginning of period		5,330,383,138		5,464,677,822
End of period		$5,124,590,730		$ 5,330,383,138

The accompanying notes are an integral part of these financial statements.

14 | Allspring Core Bond Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class A	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$13.43	$14.17	$13.28	$12.86	$13.22	$13.28
Net investment income	0.05	0.12 ¹	0.25	0.32	0.24	0.19 ¹
Net realized and unrealized gains (losses) on investments	0.04	(0.06)	0.93	0.42	(0.36)	0.00
Total from investment operations	0.09	0.06	1.18	0.74	(0.12)	0.19
Distributions to shareholders from
Net investment income	(0.05)	(0.15)	(0.26)	(0.32)	(0.24)	(0.19)
Net realized gains	0.00	(0.65)	(0.03)	0.00	0.00	(0.06)
Total distributions to shareholders	(0.05)	(0.80)	(0.29)	(0.32)	(0.24)	(0.25)
Net asset value, end of period	$13.47	$13.43	$14.17	$13.28	$12.86	$13.22
Total return²	0.69%	0.31%	9.03%	5.87%	(0.96)%	1.48%
Ratios to average net assets (annualized)^*
Gross expenses	0.82%	0.82%	0.82%	0.83%	0.83%	0.83%
Net expenses	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%
Net investment income	0.72%	0.87%	1.85%	2.50%	1.79%	1.40%
Supplemental data
Portfolio turnover rate³	199%	457%	603%	577%	542%	614%
Net assets, end of period (000s omitted)	$367,088	$370,882	$299,642	$302,246	$320,208	$360,276

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.35%
Year ended May 31, 2021	0.35%
Year ended May 31, 2020	0.35%
Year ended May 31, 2019	0.35%
Year ended May 31, 2018	0.35%
Year ended May 31, 2017	0.35%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Fund | 15

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class C	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$13.29	$14.03	$13.15	$12.74	$13.09	$13.15
Net investment income (loss)	(0.00) ¹	0.03	0.15	0.23	0.14	0.09
Net realized and unrealized gains (losses) on investments	0.04	(0.07)	0.92	0.40	(0.35)	0.00
Total from investment operations	0.04	(0.04)	1.07	0.63	(0.21)	0.09
Distributions to shareholders from
Net investment income	(0.00) ²	(0.05)	(0.16)	(0.22)	(0.14)	(0.09)
Net realized gains	0.00	(0.65)	(0.03)	0.00	0.00	(0.06)
Total distributions to shareholders	(0.00) ²	(0.70)	(0.19)	(0.22)	(0.14)	(0.15)
Net asset value, end of period	$13.33	$13.29	$14.03	$13.15	$12.74	$13.09
Total return³	0.33%	(0.45)%	8.22%	5.04%	(1.65)%	0.72%
Ratios to average net assets (annualized)^*
Gross expenses	1.57%	1.57%	1.57%	1.58%	1.58%	1.58%
Net expenses	1.53%	1.53%	1.53%	1.53%	1.53%	1.53%
Net investment income (loss)	(0.04)%	0.16%	1.11%	1.75%	1.04%	0.68%
Supplemental data
Portfolio turnover rate⁴	199%	457%	603%	577%	542%	614%
Net assets, end of period (000s omitted)	$10,984	$13,399	$27,971	$34,494	$47,843	$59,049

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.36%
Year ended May 31, 2021	0.35%
Year ended May 31, 2020	0.35%
Year ended May 31, 2019	0.35%
Year ended May 31, 2018	0.35%
Year ended May 31, 2017	0.35%

¹	Amount is more than $(0.005)
²	Amount is less than $0.005.
³	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

16 | Allspring Core Bond Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class R	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$13.09	$13.83	$12.96	$12.55	$12.90	$12.97
Net investment income	0.04 ¹	0.11 ¹	0.22 ¹	0.28 ¹	0.20 ¹	0.15 ¹
Net realized and unrealized gains (losses) on investments	0.04	(0.06)	0.90	0.41	(0.35)	(0.01)
Total from investment operations	0.08	0.05	1.12	0.69	(0.15)	0.14
Distributions to shareholders from
Net investment income	(0.04)	(0.14)	(0.22)	(0.28)	(0.20)	(0.15)
Net realized gains	0.00	(0.65)	(0.03)	0.00	0.00	(0.06)
Total distributions to shareholders	(0.04)	(0.79)	(0.25)	(0.28)	(0.20)	(0.21)
Net asset value, end of period	$13.13	$13.09	$13.83	$12.96	$12.55	$12.90
Total return²	0.62%	0.22%	8.80%	5.61%	(1.19)%	1.15%
Ratios to average net assets (annualized)^*
Gross expenses	0.95%	0.87%	1.05%	1.07%	1.08%	1.08%
Net expenses	0.92%	0.86%	1.02%	1.03%	1.03%	1.03%
Net investment income	0.57%	0.81%	1.66%	2.25%	1.54%	1.18%
Supplemental data
Portfolio turnover rate³	199%	457%	603%	577%	542%	614%
Net assets, end of period (000s omitted)	$1,569	$1,716	$3,241	$8,565	$12,230	$13,826

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.35%
Year ended May 31, 2021	0.35%
Year ended May 31, 2020	0.35%
Year ended May 31, 2019	0.35%
Year ended May 31, 2018	0.35%
Year ended May 31, 2017	0.35%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Fund | 17

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class R4	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$13.09	$13.83	$12.95	$12.55	$12.89	$12.95
Net investment income	0.07	0.16 ¹	0.29 ¹	0.35	0.26 ¹	0.22
Net realized and unrealized gains (losses) on investments	0.04	(0.06)	0.91	0.40	(0.34)	0.00
Total from investment operations	0.11	0.10	1.20	0.75	(0.08)	0.22
Distributions to shareholders from
Net investment income	(0.07)	(0.19)	(0.29)	(0.35)	(0.26)	(0.22)
Net realized gains	0.00	(0.65)	(0.03)	0.00	0.00	(0.06)
Total distributions to shareholders	(0.07)	(0.84)	(0.32)	(0.35)	(0.26)	(0.28)
Net asset value, end of period	$13.13	$13.09	$13.83	$12.95	$12.55	$12.89
Total return²	0.83%	0.55%	9.34%	6.07%	(0.61)%	1.74%
Ratios to average net assets (annualized)^*
Gross expenses	0.59%	0.59%	0.59%	0.60%	0.60%	0.60%
Net expenses	0.52%	0.52%	0.52%	0.52%	0.52%	0.52%
Net investment income	0.98%	1.16%	2.19%	2.76%	2.01%	1.70%
Supplemental data
Portfolio turnover rate³	199%	457%	603%	577%	542%	614%
Net assets, end of period (000s omitted)	$1,830	$1,780	$4,549	$10,805	$11,680	$43,205

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.35%
Year ended May 31, 2021	0.35%
Year ended May 31, 2020	0.35%
Year ended May 31, 2019	0.35%
Year ended May 31, 2018	0.35%
Year ended May 31, 2017	0.35%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

18 | Allspring Core Bond Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class R6	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$13.08	$13.82	$12.95	$12.54	$12.89	$12.95
Net investment income	0.07	0.18 ¹	0.30	0.37	0.28	0.24
Net realized and unrealized gains (losses) on investments	0.05	(0.06)	0.91	0.41	(0.35)	0.00
Total from investment operations	0.12	0.12	1.21	0.78	(0.07)	0.24
Distributions to shareholders from
Net investment income	(0.08)	(0.21)	(0.31)	(0.37)	(0.28)	(0.24)
Net realized gains	0.00	(0.65)	(0.03)	0.00	0.00	(0.06)
Total distributions to shareholders	(0.08)	(0.86)	(0.34)	(0.37)	(0.28)	(0.30)
Net asset value, end of period	$13.12	$13.08	$13.82	$12.95	$12.54	$12.89
Total return²	0.90%	0.70%	9.42%	6.31%	(0.54)%	1.90%
Ratios to average net assets (annualized)^*
Gross expenses	0.44%	0.44%	0.44%	0.45%	0.45%	0.45%
Net expenses	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%
Net investment income	1.13%	1.29%	2.26%	2.92%	2.24%	1.87%
Supplemental data
Portfolio turnover rate³	199%	457%	603%	577%	542%	614%
Net assets, end of period (000s omitted)	$1,765,027	$1,978,164	$2,545,332	$2,513,644	$1,360,847	$797,896

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.35%
Year ended May 31, 2021	0.35%
Year ended May 31, 2020	0.35%
Year ended May 31, 2019	0.35%
Year ended May 31, 2018	0.35%
Year ended May 31, 2017	0.35%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Fund | 19

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Administrator Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$13.09	$13.83	$12.96	$12.56	$12.90	$12.97
Net investment income	0.05	0.13	0.26	0.33 ¹	0.24 ¹	0.21
Net realized and unrealized gains (losses) on investments	0.05	(0.06)	0.90	0.40	(0.34)	(0.02)
Total from investment operations	0.10	0.07	1.16	0.73	(0.10)	0.19
Distributions to shareholders from
Net investment income	(0.06)	(0.16)	(0.26)	(0.33)	(0.24)	(0.20)
Net realized gains	0.00	(0.65)	(0.03)	0.00	0.00	(0.06)
Total distributions to shareholders	(0.06)	(0.81)	(0.29)	(0.33)	(0.24)	(0.26)
Net asset value, end of period	$13.13	$13.09	$13.83	$12.96	$12.56	$12.90
Total return²	0.74%	0.37%	9.14%	5.87%	(0.79)%	1.48%
Ratios to average net assets (annualized)^*
Gross expenses	0.75%	0.76%	0.76%	0.76%	0.77%	0.77%
Net expenses	0.70%	0.70%	0.70%	0.70%	0.70%	0.70%
Net investment income	0.80%	0.95%	1.92%	2.58%	1.86%	1.50%
Supplemental data
Portfolio turnover rate³	199%	457%	603%	577%	542%	614%
Net assets, end of period (000s omitted)	$221,573	$214,796	$218,522	$205,825	$269,057	$373,042

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.35%
Year ended May 31, 2021	0.35%
Year ended May 31, 2020	0.35%
Year ended May 31, 2019	0.35%
Year ended May 31, 2018	0.35%
Year ended May 31, 2017	0.35%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

20 | Allspring Core Bond Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Institutional Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$13.07	$13.82	$12.94	$12.54	$12.88	$12.95
Net investment income	0.07	0.17	0.29	0.36	0.28	0.23
Net realized and unrealized gains (losses) on investments	0.06	(0.07)	0.92	0.40	(0.34)	(0.01)
Total from investment operations	0.13	0.10	1.21	0.76	(0.06)	0.22
Distributions to shareholders from
Net investment income	(0.08)	(0.20)	(0.30)	(0.36)	(0.28)	(0.23)
Net realized gains	0.00	(0.65)	(0.03)	0.00	0.00	(0.06)
Total distributions to shareholders	(0.08)	(0.85)	(0.33)	(0.36)	(0.28)	(0.29)
Net asset value, end of period	$13.12	$13.07	$13.82	$12.94	$12.54	$12.88
Total return¹	0.96%	0.58%	9.45%	6.18%	(0.51)%	1.77%
Ratios to average net assets (annualized)^*
Gross expenses	0.49%	0.49%	0.49%	0.50%	0.50%	0.50%
Net expenses	0.42%	0.42%	0.42%	0.42%	0.42%	0.42%
Net investment income	1.08%	1.22%	2.21%	2.86%	2.16%	1.82%
Supplemental data
Portfolio turnover rate²	199%	457%	603%	577%	542%	614%
Net assets, end of period (000s omitted)	$2,756,520	$2,749,647	$2,365,421	$2,343,238	$3,318,290	$3,166,348

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.35%
Year ended May 31, 2021	0.35%
Year ended May 31, 2020	0.35%
Year ended May 31, 2019	0.35%
Year ended May 31, 2018	0.35%
Year ended May 31, 2017	0.35%

¹	Returns for periods of less than one year are not annualized.
²	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Fund | 21

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Core Bond Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Core Bond Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2021, the Fund owned 94.18% of Allspring Core Bond Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2021 are included in this report and should be read in conjunction with the Fund’s financial statements.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Fund changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the investment manager to the Fund, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC), the Fund's principal underwriter.

Consummation of the transaction resulted in the automatic termination of the Fund’s investment management agreement. The Fund’s Board of Trustees approved a new investment management agreement which was submitted and approved by the Fund’s shareholders at a Special Meeting of Shareholders held on August 16, 2021. The new agreement became effective on November 1, 2021.

Effective December 6, 2021, "Wells Fargo" was removed from the Fund's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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 the affiliated Master Portfolio are valued daily based on the Fund’s proportionate share of the affiliated Master Portfolio’s net assets, which are also valued daily. Securities held in the affiliated Master Portfolio are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolio, which are included elsewhere in this report.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees 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, unless the determination has been delegated to the Allspring Global Investments Pricing Committee at Allspring Funds Management, LLC ("Allspring Funds Management"). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to

22 | Allspring Core Bond Fund

Table of Contents

Notes to financial statements (unaudited)

the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Allspring Global Investments Pricing Committee which may include items for ratification.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade date basis. The Fund records daily its proportionate share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $5,129,390,625 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$ 0
Gross unrealized losses	(2,177,412)
Net unrealized losses	$(2,177,412)

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2021, the Fund’s investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Allspring Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation	$5,127,213,213

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Core Bond Fund | 23

Table of Contents

Notes to financial statements (unaudited)

management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.050%
Next $5 billion	0.040
Over $10 billion	0.030

For the six months ended November 30, 2021, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Class A	0.16%
Class C	0.16
Class R	0.16
Class R4	0.08
Class R6	0.03
Administrator Class	0.10
Institutional Class	0.08

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimburse expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through September 30, 2022 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The contractual expense caps are as follows:

24 | Allspring Core Bond Fund

Table of Contents

Notes to financial statements (unaudited)

	Expense ratio caps
Class A	0.78%
Class C	1.53
Class R	1.03
Class R4	0.52
Class R6	0.37
Administrator Class	0.70
Institutional Class	0.42

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), an affiliate of Allspring Funds Management, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2021, Allspring Funds Distributor received $1,005 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2021.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Class R, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates, and to certain entities that were affiliates of the Fund until November 1, 2021.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2021 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$9,601,517,650	$1,749,156,683	$9,466,666,799	$1,729,005,700

6. BANK BORROWINGS

The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $350,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight bank funding rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2021, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Allspring Core Bond Fund | 25

Table of Contents

Notes to financial statements (unaudited)

normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

8. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.

26 | Allspring Core Bond Fund

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Agency securities: 26.83%
FHLMC ¤	0.00%	9-15-2029	$	10,190,000	$ 8,953,596
FHLMC ¤	0.00	12-14-2029		6,390,000	5,625,225
FHLMC (1 Month LIBOR +0.35%) ±	0.44	12-15-2048		619,557	616,144
FHLMC	1.75	5-15-2043		2,107,894	2,143,204
FHLMC	2.00	12-1-2050		5,739,596	5,767,557
FHLMC	2.50	1-1-2036		14,929,003	15,682,987
FHLMC (12 Month LIBOR +1.64%) ±	2.82	5-1-2049		2,691,273	2,768,131
FHLMC	3.00	12-1-2031		8,480,464	8,941,493
FHLMC	3.00	1-1-2032		1,331,647	1,408,180
FHLMC	3.00	7-1-2033		3,364,115	3,551,264
FHLMC	3.00	10-15-2047		5,956,989	6,112,641
FHLMC	3.00	5-15-2050		4,434,855	4,669,057
FHLMC	4.00	1-1-2035		120,009	130,582
FHLMC	4.00	1-1-2036		226,474	246,911
FHLMC	4.00	10-1-2036		1,196,279	1,300,405
FHLMC	4.00	3-1-2037		180,622	197,795
FHLMC	4.00	3-1-2037		209,910	231,040
FHLMC	4.00	3-1-2037		214,229	231,049
FHLMC	4.00	4-1-2037		1,690,536	1,849,450
FHLMC	4.00	4-1-2037		1,421,123	1,550,820
FHLMC	4.00	8-1-2038		7,229,497	7,781,079
FHLMC	4.00	11-1-2048		6,777,264	7,385,275
FHLMC	4.00	7-1-2049		10,027,372	11,061,857
FHLMC	4.50	6-1-2039		198,106	218,319
FHLMC	4.50	7-1-2039		255,419	287,401
FHLMC	5.00	5-1-2048		5,344,603	6,052,937
FHLMC	5.00	3-1-2049		8,055,112	9,024,774
FHLMC Series 1897 Class K	7.00	9-15-2026		191	209
FHLMC Series 264 Class 30	3.00	7-15-2042		7,269,563	7,537,618
FHLMC Series 4426 Class QC	1.75	7-15-2037		3,777,382	3,830,855
FHLMC Series 4705 Class A	4.50	9-15-2042		536,497	541,797
FHLMC Series 4763 Class CA	3.00	9-15-2038		1,043,008	1,097,506
FHLMC Series 4767 Class KA	3.00	3-15-2048		2,895,238	3,047,336
FHLMC Series 5091 Class AB	1.50	3-25-2051		9,176,821	9,059,728
FHLMC Series 5119 Class AB	1.50	8-25-2049		4,756,693	4,722,574
FNMA ¤	0.00	11-15-2030		18,777,000	16,170,060
FNMA	1.50	1-25-2043		2,654,717	2,638,700
FNMA	1.50	1-25-2043		8,577,150	8,582,288
FNMA	1.70	8-25-2033		10,160,060	10,356,077
FNMA	1.75	5-25-2043		2,971,996	3,015,961
FNMA	1.75	6-25-2046		19,168,168	19,153,863
FNMA	2.00	9-1-2030		1,793,432	1,840,237
FNMA	2.00	5-1-2031		2,721,849	2,792,884
FNMA	2.00	5-1-2031		2,719,050	2,790,012
FNMA %%	2.00	1-16-2036		53,800,000	55,063,039
FNMA %%	2.00	12-16-2036		17,400,000	17,841,117
FNMA	2.00	6-25-2038		10,102,722	10,370,920
FNMA	2.00	4-1-2051		11,188,213	11,242,755
FNMA %%	2.00	12-13-2051		48,200,000	48,237,656
FNMA (12 Month LIBOR +1.58%) ±	2.34	6-1-2045		2,228,251	2,312,392
FNMA	2.50	2-1-2036		10,906,574	11,488,668
FNMA	2.50	3-1-2036		8,760,858	9,236,988
FNMA	2.50	3-1-2036		14,133,381	14,887,883
FNMA	2.50	4-1-2036		3,055,554	3,221,560

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 27

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Agency securities (continued)
FNMA	2.50%	5-1-2036	$	10,467,341	$ 11,036,230
FNMA	2.50	5-1-2036		10,788,585	11,374,813
FNMA	2.50	11-25-2044		1,867,668	1,912,368
FNMA %%	2.50	2-11-2051		151,700,000	154,775,481
FNMA %%	2.50	12-13-2051		165,400,000	169,560,845
FNMA %%	2.50	1-13-2052		48,800,000	49,905,625
FNMA (12 Month LIBOR +1.59%) ±	2.70	1-1-2046		6,576,910	6,827,317
FNMA	3.00	1-1-2043		5,690,750	6,039,109
FNMA	3.00	5-25-2048		6,945,276	7,286,574
FNMA	3.00	7-25-2049		2,616,320	2,699,131
FNMA %%	3.00	2-14-2052		16,000,000	16,571,076
FNMA	3.00	12-1-2054		24,147,118	25,573,127
FNMA	3.00	2-1-2055		2,371,958	2,496,552
FNMA	3.00	7-1-2060		31,903,510	33,985,757
FNMA	3.00	7-1-2060		24,264,627	25,648,346
FNMA	4.00	9-1-2033		1,977,725	2,103,621
FNMA	4.00	12-1-2036		233,584	254,908
FNMA	4.00	10-1-2037		1,408,911	1,520,399
FNMA	4.00	9-1-2045		784,758	868,514
FNMA	4.00	1-1-2046		5,464,579	6,071,735
FNMA	4.00	2-1-2047		2,797,830	3,063,791
FNMA	4.00	4-1-2047		630,450	694,709
FNMA	4.00	4-1-2047		515,258	571,090
FNMA	4.00	4-1-2047		357,523	383,106
FNMA	4.00	10-1-2047		597,077	662,044
FNMA	4.00	10-1-2047		510,760	562,012
FNMA	4.00	7-1-2048		17,583,829	19,249,267
FNMA	4.00	9-1-2048		3,643,066	3,960,132
FNMA	4.00	10-1-2048		3,050,956	3,326,689
FNMA	4.00	11-1-2048		3,354,954	3,665,211
FNMA	4.00	12-1-2048		2,893,973	3,211,854
FNMA	4.00	2-1-2049		3,235,202	3,547,888
FNMA	4.00	5-1-2049		373,623	405,129
FNMA	4.00	5-1-2049		2,505,981	2,764,255
FNMA	4.00	12-1-2049		2,797,986	3,063,293
FNMA	4.00	8-1-2059		3,308,612	3,697,742
FNMA	4.50	5-1-2034		936,588	1,030,866
FNMA	4.50	6-1-2041		203,633	227,473
FNMA	4.50	3-1-2043		2,627,262	2,932,640
FNMA	4.50	10-1-2045		4,037,123	4,506,685
FNMA	4.50	2-1-2046		93,450	103,539
FNMA	4.50	7-1-2048		4,529,158	5,040,979
FNMA	4.50	8-1-2048		5,884,182	6,540,395
FNMA	4.50	10-1-2048		5,293,655	5,850,040
FNMA	4.50	11-1-2048		1,949,010	2,189,231
FNMA	4.50	1-1-2049		9,832,851	10,911,278
FNMA	4.50	2-1-2049		5,364,842	5,931,445
FNMA	4.50	6-1-2049		4,178,791	4,640,225
FNMA	4.50	7-1-2049		4,325,441	4,805,463
FNMA	4.50	8-1-2049		4,040,222	4,470,917
FNMA	4.50	4-1-2050		2,961,728	3,334,690
FNMA	5.00	7-1-2044		264,878	294,496
FNMA	5.00	10-1-2048		73,566	83,287
FNMA	5.00	12-1-2048		2,932,578	3,265,859
FNMA	5.00	6-1-2049		21,793,142	24,416,816

The accompanying notes are an integral part of these financial statements.

28 | Allspring Core Bond Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Agency securities (continued)
FNMA	5.00%	8-1-2049	$	28,962,408	$ 32,834,094
FNMA	5.00	8-1-2049		13,752,926	15,488,321
FNMA	5.00	11-1-2049		4,184,519	4,649,873
FNMA	5.50	12-1-2048		3,585,196	4,119,405
FNMA	5.50	6-1-2049		9,831,120	11,311,736
FNMA	6.00	4-1-2022		165	183
FNMA	6.00	2-1-2029		1,623	1,807
FNMA	6.00	3-1-2033		21,012	24,129
FNMA	6.00	11-1-2033		6,936	8,046
FNMA	2.50	12-1-2035		15,326,330	16,158,629
FNMA	2.50	6-1-2036		9,803,675	10,336,323
FNMA Series 2017-13 Class PA	3.00	8-25-2046		3,173,335	3,291,729
FNMA Series 2017-M7 Class A2 ±±	2.96	2-25-2027		1,760,000	1,871,860
FNMA Series 2018-14 Class KC	3.00	3-25-2048		3,400,706	3,576,942
FNMA Series 2018-15 Class AB	3.00	3-25-2048		1,277,579	1,343,202
FNMA Series 2018-8 Class KL	2.50	3-25-2047		3,435,272	3,529,318
FNMA Series 2019-15 Class AB	3.50	5-25-2053		7,471,551	8,030,939
FNMA Series 2020-48 Class AB	2.00	7-25-2050		5,078,938	5,161,914
FNMA Series 2020-48 Class DA	2.00	7-25-2050		11,869,646	11,919,143
FNMA Series 2021-27 Class EC	1.50	5-25-2051		13,566,722	13,460,952
FNMA Series 2021-78 Class ND	1.50	11-25-2051		7,422,826	7,445,170
FNMA Series 414 Class A35	3.50	10-25-2042		6,727,788	7,236,429
GNMA	2.50	9-20-2051		32,239,126	33,162,520
GNMA	3.00	10-20-2051		36,257,450	37,745,891
GNMA	3.50	1-20-2048		3,294,371	3,520,531
GNMA	3.50	3-20-2049		2,274,045	2,412,162
GNMA	4.00	6-20-2047		23,567,314	25,157,716
GNMA	4.00	3-20-2048		753,019	808,779
GNMA	4.00	4-20-2048		1,169,956	1,252,830
GNMA	4.00	4-20-2048		1,001,788	1,081,828
GNMA	4.00	4-20-2048		908,364	984,533
GNMA	4.00	5-20-2049		1,396,650	1,488,030
GNMA	4.00	6-20-2049		3,136,784	3,334,460
GNMA	4.00	7-20-2049		3,237,929	3,492,790
GNMA	4.50	8-15-2047		530,234	594,250
GNMA	4.50	6-20-2048		4,044,370	4,310,817
GNMA	4.50	2-20-2049		4,352,885	4,821,098
GNMA	4.50	3-20-2049		361,905	390,845
GNMA	4.50	4-20-2049		473,183	505,769
GNMA	4.50	5-20-2049		971,417	1,038,736
GNMA	4.50	5-20-2049		589,595	630,117
GNMA	5.00	12-20-2039		132,388	147,480
GNMA	5.00	3-20-2048		7,112,242	7,808,683
GNMA	5.00	5-20-2048		3,304,124	3,573,719
GNMA	5.00	6-20-2048		12,454,850	13,441,573
GNMA	5.00	7-20-2048		2,200,250	2,377,850
GNMA	5.00	8-20-2048		3,494,168	3,782,650
GNMA	5.00	12-20-2048		3,482,526	3,749,855
GNMA	5.00	1-20-2049		663,598	712,191
GNMA	5.00	1-20-2049		3,485,138	3,802,129
GNMA	5.00	2-20-2049		483,664	533,333
GNMA	5.00	3-20-2049		955,765	1,051,234
GNMA	2.50	7-20-2051		32,770,585	33,709,201
GNMA Series 2012-141 Class WA ±±	4.53	11-16-2041		999,655	1,101,590
GNMA Series 2017-167 Class BQ	2.50	8-20-2044		3,693,983	3,780,589

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 29

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Agency securities (continued)
GNMA Series 2018-11 Class PC	2.75%	12-20-2047	$	4,197,881	$ 4,281,997
GNMA Series 2019-132 Class NA	3.50	9-20-2049		3,643,368	3,829,004
GNMA Series 2021-23 Class MG	1.50	2-20-2051		9,719,214	9,608,950
Total Agency securities (Cost $1,448,541,174)					1,460,611,794
Asset-backed securities: 8.00%
American Express Credit Account Master Trust Series 2021-1 Class A	0.90	11-16-2026		17,380,000	17,296,164
AmeriCredit Automobile Receivables Series 2020-2 Class A2	0.60	12-18-2023		1,545,261	1,545,937
Avis Budget Rental Car Funding LLC Series 2019-3A Class A1 144A	2.36	3-20-2026		3,825,000	3,928,256
Avis Budget Rental Car Funding LLC Series 2020-1A Class A 144A	2.33	8-20-2026		1,721,000	1,773,160
Avis Budget Rental Car Funding LLC Series 2021 2A Class A 144A	1.66	2-20-2028		7,680,000	7,649,997
Blackstone Secured Lending Fund 144A	2.85	9-30-2028		4,403,000	4,269,921
Captial One Multi-Asset Execution Trust Series 2021-A2 Class A2	1.39	7-15-2030		9,776,000	9,638,287
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) 144A±	1.74	11-26-2046		2,097,912	2,121,740
College Avenue Student Loan Trust Series 2018-A Class A2 144A	4.13	12-26-2047		1,654,796	1,720,477
College Avenue Student Loan Trust Series 2019- A Class A2 144A	3.28	12-28-2048		2,725,993	2,795,942
College Avenue Student Loan Trust Series 2021-A Class-A2 144A	1.60	7-25-2051		3,784,522	3,718,184
Ford Credit Auto Owner Trust Series 2018-1 Class A 144A	3.19	7-15-2031		3,524,000	3,722,043
Hertz Vehicle Financing LLC Series 2021-2A Class A 144A	1.68	12-27-2027		6,693,000	6,673,309
Hyundai Auto Receivables Trust Series 2021-C Class A4	1.03	12-15-2027		2,976,000	2,958,831
Mercedes Benz Auto Receivables Series 2021-1 Class A3	0.46	6-15-2026		4,523,000	4,479,352
Navient Student Loan Trust Series 2014-AA Class A3 (1 Month LIBOR +1.60%) 144A±	1.69	10-15-2031		2,622,000	2,665,341
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) 144A±	2.24	12-15-2045		1,493,457	1,532,402
Navient Student Loan Trust Series 2018-CA Class A2 144A	3.52	6-16-2042		600,350	609,929
Navient Student Loan Trust Series 2018-DA Class A2A 144A	4.00	12-15-2059		4,273,489	4,472,579
Navient Student Loan Trust Series 2019-A Class A2A 144A	3.42	1-15-2043		5,554,014	5,666,614
Navient Student Loan Trust Series 2019-BA Class A2A 144A	3.39	12-15-2059		6,718,960	6,928,274
Navient Student Loan Trust Series 2019-CA Class A2 144A	3.13	2-15-2068		4,449,209	4,548,590
Navient Student Loan Trust Series 2019-D Class A2A 144A	3.01	12-15-2059		8,329,888	8,597,376
Navient Student Loan Trust Series 2019-FA Class A2 144A	2.60	8-15-2068		5,121,173	5,217,397
Navient Student Loan Trust Series 2019-GA Class A 144A	2.40	10-15-2068		2,530,325	2,571,523
Navient Student Loan Trust Series 2020-BA ClassA2 144A	2.12	1-15-2069		3,341,420	3,382,152

The accompanying notes are an integral part of these financial statements.

30 | Allspring Core Bond Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Asset-backed securities (continued)
Navient Student Loan Trust Series 2020-GA Class A 144A	1.17%	9-16-2069	$	5,786,373	$ 5,766,653
Navient Student Loan Trust Series 2020-HA Class A 144A	1.31	1-15-2069		3,028,985	3,019,714
Navient Student Loan Trust Series 2020-IA Class A1A 144A	1.33	4-15-2069		11,207,741	11,076,852
Navient Student Loan Trust Series 2021 Class A 144A	0.97	12-16-2069		12,637,555	12,459,200
Navient Student Loan Trust Series 2021-3A Class A1A 144A	1.77	8-25-2070		6,785,000	6,735,994
Navient Student Loan Trust Series 2021-A Class A 144A	0.84	5-15-2069		1,337,846	1,321,606
Navient Student Loan Trust Series 2021-BA Class A 144A	0.94	7-15-2069		1,863,876	1,848,411
Navient Student Loan Trust Series 2021-CA Class A 144A	1.06	10-15-2069		7,712,481	7,629,823
Navient Student Loan Trust Series 2021-FA Class A 144A	1.11	2-18-2070		13,970,326	13,776,719
Navient Student Loan Trust Series 2021-GA Class A 144A	1.58	4-15-2070		6,023,000	6,013,240
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±	0.28	1-25-2037		4,018,026	3,961,897
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ±	0.30	10-27-2036		1,985,650	1,957,614
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ±	0.23	10-25-2033		16,077,111	15,870,933
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ±	0.23	3-23-2037		15,799,914	15,558,335
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ±	0.25	12-24-2035		11,898,435	11,772,252
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ±	0.31	3-22-2032		2,918,708	2,835,351
Santander Drive Auto Receivables Trust Series 2020-1 Class A3	2.03	2-15-2024		383,552	383,788
Santander Drive Auto Receivables Trust Series 2020-3 Class A3	0.52	7-15-2024		1,703,510	1,704,047
Santander Drive Auto Receivables Trust Series 2020-4 Class A3	0.48	7-15-2024		2,726,237	2,726,902
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR +0.75%) 144A±	0.87	12-15-2032		2,868,148	2,833,295
SLM Student Loan Trust Series 2003-10A Class A4 (3 Month LIBOR +0.67%) 144A±	0.79	12-17-2068		8,967,000	8,968,245
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR +0.06%) ±	0.18	7-25-2022		14,681,678	14,252,985
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR +0.40%) ±	0.49	3-25-2025		1,330,359	1,308,688
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR +0.95%) ±	1.04	9-25-2028		9,936,137	9,847,178
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR +0.70%) ±	0.79	1-25-2029		8,366,299	8,229,873
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR +0.75%) ±	0.84	5-26-2026		2,213,352	2,173,567
SMB Private Education Loan Trust Series 2015-B Class A2A 144A	2.98	7-15-2027		73,939	74,280
SMB Private Education Loan Trust Series 2016-A Class A2A 144A	2.70	5-15-2031		4,372,169	4,441,051
SMB Private Education Loan Trust Series 2016-B Class A2A 144A	2.43	2-17-2032		2,162,458	2,196,517

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 31

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Asset-backed securities (continued)
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A±	1.54%	2-17-2032	$	1,685,722	$ 1,706,029
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%) 144A±	1.19	9-15-2034		1,923,249	1,932,270
SMB Private Education Loan Trust Series 2018-C Class A2A 144A	3.63	11-15-2035		2,762,794	2,875,385
SMB Private Education Loan Trust Series 2019-A Class A2A 144A	3.44	7-15-2036		10,300,353	10,603,774
SMB Private Education Loan Trust Series 2020-BA Class A1A 144A	1.29	7-15-2053		6,597,860	6,542,611
SMB Private Education Loan Trust Series 2020-PTA Class A2A 144A	1.60	9-15-2054		6,321,174	6,305,307
SMB Private Education Loan Trust Series 2020-PTB Class A2A 144A	1.60	9-15-2054		19,110,522	18,895,198
SMB Private Education Loan Trust Series 2021-A Class APT1 144A	1.07	1-15-2053		19,780,374	19,252,740
SMB Private Education Loan Trust Series 2021-B Class A 144A	1.31	7-17-2051		8,250,452	8,221,564
SMB Private Education Loan Trust Series 2021-D Class A1A 144A	1.34	3-17-2053		12,179,118	12,019,423
SMB Private Education Loan Trust Series 2021-E Class A1A 144A	1.68	2-15-2051		8,559,000	8,510,171
SMB Private Education Loan Trust Series 2053 Class 1 (1 Month LIBOR +0.80%) 144A±	0.89	1-15-2053		6,986,000	6,976,663
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A	2.76	12-26-2036		861,899	866,209
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) 144A±	0.94	7-25-2039		171,525	171,711
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) 144A±	0.79	3-26-2040		230,158	230,389
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A	2.65	9-25-2040		209,207	212,629
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR +0.50%) 144A±	0.59	11-26-2040		80,406	80,427
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A	2.72	11-26-2040		770,703	780,341
SoFi Professional Loan Program LLC Series 2018-A Class A2B 144A	2.95	2-25-2042		1,422,065	1,444,449
SoFi Professional Loan Program LLC Series 2018-B Class A2FX 144A	3.34	8-25-2047		3,302,151	3,364,454
SoFi Professional Loan Program LLC Series 2020-C Class AFX 144A	1.95	2-15-2046		2,801,284	2,826,627
SoFi Professional Loan Program LLC Series 2021-A Class AFX 144A	1.03	8-17-2043		2,325,512	2,296,863
SoFi Professional Loan Program LLC Series 2021-B Class AFX 144A	1.14	2-15-2047		5,108,777	5,056,399
Toyota Auto Loan Extended Note Series 2021-1A Class A 144A	1.07	2-27-2034		7,837,000	7,717,233
Toyota Auto Receivables Owner Trust Series 2021-D Class A4	1.02	3-15-2027		3,197,000	3,176,728
Triton Container Finance LLC Series 2020-1A Class A 144A	2.11	9-20-2045		2,265,596	2,249,084
Total Asset-backed securities (Cost $436,765,289)					435,543,465

The accompanying notes are an integral part of these financial statements.

32 | Allspring Core Bond Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Corporate bonds and notes: 24.97%
Communication services: 2.42%
Diversified telecommunication services: 1.60%
AT&T Incorporated	2.25%	2-1-2032	$	1,392,000	$ 1,343,252
AT&T Incorporated	3.10	2-1-2043		856,000	826,069
AT&T Incorporated	3.50	6-1-2041		1,807,000	1,856,518
AT&T Incorporated	3.50	9-15-2053		7,253,000	7,326,374
AT&T Incorporated	3.55	9-15-2055		1,772,000	1,781,279
AT&T Incorporated	3.65	6-1-2051		1,357,000	1,408,940
AT&T Incorporated	3.65	9-15-2059		3,562,000	3,605,568
AT&T Incorporated	3.80	12-1-2057		3,242,000	3,385,686
T-Mobile USA Incorporated	2.25	2-15-2026		3,916,000	3,868,891
T-Mobile USA Incorporated 144A	2.25	2-15-2026		17,360,000	17,151,159
T-Mobile USA Incorporated	2.88	2-15-2031		1,150,000	1,112,637
T-Mobile USA Incorporated 144A	3.38	4-15-2029		8,464,000	8,516,900
T-Mobile USA Incorporated 144A	3.50	4-15-2031		6,242,000	6,344,119
Verizon Communications Incorporated	2.55	3-21-2031		1,617,000	1,634,347
Verizon Communications Incorporated	2.65	11-20-2040		7,106,000	6,784,311
Verizon Communications Incorporated	2.88	11-20-2050		1,366,000	1,330,830
Verizon Communications Incorporated	3.40	3-22-2041		3,415,000	3,629,939
Verizon Communications Incorporated	3.55	3-22-2051		3,968,000	4,350,943
Verizon Communications Incorporated	3.70	3-22-2061		2,481,000	2,740,736
Verizon Communications Incorporated	4.33	9-21-2028		1,176,000	1,339,428
Verizon Communications Incorporated	1.68	10-30-2030		3,398,000	3,207,040
Verizon Communications Incorporated 144A	2.36	3-15-2032		3,380,000	3,345,512
					86,890,478
Entertainment: 0.13%
Netflix Incorporated 144A	3.63	6-15-2025		3,017,000	3,182,935
Netflix Incorporated	5.88	11-15-2028		3,242,000	3,880,285
					7,063,220
Media: 0.69%
Charter Communications Operating LLC	2.25	1-15-2029		8,181,000	7,928,967
Charter Communications Operating LLC	3.50	6-1-2041		3,694,000	3,617,388
Charter Communications Operating LLC	3.50	3-1-2042		4,119,000	3,985,413
Charter Communications Operating LLC	3.90	6-1-2052		3,579,000	3,616,188
Charter Communications Operating LLC	4.40	12-1-2061		2,604,000	2,713,947
Charter Communications Operating LLC	4.46	7-23-2022		1,617,000	1,645,566
Charter Communications Operating LLC	4.80	3-1-2050		3,320,000	3,739,632
Comcast Corporation	1.50	2-15-2031		4,392,000	4,129,177
Comcast Corporation	3.75	4-1-2040		2,066,000	2,327,671
Discovery Communications LLC	4.00	9-15-2055		746,000	798,639
ViacomCBS Incorporated	4.95	1-15-2031		942,000	1,117,667
ViacomCBS Incorporated	4.95	5-19-2050		1,643,000	2,075,150
					37,695,405
Consumer discretionary: 1.70%
Automobiles: 0.16%
Ford Motor Company	3.63	6-17-2031		7,278,000	7,423,560
Ford Motor Company	4.75	1-15-2043		1,402,000	1,500,140
					8,923,700

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 33

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Diversified consumer services: 0.15%
Sodexo Incorporated 144A	1.63%	4-16-2026	$	4,630,000	$ 4,598,308
Yale University	0.87	4-15-2025		830,000	827,116
Yale University	1.48	4-15-2030		2,594,000	2,543,239
					7,968,663
Hotels, restaurants & leisure: 0.41%
GLP Capital LP	5.30	1-15-2029		1,712,000	1,953,854
Marriott International Incorporated	2.85	4-15-2031		4,167,000	4,185,166
Marriott International Incorporated	3.50	10-15-2032		2,550,000	2,682,512
Marriott International Incorporated	4.63	6-15-2030		6,027,000	6,783,406
Marriott International Incorporated	5.75	5-1-2025		1,043,000	1,177,142
Starbucks Corporation	1.30	5-7-2022		2,153,000	2,160,666
Starbucks Corporation	3.50	11-15-2050		3,372,000	3,642,359
					22,585,105
Internet & direct marketing retail: 0.59%
Amazon.com Incorporated	1.00	5-12-2026		11,550,000	11,413,026
Amazon.com Incorporated	1.65	5-12-2028		5,204,000	5,179,402
Amazon.com Incorporated	2.10	5-12-2031		8,127,000	8,165,477
Amazon.com Incorporated	2.70	6-3-2060		787,000	766,651
Amazon.com Incorporated	3.10	5-12-2051		4,107,000	4,438,652
Amazon.com Incorporated	3.25	5-12-2061		1,755,000	1,937,484
					31,900,692
Specialty retail: 0.30%
Advance Auto Parts Company	3.90	4-15-2030		6,751,000	7,407,402
AutoNation Incorporated	4.75	6-1-2030		1,701,000	1,967,655
Home Depot Incorporated	2.38	3-15-2051		2,705,000	2,515,177
Home Depot Incorporated	3.13	12-15-2049		3,285,000	3,512,108
Home Depot Incorporated	3.30	4-15-2040		700,000	757,504
					16,159,846
Textiles, apparel & luxury goods: 0.09%
Tapestry Incorporated %%	3.05	3-15-2032		4,706,000	4,756,728
Consumer staples: 0.91%
Beverages: 0.50%
Anheuser-Busch InBev Worldwide Incorporated	3.50	6-1-2030		1,694,000	1,852,565
Anheuser-Busch InBev Worldwide Incorporated	3.75	7-15-2042		1,548,000	1,692,650
Anheuser-Busch InBev Worldwide Incorporated	4.38	4-15-2038		5,032,000	5,860,858
Anheuser-Busch InBev Worldwide Incorporated	4.70	2-1-2036		4,790,000	5,759,975
Anheuser-Busch InBev Worldwide Incorporated	4.90	2-1-2046		4,297,000	5,454,891
Molson Coors Beverage Company	4.20	7-15-2046		5,879,000	6,510,572
					27,131,511
Food & staples retailing: 0.03%
Walmart Incorporated	2.50	9-22-2041		1,357,000	1,389,763
Personal products: 0.09%
Estee Lauder Incorporated	1.95	3-15-2031		5,092,000	5,083,406
Tobacco: 0.29%
Altria Group Incorporated	2.35	5-6-2025		736,000	756,378
Altria Group Incorporated	2.45	2-4-2032		1,997,000	1,879,932

The accompanying notes are an integral part of these financial statements.

34 | Allspring Core Bond Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Tobacco (continued)
Altria Group Incorporated	3.40%	2-4-2041	$	3,994,000	$ 3,696,088
BAT Capital Corporation	2.26	3-25-2028		908,000	887,033
BAT Capital Corporation	2.73	3-25-2031		7,928,000	7,668,013
BAT Capital Corporation	4.39	8-15-2037		899,000	954,603
					15,842,047
Energy: 0.82%
Oil, gas & consumable fuels: 0.82%
BP Capital Markets America Incorporated	2.77	11-10-2050		2,550,000	2,408,357
BP Capital Markets America Incorporated	3.38	2-8-2061		3,960,000	4,088,655
Devon Energy Corporation	4.75	5-15-2042		890,000	1,017,964
Devon Energy Corporation	5.00	6-15-2045		3,130,000	3,773,341
Diamondback Energy Incorporated	4.40	3-24-2051		1,444,000	1,637,588
Enable Midstream Partners	4.15	9-15-2029		1,988,000	2,140,857
Enable Midstream Partners	4.40	3-15-2027		3,354,000	3,625,458
Enable Midstream Partners	4.95	5-15-2028		5,689,000	6,338,968
Enable Midstream Partners	5.00	5-15-2044		752,000	811,700
Energy Transfer Operating Partners LP	5.15	3-15-2045		1,712,000	1,953,062
Energy Transfer Operating Partners LP	5.30	4-15-2047		4,461,000	5,156,551
Energy Transfer Operating Partners LP	6.00	6-15-2048		692,000	868,616
Energy Transfer Operating Partners LP	6.05	6-1-2041		788,000	966,087
Energy Transfer Operating Partners LP	6.10	2-15-2042		882,000	1,088,032
Energy Transfer Operating Partners LP	6.13	12-15-2045		1,513,000	1,898,332
Marathon Oil Corporation	5.20	6-1-2045		1,089,000	1,286,380
Pioneer Natural Resource	1.90	8-15-2030		4,539,000	4,298,501
Sunoco Logistics Partner LP	5.35	5-15-2045		1,297,000	1,505,752
					44,864,201
Financials: 8.71%
Banks: 2.89%
Bank of America Corporation (U.S. SOFR +0.41%) ±	0.52	6-14-2024		4,637,000	4,602,203
Bank of America Corporation (U.S. SOFR +1.01%) ±	1.20	10-24-2026		3,805,000	3,725,573
Bank of America Corporation (U.S. SOFR +1.15%) ±	1.32	6-19-2026		7,642,000	7,569,096
Bank of America Corporation (U.S. SOFR +0.91%) ±	1.66	3-11-2027		17,083,000	16,952,385
Bank of America Corporation (U.S. SOFR +0.96%) ±	1.73	7-22-2027		18,245,000	18,080,179
Bank of America Corporation (U.S. SOFR +1.53%) ±	1.90	7-23-2031		3,363,000	3,215,945
Bank of America Corporation (U.S. SOFR +1.37%) ±	1.92	10-24-2031		2,836,000	2,706,670
Bank of America Corporation (3 Month LIBOR +0.99%) ±	2.50	2-13-2031		4,764,000	4,772,295
Bank of America Corporation (U.S. SOFR +2.15%) ±	2.59	4-29-2031		5,473,000	5,518,373
Bank of America Corporation (U.S. SOFR +1.32%) ±	2.69	4-22-2032		16,711,000	16,922,098
Bank of America Corporation (3 Month LIBOR +0.79%) ±	3.00	12-20-2023		6,735,000	6,886,739
Bank of America Corporation (U.S. SOFR +1.65%) ±	3.48	3-13-2052		1,677,000	1,870,494
Bank of America Corporation	3.50	4-19-2026		866,000	932,574
Bank of America Corporation (3 Month LIBOR +1.06%) ±	3.56	4-23-2027		4,184,000	4,464,746
Bank of America Corporation (U.S. SOFR +1.21%) ±	2.57	10-20-2032		2,818,000	2,830,101
JPMorgan Chase & Company (U.S. SOFR +0.70%) ±	1.04	2-4-2027		16,962,000	16,460,234
JPMorgan Chase & Company (U.S. SOFR +0.80%) ±	1.05	11-19-2026		9,458,000	9,196,270
JPMorgan Chase & Company (U.S. SOFR +0.77%) ±	1.47	9-22-2027		10,130,000	9,936,099
JPMorgan Chase & Company (U.S. SOFR +1.02%) ±	2.07	6-1-2029		8,455,000	8,351,501

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 35

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Banks (continued)
JPMorgan Chase & Company (U.S. SOFR +1.85%) ±	2.08%	4-22-2026	$	7,418,000	$ 7,544,573
JPMorgan Chase & Company (U.S. SOFR +1.89%) ±	2.18	6-1-2028		5,196,000	5,207,590
					157,745,738
Capital markets: 4.07%
Ares Capital Corporation	3.20	11-15-2031		5,265,000	5,153,384
Athene Global Funding 144A	1.73	10-2-2026		5,083,000	4,986,993
Athene Global Funding 144A	1.99	8-19-2028		4,236,000	4,108,447
Athene Global Funding 144A	2.50	3-24-2028		5,931,000	5,986,199
Athene Global Funding 144A	2.65	10-4-2031		5,594,000	5,560,990
Bain Capital Specialty Finance	2.55	10-13-2026		3,470,000	3,376,722
Blackstone Private Equity Funds 144A	2.35	11-22-2024		4,349,000	4,349,884
Blackstone Private Equity Funds 144A	2.63	12-15-2026		15,562,000	15,127,684
Blackstone Private Equity Funds 144A	3.25	3-15-2027		6,088,000	6,085,381
Blue Owl Finance LLC 144A	4.13	10-7-2051		728,000	750,717
CNO Global Funding 144A	1.75	10-7-2026		5,324,000	5,276,672
Credit Suisse Group AG	1.25	8-7-2026		11,017,000	10,746,019
F&G Global Funding 144A	2.00	9-20-2028		6,752,000	6,586,550
FS KKR Capital Corporation	3.13	10-12-2028		921,000	906,914
GA Global Funding Trust 144A	0.80	9-13-2024		5,923,000	5,833,871
GA Global Funding Trust 144A	1.95	9-15-2028		7,924,000	7,770,916
GE Capital Funding LLC	3.45	5-15-2025		1,960,000	2,091,260
GE Capital Funding LLC	4.40	5-15-2030		2,988,000	3,550,228
Goldman Sachs Group Incorporated (U.S. SOFR +0.51%) ±	0.66	9-10-2024		8,490,000	8,424,318
Goldman Sachs Group Incorporated (U.S. SOFR +0.49%) ±	0.93	10-21-2024		16,988,000	16,925,309
Goldman Sachs Group Incorporated (U.S. SOFR +1.26%) ±	2.65	10-21-2032		2,931,000	2,937,846
Golub Capital LLC	2.50	8-24-2026		3,851,000	3,794,338
Morgan Stanley (U.S. SOFR +0.51%) ±	0.79	1-22-2025		20,974,000	20,744,174
Morgan Stanley (U.S. SOFR +0.53%) ±	0.79	5-30-2025		17,680,000	17,409,645
Morgan Stanley (U.S. SOFR +0.75%) ±	0.86	10-21-2025		6,112,000	6,011,025
Morgan Stanley (U.S. SOFR +0.72%) ±	0.99	12-10-2026		8,628,000	8,344,521
Morgan Stanley (U.S. SOFR +1.18%) ±	2.24	7-21-2032		5,032,000	4,931,156
Morgan Stanley (U.S. SOFR +0.56%) ±	1.16	10-21-2025		12,743,000	12,641,594
Morgan Stanley (U.S. SOFR +0.86%) ±	1.51	7-20-2027		6,596,000	6,469,802
Owl Rock Capital Corporation	2.88	6-11-2028		1,772,000	1,731,263
Owl Rock Capital Corporation 144A	3.13	4-13-2027		5,775,000	5,659,179
Owl Rock Capital Corporation	3.40	7-15-2026		7,274,000	7,397,596
					221,670,597
Consumer finance: 1.16%
American Express Company	1.65	11-4-2026		4,451,000	4,442,988
Bunge Limited Finance Corporation	1.63	8-17-2025		2,948,000	2,949,063
Bunge Limited Finance Corporation	2.75	5-14-2031		6,311,000	6,372,090
Bunge Limited Finance Corporation	3.75	9-25-2027		8,568,000	9,331,961
Ford Motor Credit Company LLC	2.70	8-10-2026		7,654,000	7,598,509
Ford Motor Credit Company LLC	4.00	11-13-2030		2,630,000	2,758,213
Ford Motor Credit Company LLC	4.06	11-1-2024		1,368,000	1,426,824
Hyundai Capital America Company 144A	0.80	1-8-2024		4,507,000	4,469,745
Hyundai Capital America Company 144A	1.25	9-18-2023		2,637,000	2,641,515
Hyundai Capital America Company 144A	1.30	1-8-2026		5,265,000	5,124,205
Hyundai Capital America Company 144A	1.80	10-15-2025		4,219,000	4,212,970
Hyundai Capital America Company 144A	2.00	6-15-2028		2,559,000	2,478,581

The accompanying notes are an integral part of these financial statements.

36 | Allspring Core Bond Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Consumer finance (continued)
John Deere Capital Corporation	0.55%	7-5-2022	$	5,187,000	$ 5,196,724
John Deere Capital Corporation	1.20	4-6-2023		3,994,000	4,025,748
					63,029,136
Diversified financial services: 0.16%
Jackson Financial Incorporated 144A	3.13	11-23-2031		4,326,000	4,337,659
Jackson Financial Incorporated 144A	4.00	11-23-2051		2,187,000	2,186,847
The Blackstone Group 144A	2.85	8-5-2051		2,189,000	2,155,180
					8,679,686
Insurance: 0.43%
Alleghany Corporation	3.25	8-15-2051		2,559,000	2,616,426
American International Group Incorporated	3.40	6-30-2030		1,657,000	1,787,865
American International Group Incorporated	4.38	6-30-2050		910,000	1,147,966
Brighthouse Financial Incorporated	3.85	12-22-2051		1,681,000	1,645,688
Pricoa Global Funding 1 Company 144A	1.20	9-1-2026		7,746,000	7,616,812
SBL Holdings Incorporated 144A	5.00	2-18-2031		5,870,000	6,159,558
Stewart Information Services Corporation	3.60	11-15-2031		2,286,000	2,323,765
					23,298,080
Health care: 2.26%
Biotechnology: 0.62%
AbbVie Incorporated	2.30	11-21-2022		5,282,000	5,361,640
AbbVie Incorporated	4.05	11-21-2039		1,962,000	2,245,237
AbbVie Incorporated	4.25	11-21-2049		2,689,000	3,234,217
AbbVie Incorporated	4.30	5-14-2036		1,228,000	1,430,441
AbbVie Incorporated	4.45	5-14-2046		1,245,000	1,511,355
Amgen Incorporated	1.65	8-15-2028		6,813,000	6,618,846
Amgen Incorporated	3.00	1-15-2052		1,876,000	1,831,844
Gilead Sciences Incorporated	2.60	10-1-2040		2,931,000	2,800,892
Gilead Sciences Incorporated	2.80	10-1-2050		1,941,000	1,885,633
Gilead Sciences Incorporated	4.00	9-1-2036		1,513,000	1,731,242
Regeneron Pharmaceutical Incorporated	1.75	9-15-2030		5,619,000	5,268,539
					33,919,886
Health care equipment & supplies: 0.04%
Danaher Corporation	2.60	10-1-2050		2,016,000	1,964,258
Health care providers & services: 1.03%
Centene Corporation	2.45	7-15-2028		9,216,000	9,043,200
Centene Corporation	2.50	3-1-2031		561,000	537,536
Centene Corporation	3.00	10-15-2030		1,859,000	1,856,021
CVS Health Corporation	2.70	8-21-2040		2,671,000	2,556,723
CVS Health Corporation	3.00	8-15-2026		1,824,000	1,922,963
CVS Health Corporation	3.70	3-9-2023		621,000	642,224
CVS Health Corporation	4.30	3-25-2028		1,323,000	1,489,660
CVS Health Corporation	4.78	3-25-2038		2,663,000	3,244,753
CVS Health Corporation	5.05	3-25-2048		2,958,000	3,908,509
HCA Incorporated	3.50	9-1-2030		2,397,000	2,495,217
HCA Incorporated	5.38	2-1-2025		12,207,000	13,313,259
HCA Incorporated	5.88	2-1-2029		1,532,000	1,798,185
Humana Incorporated	1.35	2-3-2027		3,104,000	3,008,957
UnitedHealth Group Incorporated	2.30	5-15-2031		1,885,000	1,908,837

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 37

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Health care providers & services (continued)
UnitedHealth Group Incorporated	2.75%	5-15-2040	$	1,297,000	$ 1,306,401
UnitedHealth Group Incorporated	2.90	5-15-2050		3,009,000	3,077,037
UnitedHealth Group Incorporated	3.05	5-15-2041		882,000	919,319
UnitedHealth Group Incorporated	3.25	5-15-2051		2,844,000	3,092,587
					56,121,388
Life sciences tools & services: 0.26%
Thermo Fisher Scientific Incorporated	1.22	10-18-2024		6,795,000	6,795,865
Thermo Fisher Scientific Incorporated	1.75	10-15-2028		3,216,000	3,161,880
Thermo Fisher Scientific Incorporated	2.00	10-15-2031		2,862,000	2,803,017
Thermo Fisher Scientific Incorporated	2.80	10-15-2041		1,357,000	1,369,565
					14,130,327
Pharmaceuticals: 0.31%
Astrazeneca Finance LLC	1.75	5-28-2028		5,974,000	5,926,561
Bristol-Myers Squibb Company	2.55	11-13-2050		3,563,000	3,392,150
Pfizer Incorporated	2.55	5-28-2040		5,887,000	5,863,340
Pfizer Incorporated	2.80	3-11-2022		1,625,000	1,635,704
					16,817,755
Industrials: 1.30%
Aerospace & defense: 0.70%
Howmet Aerospace Incorporated	3.00	1-15-2029		5,006,000	4,805,760
Northrop Grumman Corporation	3.25	8-1-2023		4,945,000	5,139,771
Northrop Grumman Corporation	3.25	1-15-2028		3,052,000	3,256,361
The Boeing Company	2.20	2-4-2026		6,415,000	6,401,789
The Boeing Company	3.25	2-1-2028		3,631,000	3,770,255
The Boeing Company	3.25	2-1-2035		2,075,000	2,070,214
The Boeing Company	3.63	2-1-2031		3,648,000	3,875,351
The Boeing Company	3.75	2-1-2050		3,709,000	3,845,991
The Boeing Company	5.15	5-1-2030		1,694,000	1,965,027
The Boeing Company	5.71	5-1-2040		1,031,000	1,316,791
The Boeing Company	5.81	5-1-2050		1,141,000	1,538,992
					37,986,302
Airlines: 0.33%
Delta Air Lines Incorporated 144A	4.50	10-20-2025		6,873,000	7,205,096
Delta Air Lines Incorporated 144A	4.75	10-20-2028		9,977,000	10,932,138
					18,137,234
Construction & engineering: 0.07%
Quanta Services Incorporated	0.95	10-1-2024		4,107,000	4,064,360
Road & rail: 0.11%
Union Pacific Corporation	2.15	2-5-2027		2,680,000	2,741,814
Union Pacific Corporation	2.40	2-5-2030		3,320,000	3,400,355
					6,142,169
Transportation infrastructure: 0.09%
Burlington Northern Santa Fe LLC %%	2.88	6-15-2052		1,673,000	1,693,576
Crowley Conro LLC	4.18	8-15-2043		2,551,075	2,983,052
					4,676,628

The accompanying notes are an integral part of these financial statements.

38 | Allspring Core Bond Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Information technology: 2.66%
Electronic equipment, instruments & components: 0.11%
Dell International LLC	4.90%	10-1-2026	$	866,000	$ 978,139
Dell International LLC	6.10	7-15-2027		1,720,000	2,071,460
Dell International LLC	8.35	7-15-2046		1,816,000	3,032,615
					6,082,214
IT services: 0.20%
Global Payments Incorporated	1.50	11-15-2024		2,523,000	2,518,798
Global Payments Incorporated	2.15	1-15-2027		5,043,000	5,042,039
Global Payments Incorporated	2.90	11-15-2031		3,361,000	3,401,250
					10,962,087
Semiconductors & semiconductor equipment: 0.90%
Analog Devices Incorporated	1.70	10-1-2028		2,542,000	2,539,494
Analog Devices Incorporated	2.10	10-1-2031		3,380,000	3,385,715
Broadcom Incorporated 144A	2.45	2-15-2031		2,957,000	2,845,859
Broadcom Incorporated	3.15	11-15-2025		2,213,000	2,320,293
Broadcom Incorporated 144A	3.42	4-15-2033		9,060,000	9,336,139
Broadcom Incorporated 144A	3.47	4-15-2034		4,366,000	4,498,827
Broadcom Incorporated	3.88	1-15-2027		1,280,000	1,378,384
Broadcom Incorporated	4.15	11-15-2030		3,009,000	3,287,957
Intel Corporation	1.60	8-12-2028		4,262,000	4,200,238
Intel Corporation	2.00	8-12-2031		6,648,000	6,568,027
Intel Corporation	2.80	8-12-2041		2,723,000	2,740,923
Intel Corporation	3.20	8-12-2061		1,377,000	1,429,039
KLA Corporation	3.30	3-1-2050		2,300,000	2,492,869
Texas Instruments Incorporated	1.13	9-15-2026		1,694,000	1,675,279
					48,699,043
Software: 0.77%
Oracle Corporation	2.30	3-25-2028		1,841,000	1,851,232
Oracle Corporation	2.80	4-1-2027		5,170,000	5,356,480
Oracle Corporation	2.88	3-25-2031		1,262,000	1,291,595
Oracle Corporation	3.65	3-25-2041		1,755,000	1,825,823
Oracle Corporation	3.95	3-25-2051		2,429,000	2,617,350
VMware Incorporated	0.60	8-15-2023		8,395,000	8,345,368
VMware Incorporated	1.00	8-15-2024		5,879,000	5,837,151
VMware Incorporated	1.40	8-15-2026		6,717,000	6,563,767
VMware Incorporated	1.80	8-15-2028		3,692,000	3,596,620
VMware Incorporated	3.90	8-21-2027		683,000	744,200
VMware Incorporated	4.70	5-15-2030		3,398,000	3,943,082
					41,972,668
Technology hardware, storage & peripherals: 0.68%
Apple Incorporated	1.40	8-5-2028		6,769,000	6,612,851
Apple Incorporated	1.70	8-5-2031		5,075,000	4,941,310
Apple Incorporated	2.38	2-8-2041		1,379,000	1,350,834
Apple Incorporated	2.55	8-20-2060		3,968,000	3,770,139
Apple Incorporated	2.65	5-11-2050		4,176,000	4,129,374
Apple Incorporated	2.65	2-8-2051		4,236,000	4,196,247
Apple Incorporated	2.70	8-5-2051		3,052,000	3,052,101

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 39

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Technology hardware, storage & peripherals (continued)
Apple Incorporated	2.85%	8-5-2061	$	3,376,000	$ 3,401,005
HP Incorporated	2.20	6-17-2025		5,447,000	5,570,177
					37,024,038
Materials: 0.41%
Chemicals: 0.41%
Dow Chemical Corporation	3.60	11-15-2050		3,389,000	3,716,795
LYB International Finance III Company	3.38	10-1-2040		5,066,000	5,270,306
LYB International Finance III Company	3.63	4-1-2051		5,023,000	5,359,084
Westlake Chemical Corporation	3.13	8-15-2051		6,060,000	5,909,076
Westlake Chemical Corporation	3.60	8-15-2026		1,850,000	1,998,756
					22,254,017
Real estate: 1.56%
Equity REITs: 1.30%
Agree LP	2.00	6-15-2028		3,692,000	3,647,609
Agree LP	2.60	6-15-2033		839,000	827,181
Brixmor Operating Partnership	2.25	4-1-2028		1,184,000	1,185,984
Brixmor Operating Partnership	2.50	8-16-2031		2,049,000	1,995,034
Crown Castle International Corporation	1.05	7-15-2026		5,075,000	4,899,233
Crown Castle International Corporation	2.10	4-1-2031		9,380,000	8,955,180
Crown Castle International Corporation	2.50	7-15-2031		3,709,000	3,661,668
Crown Castle International Corporation	2.90	4-1-2041		2,369,000	2,283,785
Crown Castle International Corporation	4.00	3-1-2027		847,000	924,127
Federal Realty Investment Trust	3.95	1-15-2024		2,343,000	2,469,539
Healthpeak Properties Incorporated	2.13	12-1-2028		1,686,000	1,684,211
Mid-America Apartments LP	3.95	3-15-2029		1,703,000	1,912,432
Mid-America Apartments LP	4.00	11-15-2025		2,075,000	2,262,357
Mid-America Apartments LP	4.30	10-15-2023		1,738,000	1,828,809
Realty Income Corporation	2.20	6-15-2028		1,826,000	1,842,764
Realty Income Corporation	2.85	12-15-2032		2,488,000	2,595,361
Realty Income Corporation	3.40	1-15-2028		1,808,000	1,943,633
Regency Centers LP	2.95	9-15-2029		3,683,000	3,826,805
Rexford Industrial Realty Trust Company	2.15	9-1-2031		1,876,000	1,793,495
Spirit Realty LP	2.10	3-15-2028		3,372,000	3,306,447
Spirit Realty LP	2.70	2-15-2032		1,012,000	1,009,209
Spirit Realty LP	3.40	1-15-2030		2,040,000	2,135,849
Store Capital Corporation	2.70	12-1-2031		1,177,000	1,159,604
Store Capital Corporation	2.75	11-18-2030		3,000,000	3,016,044
Store Capital Corporation	4.50	3-15-2028		6,398,000	7,102,358
Store Capital Corporation	4.63	3-15-2029		2,161,000	2,442,064
					70,710,782
Real estate management & development: 0.26%
American Campus Communities Company	2.25	1-15-2029		2,542,000	2,519,248
Essex Portfolio LP	1.70	3-1-2028		4,435,000	4,329,532
Essex Portfolio LP	2.55	6-15-2031		1,746,000	1,761,124
Extra Space Storage LP	2.35	3-15-2032		1,522,000	1,478,328
Kilroy Realty LP	2.65	11-15-2033		2,308,000	2,253,089
Sun Communities Operating LP	2.30	11-1-2028		1,694,000	1,690,598
					14,031,919

The accompanying notes are an integral part of these financial statements.

40 | Allspring Core Bond Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Utilities: 2.22%
Electric utilities: 1.54%
American Transmission System Incorporated 144A%%	2.65%	1-15-2032	$	1,172,000	$ 1,183,913
Duke Energy Carolinas LLC	2.55	4-15-2031		1,712,000	1,748,149
Duke Energy Florida LLC %%	2.40	12-15-2031		2,506,000	2,521,872
Duke Energy Progress LLC	2.50	8-15-2050		2,542,000	2,378,167
Duke Energy Progress LLC	2.55	6-15-2031		6,735,000	6,702,416
Duke Energy Progress LLC	3.50	6-15-2051		1,012,000	1,060,894
Entergy Arkansas LLC	2.65	6-15-2051		2,265,000	2,164,302
Eversource Energy	1.40	8-15-2026		2,559,000	2,517,550
FirstEnergy Corporation 144A	2.75	3-1-2032		2,767,000	2,820,262
Interstate Power & Light Company	3.10	11-30-2051		212,000	216,406
Interstate Power & Light Company	3.50	9-30-2049		1,044,000	1,150,705
ITC Holdings Corporation	2.70	11-15-2022		3,424,000	3,484,137
Metropolitan Edison Company 144A	4.30	1-15-2029		3,787,000	4,216,674
Mid-American Energy Company	2.70	8-1-2052		2,187,000	2,189,794
Mississippi Power Company	3.10	7-30-2051		3,026,000	3,061,189
Mississippi Power Company	3.95	3-30-2028		4,176,000	4,580,630
Mississippi Power Company	4.25	3-15-2042		1,158,000	1,366,120
Northern States Power Company	3.20	4-1-2052		1,703,000	1,867,340
NSTAR Electric Company	3.10	6-1-2051		1,556,000	1,682,786
Pacific Gas & Electric Company	2.10	8-1-2027		3,268,000	3,146,310
Pacific Gas & Electric Company	3.95	12-1-2047		3,781,000	3,739,813
Pacific Gas & Electric Company	4.20	6-1-2041		1,461,000	1,488,346
Pacific Gas & Electric Company	4.50	7-1-2040		865,000	905,436
Pacific Gas & Electric Company	4.75	2-15-2044		847,000	881,951
Pacific Gas & Electric Company	4.95	7-1-2050		3,409,000	3,826,576
PacifiCorp Electric Service Company	2.90	6-15-2052		2,179,000	2,168,329
Pennsylvania Electric Company 144A	3.25	3-15-2028		1,435,000	1,486,957
Public Service Company of Colorado	1.88	6-15-2031		3,882,000	3,763,896
Public Service Company of Oklahoma	2.20	8-15-2031		2,559,000	2,493,161
Public Service Company of Oklahoma	3.15	8-15-2051		1,703,000	1,736,703
Public Service Electric and Gas Company	1.90	8-15-2031		3,380,000	3,332,651
Public Service Electric and Gas Company	2.05	8-1-2050		700,000	627,947
Public Service Electric and Gas Company	2.70	5-1-2050		1,703,000	1,734,853
Southern California Edison Company	4.13	3-1-2048		1,893,000	2,154,259
Southwestern Electric Power Company	3.25	11-1-2051		1,322,000	1,331,235
Trans-Allegheny Interstate Line Company 144A	3.85	6-1-2025		1,193,000	1,266,953
Virginia Electric & Power Company	2.45	12-15-2050		981,000	922,041
					83,920,723
Gas utilities: 0.14%
Baltimore Gas & Electric Gas Company	2.25	6-15-2031		2,524,000	2,517,296
Piedmont Natural Gas Company	2.50	3-15-2031		2,542,000	2,532,873
Southern Company Gas Capital Corporation	1.75	1-15-2031		2,663,000	2,489,683
					7,539,852
Independent power & renewable electricity producers: 0.06%
AES Corporation	1.38	1-15-2026		3,648,000	3,542,810
Multi-utilities: 0.48%
Black Hills Corporation	3.88	10-15-2049		1,522,000	1,701,115
Consumers Energy Company	2.50	5-1-2060		1,435,000	1,304,813
Consumers Energy Company	2.65	8-15-2052		1,859,000	1,841,105

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 41

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Multi-utilities (continued)
Dominion Energy Incorporated	1.45%	4-15-2026	$	2,144,000	$ 2,119,211
Dominion Energy Incorporated	3.30	4-15-2041		519,000	545,938
DTE Energy Company	1.05	6-1-2025		1,772,000	1,741,475
DTE Energy Company	2.95	3-1-2030		2,265,000	2,349,977
DTE Energy Company	2.95	3-1-2050		2,945,000	3,055,225
Public Service Enterprise Group	1.60	8-15-2030		1,945,000	1,815,868
Public Service Enterprise Group	2.45	11-15-2031		3,060,000	3,028,872
WEC Energy Group Incorporated	0.80	3-15-2024		4,279,000	4,244,596
WEC Energy Group Incorporated	1.38	10-15-2027		2,455,000	2,375,876
					26,124,071
Total Corporate bonds and notes (Cost $1,354,188,986)					1,359,502,533
Municipal obligations: 0.44%
Nevada: 0.10%
Airport revenue: 0.10%
Clark County NV Airport Authority Build America Bonds Series C	6.82	7-1-2045		3,365,000	5,352,456
New York: 0.14%
Airport revenue: 0.14%
Port Authority of New York & New Jersey Consolidated Bonds Series 174	4.46	10-1-2062		5,505,000	7,539,669
Ohio: 0.06%
Education revenue: 0.06%
Ohio State University General Receipts Taxable Bonds Series A	4.80	6-1-2111		1,957,000	3,118,824
Texas: 0.14%
Education revenue: 0.03%
University of Texas Financing System Bond Series B	2.44	8-15-2049		1,695,000	1,711,849
Transportation revenue: 0.11%
North Texas Tollway Authority	6.72	1-1-2049		3,609,000	6,198,353
Total Municipal obligations (Cost $17,165,099)					23,921,151
Non-agency mortgage-backed securities: 5.15%
3650R Commercial Mortgage Trust Series 2021-PF1 Class A5	2.52	11-15-2054		2,521,000	2,571,247
Angel Oak Mortgage Trust Series 2019-2 Class A1 144A±±	3.63	3-25-2049		539,587	542,485
Angel Oak Mortgage Trust Series 2020-2 Class A1 144A±±	2.53	1-26-2065		2,480,956	2,512,394
Angel Oak Mortgage Trust Series 2020-5 Class A1 144A±±	1.37	5-25-2065		1,107,769	1,110,711
Angel Oak Mortgage Trust Series 2021-6 Class A1 144A±±	1.46	9-25-2066		3,519,998	3,494,875
Barclays Commercial Mortgage Series 2018-C2 Class ASB	4.24	12-15-2051		1,159,000	1,279,485
Barclays Commercial Mortgage Series 2019-C3 Class A3	3.32	5-15-2052		585,000	627,489
Barclays Commercial Mortgage Series 2021-C12 Class A5	2.69	11-15-2054		3,383,000	3,517,823

The accompanying notes are an integral part of these financial statements.

42 | Allspring Core Bond Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Non-agency mortgage-backed securities (continued)
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1 144A±±	2.88%	7-25-2049	$	3,123,905	$ 3,141,899
Bunker Hill Loan Depositary Trust Series 2019-3 Class A1 144A±±	2.72	11-25-2059		2,519,684	2,543,504
BX Trust Series 2021-VOLT Class A (1 Month LIBOR +0.70%) 144A±	0.79	9-15-2036		10,912,000	10,857,283
BX Trust Series 2021-XL2 Class A (1 Month LIBOR +0.69%) 144A±	0.78	10-15-2038		5,440,000	5,413,401
CD Commercial Mortgage Trust Series 2019-CD8 Class A4	2.91	8-15-2057		2,221,000	2,341,976
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB	3.37	6-15-2050		1,631,000	1,715,797
Colt Funding LLC Series 2021-2 Class A1 144A±±	0.92	8-25-2066		4,504,624	4,465,618
Colt Funding LLC Series 2021-4 Class A1 144A±±	1.40	10-25-2066		4,555,956	4,532,934
Commercial Mortgage Trust Pass-Through Certificate Series 2012-CR3 Class A3	2.82	10-15-2045		2,478,730	2,495,760
Commercial Mortgage Trust Pass-Through Certificate Series 2015-LC21 Class A4	3.71	7-10-2048		1,629,000	1,743,915
Commercial Mortgage Trust Series 2013-CR10 Class A4 ±±	4.21	8-10-2046		89,000	93,134
Commercial Mortgage Trust Series 2013-CR11 Class A4	4.26	8-10-2050		10,048,000	10,570,125
Commercial Mortgage Trust Series 2013-CR6 Class A4	3.10	3-10-2046		8,286,000	8,384,997
Commercial Mortgage Trust Series 2014-UBS4 Class A4	3.42	8-10-2047		4,178,000	4,314,596
Commercial Mortgage Trust Series 2015-LC23 Class A3	3.52	10-10-2048		1,982,000	2,091,900
CSAIL Commercial Mortgage Trust Series 2015-C2 Class A4	3.50	6-15-2057		2,484,176	2,629,302
CSAIL Commercial Mortgage Trust Series 2021-C20 Class A3	2.80	3-15-2054		1,257,000	1,313,305
EQUS 2021-EQAZ Mortgage Trust (1 Month LIBOR +0.75%) 144A±	0.84	10-15-2038		4,285,000	4,260,944
Florida Power & Light Company 1st Mortgage Bonds	2.88	12-4-2051		838,000	868,317
Goldman Sachs Mortgage Securities Trust Series 2013-GC14 Class A5	4.24	8-10-2046		2,275,000	2,380,600
Goldman Sachs Mortgage Securities Trust Series 2014-GC18 Class A4	4.07	1-10-2047		5,471,323	5,743,881
Goldman Sachs Mortgage Securities Trust Series 2020-GC47 Class A5	2.38	5-12-2053		3,826,000	3,895,964
Goldman Sachs Mortgage Securities Trust Series 2020-GSA2 Class A4	1.72	12-12-2053		4,416,000	4,270,109
Impact Funding LLC Series 2010-1 Class A1 144A	5.31	1-25-2051		5,559,138	5,800,515
JPMDB Commercial Mortgage Securities Series 2013-C12 Class A5	3.66	7-15-2045		3,316,000	3,422,545
JPMDB Commercial Mortgage Securities Series 2014-C23 Class A4	3.67	9-15-2047		1,659,938	1,734,819
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C16 Class A4	4.17	12-15-2046		4,973,000	5,220,356
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3	2.91	10-15-2048		9,226,619	9,391,495
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3 Class A3	3.39	12-15-2049		1,080,000	1,155,483
Med Trust Series 2021-MDLN (1 Month LIBOR +0.95%) 144A±	1.05	11-15-2038		6,906,000	6,912,494

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 43

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Non-agency mortgage-backed securities (continued)
Mello Warehouse Securitization Trust Series 2020-2 Class A (1 Month LIBOR +0.80%) 144A±	0.89%	11-25-2053	$	5,688,000	$ 5,672,704
Mello Warehouse Securitization Trust Series 2021-1 Class A (1 Month LIBOR +0.70%) 144A±	0.79	2-25-2055		1,606,000	1,598,104
Mello Warehouse Securitization Trust Series 2021-2 Class A (1 Month LIBOR +0.75%) 144A±	0.84	4-25-2055		4,340,000	4,322,351
MFRA Trust Series 2021-NQM2 Class A1 144A±±	1.03	11-25-2064		2,525,946	2,510,435
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class A4	3.18	8-15-2045		1,105,478	1,110,694
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20 Class A4	3.25	2-15-2048		800,041	839,364
Morgan Stanley Capital International Trust Series 2020-HR8 Class A3	1.79	7-15-2053		3,163,000	3,077,569
Morgan Stanley Capital International Trust Series 2021-L7 Class A5	2.57	10-15-2054		4,228,000	4,334,891
MSG III Securitization Trust Series 2021-1 Class A (1 Month LIBOR +0.75%) 144A±	0.84	6-25-2054		2,680,000	2,680,478
New Residential Mortgage Loan Trust Series 2019-NQM4 Class A1 144A±±	2.49	9-25-2059		1,406,172	1,414,493
NewRez WareHouse Securitization Series 2021-1 Class A (1 Month LIBOR +0.75%) 144A±	0.84	5-25-2055		10,288,000	10,259,914
Oncor Electric Delivery Company 1st Mortgage Bonds 144A	2.70	11-15-2051		1,623,000	1,605,572
Peco Energy Company 1st Mortgage Bonds	2.85	9-15-2051		3,043,000	3,050,592
Starwood Mortgage Residential Trust Series 2020-1 Class A1 144A±±	2.28	2-25-2050		2,636,316	2,649,113
Starwood Mortgage Residential Trust Series 2020-INV1 Class A1 144A±±	1.03	11-25-2055		2,322,745	2,311,810
Starwood Mortgage Residential Trust Series 2020-INV3 Class A1 144A±±	1.49	4-25-2065		2,766,802	2,774,236
Starwood Mortgage Residential Trust Series 2021-1 Class A1 144A±±	1.22	5-25-2065		2,502,874	2,497,632
Starwood Mortgage Residential Trust Series 2021-4 Class A1 144A±±	1.16	8-25-2056		5,310,427	5,278,182
Verizon Master Trust Series 2021-1 Class A	0.50	5-20-2027		8,833,000	8,737,293
Verizon Master Trust Series 2021-2 Class A	0.99	4-20-2028		13,703,000	13,657,307
Verus Securitization Trust Series 2019-2 Class A1 144A±±	2.91	7-25-2059		1,691,143	1,701,261
Verus Securitization Trust Series 2019-3 Class A1 144A±±	2.69	11-25-2059		1,254,049	1,270,345
Verus Securitization Trust Series 2019-3 Class A1 144A±±	2.78	7-25-2059		2,124,367	2,133,518
Verus Securitization Trust Series 2019-4 Class A1 144A±±	2.64	11-25-2059		3,180,803	3,220,471
Verus Securitization Trust Series 2020-1 Class A1 144A±±	2.42	1-25-2060		773,618	777,200
Verus Securitization Trust Series 2020-2 Class A1 144A±±	2.23	5-25-2060		2,917,166	2,928,304
Verus Securitization Trust Series 2020-5 Class A1 144A±±	1.22	5-25-2065		1,022,564	1,021,133
Verus Securitization Trust Series 2021-1 Class A1 144A±±	0.82	1-25-2066		3,332,271	3,301,155
Verus Securitization Trust Series 2021-2 Class A1 144A±±	1.03	2-25-2066		5,889,599	5,848,591
Verus Securitization Trust Series 2021-3 Class A1 144A±±	1.05	6-25-2066		4,014,431	3,980,980

The accompanying notes are an integral part of these financial statements.

44 | Allspring Core Bond Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Non-agency mortgage-backed securities (continued)
Verus Securitization Trust Series 2021-4 Class A1 144A±±	0.94%	7-25-2066	$	4,249,374	$ 4,202,625
Verus Securitization Trust Series 2021-5 Class A1 144A±±	1.01	9-25-2066		14,795,617	14,585,241
Verus Securitization Trust Series 2021-7 Class A1 144A±±	1.83	10-25-2066		5,967,000	5,964,855
Verus Securitization Trust Series 2021-R1 Class A1 144A±±	0.82	10-25-2063		3,569,958	3,560,415
Verus Securitization Trust Series 2021-R3 Class A1 144A±±	1.02	4-25-2064		3,419,905	3,401,655
Visio Trust Series 2020-1R Class A1 144A	1.31	11-25-2055		2,635,244	2,627,036
Total Non-agency mortgage-backed securities (Cost $281,552,403)					280,270,996
U.S. Treasury securities: 36.34%
U.S. Treasury Bond ##	1.13	5-15-2040		87,097,000	77,250,956
U.S. Treasury Bond ##	1.13	8-15-2040		61,545,000	54,414,434
U.S. Treasury Bond ##	1.38	11-15-2040		98,406,000	90,741,096
U.S. Treasury Bond	1.38	8-15-2050		30,117,000	27,179,416
U.S. Treasury Bond	1.63	11-15-2050		31,350,000	30,060,486
U.S. Treasury Bond ##	1.75	8-15-2041		78,366,000	76,933,372
U.S. Treasury Bond	1.88	2-15-2041		18,046,000	18,104,509
U.S. Treasury Bond	2.50	2-15-2045		15,047,000	16,857,930
U.S. Treasury Note	0.13	5-31-2022		41,032,000	41,035,263
U.S. Treasury Note	0.13	9-30-2022		29,297,000	29,275,256
U.S. Treasury Note ##	0.13	12-31-2022		74,138,000	74,007,679
U.S. Treasury Note	0.13	3-31-2023		480,000	478,463
U.S. Treasury Note	0.13	8-31-2023		1,796,000	1,784,915
U.S. Treasury Note	0.13	1-15-2024		32,633,000	32,299,021
U.S. Treasury Note	0.25	5-15-2024		8,542,000	8,446,904
U.S. Treasury Note	0.25	6-15-2024		20,963,000	20,709,151
U.S. Treasury Note	0.25	8-31-2025		34,276,000	33,301,276
U.S. Treasury Note ##	0.25	10-31-2025		61,838,000	59,951,458
U.S. Treasury Note	0.38	10-31-2023		11,845,000	11,812,611
U.S. Treasury Note	0.38	4-15-2024		45,675,000	45,344,927
U.S. Treasury Note ##	0.38	11-30-2025		69,398,000	67,519,375
U.S. Treasury Note	0.38	12-31-2025		52,737,000	51,264,072
U.S. Treasury Note	0.38	1-31-2026		47,290,000	45,911,940
U.S. Treasury Note	0.50	11-30-2023		93,556,000	93,457,327
U.S. Treasury Note ##	0.50	2-28-2026		73,816,000	71,990,784
U.S. Treasury Note	0.50	8-31-2027		46,306,000	44,388,642
U.S. Treasury Note	0.75	11-15-2024		75,545,000	75,367,941
U.S. Treasury Note ##	0.75	5-31-2026		52,745,000	51,894,075
U.S. Treasury Note	0.88	6-30-2026		14,949,000	14,779,656
U.S. Treasury Note	0.88	9-30-2026		10,563,000	10,426,836
U.S. Treasury Note	1.13	10-31-2026		27,671,000	27,632,088
U.S. Treasury Note	1.25	11-30-2026		127,093,000	127,658,960
U.S. Treasury Note	1.38	10-31-2028		64,396,000	64,446,309
U.S. Treasury Note ##	1.38	11-15-2031		60,339,000	59,971,309
U.S. Treasury Note ##	1.50	9-30-2024		77,635,000	79,142,206
U.S. Treasury Note	1.50	11-30-2024		36,672,000	37,386,818
U.S. Treasury Note	1.50	11-30-2028		18,387,000	18,547,886
U.S. Treasury Note	1.75	2-28-2022		3,579,000	3,593,831
U.S. Treasury Note ##	1.88	2-28-2022		62,004,000	62,279,980

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 45

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
U.S. Treasury securities (continued)
U.S. Treasury Note	1.88%	11-15-2051	$	21,052,000	$ 21,466,461
U.S. Treasury Note	2.00	2-15-2022		45,444,000	45,626,585
U.S. Treasury Note	2.00	11-15-2041		43,597,000	44,686,925
U.S. Treasury Note	2.00	8-15-2051		32,764,000	34,310,051
U.S. Treasury Note	2.13	5-15-2025		42,995,000	44,708,082
U.S. Treasury Note	2.25	5-15-2041		28,155,000	29,967,478
Total U.S. Treasury securities (Cost $1,984,224,835)					1,978,414,740
Yankee corporate bonds and notes: 5.45%
Consumer staples: 0.13%
Beverages: 0.13%
Bacardi Limited 144A	4.70	5-15-2028		1,820,000	2,076,974
Bacardi Limited 144A	5.30	5-15-2048		3,757,000	5,039,457
					7,116,431
Energy: 0.45%
Oil, gas & consumable fuels: 0.45%
Aker BP ASA 144A	4.00	1-15-2031		2,343,000	2,548,858
Galaxy Pipeline Assets Company 144A	1.75	9-30-2027		5,125,190	5,145,439
Galaxy Pipeline Assets Company 144A	2.16	3-31-2034		3,823,000	3,715,485
Galaxy Pipeline Assets Company 144A	2.63	3-31-2036		2,354,000	2,289,962
Galaxy Pipeline Assets Company 144A	2.94	9-30-2040		1,545,000	1,523,459
Oleoducto Central SA 144A	4.00	7-14-2027		1,879,000	1,871,503
Petroleos del Peru 144A	5.63	6-19-2047		2,568,000	2,507,010
Petroleos Mexicanos Company	2.38	4-15-2025		1,270,150	1,302,795
Petroleos Mexicanos Company	2.46	12-15-2025		3,629,250	3,733,658
					24,638,169
Financials: 3.41%
Banks: 1.83%
ASB Bank Limited 144A	2.38	10-22-2031		4,265,000	4,258,334
Banco de Credito e Inversiones 144A	2.88	10-14-2031		3,417,000	3,389,664
Banco Santander SA (1 Year Treasury Constant Maturity +0.90%) ±	1.72	9-14-2027		4,400,000	4,317,859
Banco Santander SA (1 Year Treasury Constant Maturity +1.60%) ±	3.23	11-22-2032		4,200,000	4,184,712
Barclays plc (1 Year Treasury Constant Maturity +1.05%) ±	2.28	11-24-2027		8,392,000	8,402,086
Barclays plc (1 Year Treasury Constant Maturity +1.30%) ±	2.89	11-24-2032		2,608,000	2,618,414
Barclays plc (1 Year Treasury Constant Maturity +1.30%) ±	3.33	11-24-2042		1,900,000	1,921,874
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.55%) ±	0.95	7-19-2025		10,076,000	9,975,314
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.75%) ±	1.54	7-20-2027		9,952,000	9,807,669
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.67%) ±	1.64	10-13-2027		8,577,000	8,481,190
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.95%) ±	2.31	7-20-2032		5,205,000	5,142,131
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.97%) ±	2.49	10-13-2032		3,505,000	3,517,446

The accompanying notes are an integral part of these financial statements.

46 | Allspring Core Bond Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Banks (continued)
Sumitomo Mitsui Financial Group Incorporated	1.40%	9-17-2026	$	6,806,000	$ 6,664,304
Sumitomo Mitsui Financial Group Incorporated	1.90	9-17-2028		10,599,000	10,367,026
Toronto Dominion Bank	1.25	9-10-2026		8,455,000	8,305,898
Westpac Banking Corporation	1.95	11-20-2028		6,804,000	6,771,727
Westpac Banking Corporation (5 Year Treasury Constant Maturity +1.53%) ±	3.02	11-18-2036		853,000	848,026
Westpac Banking Corporation	3.13	11-18-2041		853,000	843,285
					99,816,959
Capital markets: 0.05%
Macquarie Group Limited (U.S. SOFR +1.53%) 144A±	2.87	1-14-2033		2,200,000	2,204,574
Nomura Holdings Incorporated	2.61	7-14-2031		453,000	446,495
					2,651,069
Diversified financial services: 1.45%
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust	1.15	10-29-2023		13,638,000	13,596,863
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust	1.65	10-29-2024		13,584,000	13,559,500
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust	1.75	10-29-2024		11,078,000	11,061,372
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust	2.45	10-29-2026		1,200,000	1,203,019
DH Europe Finance II	2.05	11-15-2022		2,697,000	2,734,327
DH Europe Finance II	2.20	11-15-2024		4,643,000	4,767,706
GE Capital International Funding Company	4.42	11-15-2035		7,287,000	8,807,299
Lundin Energy Finance Company 144A	2.00	7-15-2026		9,848,000	9,786,086
Lundin Energy Finance Company 144A	3.10	7-15-2031		7,856,000	7,938,167
Trust Fibrauno 144A	5.25	1-30-2026		2,605,000	2,842,706
Trust Fibrauno 144A	6.39	1-15-2050		2,091,000	2,410,923
					78,707,968
Insurance: 0.08%
Enstar Group Limited	3.10	9-1-2031		4,262,000	4,183,940
Health care: 0.51%
Health care equipment & supplies: 0.15%
Steris plc	3.75	3-15-2051		7,493,000	8,284,439
Pharmaceuticals: 0.36%
Astrazeneca plc	2.13	8-6-2050		847,000	755,793
Astrazeneca plc «	3.00	5-28-2051		1,729,000	1,830,359
Shire Acquisitions Investments Ireland Designated Activity Company	2.88	9-23-2023		3,519,000	3,631,234
Takeda Pharmaceutical	2.05	3-31-2030		6,397,000	6,218,222
Takeda Pharmaceutical	3.03	7-9-2040		1,927,000	1,958,668
Takeda Pharmaceutical	3.18	7-9-2050		1,987,000	2,031,861
Takeda Pharmaceutical	4.40	11-26-2023		2,956,000	3,146,093
					19,572,230
Industrials: 0.52%
Road & rail: 0.44%
Canadian Pacific Railway Company %%	1.35	12-2-2024		12,601,000	12,589,441
Canadian Pacific Railway Company %%	1.75	12-2-2026		4,201,000	4,203,362

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 47

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Road & rail (continued)
Canadian Pacific Railway Company %%	2.45%	12-2-2031	$	3,361,000	$ 3,402,010
Canadian Pacific Railway Company %%	3.00	12-2-2041		1,344,000	1,368,366
Canadian Pacific Railway Company %%	3.10	12-2-2051		2,174,000	2,235,918
					23,799,097
Transportation infrastructure: 0.08%
Adani Ports & Special Company 144A	3.00	2-16-2031		1,403,360	1,364,150
Adani Ports & Special Company 144A	4.20	8-4-2027		2,984,000	3,095,572
					4,459,722
Information technology: 0.21%
Semiconductors & semiconductor equipment: 0.21%
NXP BV 144A	3.15	5-1-2027		1,686,000	1,768,809
NXP BV 144A	3.25	5-11-2041		1,850,000	1,896,607
NXP BV 144A	3.88	6-18-2026		7,236,000	7,841,245
					11,506,661
Materials: 0.13%
Metals & mining: 0.13%
Teck Resources Limited	5.20	3-1-2042		1,997,000	2,386,303
Teck Resources Limited	6.13	10-1-2035		1,729,000	2,245,577
Teck Resources Limited	6.25	7-15-2041		1,945,000	2,566,380
					7,198,260
Real estate: 0.05%
Equity REITs: 0.05%
Scentre Group Trust 144A	3.63	1-28-2026		2,671,000	2,868,782
Utilities: 0.04%
Electric utilities: 0.04%
Comision Federal de Electricidad 144A	3.88	7-26-2033		2,339,000	2,232,576
Total Yankee corporate bonds and notes (Cost $294,779,852)					297,036,303
Yankee government bonds: 1.21%
Abu Dhabi Government International Bond 144A	3.00	9-15-2051		2,611,000	2,596,504
Italy Government International Bond	3.88	5-6-2051		5,372,000	5,860,416
Japan Bank for International Cooperation	1.75	10-17-2024		4,732,000	4,831,498
Republic of Colombia	5.20	5-15-2049		4,999,000	4,653,869
Republic of Paraguay 144A	4.95	4-28-2031		989,000	1,087,910
Republic of Paraguay 144A	5.40	3-30-2050		2,899,000	3,181,681
Republic of Peru	2.39	1-23-2026		3,536,000	3,588,474
Republic of Peru	2.78	1-23-2031		8,360,000	8,280,664
Republic of Peru	3.00	1-15-2034		5,948,000	5,823,092
Republic of Peru	3.60	1-15-2072		3,742,000	3,557,407
United Mexican States	3.75	4-19-2071		4,678,000	4,104,945
United Mexican States	4.28	8-14-2041		7,811,000	8,040,409
United Mexican States	4.50	4-22-2029		6,226,000	6,932,215
United Mexican States	4.50	1-31-2050		846,000	880,111
United Mexican States	4.75	3-8-2044		2,076,000	2,241,312
Total Yankee government bonds (Cost $64,974,953)					65,660,507

The accompanying notes are an integral part of these financial statements.

48 | Allspring Core Bond Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

		Yield	Shares		Value
Short-term investments: 3.80%
Investment companies: 3.80%
Allspring Government Money Market Fund Select Class ♠∞##		0.03%		206,097,656	$ 206,097,656
Securities Lending Cash Investments LLC ♠∩∞		0.04		848,000	848,000
Total Short-term investments (Cost $206,945,656)					206,945,656
Total investments in securities (Cost $6,089,138,247)	112.19%				6,107,907,145
Other assets and liabilities, net	(12.19)				(663,687,022)
Total net assets	100.00%				$5,444,220,123

¤	The security is issued in zero coupon form with no periodic interest payments.
±	Variable rate investment. The rate shown is the rate in effect at period end.
±±	The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.
144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.
##	All or a portion of this security is segregated for when-issued securities.
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.
%%	The security is purchased on a when-issued basis.

Abbreviations:
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
REIT	Real estate investment trust
SOFR	Secured Overnight Financing Rate

Investments in affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliates of the Portfolio at the beginning of the period or 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	$270,350,377	$2,390,887,836	$(2,455,140,557)	$0	$0	$ 206,097,656	206,097,656	$ 15,072
Securities Lending Cash Investments LLC	0	358,385,103	(357,537,103)	0	0	848,000	848,000	812 ^#
				$0	$0	$206,945,656		$15,884

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 49

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $831,090 of securities loaned), at value (cost $5,882,192,591)	$ 5,900,961,489
Investments in affiliated securities, at value (cost $206,945,656)	206,945,656
Cash collateral due from broker	1,470,000
Receivable for investments sold	548,301,448
Receivable for interest	16,530,349
Principal paydown receivable	146,038
Receivable for securities lending income, net	1,766
Prepaid expenses and other assets	933,354
Total assets	6,675,290,100
Liabilities
Payable for when-issued transactions	978,167,971
Payable for investments purchased	168,299,551
Overdraft due to custodian bank	82,215,607
Advisory fee payable	1,538,848
Payable upon receipt of securities loaned	848,000
Total liabilities	1,231,069,977
Total net assets	$5,444,220,123

The accompanying notes are an integral part of these financial statements.

50 | Allspring Core Bond Portfolio

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Interest (net of foreign withholding taxes of $13,666)	$ 41,615,722
Income from affiliated securities	29,257
Total investment income	41,644,979
Expenses
Advisory fee	9,539,461
Custody and accounting fees	168,764
Professional fees	60,006
Interest holder report expenses	10,980
Trustees’ fees and expenses	9,662
Other fees and expenses	66,973
Total expenses	9,855,846
Net investment income	31,789,133
Realized and unrealized gains (losses) on investments
Net realized gains on investments	21,098,993
Net change in unrealized gains (losses) on investments	848,698
Net realized and unrealized gains (losses) on investments	21,947,691
Net increase in net assets resulting from operations	$53,736,824

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 51

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment income	$ 31,789,133	$ 77,723,644
Net realized gains on investments	21,098,993	129,629,293
Net change in unrealized gains (losses) on investments	848,698	(171,533,989)
Net increase in net assets resulting from operations	53,736,824	35,818,948
Capital transactions
Transactions in investors’ beneficial interests
Contributions	215,150,579	1,103,776,459
Withdrawals	(466,799,980)	(1,259,318,551)
Net decrease in net assets resulting from capital transactions	(251,649,401)	(155,542,092)
Total decrease in net assets	(197,912,577)	(119,723,144)
Net assets
Beginning of period	5,642,132,700	5,761,855,844
End of period	$5,444,220,123	$ 5,642,132,700

The accompanying notes are an integral part of these financial statements.

52 | Allspring Core Bond Portfolio

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Total return¹	0.96%	0.65%	9.49%	6.30%	(0.53)%	1.89%
Ratios to average net assets (annualized)
Gross expenses	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%
Net expenses	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income	1.14%	1.30%	2.28%	2.93%	2.23%	1.87%
Supplemental data
Portfolio turnover rate	199%	457%	603%	577%	542%	614%

¹	Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Allspring Core Bond Portfolio | 53

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Core Bond Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Consummation of the transaction resulted in the automatic termination of the Portfolio’s advisory agreement and subadvisory agreement. The Portfolio’s Board of Trustees approved a new advisory agreement and subadvisory agreement which were approved by the Portfolio's interest holders on August 16, 2021. The new agreements became effective on November 1, 2021.

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees 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, unless the determination has been delegated to the Allspring Global Investments Pricing Committee at Allspring Funds Management, LLC ("Allspring Funds Management"). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Allspring Global Investments Pricing Committee which may include items for ratification.

Securities lending

54 | Allspring Core Bond Portfolio

Table of Contents

Notes to financial statements (unaudited)

receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Interest income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Paydown gains and losses are included in interest income.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $6,089,138,247 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$ 65,660,516
Gross unrealized losses	(46,891,618)
Net unrealized gains	$ 18,768,898

Allspring Core Bond Portfolio | 55

Table of Contents

Notes to financial statements (unaudited)

3. 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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Agency securities	$ 0	$ 1,460,611,794	$0	$ 1,460,611,794
Asset-backed securities	0	435,543,465	0	435,543,465
Corporate bonds and notes	0	1,359,502,533	0	1,359,502,533
Municipal obligations	0	23,921,151	0	23,921,151
Non-agency mortgage-backed securities	0	280,270,996	0	280,270,996
U.S. Treasury securities	1,978,414,740	0	0	1,978,414,740
Yankee corporate bonds and notes	0	297,036,303	0	297,036,303
Yankee government bonds	0	65,660,507	0	65,660,507
Short-term investments
Investment companies	206,945,656	0	0	206,945,656
Total assets	$2,185,360,396	$3,922,546,749	$0	$6,107,907,145

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

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

56 | Allspring Core Bond Portfolio

Table of Contents

Notes to financial statements (unaudited)

Average daily net assets	Advisory fee
First $500 million	0.400%
Next $500 million	0.375
Next $2 billion	0.350
Next $2 billion	0.325
Next $5 billion	0.300
Over $10 billion	0.290

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.34% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Portfolio increase.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2021 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$10,161,411,419	$1,851,155,342	$10,018,697,004	$1,829,829,294

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Investments. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2021, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Values of securities on loaned	Collateral received¹	Net amount
Nomura Securities International Incorporated	$831,090	$(831,090)	$0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

Allspring Core Bond Portfolio | 57

Table of Contents

Notes to financial statements (unaudited)

7. BANK BORROWINGS

The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight bank funding rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2021, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

9. CORONAVIRUS (COVID-19) PANDEMIC

58 | Allspring Core Bond Portfolio

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.

SPECIAL MEETING OF SHAREHOLDERS

On August 16, 2021, a Special Meeting of Shareholders for Allspring Core Bond Fund was held to consider the following proposals. The results of the proposals are indicated below.

Proposal 1 – To consider and approve a new investment management agreement with Wells Fargo Funds Management, LLC*.

Shares voted “For”	222,470,589
Shares voted “Against”	2,536,231
Shares voted “Abstain”	2,681,236

Proposal 2 – To consider and approve a new advisory agreement with Wells Fargo Funds Management, LLC* for Allspring Core Bond Portfolio in which the Fund invests substantially all of its assets.

Shares voted “For”	222,578,756
Shares voted “Against”	2,408,143
Shares voted “Abstain”	2,701,157

Proposal 3 – To consider and approve a new subadvisory agreement with Wells Capital Management, LLC** for Allspring Core Bond Portfolio.

Shares voted “For”	222,358,286
Shares voted “Against”	2,651,918
Shares voted “Abstain”	2,677,852

* Effective November 1, 2021, known as Allspring Funds Management, LLC.

** Effective November 1, 2021, known as Allspring Global Investments, LLC.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Allspring Core Bond Fund | 59

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 139 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

60 | Allspring Core Bond Fund

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

Allspring Core Bond Fund | 61

Table of Contents

Other information (unaudited)

Officers²

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

¹ The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at allspringglobal.com.

² For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.

62 | Allspring Core Bond Fund

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.

Allspring Global Investments^TM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

PAR-1221-00199 01-22
SA287/SAR287 11-21

Semi-Annual Report

November 30, 2021

Allspring Real Return Fund

Contents

Allspring Real Return Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for Allspring Real Return Fund for the six-month period that ended November 30, 2021. Global stocks yielded mixed results as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. The bond market had mostly positive returns during the period.

Vaccination rollout drove the stock markets to new highs.

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

2 | Allspring Real Return Fund

Table of Contents

Letter to shareholders (unaudited)

_“ Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market._”

¹	The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

Allspring Real Return Fund | 3

Table of Contents

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Information on transaction closing.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

¹	As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm.

4 | Allspring Real Return Fund

Table of Contents

This page is intentionally left blank.

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks returns that exceed the rate of inflation over the long-term.
Manager	Allspring Funds Management, LLC

Subadviser for the affiliated master portfolio*

Allspring Global Investments, LLC

Portfolio managers

Kandarp R. Acharya, CFA®^‡, FRM, Petros N. Bocray, CFA®^‡, FRM, Michael Bradshaw, CFA®^‡, Christian L. Chan, CFA®^‡, Garth B. Newport, CFA®^‡, Michael Schueller, CFA®^‡, Michal Stanczyk^†

Average annual total returns (%) as of November 30, 2021
		Including sales charge			Excluding sales charge			Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net ²
Class A (IPBAX)	2-28-2003	2.57	3.85	2.27	7.40	4.81	2.74	1.26	0.78
Class C (IPBCX)	2-28-2003	5.46	4.01	1.96	6.46	4.01	1.96	2.01	1.53
Class R6 (IPBJX)³	10-31-2016	–	–	–	7.81	5.19	3.06	0.88	0.40
Administrator Class (IPBIX)	2-28-2003	–	–	–	7.52	5.00	2.97	1.20	0.60
Institutional Class (IPBNX)⁴	10-31-2016	–	–	–	7.66	5.14	3.03	0.93	0.45
Bloomberg U.S. TIPS Index⁵	–	–	–	–	6.83	5.25	3.06	–	–
CPI ⁶	–	–	–	–	6.81	2.86	2.08	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

¹	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
²	The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
³	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 shares would be higher.
⁴	Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had been included, returns for the Institutional Class shares would be higher.
⁵	The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.
⁶	The Consumer Price Index (CPI) for All Urban Consumers in U.S. All Items is published monthly by the U.S. government as an indicator of changes in price levels (or inflation) paid by urban consumers for a representative basket of goods and services. You cannot invest directly in an index.

^*	The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.
^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
†	Michal Stanczyk became portfolio manager of the Fund on June 30, 2021.

6 | Allspring Real Return Fund

Table of Contents

Performance highlights (unaudited)

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. This fund is exposed to mortgage- and asset-backed securities risk and small-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Allspring Real Return Fund | 7

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 2021¹
TIPS, 0.63%, 1-15-2026	2.69
TIPS, 0.13%, 4-15-2026	2.69
TIPS, 0.63%, 1-15-2024	2.43
TIPS, 0.38%, 7-15-2023	2.23
TIPS, 0.25%, 1-15-2025	2.21
TIPS, 0.13%, 1-15-2031	2.18
TIPS, 0.13%, 1-15-2030	2.13
TIPS, 0.25%, 2-15-2050	2.04
TIPS, 0.63%, 4-15-2023	1.96
TIPS, 0.13%, 7-15-2030	1.93

¹	Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Portfolio allocation as of November 30, 2021

¹	Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

8 | Allspring Real Return Fund

Table of Contents

Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2021 to November 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 6-1-2021	Ending account value 11-30-2021	Expenses paid during the period^1,2	Annualized net expense ratio²
Class A
Actual	$1,000.00	$1,036.48	$3.98	0.78%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.16	$3.95	0.78%
Class C
Actual	$1,000.00	$1,031.41	$7.79	1.53%
Hypothetical (5% return before expenses)	$1,000.00	$1,017.40	$7.74	1.53%
Class R6
Actual	$1,000.00	$1,037.94	$2.04	0.40%
Hypothetical (5% return before expenses)	$1,000.00	$1,023.06	$2.03	0.40%
Administrator Class
Actual	$1,000.00	$1,037.05	$3.06	0.60%
Hypothetical (5% return before expenses)	$1,000.00	$1,022.06	$3.04	0.60%
Institutional Class
Actual	$1,000.00	$1,037.75	$2.30	0.45%
Hypothetical (5% return before expenses)	$1,000.00	$1,022.81	$2.28	0.45%

² Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

Allspring Real Return Fund | 9

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

		Value
Investment companies: 99.86%
Affiliated master portfolio: 99.86%
Allspring Real Return Portfolio		$68,552,972
Total Investment companies (Cost $60,296,444)		68,552,972
Total investments in securities (Cost $60,296,444)	99.86%	68,552,972
Other assets and liabilities, net	0.14	92,976
Total net assets	100.00%	$68,645,948

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Interest allocated from affiliated Master Portfolio	Dividends allocated from affiliated Master Portfolio	Affiliated income allocated from affiliated Master Portfolio	Value, end of period
Allspring Real Return Portfolio	31.19%	29.30%	$441,247	$229,603	$1,553,845	$102,768	$185	$68,552,972

The accompanying notes are an integral part of these financial statements.

10 | Allspring Real Return Fund

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in affiliated Master Portfolio, at value (cost $60,296,444)	$ 68,552,972
Receivable for Fund shares sold	201,892
Receivable from manager	20,635
Prepaid expenses and other assets	18,848
Total assets	68,794,347
Liabilities
Payable for Fund shares redeemed	112,329
Shareholder report expenses payable	13,269
Professional fees payable	9,005
Administration fees payable	5,297
Distribution fee payable	998
Trustees’ fees and expenses payable	966
Accrued expenses and other liabilities	6,535
Total liabilities	148,399
Total net assets	$68,645,948
Net assets consist of
Paid-in capital	$ 61,651,275
Total distributable earnings	6,994,673
Total net assets	$68,645,948
Computation of net asset value and offering price per share
Net assets – Class A	$ 16,554,866
Shares outstanding – Class A¹	1,497,411
Net asset value per share – Class A	$11.06
Maximum offering price per share – Class A²	$11.58
Net assets – Class C	$ 1,655,654
Shares outstanding – Class C¹	152,535
Net asset value per share – Class C	$10.85
Net assets – Class R6	$ 12,528,153
Shares outstanding – Class R6¹	1,120,624
Net asset value per share – Class R6	$11.18
Net assets – Administrator Class	$ 13,143,262
Shares outstanding – Administrator Class¹	1,167,432
Net asset value per share – Administrator Class	$11.26
Net assets – Institutional Class	$ 24,764,013
Shares outstanding – Institutional Class¹	2,215,424
Net asset value per share – Institutional Class	$11.18

¹	The Fund has an unlimited number of authorized shares.
²	Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Fund | 11

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Interest allocated from affiliated Master Portfolio	$ 1,553,845
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $1,108)	102,768
Affiliated income allocated from affiliated Master Portfolio	185
Expenses allocated from affiliated Master Portfolio	(150,627)
Waivers allocated from affiliated Master Portfolio	26,478
Total investment income	1,532,649
Expenses
Management fee	15,934
Administration fees
Class A	12,264
Class C	1,060
Class R6	2,429
Administrator Class	5,775
Institutional Class	7,735
Shareholder servicing fees
Class A	19,136
Class C	1,650
Administrator Class	14,118
Distribution fee
Class C	4,951
Custody and accounting fees	1,480
Professional fees	21,786
Registration fees	5,252
Shareholder report expenses	24,786
Trustees’ fees and expenses	9,967
Other fees and expenses	3,736
Total expenses	152,059
Less: Fee waivers and/or expense reimbursements
Fund-level	(85,705)
Class A	(764)
Class C	(66)
Administrator Class	(7,486)
Institutional Class	(1,928)
Net expenses	56,110
Net investment income	1,476,539
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio	441,247
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	229,603
Net realized and unrealized gains (losses) on investments	670,850
Net increase in net assets resulting from operations	$2,147,389

The accompanying notes are an integral part of these financial statements.

12 | Allspring Real Return Fund

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)		Year ended May 31, 2021
Operations
Net investment income		$ 1,476,539		$ 1,568,068
Net realized gains on investments		441,247		277,416
Net change in unrealized gains (losses) on investments		229,603		3,967,421
Net increase in net assets resulting from operations		2,147,389		5,812,905
Distributions to shareholders from
Net investment income and net realized gains
Class A		(366,281)		(268,219)
Class C		(26,113)		(19,136)
Class R6		(404,842)		(676,727)
Administrator Class		(274,582)		(261,977)
Institutional Class		(483,883)		(233,102)
Total distributions to shareholders		(1,555,701)		(1,459,161)
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	308,952	3,413,668	476,116	5,061,849
Class C	57,864	627,100	26,515	273,931
Class R6	113,839	1,268,080	2,143,575	23,199,949
Administrator Class	343,729	3,881,591	574,541	6,217,286
Institutional Class	1,293,132	14,366,158	358,193	3,851,836
		23,556,597		38,604,851
Reinvestment of distributions
Class A	26,673	293,421	18,861	202,368
Class C	2,385	25,779	1,759	18,532
Class R6	28,069	312,206	28,247	306,213
Administrator Class	23,378	261,635	23,163	252,526
Institutional Class	43,432	483,175	21,437	232,476
		1,376,216		1,012,115
Payment for shares redeemed
Class A	(102,729)	(1,130,050)	(521,552)	(5,567,275)
Class C	(18,964)	(204,924)	(87,496)	(914,008)
Class R6	(2,298,530)	(25,365,420)	(659,480)	(7,182,858)
Administrator Class	(386,958)	(4,309,374)	(715,288)	(7,756,050)
Institutional Class	(97,197)	(1,080,996)	(428,493)	(4,604,300)
		(32,090,764)		(26,024,491)
Net increase (decrease) in net assets resulting from capital share transactions		(7,157,951)		13,592,475
Total increase (decrease) in net assets		(6,566,263)		17,946,219
Net assets
Beginning of period		75,212,211		57,265,992
End of period		$ 68,645,948		$ 75,212,211

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Fund | 13

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class A	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$10.93	$10.22	$9.89	$9.87	$9.96	$9.95
Net investment income	0.24 ¹	0.22	0.12	0.15	0.21	0.19 ¹
Net realized and unrealized gains (losses) on investments	0.15	0.70	0.42	0.09	(0.09)	0.03
Total from investment operations	0.39	0.92	0.54	0.24	0.12	0.22
Distributions to shareholders from
Net investment income	(0.26)	(0.21)	(0.21)	(0.19)	(0.21)	(0.20)
Net realized gains	0.00	0.00	0.00	(0.03)	0.00	(0.01)
Total distributions to shareholders	(0.26)	(0.21)	(0.21)	(0.22)	(0.21)	(0.21)
Net asset value, end of period	$11.06	$10.93	$10.22	$9.89	$9.87	$9.96
Total return²	3.65%	9.10%	5.48%	2.56%	1.25%	2.23%
Ratios to average net assets (annualized)^*
Gross expenses	1.06%	1.29%	1.43%	1.16%	1.04%	1.11%
Net expenses	0.78%	0.78%	0.78%	0.77%	0.80%	0.85%
Net investment income	4.35%	2.09%	1.79%	1.95%	2.15%	1.92%
Supplemental data
Portfolio turnover rate³	14%	20%	24%	39%	29%	25%
Net assets, end of period (000s omitted)	$16,555	$13,825	$13,196	$17,716	$26,133	$29,678

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.39%
Year ended May 31, 2021	0.39%
Year ended May 31, 2020	0.39%
Year ended May 31, 2019	0.39%
Year ended May 31, 2018	0.41%
Year ended May 31, 2017	0.44%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

14 | Allspring Real Return Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class C	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$10.74	$10.06	$9.73	$9.73	$9.82	$9.77
Net investment income	0.19 ¹	0.12 ¹	0.11 ¹	0.10 ¹	0.03	0.04
Net realized and unrealized gains (losses) on investments	0.14	0.71	0.35	0.07	0.02	0.10
Total from investment operations	0.33	0.83	0.46	0.17	0.05	0.14
Distributions to shareholders from
Net investment income	(0.22)	(0.15)	(0.13)	(0.14)	(0.14)	(0.08)
Net realized gains	0.00	0.00	0.00	(0.03)	0.00	(0.01)
Total distributions to shareholders	(0.22)	(0.15)	(0.13)	(0.17)	(0.14)	(0.09)
Net asset value, end of period	$10.85	$10.74	$10.06	$9.73	$9.73	$9.82
Total return²	3.14%	8.27%	4.77%	1.79%	0.53%	1.44%
Ratios to average net assets (annualized)^*
Gross expenses	1.81%	2.06%	2.18%	1.91%	1.79%	1.86%
Net expenses	1.53%	1.53%	1.53%	1.52%	1.56%	1.60%
Net investment income	3.53%	1.17%	1.09%	1.08%	1.39%	1.23%
Supplemental data
Portfolio turnover rate³	14%	20%	24%	39%	29%	25%
Net assets, end of period (000s omitted)	$1,656	$1,195	$1,714	$2,553	$3,517	$4,580

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.39%
Year ended May 31, 2021	0.39%
Year ended May 31, 2020	0.39%
Year ended May 31, 2019	0.39%
Year ended May 31, 2018	0.41%
Year ended May 31, 2017	0.44%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Fund | 15

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class R6	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017 ¹
Net asset value, beginning of period	$11.05	$10.33	$9.99	$9.96	$10.05	$10.17
Net investment income	0.29 ²	0.29	0.22	0.23 ²	0.22	0.10
Net realized and unrealized gains (losses) on investments	0.12	0.69	0.37	0.06	(0.06)	(0.07)
Total from investment operations	0.41	0.98	0.59	0.29	0.16	0.03
Distributions to shareholders from
Net investment income	(0.28)	(0.26)	(0.25)	(0.23)	(0.25)	(0.14)
Net realized gains	0.00	0.00	0.00	(0.03)	0.00	(0.01)
Total distributions to shareholders	(0.28)	(0.26)	(0.25)	(0.26)	(0.25)	(0.15)
Net asset value, end of period	$11.18	$11.05	$10.33	$9.99	$9.96	$10.05
Total return³	3.79%	9.52%	5.94%	2.99%	1.63%	0.36%
Ratios to average net assets (annualized)^*
Gross expenses	0.67%	0.85%	1.05%	0.82%	0.66%	0.69%
Net expenses	0.40%	0.40%	0.40%	0.39%	0.42%	0.47%
Net investment income	5.21%	2.70%	2.08%	2.34%	2.52%	1.32%
Supplemental data
Portfolio turnover rate⁴	14%	20%	24%	39%	29%	25%
Net assets, end of period (000s omitted)	$12,528	$36,202	$18,224	$14,358	$11,750	$7,438

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.39%
Year ended May 31, 2021	0.39%
Year ended May 31, 2020	0.39%
Year ended May 31, 2019	0.39%
Year ended May 31, 2018	0.41%
Year ended May 31, 2017¹	0.44%

¹	For the period from October 31, 2016 (commencement of class operations) to May 31, 2017
²	Calculated based upon average shares outstanding
³	Returns for periods of less than one year are not annualized.
⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

16 | Allspring Real Return Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Administrator Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$11.12	$10.38	$10.03	$9.99	$10.06	$10.03
Net investment income	0.26 ¹	0.25 ¹	0.20 ¹	0.21 ¹	0.24 ¹	0.22 ¹
Net realized and unrealized gains (losses) on investments	0.15	0.71	0.36	0.06	(0.09)	0.02
Total from investment operations	0.41	0.96	0.56	0.27	0.15	0.24
Distributions to shareholders from
Net investment income	(0.27)	(0.22)	(0.21)	(0.20)	(0.22)	(0.20)
Net realized gains	0.00	0.00	0.00	(0.03)	0.00	(0.01)
Total distributions to shareholders	(0.27)	(0.22)	(0.21)	(0.23)	(0.22)	(0.21)
Net asset value, end of period	$11.26	$11.12	$10.38	$10.03	$9.99	$10.06
Total return²	3.70%	9.31%	5.67%	2.78%	1.50%	2.46%
Ratios to average net assets (annualized)^*
Gross expenses	1.00%	1.23%	1.37%	1.10%	0.97%	1.04%
Net expenses	0.60%	0.60%	0.60%	0.59%	0.60%	0.60%
Net investment income	4.57%	2.26%	1.92%	2.15%	2.39%	2.20%
Supplemental data
Portfolio turnover rate³	14%	20%	24%	39%	29%	25%
Net assets, end of period (000s omitted)	$13,143	$13,203	$13,544	$13,562	$23,331	$26,100

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.39%
Year ended May 31, 2021	0.39%
Year ended May 31, 2020	0.39%
Year ended May 31, 2019	0.39%
Year ended May 31, 2018	0.41%
Year ended May 31, 2017	0.44%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Fund | 17

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Institutional Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017 ¹
Net asset value, beginning of period	$11.05	$10.33	$9.99	$9.97	$10.06	$10.17
Net investment income	0.29	0.26	0.21	0.22	0.24	0.14
Net realized and unrealized gains (losses) on investments	0.12	0.71	0.37	0.05	(0.08)	(0.10)
Total from investment operations	0.41	0.97	0.58	0.27	0.16	0.04
Distributions to shareholders from
Net investment income	(0.28)	(0.25)	(0.24)	(0.22)	(0.25)	(0.14)
Net realized gains	0.00	0.00	0.00	(0.03)	0.00	(0.01)
Total distributions to shareholders	(0.28)	(0.25)	(0.24)	(0.25)	(0.25)	(0.15)
Net asset value, end of period	$11.18	$11.05	$10.33	$9.99	$9.97	$10.06
Total return²	3.78%	9.46%	5.88%	2.84%	1.57%	0.41%
Ratios to average net assets (annualized)^*
Gross expenses	0.74%	0.95%	1.10%	0.84%	0.71%	0.76%
Net expenses	0.45%	0.45%	0.45%	0.44%	0.47%	0.52%
Net investment income	4.49%	2.37%	2.09%	2.20%	2.62%	2.24%
Supplemental data
Portfolio turnover rate³	14%	20%	24%	39%	29%	25%
Net assets, end of period (000s omitted)	$24,764	$10,787	$10,587	$11,094	$12,110	$5,229

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.39%
Year ended May 31, 2021	0.39%
Year ended May 31, 2020	0.39%
Year ended May 31, 2019	0.39%
Year ended May 31, 2018	0.41%
Year ended May 31, 2017¹	0.44%

¹	For the period from October 31, 2016 (commencement of class operations) to May 31, 2017
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

18 | Allspring Real Return Fund

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Real Return Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Real Return Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2021, the Fund owned 29.30% of Allspring Real Return Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2021 are included in this report and should be read in conjunction with the Fund’s financial statements.

Effective December 6, 2021, "Wells Fargo" was removed from the Fund's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Allspring Real Return Fund | 19

Table of Contents

Notes to financial statements (unaudited)

Investment transactions, income and expenses

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income monthly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $60,395,613 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$8,157,359
Gross unrealized losses	0
Net unrealized gains	$8,157,359

As of May 31, 2021, the Fund had capital loss carryforwards which consisted of $974,743 in short-term capital losses and $747,945 in long-term capital losses.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Allspring Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term	$68,552,972

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

20 | Allspring Real Return Fund

Table of Contents

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.050%
Next $5 billion	0.040
Over $10 billion	0.030

For the six months ended November 30, 2021, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees

	Class-level administration fee
Class A	0.16%
Class C	0.16
Class R6	0.03
Administrator Class	0.10
Institutional Class	0.08

Waivers and/or expense reimbursements

Allspring Real Return Fund | 21

Table of Contents

Notes to financial statements (unaudited)

	Expense ratio caps
Class A	0.78%
Class C	1.53
Class R6	0.40
Administrator Class	0.60
Institutional Class	0.45

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), an affiliate of Allspring Funds Management, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2021, Allspring Funds Distributor received $587 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2021.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. A portion of these total shareholder servicing fees were paid to affiliates, and to certain entities that were affiliates of the Fund until November 1, 2021.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2021 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$3,704,659	$5,380,772	$6,413,035	$5,213,545

6. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

22 | Allspring Real Return Fund

Table of Contents

Notes to financial statements (unaudited)

8. CORONAVIRUS (COVID-19) PANDEMIC

Allspring Real Return Fund | 23

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares		Value
Common stocks: 14.86%
Consumer staples: 4.66%
Beverages: 0.71%
PepsiCo Incorporated		10,436	$ 1,667,464
Food & staples retailing: 1.64%
Costco Wholesale Corporation		2,807	1,514,040
Sysco Corporation		9,963	697,809
Walmart Incorporated		11,526	1,620,901
			3,832,750
Food products: 0.59%
Mondelez International Incorporated Class A		13,399	789,737
Nomad Foods Limited †		25,058	598,636
			1,388,373
Household products: 1.61%
Church & Dwight Company Incorporated		10,995	982,733
The Clorox Company		2,291	373,089
The Procter & Gamble Company		16,664	2,409,281
			3,765,103
Tobacco: 0.11%
Philip Morris International Incorporated		3,064	263,320
Energy: 1.18%
Oil, gas & consumable fuels: 1.18%
Chevron Corporation		15,613	1,762,239
Phillips 66		14,305	989,477
			2,751,716
Materials: 3.53%
Chemicals: 1.56%
Ashland Global Holdings Incorporated		4,915	496,759
Ecolab Incorporated		2,882	638,277
Linde plc		5,212	1,658,146
The Sherwin-Williams Company		1,085	359,395
Westlake Chemical Corporation		5,185	481,790
			3,634,367
Construction materials: 0.23%
Martin Marietta Materials Incorporated		1,344	542,317
Containers & packaging: 0.19%
Crown Holdings Incorporated		4,258	450,496
Metals & mining: 1.55%
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares		2,100	104,580
Alamos Gold Incorporated Class A		11,000	84,129
AngloGold Ashanti Limited ADR		3,000	62,820
Artemis Gold Incorporated †		6,000	31,328
B2Gold Corporation		29,000	114,869
Barrick Gold Corporation		9,456	179,569
Dundee Precious Metals Incorporated		7,000	44,550

The accompanying notes are an integral part of these financial statements.

24 | Allspring Real Return Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares		Value
Metals & mining (continued)
Endeavour Mining plc		6,580	$ 154,372
Evolution Mining Limited		22,000	62,877
Franco-Nevada Corporation		1,200	164,559
Gold Fields Limited ADR		16,000	181,440
Kinross Gold Corporation		37,500	222,514
Kirkland Lake Gold Limited		3,137	124,036
Lundin Gold Incorporated †		7,100	57,858
MAG Silver Corporation †		3,000	49,928
Marathon Gold Corporation †		7,000	16,494
Newcrest Mining Limited		6,600	109,483
Newmont Corporation		4,790	263,067
Northern Star Resources Limited		15,000	100,137
Pan American Silver Corporation		4,300	109,822
Pretium Resources Incorporated †		4,000	54,108
Royal Gold Incorporated		3,712	371,311
SilverCrest Metals Incorporated †		6,000	50,773
Skeena Resources Limited †		2,000	19,163
SSR Mining Incorporated		3,500	63,595
SSR Mining Incorporated - U.S. Exchange Traded Shares		1,272	23,091
Steel Dynamics Incorporated		8,889	531,562
Torex Gold Resources Incorporated †		6,200	67,899
Triple Flag Precious Metals Corporation		1,000	11,484
Wheaton Precious Metals Corporation		4,700	196,543
			3,627,961
Real estate: 5.49%
Equity REITs: 5.49%
Alexandria Real Estate Equities Incorporated		2,806	561,396
American Homes 4 Rent Class A		12,675	508,141
American Tower Corporation		5,496	1,442,590
Camden Property Trust		2,694	445,076
Duke Realty Corporation		10,130	590,883
Equinix Incorporated		1,644	1,335,257
Federal Realty Investment Trust		2,656	325,812
Four Corners Property Trust Incorporated		17,549	474,174
Gaming and Leisure Properties Incorporated		8,807	397,372
Healthcare Realty Trust Incorporated		10,277	321,876
Host Hotels & Resorts Incorporated †		16,246	255,062
Invitation Homes Incorporated		13,941	563,774
Life Storage Incorporated		4,610	609,165
Mid-America Apartment Communities Incorporated		2,053	423,431
Prologis Incorporated		7,527	1,134,695
SBA Communications Corporation		2,838	975,704
Simon Property Group Incorporated		2,390	365,288
Sun Communities Incorporated		4,151	782,796
VICI Properties Incorporated		26,671	725,451
Welltower Incorporated		7,754	617,373
			12,855,316
Total Common stocks (Cost $23,957,760)			34,779,183

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Portfolio | 25

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Corporate bonds and notes: 12.95%
Communication services: 1.46%
Diversified telecommunication services: 0.26%
CenturyLink Incorporated	6.75%	12-1-2023	$	260,000	$ 280,033
Level 3 Financing Incorporated	5.38	5-1-2025		85,000	86,788
Lumen Technologies Incorporated	7.50	4-1-2024		215,000	233,275
					600,096
Entertainment: 0.19%
Live Nation Entertainment Incorporated 144A	4.88	11-1-2024		170,000	171,161
Live Nation Entertainment Incorporated 144A	6.50	5-15-2027		255,000	276,410
					447,571
Media: 1.01%
CCO Holdings LLC 144A	5.13	5-1-2027		600,000	617,571
Cinemark USA Incorporated 144A	8.75	5-1-2025		335,000	355,938
Compression Partners LP	6.88	9-1-2027		20,000	20,512
CSC Holdings LLC 144A	5.50	4-15-2027		200,000	205,343
DISH DBS Corporation	5.00	3-15-2023		200,000	203,200
DISH DBS Corporation	5.88	7-15-2022		190,000	192,375
Nexstar Broadcasting Incorporated 144A	5.63	7-15-2027		320,000	332,000
Townsquare Media Incorporated 144A	6.88	2-1-2026		415,000	435,190
					2,362,129
Consumer discretionary: 1.44%
Auto components: 0.15%
Allison Transmission Incorporated 144A	5.88	6-1-2029		40,000	42,742
Clarios Global LP 144A	6.25	5-15-2026		136,000	141,333
Clarios Global LP 144A	6.75	5-15-2025		167,000	174,306
					358,381
Automobiles: 0.18%
Ford Motor Company	4.13	8-17-2027		400,000	421,968
Hotels, restaurants & leisure: 0.57%
Carnival Corporation 144A	10.50	2-1-2026		285,000	324,900
NCL Corporation Limited 144A	12.25	5-15-2024		358,000	423,192
Royal Caribbean Cruises Limited 144A	9.13	6-15-2023		325,000	344,713
Royal Caribbean Cruises Limited 144A	11.50	6-1-2025		221,000	246,720
					1,339,525
Household durables: 0.09%
Allied Universal Holdco LLC 144A	6.63	7-15-2026		205,000	210,679
Internet & direct marketing retail: 0.06%
QVC Incorporated	4.38	3-15-2023		140,000	145,075
Leisure products: 0.10%
SeaWorld Parks & Entertainment Incorporated 144A	8.75	5-1-2025		210,000	223,650
Specialty retail: 0.20%
Bath & Body Works Incorporated 144A	9.38	7-1-2025		259,000	314,685
Penske Automotive Group Incorporated	3.50	9-1-2025		140,000	141,575
					456,260

The accompanying notes are an integral part of these financial statements.

26 | Allspring Real Return Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Textiles, apparel & luxury goods: 0.09%
G-III Apparel Group Limited 144A	7.88%	8-15-2025	$	200,000	$ 212,750
Consumer staples: 0.26%
Food products: 0.26%
CHS Incorporated 144A	6.63	2-15-2025		315,000	326,403
Performance Food Group Incorporated 144A	6.88	5-1-2025		280,000	293,300
					619,703
Energy: 2.98%
Energy equipment & services: 0.33%
Oceaneering International Incorporated	4.65	11-15-2024		650,000	659,750
USA Compression Partners LP	6.88	4-1-2026		115,000	117,013
					776,763
Oil, gas & consumable fuels: 2.65%
Antero Midstream Company 144A	7.88	5-15-2026		105,000	112,443
Apache Corporation	4.63	11-15-2025		70,000	74,025
Buckeye Partners LP 144A	4.13	3-1-2025		35,000	35,214
Buckeye Partners LP	4.15	7-1-2023		200,000	204,500
Crestwood Midstream Partners LP	5.75	4-1-2025		605,000	606,788
DCP Midstream Operating LP	5.38	7-15-2025		455,000	485,440
EnLink Midstream Partners LP	4.15	6-1-2025		870,000	890,193
Enviva Partners LP 144A	6.50	1-15-2026		645,000	665,601
EQT Corporation	6.63	2-1-2025		85,000	94,872
Murphy Oil Corporation	5.75	8-15-2025		655,000	665,665
New Fortress Energy Incorporated 144A	6.50	9-30-2026		220,000	207,973
Occidental Petroleum Corporation	8.00	7-15-2025		305,000	347,182
Rockies Express Pipeline LLC 144A	3.60	5-15-2025		529,000	542,172
Southwestern Energy Company	4.10	3-15-2022		225,000	224,420
Southwestern Energy Company	6.45	1-23-2025		127,000	137,801
Southwestern Energy Company	7.75	10-1-2027		110,000	117,890
Tallgrass Energy Partners LP 144A	7.50	10-1-2025		360,000	381,600
Western Gas Partners LP	4.65	7-1-2026		385,000	410,988
					6,204,767
Financials: 1.99%
Consumer finance: 0.89%
LFS Topco LLC 144A	5.88	10-15-2026		75,000	77,615
Navient Corporation	5.88	10-25-2024		590,000	616,709
Navient Corporation	7.25	9-25-2023		145,000	155,875
OneMain Finance Corporation	3.50	1-15-2027		110,000	106,150
PRA Group Incorporated 144A	7.38	9-1-2025		200,000	212,000
Rocket Mortgage LLC 144A	2.88	10-15-2026		165,000	160,778
Springleaf Finance Corporation	6.13	3-15-2024		295,000	309,750
Springleaf Finance Corporation	8.88	6-1-2025		414,000	444,015
					2,082,892
Diversified financial services: 0.30%
Hat Holdings LLC 144A	3.38	6-15-2026		245,000	241,019
United Shore Financial Services LLC 144A	5.50	11-15-2025		450,000	447,750
					688,769

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Portfolio | 27

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Insurance: 0.35%
Enact Holdings Incorporated 144A	6.50%	8-15-2025	$	750,000	$ 815,471
Mortgage REITs: 0.25%
Starwood Property Trust Incorporated	4.75	3-15-2025		495,000	513,415
Starwood Property Trust Incorporated	5.00	12-15-2021		77,000	77,042
					590,457
Thrifts & mortgage finance: 0.20%
Ladder Capital Finance Holdings LP 144A	5.25	10-1-2025		475,000	477,423
Health care: 0.87%
Health care providers & services: 0.87%
Magellan Health Incorporated	4.90	9-22-2024		828,000	890,100
Select Medical Corporation 144A	6.25	8-15-2026		364,000	382,167
Tenet Healthcare Corporation 144A	4.88	1-1-2026		375,000	383,438
Tenet Healthcare Corporation 144A	7.50	4-1-2025		220,000	231,334
Vizient Incorporated 144A	6.25	5-15-2027		150,000	156,375
					2,043,414
Industrials: 2.18%
Aerospace & defense: 0.51%
Spirit AeroSystems Holdings Incorporated 144A	5.50	1-15-2025		525,000	540,750
TransDigm Group Incorporated 144A	6.25	3-15-2026		305,000	316,438
TransDigm Group Incorporated	7.50	3-15-2027		90,000	93,825
TransDigm Group Incorporated 144A	8.00	12-15-2025		231,000	243,416
					1,194,429
Airlines: 0.69%
American Airlines Group Incorporated 144A	5.00	6-1-2022		130,000	129,513
American Airlines Group Incorporated 144A	5.50	4-20-2026		385,000	393,181
Hawaiian Airlines Incorporated	3.90	7-15-2027		192,594	190,979
Hawaiian Brand Intellectual Property Limited 144A	5.75	1-20-2026		340,000	347,436
Mileage Plus Holdings LLC 144A	6.50	6-20-2027		425,000	453,688
United Airlines Incorporated 144A	4.38	4-15-2026		90,000	90,358
					1,605,155
Commercial services & supplies: 0.46%
CoreCivic Incorporated	8.25	4-15-2026		425,000	437,533
Plastipak Holdings Incorporated 144A	6.25	10-15-2025		620,000	629,734
					1,067,267
Construction & engineering: 0.05%
Taylor Morrison Communities Incorporated 144A	5.88	4-15-2023		110,000	113,988
Electronic equipment, instruments & components: 0.02%
Wesco Distribution Incorporated 144A	7.13	6-15-2025		55,000	58,098
Machinery: 0.00%
Stevens Holding Company Incorporated 144A	6.13	10-1-2026		10,000	10,700
Road & rail: 0.16%
Uber Technologies Incorporated 144A	7.50	5-15-2025		350,000	368,813

The accompanying notes are an integral part of these financial statements.

28 | Allspring Real Return Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Trading companies & distributors: 0.29%
Fortress Transportation & Infrastructure Investors LLC 144A	6.50%	10-1-2025	$	660,000	$ 672,652
Information technology: 0.36%
IT services: 0.32%
Sabre GLBL Incorporated 144A	9.25	4-15-2025		585,000	650,813
Square Incorporated 144A	2.75	6-1-2026		85,000	84,587
					735,400
Technology hardware, storage & peripherals: 0.04%
NCR Corporation 144A	5.75	9-1-2027		98,000	101,561
Materials: 0.53%
Chemicals: 0.20%
Kraton Polymers LLC 144A	4.25	12-15-2025		450,000	464,625
Containers & packaging: 0.02%
Sealed Air Corporation 144A	5.13	12-1-2024		50,000	53,250
Metals & mining: 0.22%
Cleveland-Cliffs Incorporated 144A	6.75	3-15-2026		195,000	205,969
Cleveland-Cliffs Incorporated 144A	9.88	10-17-2025		274,000	308,335
					514,304
Paper & forest products: 0.09%
Clearwater Paper Corporation 144A	5.38	2-1-2025		185,000	199,795
Real estate: 0.40%
Equity REITs: 0.40%
Service Properties Trust Company	4.35	10-1-2024		500,000	487,660
Service Properties Trust Company	7.50	9-15-2025		420,000	445,786
					933,446
Utilities: 0.48%
Electric utilities: 0.04%
NextEra Energy Operating Partners LP 144A	4.25	7-15-2024		100,000	102,299
Independent power & renewable electricity producers: 0.44%
NSG Holdings LLC 144A	7.75	12-15-2025		196,750	209,539
TerraForm Power Operating LLC 144A	4.25	1-31-2023		600,000	604,500
Vistra Operations Company LLC 144A	5.63	2-15-2027		200,000	205,379
					1,019,418
Total Corporate bonds and notes (Cost $30,175,769)					30,292,943
Loans: 4.06%
Communication services: 0.54%
Entertainment: 0.05%
Live Nation Entertainment Incorporated (1 Month LIBOR +1.75%) ±	1.88	10-17-2026		123,384	119,889
Media: 0.40%
CSC Holdings LLC (1 Month LIBOR +2.50%) ±	2.59	4-15-2027		365,114	357,943
Hubbard Radio LLC (3 Month LIBOR +4.25%) ‡±	5.25	3-28-2025		75,000	74,906

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Portfolio | 29

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Media (continued)
Nexstar Broadcasting Incorporated (1 Month LIBOR +2.50%) ±	2.59%	9-18-2026	$	325,000	$ 322,504
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±	2.59	1-31-2028		175,000	172,594
					927,947
Wireless telecommunication services: 0.09%
Consolidated Communications Holdings Incorporated (1 Month LIBOR +3.50%) ±	4.25	10-2-2027		211,000	209,856
Consumer discretionary: 0.77%
Auto components: 0.28%
Clarios Global LP (1 Month LIBOR +3.25%) ±	3.34	4-30-2026		297,779	293,685
Tenneco Incorporated (3 Month LIBOR +3.00%) ±	3.09	10-1-2025		358,477	351,487
					645,172
Hotels, restaurants & leisure: 0.12%
Carnival Corporation (1 Month LIBOR +3.00%) ±	3.75	6-30-2025		79,224	77,956
Wyndham Hotels & Resorts Incorporated (3 Month LIBOR +1.75%) ±	1.84	5-30-2025		213,400	209,452
					287,408
Household durables: 0.10%
Wilsonart LLC (1 Month LIBOR +3.50%) ±	4.50	12-19-2026		228,850	227,706
Leisure products: 0.16%
SeaWorld Parks & Entertainment Incorporated (1 Month LIBOR +3.00%) ±	3.50	8-25-2028		374,023	371,686
Specialty retail: 0.11%
Rent-A-Center Incorporated (1 Month LIBOR +3.25%) ±	3.75	2-17-2028		199,000	196,678
Sally Beauty Holdings Incorporated (3 Month LIBOR +2.25%) ‡±	2.35	7-5-2024		62,605	62,057
					258,735
Energy: 0.26%
Oil, gas & consumable fuels: 0.26%
AL NGPL Holdings LLC (1 Month LIBOR +3.75%) ±	4.75	4-14-2028		54,863	54,771
Apergy Corporation (1 Month LIBOR +5.00%) ±	6.00	6-3-2027		322,753	326,358
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ‡<±	5.50	9-29-2028		220,000	216,700
					597,829
Financials: 0.21%
Diversified financial services: 0.21%
Claros Mortgage Trust Incorporated (U.S. SOFR +4.50%) ‡<±	5.00	8-9-2026		120,000	119,700
Resolute Investment Managers Incorporated (1 Month LIBOR +3.75%) ‡±	5.25	4-30-2024		94,751	94,277
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ±	4.50	5-30-2025		285,000	284,407
					498,384

The accompanying notes are an integral part of these financial statements.

30 | Allspring Real Return Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Health care: 0.67%
Health care equipment & supplies: 0.24%
Ortho Clinical Diagnostics SA (3 Month LIBOR +3.00%) ±	3.08%	6-30-2025	$	220,000	$ 218,570
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ±	4.50	8-31-2026		347,762	346,169
					564,739
Health care providers & services: 0.26%
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ±	3.75	3-2-2028		2,836	2,799
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ±	4.50	3-2-2028		60,951	60,146
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ±	4.50	3-2-2028		1,924	1,899
Select Medical Corporation (3 Month LIBOR +2.25%) ±	2.35	3-6-2025		549,214	543,491
					608,335
Health care technology: 0.04%
Project Ruby Ultimate Parent Corporation (1 Month LIBOR +3.25%) ±	4.00	3-3-2028		89,550	88,830
Pharmaceuticals: 0.13%
Bausch Health Companies Incorporated (3 Month LIBOR +3.00%) ±	3.09	6-2-2025		314,615	311,519
Industrials: 0.81%
Aerospace & defense: 0.03%
Spirit AeroSystems Incorporated (1 Month LIBOR +3.75%) ±	4.25	1-15-2025		74,438	74,298
Airlines: 0.38%
AAdvantage Loyalty IP Limited (1 Month LIBOR +4.75%) ±	5.50	4-20-2028		365,000	374,428
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ±	6.25	6-21-2027		210,000	218,795
SkyMiles IP Limited (3 Month LIBOR +3.75%) ±	4.75	10-20-2027		215,000	225,705
United Airlines Incorporated (1 Month LIBOR +3.75%) ±	4.50	4-21-2028		59,700	59,451
					878,379
Building products: 0.09%
Advanced Drainage Systems Incorporated (1 Month LIBOR +2.25%) ±	2.38	7-31-2026		218,000	217,183
Commercial services & supplies: 0.15%
Aramark Services Incorporated (1 Month LIBOR +1.75%) ±	1.84	3-11-2025		364,323	355,579
Machinery: 0.06%
Werner FinCo LP (3 Month LIBOR +4.00%) ‡±	5.00	7-24-2024		133,953	133,619
Road & rail: 0.05%
Uber Technologies Incorporated (1 Month LIBOR +3.50%) ±	3.59	4-4-2025		119,077	118,557
Software: 0.05%
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ±	1.84	4-16-2025		69,783	68,748
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ±	1.84	4-16-2025		56,648	55,807
					124,555

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Portfolio | 31

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Information technology: 0.13%
Semiconductors & semiconductor equipment: 0.13%
ON Semiconductor Corporation (1 Month LIBOR +2.00%) ±	2.09%	9-19-2026	$	308,700	$ 307,447
Materials: 0.53%
Chemicals: 0.04%
Ineos US Finance LLC (3 Month LIBOR +2.00%) ±	2.09	4-1-2024		107,711	106,679
Containers & packaging: 0.31%
Flex Acquisition Company Incorporated (3 Month LIBOR +3.00%) ±	3.13	6-29-2025		179,928	177,343
Flex Acquisition Company Incorporated (1 Month LIBOR +3.50%) ±	4.00	2-23-2028		324,370	321,584
Graham Packaging Company Incorporated (1 Month LIBOR +3.00%) ±	3.75	8-4-2027		218,900	217,046
					715,973
Paper & forest products: 0.18%
Vertical US Newco Incorporated (1 Month LIBOR +3.50%) <±	4.00	7-30-2027		423,938	422,280
Utilities: 0.14%
Electric utilities: 0.14%
ExGen Renewables IV LLC (1 Month LIBOR +2.50%) ±	3.50	12-15-2027		325,000	324,594
Total Loans (Cost $9,557,238)					9,497,178
U.S. Treasury securities: 66.15%
TIPS	0.13	1-15-2023		398,081	414,672
TIPS	0.13	7-15-2024		2,633,742	2,826,180
TIPS	0.13	10-15-2024		3,955,559	4,248,827
TIPS	0.13	4-15-2025		3,971,431	4,272,314
TIPS	0.13	10-15-2025		2,093,058	2,267,289
TIPS	0.13	4-15-2026		5,804,690	6,293,893
TIPS	0.13	7-15-2026		3,884,831	4,237,500
TIPS	0.13	1-15-2030		4,477,536	4,983,649
TIPS	0.13	7-15-2030		4,043,806	4,528,694
TIPS	0.13	1-15-2031		4,562,348	5,102,047
TIPS	0.13	7-15-2031		2,788,683	3,130,152
TIPS	0.13	2-15-2051		3,155,292	3,784,831
TIPS	0.25	1-15-2025		4,805,825	5,179,308
TIPS	0.25	7-15-2029		2,203,556	2,476,562
TIPS	0.25	2-15-2050		3,904,708	4,783,724
TIPS	0.38	7-15-2023		4,920,739	5,220,115
TIPS	0.38	7-15-2025		2,694,925	2,943,626
TIPS	0.38	1-15-2027		3,026,054	3,345,267
TIPS	0.38	7-15-2027		3,700,224	4,127,846
TIPS	0.50	4-15-2024		3,387,656	3,635,775
TIPS	0.50	1-15-2028		2,846,643	3,202,807
TIPS	0.63	4-15-2023		4,361,788	4,599,215
TIPS	0.63	1-15-2024		5,319,228	5,703,002
TIPS	0.63	1-15-2026		5,708,211	6,305,337
TIPS	0.63	2-15-2043		2,189,173	2,763,147
TIPS	0.75	7-15-2028		3,726,107	4,295,066
TIPS	0.75	2-15-2042		2,955,749	3,790,344
TIPS	0.75	2-15-2045		1,694,755	2,212,251
TIPS	0.88	1-15-2029		3,063,281	3,565,612

The accompanying notes are an integral part of these financial statements.

32 | Allspring Real Return Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
U.S. Treasury securities (continued)
TIPS	0.88%	2-15-2047	$	1,675,984	$ 2,293,784
TIPS	1.00	2-15-2046		1,655,354	2,291,156
TIPS	1.00	2-15-2048		1,273,561	1,808,489
TIPS	1.00	2-15-2049		1,455,163	2,092,707
TIPS	1.38	2-15-2044		2,389,087	3,458,996
TIPS	1.75	1-15-2028		2,507,233	3,027,631
TIPS	2.00	1-15-2026		3,109,388	3,621,222
TIPS	2.13	2-15-2040		1,319,781	2,046,279
TIPS	2.13	2-15-2041		1,684,613	2,644,710
TIPS	2.38	1-15-2025		3,201,264	3,675,014
TIPS	2.38	1-15-2027		2,305,386	2,801,720
TIPS	2.50	1-15-2029		2,414,532	3,108,332
TIPS	3.38	4-15-2032		973,520	1,446,590
TIPS	3.63	4-15-2028		1,958,695	2,625,455
TIPS	3.88	4-15-2029		2,569,444	3,603,678
Total U.S. Treasury securities (Cost $138,744,059)					154,784,815
Yankee corporate bonds and notes: 1.04%
Communication services: 0.03%
Media: 0.03%
Nielsen Holding and Finance BV 144A	5.00	2-1-2025		65,000	65,813
Consumer discretionary: 0.10%
Auto components: 0.10%
Adient Global Holdings Limited 144A	4.88	8-15-2026		220,000	220,275
Consumer staples: 0.14%
Food products: 0.14%
Cooke Omega Investments Incorporated 144A	8.50	12-15-2022		330,000	337,013
Energy: 0.24%
Oil, gas & consumable fuels: 0.24%
Northriver Midstream Finance LP 144A	5.63	2-15-2026		535,000	551,665
Financials: 0.16%
Diversified financial services: 0.16%
DAE Funding LLC 144A	2.63	3-20-2025		370,000	371,565
Health care: 0.13%
Pharmaceuticals: 0.13%
Teva Pharmaceutical Finance Netherlands III BV «	6.00	4-15-2024		295,000	306,725
Industrials: 0.24%
Airlines: 0.24%
Air Canada Pass-Through Trust Series 2020-1 Class C 144A	10.50	7-15-2026		180,000	221,201
Carlyle Aviation Elevate Merger Subsidiary Limited 144A	7.00	10-15-2024		355,000	347,875
					569,076
Total Yankee corporate bonds and notes (Cost $2,425,529)					2,422,132

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Portfolio | 33

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

		Yield	Shares		Value
Short-term investments: 0.89%
Investment companies: 0.89%
Allspring Government Money Market Fund Select Class ♠∞##		0.03%		1,975,721	$ 1,975,721
Securities Lending Cash Investments LLC ♠∩∞		0.04		107,000	107,000
Total Short-term investments (Cost $2,082,721)					2,082,721
Total investments in securities (Cost $206,943,076)	99.95%				233,858,972
Other assets and liabilities, net	0.05				123,299
Total net assets	100.00%				$233,982,271

†	Non-income-earning security
144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.
±	Variable rate investment. The rate shown is the rate in effect at period end.
‡	Security is valued using significant unobservable inputs.
<	All or a portion of the position represents an unfunded loan commitment. The rate represents the current interest rate if the loan is partially funded.
##	All or a portion of this security is segregated for unfunded loans.
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.

Abbreviations:
ADR	American depositary receipt
LIBOR	London Interbank Offered Rate
REIT	Real estate investment trust
SOFR	Secured Overnight Financing Rate
TIPS	Treasury inflation-protected securities

Investments in affiliates

	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	$2,265,095	$32,953,916	$(33,243,290)	$0	$0	$ 1,975,721	1,975,721	$363
Securities Lending Cash Investments LLC	0	1,438,725	(1,331,725)	0	0	107,000	107,000	12 ^#
				$0	$0	$2,082,721		$375

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

34 | Allspring Real Return Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
2-Year U.S. Treasury Notes	14	3-31-2022	$ 3,057,382	$ 3,062,281	$ 4,899	$ 0
Short
10-Year Ultra Futures	(3)	3-22-2022	(432,181)	(440,672)	0	(8,491)
U.S. Ultra Bond	(36)	3-22-2022	(6,953,385)	(7,220,250)	0	(266,865)
5-Year U.S. Treasury Notes	(63)	3-31-2022	(7,590,504)	(7,648,102)	0	(57,598)
					$4,899	$(332,954)

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Portfolio | 35

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $104,750 of securities loaned), at value (cost $204,860,355)	$ 231,776,251
Investments in affiliated securities, at value (cost $2,082,721)	2,082,721
Cash at broker segregated for futures contracts	336,000
Foreign currency, at value (cost $10,712)	10,536
Receivable for dividends and interest	849,609
Receivable for investments sold	470,208
Receivable for securities lending income, net	97
Prepaid expenses and other assets	38,470
Total assets	235,563,892
Liabilities
Payable for investments purchased	1,129,270
Overdraft due to custodian bank	144,877
Payable for daily variation margin on open futures contracts	136,820
Payable upon receipt of securities loaned	107,000
Advisory fee payable	60,818
Accrued expenses and other liabilities	2,836
Total liabilities	1,581,621
Total net assets	$233,982,271

The accompanying notes are an integral part of these financial statements.

36 | Allspring Real Return Portfolio

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Interest	$ 5,628,064
Dividends (net of foreign withholdings taxes of $3,966)	365,716
Income from affiliated securities	667
Total investment income	5,994,447
Expenses
Advisory fee	460,143
Custody and accounting fees	17,869
Professional fees	36,546
Interest holder report expenses	10,195
Trustees’ fees and expenses	9,662
Other fees and expenses	10,138
Total expenses	544,553
Less: Fee waivers and/or expense reimbursements	(95,913)
Net expenses	448,640
Net investment income	5,545,807
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities	1,673,367
Futures contracts	(79,187)
Net realized gains on investments	1,594,180
Net change in unrealized gains (losses) on
Unaffiliated securities	1,571,680
Futures contracts	(336,313)
Net change in unrealized gains (losses) on investments	1,235,367
Net realized and unrealized gains (losses) on investments	2,829,547
Net increase in net assets resulting from operations	$8,375,354

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Portfolio | 37

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment income	$ 5,545,807	$ 5,242,820
Net realized gains on investments	1,594,180	859,659
Net change in unrealized gains (losses) on investments	1,235,367	12,483,180
Net increase in net assets resulting from operations	8,375,354	18,585,659
Capital transactions
Transactions in investors’ beneficial interests
Contributions	27,296,888	97,022,259
Withdrawals	(41,031,911)	(38,320,850)
Net increase (decrease) in net assets resulting from capital transactions	(13,735,023)	58,701,409
Total increase (decrease) in net assets	(5,359,669)	77,287,068
Net assets
Beginning of period	239,341,940	162,054,872
End of period	$233,982,271	$239,341,940

The accompanying notes are an integral part of these financial statements.

38 | Allspring Real Return Portfolio

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Total return¹	3.80%	9.58%	5.92%	2.99%	1.67%	2.65%
Ratios to average net assets (annualized)
Gross expenses	0.47%	0.47%	0.45%	0.45%	0.48%	0.52%
Net expenses²	0.39%	0.39%	0.39%	0.40%	0.41%	0.44%
Net investment income	4.82%	2.57%	2.16%	2.29%	2.40%	2.36%
Supplemental data
Portfolio turnover rate	14%	20%	24%	39%	29%	25%

¹	Returns for periods of less than one year are not annualized.
²	Net expense ratios reflect voluntary waivers.

The accompanying notes are an integral part of these financial statements.

Allspring Real Return Portfolio | 39

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Real Return Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Equity securities 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. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

The values of securities 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 Allspring Global Investments Pricing Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolio are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be

40 | Allspring Real Return Portfolio

Table of Contents

Notes to financial statements (unaudited)

frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2021, such fair value pricing was used in pricing certain foreign securities.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees 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, unless the determination has been delegated to the Allspring Global Investments Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Allspring Global Investments Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the Portfolio 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 Allspring Global Investments Pricing 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.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

When-issued transactions

Loans

The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with the terms of the loan

Allspring Real Return Portfolio | 41

Table of Contents

Notes to financial statements (unaudited)

agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate 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 Portfolio 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 Portfolio 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 Portfolio 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 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) in the Statement of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Inflation-indexed bonds and TIPS

The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date.

Income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

42 | Allspring Real Return Portfolio

Table of Contents

Notes to financial statements (unaudited)

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $207,000,107 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$27,302,375
Gross unrealized losses	(771,565)
Net unrealized gains	$26,530,810

3. FAIR VALUATION MEASUREMENTS

■	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 Portfolio’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 Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Consumer staples	$ 10,917,010	$ 0	$ 0	$ 10,917,010
Energy	2,751,716	0	0	2,751,716
Materials	7,982,644	272,497	0	8,255,141
Real estate	12,855,316	0	0	12,855,316
Corporate bonds and notes	0	30,292,943	0	30,292,943
Loans	0	8,795,919	701,259	9,497,178
U.S. Treasury securities	154,784,815	0	0	154,784,815
Yankee corporate bonds and notes	0	2,422,132	0	2,422,132
Short-term investments
Investment companies	2,082,721	0	0	2,082,721
	191,374,222	41,783,491	701,259	233,858,972
Futures contracts	4,899	0	0	4,899
Total assets	$191,379,121	$41,783,491	$701,259	$233,863,871
Liabilities
Futures contracts	$ 332,954	$ 0	$ 0	$ 332,954
Total liabilities	$ 332,954	$ 0	$ 0	$ 332,954

Allspring Real Return Portfolio | 43

Table of Contents

Notes to financial statements (unaudited)

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Average daily net assets	Advisory fee
First $500 million	0.400%
Next $500 million	0.375
Next $2 billion	0.350
Next $2 billion	0.325
Next $5 billion	0.300
Over $10 billion	0.290

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.28% and declining to 0.18% as the average daily net assets of the Portfolio increase.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2021 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$12,644,595	$18,365,436	$21,888,716	$17,794,663

As of November 30, 2021, the Portfolio had unfunded loan commitments of $619,772.

6. SECURITIES LENDING TRANSACTIONS

44 | Allspring Real Return Portfolio

Table of Contents

Notes to financial statements (unaudited)

the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Investments. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

Counterparty	Value of securities on loan	Collateral received¹	Net amount
Credit Suisse Securities (USA) LLC	$104,750	$(104,750)	$0

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2021, the Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Portfolio had an average notional amount of $3,101,463 in long futures contracts and $13,590,014 in short futures contracts during the six months ended November 30, 2021.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

8. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Portfolio under the agreement.

9. INDEMNIFICATION

10. CORONAVIRUS (COVID-19) PANDEMIC

Allspring Real Return Portfolio | 45

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

SPECIAL MEETING OF SHAREHOLDERS

On August 16, 2021, a Special Meeting of Shareholders for Allspring Real Return Fund was held to consider the following proposals. The results of the proposals are indicated below.

Proposal 1 – To consider and approve a new investment management agreement with Wells Fargo Funds Management, LLC*.

Shares voted “For”		3,422,036
Shares voted “Against”		53,145
Shares voted “Abstain”		71,955

Proposal 2 – To consider and approve a new advisory agreement with Wells Fargo Funds Management, LLC* for Allspring Real Return Portfolio in which the Fund invests substantially all of its assets.

Shares voted “For”		3,423,535
Shares voted “Against”		50,485
Shares voted “Abstain”		73,116

Proposal 3 – To consider and approve a new subadvisory agreement with Wells Capital Management, LLC** for Allspring Real Return Portfolio.

Shares voted “For”		3,401,523
Shares voted “Against”		53,736
Shares voted “Abstain”		91,877

Proposal 4 – To approve the use of a "multi-manager" structure for Allspring Real Return Portfolio whereby Wells Fargo Funds Management, LLC* would be able, subject to Board approval, to select subadvisers and enter into or amend subadvisory agreements with them, without obtaining shareholder approval.

Shares voted “For”		3,397,942
Shares voted “Against”		75,245
Shares voted “Abstain”		73,949

* Effective November 1, 2021, known as Allspring Funds Management, LLC.

** Effective November 1, 2021, known as Allspring Global Investments, LLC.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

46 | Allspring Real Return Fund

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Allspring Real Return Fund | 47

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

48 | Allspring Real Return Fund

Table of Contents

Other information (unaudited)

Officers²

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

Allspring Real Return Fund | 49

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

PAR-1221-00200 01-22
SA288/SAR288 11-21

Semi-Annual Report

November 30, 2021

Allspring
C&B Large Cap Value Fund

Contents

Allspring C&B Large Cap Value Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for Allspring C&B Large Cap Value Fund for the six-month period that ended November 30, 2021. Global stocks yielded mixed results as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. The bond market had mostly positive returns during the period.

Vaccination rollout drove the stock markets to new highs.

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

2 | Allspring C&B Large Cap Value Fund

Table of Contents

Letter to shareholders (unaudited)

_“ Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market._”

¹	The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

Allspring C&B Large Cap Value Fund | 3

Table of Contents

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Information on transaction closing.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

¹	As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm.

4 | Allspring C&B Large Cap Value Fund

Table of Contents

This page is intentionally left blank.

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal.
Manager	Allspring Funds Management, LLC

Subadviser for the affiliated master portfolio*

Cooke & Bieler, L.P.

Portfolio managers

Andrew B. Armstrong, CFA®^‡, Wesley Lim, CFA®^‡, Steve Lyons, CFA®^‡, Michael M. Meyer, CFA®^‡, Edward W. O'Connor, CFA®^‡, R. James O'Neil, CFA®^‡, Mehul Trivedi, CFA®^‡, William Weber, CFA®^‡

Average annual total returns (%) as of November 30, 2021
		Including sales charge			Excluding sales charge			Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net ²
Class A (CBEAX)	7-26-2004	13.29	10.05	11.50	20.18	11.36	12.17	1.25	1.08
Class C (CBECX)	7-26-2004	18.28	10.51	11.32	19.28	10.51	11.32	2.00	1.83
Class R6 (CBEJX)³	10-31-2016	–	–	–	20.68	11.84	12.59	0.82	0.65
Administrator Class (CBLLX)	7-26-2004	–	–	–	20.33	11.46	12.33	1.17	1.00
Institutional Class (CBLSX)	7-26-2004	–	–	–	20.56	11.72	12.59	0.92	0.75
Russell 1000® Value Index⁴	–	–	–	–	22.25	10.36	12.50	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

¹	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
²	The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.08% for Class A, 1.83% for Class C, 0.65% for Class R6, 1.00% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
³	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
⁴	The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Consult the Fund’s prospectus for additional information on these and other risks.

^‡

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring C&B Large Cap Value Fund

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 2021¹
Arrow Electronics Incorporated	3.85
Arch Capital Group Limited	3.25
AerCap Holdings NV	3.17
Fidelity National Financial Incorporated	2.93
Leidos Holdings Incorporated	2.87
Brookfield Asset Management Incorporated Class A	2.79
State Street Corporation	2.77
Johnson & Johnson	2.68
US Bancorp	2.67
Gildan Activewear Incorporated	2.56

¹	Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of November 30, 2021¹

¹	Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Allspring C&B Large Cap Value Fund | 7

Table of Contents

Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2021 to November 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 6-1-2021	Ending account value 11-30-2021	Expenses paid during the period^1,2	Annualized net expense ratio²
Class A
Actual	$1,000.00	$ 952.80	$5.24	1.07%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.70	$5.42	1.07%
Class C
Actual	$1,000.00	$ 948.73	$8.94	1.83%
Hypothetical (5% return before expenses)	$1,000.00	$1,015.89	$9.25	1.83%
Class R6
Actual	$1,000.00	$ 954.76	$3.19	0.65%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.81	$3.29	0.65%
Administrator Class
Actual	$1,000.00	$ 953.49	$4.85	0.99%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.10	$5.01	0.99%
Institutional Class
Actual	$1,000.00	$ 954.18	$3.67	0.75%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.31	$3.80	0.75%

² Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

8 | Allspring C&B Large Cap Value Fund

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

		Value
Investment companies: 100.04%
Affiliated master portfolio: 100.04%
Allspring C&B Large Cap Value Portfolio		$289,259,996
Total Investment companies (Cost $212,213,043)		289,259,996
Total investments in securities (Cost $212,213,043)	100.04%	289,259,996
Other assets and liabilities, net	(0.04)	(110,851)
Total net assets	100.00%	$289,149,145

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Dividends allocated from affiliated Master Portfolio	Affiliated income allocated from affiliated Master Portfolio	Value, end of period
Allspring C&B Large Cap Value Portfolio	76.92%	79.43%	$19,898,996	$(35,405,131)	$2,488,992	$5,637	$289,259,996

The accompanying notes are an integral part of these financial statements.

Allspring C&B Large Cap Value Fund | 9

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in affiliated Master Portfolio, at value (cost $212,213,043)	$ 289,259,996
Receivable for Fund shares sold	108,005
Receivable from manager	15,777
Prepaid expenses and other assets	9,383
Total assets	289,393,161
Liabilities
Payable for Fund shares redeemed	148,618
Administration fees payable	36,042
Shareholder servicing fees payable	24,040
Professional fees payable	13,612
Distribution fee payable	2,871
Trustees’ fees and expenses payable	1,954
Accrued expenses and other liabilities	16,879
Total liabilities	244,016
Total net assets	$289,149,145
Net assets consist of
Paid-in capital	$ 173,051,642
Total distributable earnings	116,097,503
Total net assets	$289,149,145
Computation of net asset value and offering price per share
Net assets – Class A	$ 99,833,067
Shares outstanding – Class A¹	6,105,806
Net asset value per share – Class A	$16.35
Maximum offering price per share – Class A²	$17.35
Net assets – Class C	$ 4,331,110
Shares outstanding – Class C¹	268,995
Net asset value per share – Class C	$16.10
Net assets – Class R6	$ 45,866,598
Shares outstanding – Class R6¹	2,786,660
Net asset value per share – Class R6	$16.46
Net assets – Administrator Class	$ 6,461,626
Shares outstanding – Administrator Class¹	394,124
Net asset value per share – Administrator Class	$16.39
Net assets – Institutional Class	$ 132,656,744
Shares outstanding – Institutional Class¹	8,064,203
Net asset value per share – Institutional Class	$16.45

¹	The Fund has an unlimited number of authorized shares.
²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

10 | Allspring C&B Large Cap Value Fund

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $49,461)	$ 2,488,992
Affiliated income allocated from affiliated Master Portfolio	5,637
Expenses allocated from affiliated Master Portfolio	(1,053,940)
Waivers allocated from affiliated Master Portfolio	70,182
Total investment income	1,510,871
Expenses
Management fee	76,848
Administration fees
Class A	108,026
Class C	4,855
Class R6	7,013
Administrator Class	3,991
Institutional Class	95,548
Shareholder servicing fees
Class A	128,602
Class C	5,772
Administrator Class	7,670
Distribution fee
Class C	17,316
Custody and accounting fees	3,895
Professional fees	17,914
Registration fees	5,170
Shareholder report expenses	3,920
Trustees’ fees and expenses	9,967
Other fees and expenses	3,784
Total expenses	500,291
Less: Fee waivers and/or expense reimbursements
Fund-level	(150,988)
Class A	(5,130)
Administrator Class	(306)
Net expenses	343,867
Net investment income	1,167,004
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio	19,898,996
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	(35,405,131)
Net realized and unrealized gains (losses) on investments	(15,506,135)
Net decrease in net assets resulting from operations	$(14,339,131)

The accompanying notes are an integral part of these financial statements.

Allspring C&B Large Cap Value Fund | 11

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)		Year ended May 31, 2021
Operations
Net investment income		$ 1,167,004		$ 2,415,023
Net realized gains on investments		19,898,996		25,510,777
Net change in unrealized gains (losses) on investments		(35,405,131)		89,716,793
Net increase (decrease) in net assets resulting from operations		(14,339,131)		117,642,593
Distributions to shareholders from
Net investment income and net realized gains
Class A		0		(4,170,269)
Class C		0		(154,865)
Class R6		0		(2,183,532)
Administrator Class		0		(299,002)
Institutional Class		0		(6,446,162)
Total distributions to shareholders		0		(13,253,830)
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	467,500	7,945,482	610,000	8,963,843
Class C	20,902	348,411	68,098	996,267
Class R6	202,148	3,473,235	281,375	4,009,424
Administrator Class	51,100	882,850	19,784	279,674
Institutional Class	585,138	9,979,605	3,644,970	49,931,868
		22,629,583		64,181,076
Reinvestment of distributions
Class A	0	0	291,093	4,115,619
Class C	0	0	11,107	154,614
Class R6	0	0	24,172	343,838
Administrator Class	0	0	13,379	189,677
Institutional Class	0	0	451,083	6,414,372
		0		11,218,120
Payment for shares redeemed
Class A	(323,507)	(5,506,935)	(1,092,566)	(14,863,709)
Class C	(30,030)	(505,128)	(115,785)	(1,529,367)
Class R6	(158,780)	(2,718,702)	(844,970)	(11,496,464)
Administrator Class	(4,568)	(78,012)	(221,462)	(3,119,176)
Institutional Class	(1,588,158)	(26,994,852)	(3,426,687)	(47,236,282)
		(35,803,629)		(78,244,998)
Net decrease in net assets resulting from capital share transactions		(13,174,046)		(2,845,802)
Total increase (decrease) in net assets		(27,513,177)		101,542,961
Net assets
Beginning of period		316,662,322		215,119,361
End of period		$289,149,145		$316,662,322

The accompanying notes are an integral part of these financial statements.

12 | Allspring C&B Large Cap Value Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class A	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$17.16	$11.49	$13.01	$13.91	$14.54	$12.55
Net investment income	0.05	0.10	0.12	0.11	0.09 ¹	0.08
Net realized and unrealized gains (losses) on investments	(0.86)	6.29	(0.33)	0.02	0.87	2.23
Total from investment operations	(0.81)	6.39	(0.21)	0.13	0.96	2.31
Distributions to shareholders from
Net investment income	0.00	(0.11)	(0.13)	(0.12)	(0.06)	(0.08)
Net realized gains	0.00	(0.61)	(1.18)	(0.91)	(1.53)	(0.24)
Total distributions to shareholders	0.00	(0.72)	(1.31)	(1.03)	(1.59)	(0.32)
Net asset value, end of period	$16.35	$17.16	$11.49	$13.01	$13.91	$14.54
Total return²	(4.72)%	56.98%	(3.61)%	1.33%	6.29%	18.62%
Ratios to average net assets (annualized)^*
Gross expenses	1.18%	1.24%	1.27%	1.23%	1.21%	1.24%
Net expenses	1.07%	1.07%	1.07%	1.08%	1.10%	1.15%
Net investment income	0.55%	0.73%	0.92%	0.83%	0.58%	0.62%
Supplemental data
Portfolio turnover rate³	15%	38%	33%	47%	42%	89%
Net assets, end of period (000s omitted)	$99,833	$102,332	$70,680	$79,172	$85,707	$83,016

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.64%
Year ended May 31, 2021	0.64%
Year ended May 31, 2020	0.64%
Year ended May 31, 2019	0.65%
Year ended May 31, 2018	0.66%
Year ended May 31, 2017	0.68%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring C&B Large Cap Value Fund | 13

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class C	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$16.97	$11.36	$12.87	$13.75	$14.44	$12.48
Net investment income (loss)	(0.02)	(0.03)	0.02 ¹	0.01 ¹	(0.02) ¹	(0.02)
Net realized and unrealized gains (losses) on investments	(0.85)	6.25	(0.35)	0.03	0.86	2.22
Total from investment operations	(0.87)	6.22	(0.33)	0.04	0.84	2.20
Distributions to shareholders from
Net investment income	0.00	0.00	0.00	(0.01)	0.00	0.00
Net realized gains	0.00	(0.61)	(1.18)	(0.91)	(1.53)	(0.24)
Total distributions to shareholders	0.00	(0.61)	(1.18)	(0.92)	(1.53)	(0.24)
Net asset value, end of period	$16.10	$16.97	$11.36	$12.87	$13.75	$14.44
Total return²	(5.13)%	55.94%	(4.41)%	0.61%	5.46%	17.73%
Ratios to average net assets (annualized)^*
Gross expenses	1.93%	1.99%	2.02%	1.97%	1.96%	1.99%
Net expenses	1.83%	1.83%	1.83%	1.83%	1.85%	1.90%
Net investment income (loss)	(0.21)%	(0.04)%	0.16%	0.07%	(0.16)%	(0.13)%
Supplemental data
Portfolio turnover rate³	15%	38%	33%	47%	42%	89%
Net assets, end of period (000s omitted)	$4,331	$4,719	$3,576	$5,098	$11,031	$8,043

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.64%
Year ended May 31, 2021	0.64%
Year ended May 31, 2020	0.64%
Year ended May 31, 2019	0.65%
Year ended May 31, 2018	0.66%
Year ended May 31, 2017	0.68%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

14 | Allspring C&B Large Cap Value Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class R6	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017 ¹
Net asset value, beginning of period	$17.24	$11.53	$13.06	$13.97	$14.59	$12.73
Net investment income	0.08	0.16 ²	0.18 ²	0.18 ²	0.18 ²	0.16
Net realized and unrealized gains (losses) on investments	(0.86)	6.32	(0.33)	0.00 ³	0.85	2.06
Total from investment operations	(0.78)	6.48	(0.15)	0.18	1.03	2.22
Distributions to shareholders from
Net investment income	0.00	(0.16)	(0.20)	(0.18)	(0.12)	(0.12)
Net realized gains	0.00	(0.61)	(1.18)	(0.91)	(1.53)	(0.24)
Total distributions to shareholders	0.00	(0.77)	(1.38)	(1.09)	(1.65)	(0.36)
Net asset value, end of period	$16.46	$17.24	$11.53	$13.06	$13.97	$14.59
Total return⁴	(4.52)%	57.75%	(3.25)%	1.74%	6.76%	17.65%
Ratios to average net assets (annualized)^*
Gross expenses	0.75%	0.82%	0.84%	0.79%	0.77%	0.81%
Net expenses	0.65%	0.65%	0.65%	0.65%	0.65%	0.70%
Net investment income	0.97%	1.14%	1.33%	1.27%	1.28%	1.04%
Supplemental data
Portfolio turnover rate⁵	15%	38%	33%	47%	42%	89%
Net assets, end of period (000s omitted)	$45,867	$47,301	$37,859	$68,366	$110,665	$3,532

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.64%
Year ended May 31, 2021	0.64%
Year ended May 31, 2020	0.64%
Year ended May 31, 2019	0.65%
Year ended May 31, 2018	0.65%
Year ended May 31, 2017¹	0.68%

¹	For the period from October 31, 2016 (commencement of class operations) to May 31, 2017
²	Calculated based upon average shares outstanding
³	Amount is less than $0.005.
⁴	Returns for periods of less than one year are not annualized.
⁵	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring C&B Large Cap Value Fund | 15

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Administrator Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$17.20	$11.51	$13.03	$13.92	$14.56	$12.54
Net investment income	0.05 ¹	0.11 ¹	0.13 ¹	0.12 ¹	0.10 ¹	0.10 ¹
Net realized and unrealized gains (losses) on investments	(0.86)	6.30	(0.33)	0.02	0.87	2.24
Total from investment operations	(0.81)	6.41	(0.20)	0.14	0.97	2.34
Distributions to shareholders from
Net investment income	0.00	(0.11)	(0.14)	(0.12)	(0.08)	(0.08)
Net realized gains	0.00	(0.61)	(1.18)	(0.91)	(1.53)	(0.24)
Total distributions to shareholders	0.00	(0.72)	(1.32)	(1.03)	(1.61)	(0.32)
Net asset value, end of period	$16.39	$17.20	$11.51	$13.03	$13.92	$14.56
Total return²	(4.71)%	57.12%	(3.56)%	1.44%	6.36%	18.82%
Ratios to average net assets (annualized)^*
Gross expenses	1.10%	1.17%	1.19%	1.15%	1.13%	1.16%
Net expenses	0.99%	0.99%	0.99%	1.00%	1.00%	1.00%
Net investment income	0.62%	0.81%	1.00%	0.90%	0.69%	0.77%
Supplemental data
Portfolio turnover rate³	15%	38%	33%	47%	42%	89%
Net assets, end of period (000s omitted)	$6,462	$5,980	$6,167	$9,274	$12,742	$11,467

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.64%
Year ended May 31, 2021	0.64%
Year ended May 31, 2020	0.64%
Year ended May 31, 2019	0.65%
Year ended May 31, 2018	0.66%
Year ended May 31, 2017	0.68%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

16 | Allspring C&B Large Cap Value Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Institutional Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$17.24	$11.53	$13.05	$13.96	$14.58	$12.58
Net investment income	0.07	0.15	0.16	0.14	0.13 ¹	0.14
Net realized and unrealized gains (losses) on investments	(0.86)	6.32	(0.33)	0.02	0.89	2.22
Total from investment operations	(0.79)	6.47	(0.17)	0.16	1.02	2.36
Distributions to shareholders from
Net investment income	0.00	(0.15)	(0.17)	(0.16)	(0.11)	(0.12)
Net realized gains	0.00	(0.61)	(1.18)	(0.91)	(1.53)	(0.24)
Total distributions to shareholders	0.00	(0.76)	(1.35)	(1.07)	(1.64)	(0.36)
Net asset value, end of period	$16.45	$17.24	$11.53	$13.05	$13.96	$14.58
Total return²	(4.58)%	57.58%	(3.33)%	1.64%	6.68%	19.05%
Ratios to average net assets (annualized)^*
Gross expenses	0.85%	0.91%	0.94%	0.90%	0.88%	0.91%
Net expenses	0.75%	0.75%	0.75%	0.75%	0.77%	0.80%
Net investment income	0.88%	1.05%	1.25%	1.17%	0.87%	0.96%
Supplemental data
Portfolio turnover rate³	15%	38%	33%	47%	42%	89%
Net assets, end of period (000s omitted)	$132,657	$156,330	$96,838	$108,613	$135,082	$220,257

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.64%
Year ended May 31, 2021	0.64%
Year ended May 31, 2020	0.64%
Year ended May 31, 2019	0.65%
Year ended May 31, 2018	0.66%
Year ended May 31, 2017	0.68%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring C&B Large Cap Value Fund | 17

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring C&B Large Cap Value Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring C&B Large Cap Value Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2021, the Fund owned 79.43% of Allspring C&B Large Cap Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2021 are included in this report and should be read in conjunction with the Fund’s financial statements.

Effective December 6, 2021, "Wells Fargo" was removed from the Fund's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

18 | Allspring C&B Large Cap Value Fund

Table of Contents

Notes to financial statements (unaudited)

Investment transactions, income and expenses

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $214,394,523 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$74,865,473
Gross unrealized losses	0
Net unrealized gains	$74,865,473

Class allocations

3. FAIR VALUATION MEASUREMENTS

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Allspring C&B Large Cap Value Portfolio	Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal	$289,259,996

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Allspring C&B Large Cap Value Fund | 19

Table of Contents

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $5 billion	0.050%
Next $5 billion	0.040
Over $10 billion	0.030

For the six months ended November 30, 2021, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees

	Class-level administration fee
Class A	0.21%
Class C	0.21
Class R6	0.03
Administrator Class	0.13
Institutional Class	0.13

Waivers and/or expense reimbursements

20 | Allspring C&B Large Cap Value Fund

Table of Contents

Notes to financial statements (unaudited)

	Expense ratio caps
Class A	1.08%
Class C	1.83
Class R6	0.65
Administrator Class	1.00
Institutional Class	0.75

Distribution fee

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Allspring Funds Distributor received $1,849 in contingent deferred sales charges from Class A shares for the six months ended November 30, 2021. No front-end sales charges were incurred by Class A shares and no contingent deferred sales charges were incurred by Class C shares for the six months ended November 30, 2021.

Shareholder servicing fees

5. INVESTMENT PORTFOLIO TRANSACTIONS

6. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector. As of the end of the period, the affiliated Master Portfolio concentrated its portfolio in investments related to the financials sector.

8. INDEMNIFICATION

Allspring C&B Large Cap Value Fund | 21

Table of Contents

Notes to financial statements (unaudited)

9. CORONAVIRUS (COVID-19) PANDEMIC

22 | Allspring C&B Large Cap Value Fund

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Common stocks: 99.37%
Communication services: 6.59%
Diversified telecommunication services: 2.39%
Verizon Communications Incorporated	173,100	$ 8,701,737
Entertainment: 2.22%
Activision Blizzard Incorporated	138,100	8,092,660
Media: 1.98%
Omnicom Group Incorporated	106,800	7,188,708
Consumer discretionary: 6.15%
Household durables: 1.81%
Whirlpool Corporation	30,300	6,597,522
Textiles, apparel & luxury goods: 4.34%
Gildan Activewear Incorporated	229,800	9,320,688
HanesBrands Incorporated	401,400	6,482,610
		15,803,298
Consumer staples: 6.98%
Food products: 3.10%
General Mills Incorporated	121,900	7,529,763
Ingredion Incorporated	40,260	3,749,414
		11,279,177
Personal products: 2.04%
Unilever plc ADR	145,900	7,419,015
Tobacco: 1.84%
Philip Morris International Incorporated	78,200	6,720,508
Energy: 2.83%
Energy equipment & services: 0.95%
Schlumberger Limited	120,700	3,461,676
Oil, gas & consumable fuels: 1.88%
The Williams Companies Incorporated	255,900	6,855,561
Financials: 33.50%
Banks: 5.83%
JPMorgan Chase & Company	40,800	6,480,264
PNC Financial Services Group Incorporated	25,400	5,003,800
US Bancorp	175,900	9,734,306
		21,218,370
Capital markets: 10.33%
Brookfield Asset Management Incorporated Class A	180,900	10,161,153
London Stock Exchange Group plc ADR	399,300	8,724,705
State Street Corporation	113,420	10,090,977
The Charles Schwab Corporation	111,500	8,628,985
		37,605,820

The accompanying notes are an integral part of these financial statements.

Allspring C&B Large Cap Value Portfolio | 23

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Diversified financial services: 2.43%
Berkshire Hathaway Incorporated Class B †	32,050	$ 8,867,915
Insurance: 14.91%
Alleghany Corporation †	10,800	6,986,304
Arch Capital Group Limited †	292,600	11,815,188
Chubb Limited	40,650	7,295,456
Fidelity National Financial Incorporated	218,400	10,681,944
Globe Life Incorporated	61,700	5,339,518
Progressive Corporation	79,597	7,397,745
The Allstate Corporation	44,000	4,783,680
		54,299,835
Health care: 14.26%
Health care equipment & supplies: 6.63%
Becton Dickinson & Company	38,240	9,068,234
Dentsply Sirona Incorporated	156,670	7,636,096
Medtronic plc	69,600	7,426,320
		24,130,650
Health care providers & services: 4.95%
HCA Healthcare Incorporated	30,050	6,778,980
Laboratory Corporation of America Holdings †	13,850	3,951,821
UnitedHealth Group Incorporated	16,420	7,294,092
		18,024,893
Pharmaceuticals: 2.68%
Johnson & Johnson	62,650	9,769,015
Industrials: 18.63%
Air freight & logistics: 1.41%
United Parcel Service Incorporated Class B	25,800	5,117,946
Commercial services & supplies: 2.29%
IAA Incorporated †	172,940	8,353,002
Electrical equipment: 1.46%
AMETEK Incorporated	39,000	5,323,500
Industrial conglomerates: 1.04%
3M Company	22,150	3,766,386
Machinery: 6.39%
Colfax Corporation †	156,580	7,271,575
PACCAR Incorporated	62,900	5,247,118
Stanley Black & Decker Incorporated	37,310	6,520,296
Woodward Incorporated	40,050	4,237,290
		23,276,279
Professional services: 2.87%
Leidos Holdings Incorporated	118,970	10,458,653
Trading companies & distributors: 3.17%
AerCap Holdings NV †	205,800	11,533,032

The accompanying notes are an integral part of these financial statements.

24 | Allspring C&B Large Cap Value Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Information technology: 7.09%
Electronic equipment, instruments & components: 5.57%
Arrow Electronics Incorporated †	115,070	$ 13,998,262
TE Connectivity Limited	40,760	6,274,187
		20,272,449
IT services: 1.52%
Amdocs Limited	79,600	5,557,672
Materials: 1.10%
Metals & mining: 1.10%
Reliance Steel & Aluminum Company	26,990	4,011,524
Utilities: 2.24%
Gas utilities: 2.24%
Atmos Energy Corporation	90,360	8,161,315
Total Common stocks (Cost $257,852,773)		361,868,118

		Yield
Short-term investments: 0.81%
Investment companies: 0.81%
Allspring Government Money Market Fund Select Class ♠∞		0.03%	2,942,989	2,942,989
Total Short-term investments (Cost $2,942,989)				2,942,989
Total investments in securities (Cost $260,795,762)	100.18%			364,811,107
Other assets and liabilities, net	(0.18)			(645,696)
Total net assets	100.00%			$364,165,411

†	Non-income-earning security
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∞	The rate represents the 7-day annualized yield at period end.

Abbreviations:
ADR	American depositary receipt

The accompanying notes are an integral part of these financial statements.

Allspring C&B Large Cap Value Portfolio | 25

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

Investments in affiliates

	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	$20,061,602	$39,632,766	$(56,751,379)	$0	$0	$ 2,942,989	2,942,989	$ 1,225
Securities Lending Cash Investments LLC	0	38,169,930	(38,169,930)	0	0	0	0	182 ^#
				$0	$0	$2,942,989		$1,407

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

26 | Allspring C&B Large Cap Value Portfolio

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities, at value (cost $257,852,773)	$ 361,868,118
Investments in affiliated securities, at value (cost $2,942,989)	2,942,989
Receivable for dividends	481,735
Receivable for securities lending income, net	1,432
Prepaid expenses and other assets	21,934
Total assets	365,316,208
Liabilities
Payable for investments purchased	959,827
Advisory fee payable	190,970
Total liabilities	1,150,797
Total net assets	$364,165,411

The accompanying notes are an integral part of these financial statements.

Allspring C&B Large Cap Value Portfolio | 27

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends (net of foreign withholdings taxes of $63,238)	$ 3,166,864
Income from affiliated securities	7,120
Total investment income	3,173,984
Expenses
Advisory fee	1,269,928
Custody and accounting fees	10,025
Professional fees	26,762
Interest holder report expenses	9,318
Trustees’ fees and expenses	10,582
Other fees and expenses	12,896
Total expenses	1,339,511
Less: Fee waivers and/or expense reimbursements	(89,120)
Net expenses	1,250,391
Net investment income	1,923,593
Realized and unrealized gains (losses) on investments
Net realized gains on investments	25,173,657
Net change in unrealized gains (losses) on investments	(44,977,471)
Net realized and unrealized gains (losses) on investments	(19,803,814)
Net decrease in net assets resulting from operations	$(17,880,221)

The accompanying notes are an integral part of these financial statements.

28 | Allspring C&B Large Cap Value Portfolio

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment income	$ 1,923,593	$ 3,900,892
Net realized gains on investments	25,173,657	33,139,971
Net change in unrealized gains (losses) on investments	(44,977,471)	117,846,464
Net increase (decrease) in net assets resulting from operations	(17,880,221)	154,887,327
Capital transactions
Transactions in investors’ beneficial interests
Contributions	9,133,030	49,283,346
Withdrawals	(38,486,268)	(79,684,157)
Net decrease in net assets resulting from capital transactions	(29,353,238)	(30,400,811)
Total increase (decrease) in net assets	(47,233,459)	124,486,516
Net assets
Beginning of period	411,398,870	286,912,354
End of period	$364,165,411	$411,398,870

The accompanying notes are an integral part of these financial statements.

Allspring C&B Large Cap Value Portfolio | 29

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Total return¹	(4.56)%	57.96%	(3.40)%	1.80%	6.65%	19.17%
Ratios to average net assets (annualized)
Gross expenses	0.69%	0.68%	0.68%	0.67%	0.67%	0.68%
Net expenses²	0.64%	0.64%	0.64%	0.65%	0.66%	0.68%
Net investment income	0.98%	1.16%	1.36%	1.27%	1.02%	1.09%
Supplemental data
Portfolio turnover rate	15%	38%	33%	47%	42%	89%

¹	Returns for periods of less than one year are not annualized.
²	Net expense ratios reflect voluntary waivers.

The accompanying notes are an integral part of these financial statements.

30 | Allspring C&B Large Cap Value Portfolio

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring C&B Large Cap Value Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Equity securities 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. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

Securities lending

Allspring C&B Large Cap Value Portfolio | 31

Table of Contents

Notes to financial statements (unaudited)

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $260,795,762 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$112,216,210
Gross unrealized losses	(8,200,865)
Net unrealized gains	$104,015,345

3. FAIR VALUATION MEASUREMENTS

■	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 Portfolio’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.

32 | Allspring C&B Large Cap Value Portfolio

Table of Contents

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 23,983,105	$0	$0	$ 23,983,105
Consumer discretionary	22,400,820	0	0	22,400,820
Consumer staples	25,418,700	0	0	25,418,700
Energy	10,317,237	0	0	10,317,237
Financials	121,991,940	0	0	121,991,940
Health care	51,924,558	0	0	51,924,558
Industrials	67,828,798	0	0	67,828,798
Information technology	25,830,121	0	0	25,830,121
Materials	4,011,524	0	0	4,011,524
Utilities	8,161,315	0	0	8,161,315
Short-term investments
Investment companies	2,942,989	0	0	2,942,989
Total assets	$364,811,107	$0	$0	$364,811,107

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

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Average daily net assets	Advisory fee
First $500 million	0.650%
Next $500 million	0.625
Next $1 billion	0.600
Next $2 billion	0.575
Next $4 billion	0.550
Next $4 billion	0.525
Next $4 billion	0.500
Over $16 billion	0.475

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Cooke & Bieler, L.P., which is not an affiliate of Allspring Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.38% and declining to 0.30% as the average daily net assets of the Portfolio increase.

Allspring C&B Large Cap Value Portfolio | 33

Table of Contents

Notes to financial statements (unaudited)

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2021 were $56,984,907 and $66,536,349, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

7. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in the financials sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

10. CORONAVIRUS (COVID-19) PANDEMIC

34 | Allspring C&B Large Cap Value Portfolio

Table of Contents

Notes to financial statements (unaudited)

business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.

Allspring C&B Large Cap Value Portfolio | 35

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

SPECIAL MEETING OF SHAREHOLDERS

On August 16, 2021, a Special Meeting of Shareholders for Allspring C&B Large Cap Value Fund was held to consider the following proposals. The results of the proposals are indicated below.

Proposal 1 – To consider and approve a new investment management agreement with Wells Fargo Funds Management, LLC*.

Shares voted “For”		9,404,683
Shares voted “Against”		299,815
Shares voted “Abstain”		310,847

Proposal 2 – To consider and approve a new advisory agreement with Wells Fargo Funds Management, LLC* for Allspring C&B Large Cap Value Portfolio in which the Fund invests substantially all of its assets.

Shares voted “For”		9,396,637
Shares voted “Against”		303,383
Shares voted “Abstain”		315,325

Proposal 3 – To consider and approve a new subadvisory agreement with Wells Capital Management, LLC** for Allspring C&B Large Cap Value Portfolio.

Shares voted “For”		9,468,456
Shares voted “Against”		189,464
Shares voted “Abstain”		357,425

Proposal 4 – To approve the use of a "multi-manager" structure for Allspring C&B Large Cap Value Portfolio whereby Wells Fargo Funds Management, LLC* would be able, subject to Board approval, to select subadvisers and enter into or amend subadvisory agreements with them, without obtaining shareholder approval.

Shares voted “For”		9,142,103
Shares voted “Against”		587,255
Shares voted “Abstain”		285,987

* Effective November 1, 2021, known as Allspring Funds Management, LLC.

** Effective November 1, 2021, known as Allspring Global Investments, LLC.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

36 | Allspring C&B Large Cap Value Fund

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Allspring C&B Large Cap Value Fund | 37

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

38 | Allspring C&B Large Cap Value Fund

Table of Contents

Other information (unaudited)

Officers²

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

Allspring C&B Large Cap Value Fund | 39

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

PAR-1221-00193 01-22
SA280/SAR280 11-21

Semi-Annual Report

November 30, 2021

Allspring Emerging Growth Fund

Contents

Allspring Emerging Growth Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for Allspring Emerging Growth Fund for the six-month period that ended November 30, 2021. Global stocks yielded mixed results as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. The bond market had mostly positive returns during the period.

Vaccination rollout drove the stock markets to new highs.

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

2 | Allspring Emerging Growth Fund

Table of Contents

Letter to shareholders (unaudited)

_“ Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market._”

¹	The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

Allspring Emerging Growth Fund | 3

Table of Contents

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Information on transaction closing.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

¹	As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm.

4 | Allspring Emerging Growth Fund

Table of Contents

This page is intentionally left blank.

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC

Subadviser for the affiliated master portfolio*

Allspring Global Investments, LLC

Portfolio managers

Robert Gruendyke, CFA®^‡, David Nazaret, CFA®^‡, Thomas C. Ognar, CFA®^‡

Average annual total returns (%) as of November 30, 2021
		Including sales charge			Excluding sales charge			Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net ²
Class A (WEMAX)	3-31-2008	10.92	20.29	15.31	17.69	21.72	16.00	1.35	1.28
Class C (WEMCX)	3-31-2008	15.86	20.83	15.14	16.86	20.83	15.14	2.10	2.03
Class R6 (WEGRX)³	7-31-2018	–	–	–	18.19	22.28	16.54	0.92	0.85
Administrator Class (WFGDX)	1-31-2007	–	–	–	17.82	21.84	16.16	1.27	1.20
Institutional Class (WEMIX)	3-31-2008	–	–	–	18.20	22.20	16.50	1.02	0.90
Russell 2000® Growth Index⁴	–	–	–	–	11.95	14.74	14.06	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

¹	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
²	The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.28% for Class A, 2.03% for Class C, 0.85% for Class R6, 1.20% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
³	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
⁴	The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller - company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

^‡

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Emerging Growth Fund

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 2021¹
ASGN Incorporated	3.48
Rapid7 Incorporated	3.30
SPS Commerce Incorporated	2.87
Shockwave Medical Incorporated	2.83
Boot Barn Holdings Incorporated	2.74
Crocs Incorporated	2.71
Sprout Social Incorporated Class A	2.63
Codexis Incorporated	2.53
Workiva Incorporated	2.51
Novanta Incorporated	2.31

¹	Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of November 30, 2021¹

¹	Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Allspring Emerging Growth Fund | 7

Table of Contents

Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2021 to November 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 6-1-2021	Ending account value 11-30-2021	Expenses paid during the period^1,2	Annualized net expense ratio²
Class A
Actual	$1,000.00	$1,062.05	$ 6.56	1.27%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.70	$ 6.43	1.27%
Class C
Actual	$1,000.00	$1,058.33	$10.47	2.03%
Hypothetical (5% return before expenses)	$1,000.00	$1,014.89	$10.25	2.03%
Class R6
Actual	$1,000.00	$1,063.95	$ 4.40	0.85%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.81	$ 4.31	0.85%
Administrator Class
Actual	$1,000.00	$1,062.70	$ 6.21	1.20%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.05	$ 6.07	1.20%
Institutional Class
Actual	$1,000.00	$1,064.23	$ 4.66	0.90%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.56	$ 4.56	0.90%

² Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

8 | Allspring Emerging Growth Fund

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

		Value
Investment companies: 99.79%
Affiliated master portfolio: 99.79%
Allspring Emerging Growth Portfolio		$518,157,292
Total Investment companies (Cost $298,639,817)		518,157,292
Total investments in securities (Cost $298,639,817)	99.79%	518,157,292
Other assets and liabilities, net	0.21	1,076,254
Total net assets	100.00%	$519,233,546

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Dividends allocated from affiliated Master Portfolio	Securities lending income allocated from affiliated Master Portfolio	Affiliated income allocated from affiliated Master Portfolio	Value, end of period
Allspring Emerging Growth Portfolio	95.20%	91.83%	$250,263,414	$(175,003,562)	$301,687	$173,697	$1,021	$518,157,292

The accompanying notes are an integral part of these financial statements.

Allspring Emerging Growth Fund | 9

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in affiliated Master Portfolio, at value (cost $298,639,817)	$ 518,157,292
Receivable for Fund shares sold	1,716,564
Receivable from manager	26,962
Prepaid expenses and other assets	41,068
Total assets	519,941,886
Liabilities
Payable for Fund shares redeemed	495,671
Administration fees payable	74,218
Shareholder servicing fees payable	56,035
Shareholder report expenses payable	52,428
Trustees’ fees and expenses payable	2,931
Distribution fee payable	1,522
Accrued expenses and other liabilities	25,535
Total liabilities	708,340
Total net assets	$519,233,546
Net assets consist of
Paid-in capital	$ (18,156,507)
Total distributable earnings	537,390,053
Total net assets	$519,233,546
Computation of net asset value and offering price per share
Net assets – Class A	$ 218,391,096
Shares outstanding – Class A¹	11,390,777
Net asset value per share – Class A	$19.17
Maximum offering price per share – Class A²	$20.34
Net assets – Class C	$ 2,256,678
Shares outstanding – Class C¹	148,057
Net asset value per share – Class C	$15.24
Net assets – Class R6	$ 22,910,601
Shares outstanding – Class R6¹	1,043,065
Net asset value per share – Class R6	$21.96
Net assets – Administrator Class	$ 29,403,311
Shares outstanding – Administrator Class¹	1,458,041
Net asset value per share – Administrator Class	$20.17
Net assets – Institutional Class	$ 246,271,860
Shares outstanding – Institutional Class¹	11,261,818
Net asset value per share – Institutional Class	$21.87

¹	The Fund has an unlimited number of authorized shares.
²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

10 | Allspring Emerging Growth Fund

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends allocated from affiliated Master Portfolio	$ 301,687
Securities lending income allocated from affiliated Master Portfolio	173,697
Affiliated income allocated from affiliated Master Portfolio	1,021
Expenses allocated from affiliated Master Portfolio	(2,976,005)
Total investment income	(2,499,600)
Expenses
Management fee	183,374
Administration fees
Class A	238,896
Class C	2,514
Class R6	3,545
Administrator Class	19,925
Institutional Class	292,043
Shareholder servicing fees
Class A	284,400
Class C	2,993
Administrator Class	38,250
Distribution fee
Class C	8,978
Custody and accounting fees	6,755
Professional fees	19,390
Registration fees	32,399
Shareholder report expenses	4,917
Trustees’ fees and expenses	9,967
Other fees and expenses	3,886
Total expenses	1,152,232
Less: Fee waivers and/or expense reimbursements
Fund-level	(254,514)
Class A	(13,888)
Institutional Class	(89,614)
Net expenses	794,216
Net investment loss	(3,293,816)
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio	250,263,414
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	(175,003,562)
Net realized and unrealized gains (losses) on investments	75,259,852
Net increase in net assets resulting from operations	$ 71,966,036

The accompanying notes are an integral part of these financial statements.

Allspring Emerging Growth Fund | 11

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)		Year ended May 31, 2021
Operations
Net investment loss		$ (3,293,816)		$ (6,987,906)
Net realized gains on investments		250,263,414		164,596,232
Net change in unrealized gains (losses) on investments		(175,003,562)		172,105,999
Net increase in net assets resulting from operations		71,966,036		329,714,325
Distributions to shareholders from
Net investment income and net realized gains
Class A		0		(40,824,693)
Class C		0		(488,552)
Class R6		0		(4,264,478)
Administrator Class		0		(5,278,969)
Institutional Class		0		(104,301,425)
Total distributions to shareholders		0		(155,158,117)
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	141,556	2,780,841	594,602	10,958,344
Class C	13,870	215,104	67,936	1,035,606
Class R6	197,273	4,647,257	203,245	4,206,281
Administrator Class	47,460	976,328	354,817	6,842,617
Institutional Class	2,042,244	45,741,214	8,415,847	166,124,291
		54,360,744		189,167,139
Reinvestment of distributions
Class A	0	0	2,332,324	38,903,166
Class C	0	0	36,568	488,552
Class R6	0	0	68,148	1,296,851
Administrator Class	0	0	299,668	5,253,185
Institutional Class	0	0	5,494,647	104,178,513
		0		150,120,267
Payment for shares redeemed
Class A	(430,719)	(8,463,044)	(1,365,780)	(24,392,486)
Class C	(28,082)	(436,029)	(71,196)	(1,109,781)
Class R6	(207,156)	(4,825,842)	(409,558)	(8,565,269)
Administrator Class	(103,096)	(2,094,375)	(528,979)	(9,983,853)
Institutional Class	(22,338,472)	(503,478,220)	(11,301,966)	(220,272,610)
		(519,297,510)		(264,323,999)
Net increase (decrease) in net assets resulting from capital share transactions		(464,936,766)		74,963,407
Total increase (decrease) in net assets		(392,970,730)		249,519,615
Net assets
Beginning of period		912,204,276		662,684,661
End of period		$ 519,233,546		$ 912,204,276

The accompanying notes are an integral part of these financial statements.

12 | Allspring Emerging Growth Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class A	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$18.05	$14.71	$13.51	$17.04	$14.57	$12.55
Net investment loss	(0.11) ¹	(0.20) ¹	(0.17)	(0.16) ¹	(0.15)	(0.10) ¹
Net realized and unrealized gains (losses) on investments	1.23	7.69	2.13	(0.19)	4.57	2.96
Total from investment operations	1.12	7.49	1.96	(0.35)	4.42	2.86
Distributions to shareholders from
Net realized gains	0.00	(4.15)	(0.76)	(3.18)	(1.95)	(0.84)
Net asset value, end of period	$19.17	$18.05	$14.71	$13.51	$17.04	$14.57
Total return²	6.20%	53.22%	14.97%	(0.84)%	32.91%	23.39%
Ratios to average net assets (annualized)^*
Gross expenses	1.35%	1.35%	1.36%	1.35%	1.36%	1.36%
Net expenses	1.27%	1.27%	1.27%	1.29%	1.35%	1.35%
Net investment loss	(1.13)%	(1.12)%	(1.08)%	(1.06)%	(1.01)%	(0.72)%
Supplemental data
Portfolio turnover rate³	28%	48%	55%	71%	47%	115%
Net assets, end of period (000s omitted)	$218,391	$210,838	$148,866	$145,898	$153,526	$129,724

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.81%
Year ended May 31, 2021	0.81%
Year ended May 31, 2020	0.81%
Year ended May 31, 2019	0.81%
Year ended May 31, 2018	0.81%
Year ended May 31, 2017	0.81%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Emerging Growth Fund | 13

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class C	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$14.41	$12.40	$11.58	$15.19	$13.28	$11.58
Net investment loss	(0.15) ¹	(0.28) ¹	(0.21) ¹	(0.25) ¹	(0.25) ¹	(0.19) ¹
Net realized and unrealized gains (losses) on investments	0.98	6.44	1.79	(0.18)	4.11	2.73
Total from investment operations	0.83	6.16	1.58	(0.43)	3.86	2.54
Distributions to shareholders from
Net realized gains	0.00	(4.15)	(0.76)	(3.18)	(1.95)	(0.84)
Net asset value, end of period	$15.24	$14.41	$12.40	$11.58	$15.19	$13.28
Total return²	5.76%	52.19%	14.16%	(1.55)%	31.82%	22.56%
Ratios to average net assets (annualized)^*
Gross expenses	2.10%	2.10%	2.11%	2.10%	2.11%	2.11%
Net expenses	2.03%	2.03%	2.03%	2.04%	2.10%	2.10%
Net investment loss	(1.89)%	(1.89)%	(1.84)%	(1.78)%	(1.76)%	(1.46)%
Supplemental data
Portfolio turnover rate³	28%	48%	55%	71%	47%	115%
Net assets, end of period (000s omitted)	$2,257	$2,338	$1,599	$1,761	$4,190	$3,328

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.81%
Year ended May 31, 2021	0.81%
Year ended May 31, 2020	0.81%
Year ended May 31, 2019	0.81%
Year ended May 31, 2018	0.81%
Year ended May 31, 2017	0.81%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

14 | Allspring Emerging Growth Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class R6	Six months ended November 30, 2021 (unaudited)	2021	2020	2019 ¹
Net asset value, beginning of period	$20.64	$16.34	$14.86	$18.70
Net investment loss	(0.08)	(0.14)	(0.10) ²	(0.07) ²
Net realized and unrealized gains (losses) on investments	1.40	8.59	2.34	(0.59)
Total from investment operations	1.32	8.45	2.24	(0.66)
Distributions to shareholders from
Net realized gains	0.00	(4.15)	(0.76)	(3.18)
Net asset value, end of period	$21.96	$20.64	$16.34	$14.86
Total return³	6.40%	53.85%	15.51%	(2.35)%
Ratios to average net assets (annualized)^*
Gross expenses	0.92%	0.92%	0.93%	0.92%
Net expenses	0.85%	0.85%	0.85%	0.85%
Net investment loss	(0.71)%	(0.68)%	(0.67)%	(0.51)%
Supplemental data
Portfolio turnover rate⁴	28%	48%	55%	71%
Net assets, end of period (000s omitted)	$22,911	$21,729	$19,458	$22

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.81%
Year ended May 31, 2021	0.81%
Year ended May 31, 2020	0.81%
Year ended May 31, 2019¹	0.81%

¹	For the period from July 31, 2018 (commencement of class operations) to May 31, 2019
²	Calculated based upon average shares outstanding
³	Returns for periods of less than one year are not annualized.
⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Emerging Growth Fund | 15

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Administrator Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$18.98	$15.31	$14.02	$17.54	$14.93	$12.82
Net investment loss	(0.11) ¹	(0.20) ¹	(0.14) ¹	(0.15) ¹	(0.14) ¹	(0.07) ¹
Net realized and unrealized gains (losses) on investments	1.30	8.02	2.19	(0.19)	4.70	3.02
Total from investment operations	1.19	7.82	2.05	(0.34)	4.56	2.95
Distributions to shareholders from
Net realized gains	0.00	(4.15)	(0.76)	(3.18)	(1.95)	(0.84)
Net asset value, end of period	$20.17	$18.98	$15.31	$14.02	$17.54	$14.93
Total return²	6.27%	53.31%	15.07%	(0.75)%	33.06%	23.60%
Ratios to average net assets (annualized)^*
Gross expenses	1.27%	1.27%	1.28%	1.27%	1.28%	1.26%
Net expenses	1.20%	1.20%	1.20%	1.20%	1.20%	1.20%
Net investment loss	(1.06)%	(1.05)%	(1.01)%	(0.94)%	(0.86)%	(0.48)%
Supplemental data
Portfolio turnover rate³	28%	48%	55%	71%	47%	115%
Net assets, end of period (000s omitted)	$29,403	$28,730	$21,250	$23,549	$52,335	$50,865

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.81%
Year ended May 31, 2021	0.81%
Year ended May 31, 2020	0.81%
Year ended May 31, 2019	0.81%
Year ended May 31, 2018	0.81%
Year ended May 31, 2017	0.81%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

16 | Allspring Emerging Growth Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Institutional Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$20.55	$16.29	$14.83	$18.30	$15.46	$13.20
Net investment loss	(0.09) ¹	(0.15)	(0.11) ¹	(0.13)	(0.09)	(0.04) ¹
Net realized and unrealized gains (losses) on investments	1.41	8.56	2.33	(0.16)	4.88	3.14
Total from investment operations	1.32	8.41	2.22	(0.29)	4.79	3.10
Distributions to shareholders from
Net realized gains	0.00	(4.15)	(0.76)	(3.18)	(1.95)	(0.84)
Net asset value, end of period	$21.87	$20.55	$16.29	$14.83	$18.30	$15.46
Total return²	6.42%	53.75%	15.40%	(0.42)%	33.44%	24.08%
Ratios to average net assets (annualized)^*
Gross expenses	1.01%	1.02%	1.03%	1.02%	1.03%	1.03%
Net expenses	0.90%	0.90%	0.90%	0.90%	0.90%	0.90%
Net investment loss	(0.78)%	(0.75)%	(0.71)%	(0.67)%	(0.56)%	(0.24)%
Supplemental data
Portfolio turnover rate³	28%	48%	55%	71%	47%	115%
Net assets, end of period (000s omitted)	$246,272	$648,569	$471,512	$578,073	$606,729	$534,846

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.81%
Year ended May 31, 2021	0.81%
Year ended May 31, 2020	0.81%
Year ended May 31, 2019	0.81%
Year ended May 31, 2018	0.81%
Year ended May 31, 2017	0.81%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Emerging Growth Fund | 17

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Emerging Growth Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Emerging Growth Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2021, the Fund owned 91.83% of Allspring Emerging Growth Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2021 are included in this report and should be read in conjunction with the Fund’s financial statements.

Effective December 6, 2021, "Wells Fargo" was removed from the Fund's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

18 | Allspring Emerging Growth Fund

Table of Contents

Notes to financial statements (unaudited)

Investment transactions, income and expenses

Distributions to shareholders

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $299,389,271 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$219,517,475
Gross unrealized losses	(749,454)
Net unrealized gains	$218,768,021

As of May 31, 2021, the Fund had a qualified late-year ordinary loss of $2,571,417 which was recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Allspring Emerging Growth Portfolio	Seek long-term capital appreciation	$518,157,292

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Allspring Emerging Growth Fund | 19

Table of Contents

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $5 billion	0.050%
Next $5 billion	0.040
Over $10 billion	0.030

For the six months ended November 30, 2021, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees

	Class-level administration fee
Class A	0.21%
Class C	0.21
Class R6	0.03
Administrator Class	0.13
Institutional Class	0.13

Waivers and/or expense reimbursements

20 | Allspring Emerging Growth Fund

Table of Contents

Notes to financial statements (unaudited)

	Expense ratio caps
Class A	1.28%
Class C	2.03
Class R6	0.85
Administrator Class	1.20
Institutional Class	0.90

Distribution fee

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2021, Allspring Funds Distributor received $1,423 from the sale of Class A shares and $16 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended November 30, 2021.

Shareholder servicing fees

5. INVESTMENT PORTFOLIO TRANSACTIONS

6. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

8. INDEMNIFICATION

Allspring Emerging Growth Fund | 21

Table of Contents

Notes to financial statements (unaudited)

9. REDEMPTIONS IN-KIND

During the six months ended November 30, 2021, the Fund redeemed assets through in-kind redemptions for shareholders in Institutional Class. The realized gains (losses) recognized by the Fund are reflected on the Statement of Operations and these redemption transactions are reflected on the Statement of Changes in Net Assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Fund redeemed by the shareholder was as follows:

Date	Value of securities issued	Cash paid	Realized gains (losses)	% of the Fund
8-27-2021	$348,404,897	$1,817,058	$193,594,260	39.45%

10. CORONAVIRUS (COVID-19) PANDEMIC

22 | Allspring Emerging Growth Fund

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Common stocks: 98.26%
Communication services: 1.58%
Interactive media & services: 0.85%
Eventbrite Incorporated Class A †	316,060	$ 4,772,506
Media: 0.73%
Magnite Incorporated †	92,350	1,628,131
TechTarget Incorporated †	25,900	2,502,717
		4,130,848
Consumer discretionary: 15.78%
Auto components: 2.08%
Fox Factory Holding Corporation †	66,718	11,727,023
Hotels, restaurants & leisure: 3.96%
Bally's Corporation †	89,576	3,434,344
F45 Training Holdings Incorporated †«	122,845	1,307,071
Papa John's International Incorporated	84,665	10,322,357
Wingstop Incorporated	45,378	7,287,707
		22,351,479
Internet & direct marketing retail: 0.83%
CarParts.com Incorporated †	136,120	1,683,804
Fiverr International Limited †	21,156	2,996,113
		4,679,917
Leisure products: 1.39%
YETI Holdings Incorporated †	84,940	7,828,070
Specialty retail: 4.02%
Boot Barn Holdings Incorporated †	126,450	15,469,893
Leslie's Incorporated †	199,514	4,181,813
Lithia Motors Incorporated Class A	10,442	3,042,068
		22,693,774
Textiles, apparel & luxury goods: 3.50%
Crocs Incorporated †	93,575	15,348,172
Deckers Outdoor Corporation †	10,903	4,420,076
		19,768,248
Consumer staples: 3.35%
Beverages: 0.98%
Celsius Holdings Incorporated †	81,085	5,547,025
Food & staples retailing: 1.10%
The Chef's Warehouse Incorporated †	199,595	6,201,417
Food products: 1.27%
Freshpet Incorporated †	43,318	4,679,210
Vital Farms Incorporated †	145,271	2,456,533
		7,135,743

The accompanying notes are an integral part of these financial statements.

Allspring Emerging Growth Portfolio | 23

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Financials: 4.89%
Capital markets: 1.86%
Assetmark Financial Holdings †	20,544	$ 520,996
Bakkt Holdings Incorporated †«	57,995	905,302
Stifel Financial Corporation	127,866	9,079,765
		10,506,063
Insurance: 3.03%
Goosehead Insurance Incorporated Class A	33,296	4,372,431
Kinsale Capital Group Incorporated	61,193	12,728,144
		17,100,575
Health care: 24.42%
Biotechnology: 6.00%
Arcutis Biotherapeutics Incorporated †	183,756	3,044,837
Biohaven Pharmaceutical Holding Company †	23,416	2,628,212
CareDx Incorporated †	72,578	3,131,015
Cytokinetics Incorporated †	51,500	2,026,010
Fate Therapeutics Incorporated †	57,367	3,155,759
Halozyme Therapeutics Incorporated †	177,240	5,827,651
Natera Incorporated †	51,868	4,743,847
Vericel Corporation †	250,133	9,307,449
		33,864,780
Health care equipment & supplies: 9.58%
Axonics Modulation Technologies Incorporated †	140,350	7,636,444
Figs Incorporated Class A †«	118,103	3,925,744
Nyxoah SA †	39,070	820,470
Orthopediatrics Corporation †	104,481	5,820,637
Outset Medical Incorporated †	70,511	3,342,221
Pulmonx Corporation †	92,744	2,995,631
Shockwave Medical Incorporated †	88,925	16,027,842
SI-BONE Incorporated †	222,393	4,281,065
Silk Road Medical Incorporated †	39,824	1,616,058
Tandem Diabetes Care Incorporated †	33,510	4,306,705
Vapotherm Incorporated †	149,077	3,279,694
		54,052,511
Health care providers & services: 1.76%
Accolade Incorporated †	76,350	1,959,905
Castle Biosciences Incorporated †	135,756	5,610,795
Privia Health Group Incorporated †	101,327	2,340,654
		9,911,354
Health care technology: 3.38%
CVRx Incorporated †	74,188	859,097
Inspire Medical Systems Incorporated †	41,599	9,287,809
Phreesia Incorporated †	154,098	8,888,373
		19,035,279
Life sciences tools & services: 3.70%
Akoya Biosciences Incorporated †	142,046	1,843,757
Alpha Teknova Incorporated †	59,668	1,334,176

The accompanying notes are an integral part of these financial statements.

24 | Allspring Emerging Growth Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Life sciences tools & services (continued)
Codexis Incorporated †	411,927	$ 14,297,986
Neogenomics Incorporated †	99,744	3,417,229
		20,893,148
Industrials: 14.31%
Building products: 2.10%
The AZEK Company Incorporated †	74,597	2,925,694
Zurn Water Solutions Corporation	254,384	8,916,159
		11,841,853
Commercial services & supplies: 2.68%
ACV Auctions Incorporated Class A †	198,305	4,200,100
Casella Waste Systems Incorporated Class A †	128,941	10,931,618
		15,131,718
Construction & engineering: 0.66%
Construction Partners Incorporated Class A †	107,285	3,705,624
Electrical equipment: 1.59%
Regal-Beloit Corporation	56,717	8,966,958
Professional services: 3.51%
ASGN Incorporated †	161,901	19,700,110
Legalzoom.com Incorporated †«	7,111	128,069
		19,828,179
Road & rail: 1.95%
Saia Incorporated †	33,211	10,998,819
Trading companies & distributors: 1.82%
SiteOne Landscape Supply Incorporated †	42,727	10,269,862
Information technology: 33.22%
Electronic equipment, instruments & components: 2.72%
Novanta Incorporated †	81,002	13,077,773
Par Technology Corporation †«	43,520	2,279,142
		15,356,915
IT services: 4.78%
BigCommerce Holdings Incorporated Series 1 †	148,710	6,732,102
DigitalOcean Holdings Incorporated †	53,950	5,438,700
Endava plc ADR †	57,514	9,003,242
EVO Payments Incorporated Class A †	174,617	3,717,596
Paymentus Holdings Incorporated A †«	69,730	2,061,219
		26,952,859
Semiconductors & semiconductor equipment: 5.73%
Allegro MicroSystems Incorporated †	221,212	6,908,451
Diodes Incorporated †	92,586	9,846,521
Semtech Corporation †	116,756	10,002,487
Silicon Laboratories Incorporated †	16,274	3,194,098
Skywater Technology Incorporated †«	128,398	2,402,327
		32,353,884

The accompanying notes are an integral part of these financial statements.

Allspring Emerging Growth Portfolio | 25

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Software: 19.99%
8x8 Incorporated †	161,185	$ 3,473,537
Alkami Technology Incorporated †	175,622	5,038,595
CyberArk Software Limited †	58,860	10,173,951
Domo Incorporated Class B †	58,500	4,232,475
Everbridge Incorporated †	32,551	3,691,934
Jamf Holding Corporation †	176,618	5,692,398
Olo Incorporated Class A †	101,349	2,489,131
Paycor HCM Incorporated †	183,895	5,413,869
Q2 Holdings Incorporated †	86,705	6,962,412
Rapid7 Incorporated †	150,375	18,655,523
SimilarWeb Limited †«	94,700	1,643,992
Sprout Social Incorporated Class A †	133,196	14,875,329
SPS Commerce Incorporated †	115,196	16,241,484
Workiva Incorporated †	101,720	14,186,888
		112,771,518
Utilities: 0.71%
Independent power & renewable electricity producers: 0.71%
Sunnova Energy International Incorporated †	108,872	4,024,998
Total Common stocks (Cost $311,142,999)		554,402,947


Investment companies: 1.21%
Exchange-traded funds: 1.21%
iShares Russell 2000 Growth ETF «	23,400	6,834,906
Total Investment companies (Cost $7,477,816)		6,834,906

		Yield
Short-term investments: 3.94%
Investment companies: 3.94%
Allspring Government Money Market Fund Select Class ♠∞		0.03%	3,624,668	3,624,668
Securities Lending Cash Investments LLC ♠∩∞		0.04	18,623,216	18,623,216
Total Short-term investments (Cost $22,247,884)				22,247,884
Total investments in securities (Cost $340,868,699)	103.41%			583,485,737
Other assets and liabilities, net	(3.41)			(19,238,893)
Total net assets	100.00%			$564,246,844

†	Non-income-earning security
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.

Abbreviations:
ADR	American depositary receipt

The accompanying notes are an integral part of these financial statements.

26 | Allspring Emerging Growth Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

Investments in affiliates

	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	$9,477,635	$ 89,180,624	$ (95,033,591)	$0	$0	$ 3,624,668	3,624,668	$ 1,093
Securities Lending Cash Investments LLC	3,883,200	119,094,272	(104,354,256)	0	0	18,623,216	18,623,216	1,810 ^#
				$0	$0	$22,247,884		$2,903

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

Allspring Emerging Growth Portfolio | 27

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $18,183,893 of securities loaned), at value (cost $318,620,815)	$ 561,237,853
Investments in affiliated securities, at value (cost $22,247,884)	22,247,884
Receivable for securities lending income, net	122,329
Receivable for dividends	41,491
Prepaid expenses and other assets	10,929
Total assets	583,660,486
Liabilities
Payable upon receipt of securities loaned	18,623,216
Advisory fee payable	402,497
Payable for investments purchased	367,610
Accrued expenses and other liabilities	20,319
Total liabilities	19,413,642
Total net assets	$564,246,844

The accompanying notes are an integral part of these financial statements.

28 | Allspring Emerging Growth Portfolio

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends	$ 321,726
Securities lending income (including from affiliate), net	188,228
Income from affiliated securities	1,093
Total investment income	511,047
Expenses
Advisory fee	3,092,830
Custody and accounting fees	33,132
Professional fees	25,304
Interest holder report expenses	4,748
Trustees’ fees and expenses	9,662
Other fees and expenses	11,543
Total expenses	3,177,219
Net investment loss	(2,666,172)
Realized and unrealized gains (losses) on investments
Net realized gains on investments	271,451,909
Net change in unrealized gains (losses) on investments	(192,758,630)
Net realized and unrealized gains (losses) on investments	78,693,279
Net increase in net assets resulting from operations	$ 76,027,107

The accompanying notes are an integral part of these financial statements.

Allspring Emerging Growth Portfolio | 29

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment loss	$ (2,666,172)	$ (5,761,179)
Net realized gains on investments	271,451,909	181,278,904
Net change in unrealized gains (losses) on investments	(192,758,630)	176,777,300
Net increase in net assets resulting from operations	76,027,107	352,295,025
Capital transactions
Transactions in investors’ beneficial interests
Contributions	27,581,657	97,803,647
Withdrawals	(496,884,083)	(215,997,204)
Net decrease in net assets resulting from capital transactions	(469,302,426)	(118,193,557)
Total increase (decrease) in net assets	(393,275,319)	234,101,468
Net assets
Beginning of period	957,522,163	723,420,695
End of period	$ 564,246,844	$ 957,522,163

The accompanying notes are an integral part of these financial statements.

30 | Allspring Emerging Growth Portfolio

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Total return¹	6.47%	53.94%	15.49%	(0.28)%	33.60%	23.97%
Ratios to average net assets (annualized)
Gross expenses	0.81%	0.81%	0.81%	0.81%	0.81%	0.81%
Net expenses	0.81%	0.81%	0.81%	0.81%	0.81%	0.81%
Net investment loss	(0.68)%	(0.66)%	(0.62)%	(0.57)%	(0.47)%	(0.15)%
Supplemental data
Portfolio turnover rate	28%	48%	55%	71%	47%	115%

¹	Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Allspring Emerging Growth Portfolio | 31

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Emerging Growth Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Securities lending

32 | Allspring Emerging Growth Portfolio

Table of Contents

Notes to financial statements (unaudited)

receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in securities lending income (including from affiliate) (net of fees and rebates) on the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date.

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $337,347,541 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$269,154,469
Gross unrealized losses	(23,016,273)
Net unrealized gains	$246,138,196

3. FAIR VALUATION MEASUREMENTS

■	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 Portfolio’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.

Allspring Emerging Growth Portfolio | 33

Table of Contents

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 8,903,354	$0	$0	$ 8,903,354
Consumer discretionary	89,048,511	0	0	89,048,511
Consumer staples	18,884,185	0	0	18,884,185
Financials	27,606,638	0	0	27,606,638
Health care	137,757,072	0	0	137,757,072
Industrials	80,743,013	0	0	80,743,013
Information technology	187,435,176	0	0	187,435,176
Utilities	4,024,998	0	0	4,024,998
Investment companies	6,834,906	0	0	6,834,906
Short-term investments
Investment companies	22,247,884	0	0	22,247,884
Total assets	$583,485,737	$0	$0	$583,485,737

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

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Average daily net assets	Advisory fee
First $500 million	0.800%
Next $500 million	0.775
Next $1 billion	0.750
Next $1 billion	0.725
Next $1 billion	0.700
Over $4 billion	0.680

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.79% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

Interfund transactions

34 | Allspring Emerging Growth Portfolio

Table of Contents

Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2021 were $209,411,711 and $325,680,656, respectively.

6. SECURITIES LENDING TRANSACTIONS

Counterparty	Value of securities on loan	Collateral received¹	Net amount
Bank of America Securities Incorporated	$ 438,346	$ (438,346)	$0
Barclays Capital Incorporated	258,024	(258,024)	0
BNP Paribas Securities Corporation	2,228,094	(2,228,094)	0
Citigroup Global Markets Incorporated	327,908	(327,908)	0
JPMorgan Securities LLC	7,310,570	(7,310,570)	0
Morgan Stanley & Company LLC	7,494,991	(7,494,991)	0
National Financial Services LLC	125,960	(125,960)	0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in the health care and information technology sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Allspring Emerging Growth Portfolio | 35

Table of Contents

Notes to financial statements (unaudited)

variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. CORONAVIRUS (COVID-19) PANDEMIC

36 | Allspring Emerging Growth Portfolio

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

SPECIAL MEETING OF SHAREHOLDERS

On August 16, 2021, a Special Meeting of Shareholders for Allspring Emerging Growth Fund was held to consider the following proposals. The results of the proposals are indicated below.

Proposal 1 – To consider and approve a new investment management agreement with Wells Fargo Funds Management, LLC*.

Shares voted “For”		29,098,947
Shares voted “Against”		399,064
Shares voted “Abstain”		634,441

Proposal 2 – To consider and approve a new advisory agreement with Wells Fargo Funds Management, LLC* for Allspring Emerging Growth Portfolio in which the Fund invests substantially all of its assets.

Shares voted “For”		29,089,406
Shares voted “Against”		387,365
Shares voted “Abstain”		655,681

Proposal 3 – To consider and approve a new subadvisory agreement with Wells Capital Management, LLC** for Allspring Emerging Growth Portfolio.

Shares voted “For”		29,046,393
Shares voted “Against”		447,364
Shares voted “Abstain”		638,695

* Effective November 1, 2021, known as Allspring Funds Management, LLC.

** Effective November 1, 2021, known as Allspring Global Investments, LLC.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

Allspring Emerging Growth Fund | 37

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

38 | Allspring Emerging Growth Fund

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

Allspring Emerging Growth Fund | 39

Table of Contents

Other information (unaudited)

Officers²

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

40 | Allspring Emerging Growth Fund

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

PAR-1221-00195 01-22
SA282/SAR282 11-21

Semi-Annual Report

November 30, 2021

Allspring Index Fund

Contents

Allspring Index Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for Allspring Index Fund for the six-month period that ended November 30, 2021. Global stocks yielded mixed results as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. The bond market had mostly positive returns during the period.

Vaccination rollout drove the stock markets to new highs.

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

2 | Allspring Index Fund

Table of Contents

Letter to shareholders (unaudited)

_“ Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market._”

¹	The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

Allspring Index Fund | 3

Table of Contents

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Information on transaction closing.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

¹	As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm.

4 | Allspring Index Fund

Table of Contents

This page is intentionally left blank.

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks to replicate the total returns of the S&P 500 Index, before fees and expenses.
Manager	Allspring Funds Management, LLC

Subadviser for the affiliated master portfolio*

Allspring Global Investments, LLC

Portfolio managers

John R. Campbell, CFA®^‡, David Neal, CFA®^‡, Robert M. Wicentowski, CFA®^‡

Average annual total returns (%) as of November 30, 2021
		Including sales charge			Excluding sales charge			Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net ²
Class A (WFILX)	11-4-1998	20.03	15.93	14.88	27.34	17.31	15.57	0.66	0.45
Class C (WFINX)	4-30-1999	25.39	16.46	14.72	26.39	16.46	14.72	1.41	1.20
Administrator Class (WFIOX)	2-14-1985	–	–	–	27.59	17.54	15.85	0.43	0.25
S&P 500 Index³	–	–	–	–	27.92	17.90	16.16	–	–

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

¹	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
²	The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.45% for Class A, 1.20% for Class C and 0.25% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
³	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund’s prospectus for additional information on these and other risks.

^‡

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Index Fund

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 2021¹
Apple Incorporated	6.56
Microsoft Corporation	6.28
Amazon.com Incorporated	3.86
Tesla Motors Incorporated	2.35
Alphabet Incorporated Class A	2.16
NVIDIA Corporation	2.06
Alphabet Incorporated Class C	2.03
Facebook Incorporated Class A	1.95
Berkshire Hathaway Incorporated Class B	1.30
JPMorgan Chase & Company	1.20

¹	Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of November 30, 2021¹

¹	Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Allspring Index Fund | 7

Table of Contents

Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2021 to November 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 6-1-2021	Ending account value 11-30-2021	Expenses paid during the period^1,2	Annualized net expense ratio²
Class A
Actual	$1,000.00	$1,091.29	$2.31	0.44%
Hypothetical (5% return before expenses)	$1,000.00	$1,022.86	$2.23	0.44%
Class C
Actual	$1,000.00	$1,087.32	$6.28	1.20%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.05	$6.07	1.20%
Administrator Class
Actual	$1,000.00	$1,092.39	$1.31	0.25%
Hypothetical (5% return before expenses)	$1,000.00	$1,023.82	$1.27	0.25%

² Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

8 | Allspring Index Fund

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

		Value
Investment companies: 100.07%
Affiliated master portfolio: 100.07%
Allspring Index Portfolio		$1,334,494,181
Total Investment companies (Cost $119,011,332)		1,334,494,181
Total investments in securities (Cost $119,011,332)	100.07%	1,334,494,181
Other assets and liabilities, net	(0.07)	(879,445)
Total net assets	100.00%	$1,333,614,736

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Dividends allocated from affiliated Master Portfolio	Affiliated income allocated from affiliated Master Portfolio	Value, end of period
Allspring Index Portfolio	96.64%	96.76%	$42,154,925	$65,680,878	$8,840,590	$59,693	$1,334,494,181

The accompanying notes are an integral part of these financial statements.

Allspring Index Fund | 9

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in affiliated Master Portfolio, at value (cost $119,011,332)	$ 1,334,494,181
Receivable for Fund shares sold	467,438
Receivable from manager	127,545
Total assets	1,335,089,164
Liabilities
Payable for Fund shares redeemed	925,681
Shareholder servicing fees payable	221,439
Administration fees payable	206,382
Distribution fee payable	8,119
Trustees’ fees and expenses payable	2,966
Accrued expenses and other liabilities	109,841
Total liabilities	1,474,428
Total net assets	$1,333,614,736
Net assets consist of
Paid-in capital	$ 5,192,136
Total distributable earnings	1,328,422,600
Total net assets	$1,333,614,736
Computation of net asset value and offering price per share
Net assets – Class A	$ 882,187,192
Shares outstanding – Class A¹	16,113,242
Net asset value per share – Class A	$54.75
Maximum offering price per share – Class A²	$58.09
Net assets – Class C	$ 12,797,618
Shares outstanding – Class C¹	229,938
Net asset value per share – Class C	$55.66
Net assets – Administrator Class	$ 438,629,926
Shares outstanding – Administrator Class¹	7,810,633
Net asset value per share – Administrator Class	$56.16

¹	The Fund has an unlimited number of authorized shares.
²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

10 | Allspring Index Fund

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $42,718)	$ 8,840,590
Affiliated income allocated from affiliated Master Portfolio	59,693
Expenses allocated from affiliated Master Portfolio	(708,177)
Total investment income	8,192,106
Expenses
Management fee	329,078
Administration fees
Class A	914,754
Class C	13,406
Administrator Class	281,028
Shareholder servicing fees
Class A	1,088,993
Class C	15,888
Administrator Class	193,104
Distribution fee
Class C	47,547
Custody and accounting fees	1,925
Professional fees	15,714
Registration fees	3,657
Shareholder report expenses	5,961
Trustees’ fees and expenses	9,968
Other fees and expenses	554
Total expenses	2,921,577
Less: Fee waivers and/or expense reimbursements
Fund-level	(865,129)
Class A	(217,204)
Class C	(2,547)
Administrator Class	(712)
Net expenses	1,835,985
Net investment income	6,356,121
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio	42,154,925
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	65,680,878
Net realized and unrealized gains (losses) on investments	107,835,803
Net increase in net assets resulting from operations	$114,191,924

The accompanying notes are an integral part of these financial statements.

Allspring Index Fund | 11

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)		Year ended May 31, 2021
Operations
Net investment income		$ 6,356,121		$ 13,016,141
Net realized gains on investments		42,154,925		101,189,274
Net change in unrealized gains (losses) on investments		65,680,878		267,094,800
Net increase in net assets resulting from operations		114,191,924		381,300,215
Distributions to shareholders from
Net investment income and net realized gains
Class A		0		(99,506,178)
Class C		0		(1,661,488)
Administrator Class		0		(50,898,614)
Total distributions to shareholders		0		(152,066,280)
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	184,441	9,825,473	543,966	25,097,626
Class C	12,256	664,186	12,993	609,026
Administrator Class	230,505	12,543,116	1,009,053	47,555,074
		23,032,775		73,261,726
Reinvestment of distributions
Class A	0	0	2,188,868	96,461,288
Class C	0	0	31,396	1,403,441
Administrator Class	0	0	1,056,266	47,713,951
		0		145,578,680
Payment for shares redeemed
Class A	(731,527)	(38,746,447)	(2,068,334)	(95,239,910)
Class C	(27,088)	(1,457,586)	(183,902)	(8,615,422)
Administrator Class	(478,581)	(25,992,665)	(2,159,572)	(101,444,640)
		(66,196,698)		(205,299,972)
Net increase (decrease) in net assets resulting from capital share transactions		(43,163,923)		13,540,434
Total increase in net assets		71,028,001		242,774,369
Net assets
Beginning of period		1,262,586,735		1,019,812,366
End of period		$1,333,614,736		$1,262,586,735

The accompanying notes are an integral part of these financial statements.

12 | Allspring Index Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class A	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$50.17	$41.27	$49.48	$63.35	$66.85	$62.85
Net investment income	0.24	0.48	0.65	0.82	0.99 ¹	1.05
Net realized and unrealized gains (losses) on investments	4.34	14.92	5.82	0.54	7.99	9.09
Total from investment operations	4.58	15.40	6.47	1.36	8.98	10.14
Distributions to shareholders from
Net investment income	0.00	(0.57)	(0.67)	(0.90)	(1.02)	(1.16)
Net realized gains	0.00	(5.93)	(14.01)	(14.33)	(11.46)	(4.98)
Total distributions to shareholders	0.00	(6.50)	(14.68)	(15.23)	(12.48)	(6.14)
Net asset value, end of period	$54.75	$50.17	$41.27	$49.48	$63.35	$66.85
Total return²	9.13%	39.71%	12.02%	3.32%	13.87%	16.94%
Ratios to average net assets (annualized)^*
Gross expenses	0.62%	0.65%	0.67%	0.65%	0.63%	0.62%
Net expenses	0.44%	0.44%	0.44%	0.45%	0.45%	0.45%
Net investment income	0.91%	1.08%	1.47%	1.51%	1.49%	1.68%
Supplemental data
Portfolio turnover rate³	1%	4%	3%	4%	3%	9%
Net assets, end of period (000s omitted)	$882,187	$835,781	$660,101	$676,511	$702,866	$684,004

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.11%
Year ended May 31, 2021	0.11%
Year ended May 31, 2020	0.12%
Year ended May 31, 2019	0.11%
Year ended May 31, 2018	0.10%
Year ended May 31, 2017	0.10%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Index Fund | 13

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class C	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$51.19	$41.90	$50.02	$63.67	$67.11	$63.12
Net investment income	0.17	0.16 ¹	0.30	0.46 ¹	0.50 ¹	0.66
Net realized and unrealized gains (losses) on investments	4.30	15.21	5.84	0.52	8.00	9.02
Total from investment operations	4.47	15.37	6.14	0.98	8.50	9.68
Distributions to shareholders from
Net investment income	0.00	(0.15)	(0.25)	(0.30)	(0.48)	(0.71)
Net realized gains	0.00	(5.93)	(14.01)	(14.33)	(11.46)	(4.98)
Total distributions to shareholders	0.00	(6.08)	(14.26)	(14.63)	(11.94)	(5.69)
Net asset value, end of period	$55.66	$51.19	$41.90	$50.02	$63.67	$67.11
Total return²	8.73%	38.83%	11.17%	2.54%	13.02%	16.07%
Ratios to average net assets (annualized)^*
Gross expenses	1.37%	1.40%	1.42%	1.39%	1.38%	1.37%
Net expenses	1.20%	1.20%	1.20%	1.20%	1.20%	1.20%
Net investment income	0.15%	0.34%	0.72%	0.77%	0.72%	0.93%
Supplemental data
Portfolio turnover rate³	1%	4%	3%	4%	3%	9%
Net assets, end of period (000s omitted)	$12,798	$12,530	$16,103	$19,146	$66,117	$67,691

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.11%
Year ended May 31, 2021	0.11%
Year ended May 31, 2020	0.12%
Year ended May 31, 2019	0.11%
Year ended May 31, 2018	0.10%
Year ended May 31, 2017	0.10%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

14 | Allspring Index Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Administrator Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$51.41	$42.15	$50.24	$64.04	$67.43	$63.33
Net investment income	0.34	0.58	0.81	1.02 ¹	1.26	1.41
Net realized and unrealized gains (losses) on investments	4.41	15.26	5.85	0.48	7.94	8.94
Total from investment operations	4.75	15.84	6.66	1.50	9.20	10.35
Distributions to shareholders from
Net investment income	0.00	(0.65)	(0.74)	(0.97)	(1.13)	(1.27)
Net realized gains	0.00	(5.93)	(14.01)	(14.33)	(11.46)	(4.98)
Total distributions to shareholders	0.00	(6.58)	(14.75)	(15.30)	(12.59)	(6.25)
Net asset value, end of period	$56.16	$51.41	$42.15	$50.24	$64.04	$67.43
Total return²	9.24%	39.97%	12.25%	3.52%	14.10%	17.18%
Ratios to average net assets (annualized)^*
Gross expenses	0.38%	0.42%	0.44%	0.41%	0.40%	0.39%
Net expenses	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%
Net investment income	1.10%	1.28%	1.67%	1.72%	1.70%	1.88%
Supplemental data
Portfolio turnover rate³	1%	4%	3%	4%	3%	9%
Net assets, end of period (000s omitted)	$438,630	$414,276	$343,609	$460,934	$829,004	$1,151,522

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.11%
Year ended May 31, 2021	0.11%
Year ended May 31, 2020	0.12%
Year ended May 31, 2019	0.11%
Year ended May 31, 2018	0.10%
Year ended May 31, 2017	0.10%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Index Fund | 15

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Index Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Index Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2021, the Fund owned 96.76% of Allspring Index Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2021 are included in this report and should be read in conjunction with the Fund’s financial statements.

Consummation of the transaction resulted in the automatic termination of the Fund’s investment management agreement. The Fund’s Board of Trustees approved a new investment management agreement which was submitted and approved by the Fund’s shareholders at a Special Meeting of Shareholders held on September 15, 2021. The new agreement became effective on November 1, 2021.

Effective December 6, 2021, "Wells Fargo" was removed from the Fund's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

16 | Allspring Index Fund

Table of Contents

Notes to financial statements (unaudited)

Investment transactions, income and expenses

Distributions to shareholders

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $123,945,872 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$1,210,548,309
Gross unrealized losses	0
Net unrealized gains	$1,210,548,309

Class allocations

3. FAIR VALUATION MEASUREMENTS

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Allspring Index Portfolio	Seeks to replicate the total return of the S&P 500 Index, before fees and expenses	$1,334,494,181

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Index Fund | 17

Table of Contents

Notes to financial statements (unaudited)

provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.050%
Next $5 billion	0.040
Over $10 billion	0.030

For the six months ended November 30, 2021, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees

	Class-level administration fee
Class A	0.21%
Class C	0.21
Administrator Class	0.13

Waivers and/or expense reimbursements

	Expense ratio caps
Class A	0.45%
Class C	1.20
Administrator Class	0.25

Distribution fee

18 | Allspring Index Fund

Table of Contents

Notes to financial statements (unaudited)

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Allspring Funds Distributor received $1,888 in contingent deferred sales charges from Class A shares for the six months ended November 30, 2021. No front-end sales charges were incurred by Class A shares and no contingent deferred sales charges were incurred by Class C shares for the six months ended November 30, 2021.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C shares of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates, and to certain entities that were affiliates of the Fund until November 1, 2021.

5. INVESTMENT PORTFOLIO TRANSACTIONS

6. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

8. INDEMNIFICATION

9. CORONAVIRUS (COVID-19) PANDEMIC

Allspring Index Fund | 19

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Common stocks: 97.82%
Communication services: 10.13%
Diversified telecommunication services: 0.97%
AT&T Incorporated	248,570	$ 5,674,853
Lumen Technologies Incorporated	34,629	427,322
Verizon Communications Incorporated	144,133	7,245,566
		13,347,741
Entertainment: 1.67%
Activision Blizzard Incorporated	27,075	1,586,595
Electronic Arts Incorporated	9,907	1,230,648
Live Nation Entertainment Incorporated †	4,587	489,204
Netflix Incorporated †	15,408	9,890,395
Take-Two Interactive Software Incorporated †	4,056	672,809
The Walt Disney Company †	63,261	9,166,519
		23,036,170
Interactive media & services: 6.31%
Alphabet Incorporated Class A †	10,482	29,747,383
Alphabet Incorporated Class C †	9,809	27,946,233
Facebook Incorporated Class A †	82,989	26,926,611
Match Group Incorporated †	9,637	1,252,714
Twitter Incorporated †	27,780	1,220,653
		87,093,594
Media: 1.02%
Charter Communications Incorporated Class A †	4,416	2,853,972
Comcast Corporation Class A	159,457	7,969,661
Discovery Incorporated Class A †«	5,887	136,990
Discovery Incorporated Class C †	10,574	240,136
DISH Network Corporation Class A †	8,666	270,813
Fox Corporation Class A	11,259	402,059
Fox Corporation Class B	5,163	173,477
Interpublic Group of Companies Incorporated	13,703	454,803
News Corporation Class A	13,620	294,464
News Corporation Class B	4,239	91,350
Omnicom Group Incorporated	7,464	502,402
ViacomCBS Incorporated Class B	21,091	652,766
		14,042,893
Wireless telecommunication services: 0.16%
T-Mobile US Incorporated †	20,420	2,221,900
Consumer discretionary: 12.88%
Auto components: 0.14%
Aptiv plc †	9,417	1,510,016
BorgWarner Incorporated	8,348	361,301
		1,871,317
Automobiles: 2.75%
Ford Motor Company	136,606	2,621,469

The accompanying notes are an integral part of these financial statements.

20 | Allspring Index Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Automobiles (continued)
General Motors Company †	50,540	$ 2,924,750
Tesla Motors Incorporated †	28,249	32,338,325
		37,884,544
Distributors: 0.14%
Genuine Parts Company	4,986	636,912
LKQ Corporation	9,412	526,131
Pool Corporation	1,396	773,552
		1,936,595
Hotels, restaurants & leisure: 1.82%
Booking Holdings Incorporated †	1,429	3,003,544
Caesars Entertainment Incorporated †	7,430	669,220
Carnival Corporation †	27,800	489,836
Chipotle Mexican Grill Incorporated †	978	1,607,255
Darden Restaurants Incorporated	4,537	625,879
Domino's Pizza Incorporated	1,283	672,472
Expedia Group Incorporated †	5,058	814,793
Hilton Worldwide Holdings Incorporated †	9,702	1,310,449
Las Vegas Sands Corporation †	11,969	426,336
Marriott International Incorporated Class A †	9,523	1,405,214
McDonald's Corporation	25,999	6,359,355
MGM Resorts International	13,924	551,112
Norwegian Cruise Line Holdings Limited †«	12,882	251,328
Penn National Gaming Incorporated †	5,782	296,212
Royal Caribbean Cruises Limited †	7,803	544,805
Starbucks Corporation	41,049	4,500,612
Wynn Resorts Limited †	3,665	296,902
Yum! Brands Incorporated	10,293	1,264,392
		25,089,716
Household durables: 0.37%
D.R. Horton Incorporated	11,347	1,108,602
Garmin Limited	5,289	706,293
Leggett & Platt Incorporated	4,641	187,450
Lennar Corporation Class A	9,563	1,004,593
Mohawk Industries Incorporated †	1,947	326,843
Newell Rubbermaid Incorporated	13,181	282,996
NVR Incorporated †	117	611,365
PulteGroup Incorporated	9,035	452,021
Whirlpool Corporation	2,183	475,326
		5,155,489
Internet & direct marketing retail: 4.05%
Amazon.com Incorporated †	15,163	53,177,702
eBay Incorporated	22,631	1,526,687
Etsy Incorporated †	4,407	1,210,074
		55,914,463
Leisure products: 0.03%
Hasbro Incorporated	4,506	436,676
Multiline retail: 0.52%
Dollar General Corporation	8,223	1,819,750

The accompanying notes are an integral part of these financial statements.

Allspring Index Portfolio | 21

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Multiline retail (continued)
Dollar Tree Incorporated †	8,075	$ 1,080,677
Target Corporation	17,223	4,199,656
		7,100,083
Specialty retail: 2.36%
Advance Auto Parts Incorporated	2,278	502,800
AutoZone Incorporated †	750	1,362,803
Bath & Body Works Incorporated	9,217	692,473
Best Buy Company Incorporated	7,848	838,637
CarMax Incorporated †	5,672	801,170
Lowe's Companies Incorporated	24,609	6,019,115
O'Reilly Automotive Incorporated †	2,400	1,531,584
Ross Stores Incorporated	12,433	1,356,316
The Gap Incorporated	7,493	123,859
The Home Depot Incorporated	37,016	14,828,980
The TJX Companies Incorporated	42,002	2,914,939
Tractor Supply Company	3,981	897,039
Ulta Beauty Incorporated †	1,906	731,809
		32,601,524
Textiles, apparel & luxury goods: 0.70%
HanesBrands Incorporated	12,155	196,303
Nike Incorporated Class B	44,495	7,530,334
PVH Corporation	2,484	265,242
Ralph Lauren Corporation	1,693	196,456
Tapestry Incorporated	9,708	389,485
Under Armour Incorporated Class A †	6,567	154,916
Under Armour Incorporated Class C †	7,255	145,608
VF Corporation	11,345	813,777
		9,692,121
Consumer staples: 5.46%
Beverages: 1.30%
Brown-Forman Corporation Class B	6,361	447,560
Constellation Brands Incorporated Class A	5,857	1,319,758
Molson Coors Brewing Company Class B	6,559	291,482
Monster Beverage Corporation †	13,073	1,095,256
PepsiCo Incorporated	48,117	7,688,134
The Coca-Cola Company	135,250	7,093,863
		17,936,053
Food & staples retailing: 1.35%
Costco Wholesale Corporation	15,390	8,301,058
Sysco Corporation	17,810	1,247,412
The Kroger Company	23,673	983,140
Walgreens Boots Alliance Incorporated	24,994	1,119,731
Walmart Incorporated	49,752	6,996,624
		18,647,965
Food products: 0.81%
Archer Daniels Midland Company	19,474	1,211,478
Campbell Soup Company	7,069	285,093
ConAgra Foods Incorporated	16,722	510,857
General Mills Incorporated	21,107	1,303,779

The accompanying notes are an integral part of these financial statements.

22 | Allspring Index Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Food products (continued)
Hormel Foods Corporation	9,813	$ 406,258
Kellogg Company	8,900	544,502
Lamb Weston Holdings Incorporated	5,052	262,300
McCormick & Company Incorporated	8,675	744,489
Mondelez International Incorporated Class A	48,663	2,868,197
The Hershey Company	5,063	898,632
The J.M. Smucker Company	3,772	477,045
The Kraft Heinz Company	24,716	830,705
Tyson Foods Incorporated Class A	10,264	810,445
		11,153,780
Household products: 1.26%
Church & Dwight Company Incorporated	8,548	764,020
Colgate-Palmolive Company	29,366	2,203,037
Kimberly-Clark Corporation	11,724	1,527,754
The Clorox Company	4,276	696,347
The Procter & Gamble Company	84,508	12,218,167
		17,409,325
Personal products: 0.20%
The Estee Lauder Companies Incorporated Class A	8,073	2,680,801
Tobacco: 0.54%
Altria Group Incorporated	64,199	2,737,445
Philip Morris International Incorporated	54,259	4,663,018
		7,400,463
Energy: 2.65%
Energy equipment & services: 0.20%
Baker Hughes Incorporated	28,843	673,196
Halliburton Company	31,002	669,333
Schlumberger Limited	48,685	1,396,286
		2,738,815
Oil, gas & consumable fuels: 2.45%
APA Corporation	13,160	339,133
Cabot Oil & Gas Corporation	28,283	567,923
Chevron Corporation	67,327	7,599,198
ConocoPhillips	46,618	3,269,320
Devon Energy Corporation	21,919	921,913
Diamondback Energy Incorporated	5,925	632,375
EOG Resources Incorporated	20,326	1,768,362
Exxon Mobil Corporation	147,386	8,819,578
Hess Corporation	9,595	715,019
Kinder Morgan Incorporated	67,859	1,049,100
Marathon Oil Corporation	27,447	425,154
Marathon Petroleum Corporation	22,218	1,351,965
Occidental Petroleum Corporation	30,881	915,622
ONEOK Incorporated	15,515	928,418
Phillips 66	15,248	1,054,704
Pioneer Natural Resources Company	7,899	1,408,550
The Williams Companies Incorporated	42,297	1,133,137
Valero Energy Corporation	14,233	952,757
		33,852,228

The accompanying notes are an integral part of these financial statements.

Allspring Index Portfolio | 23

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Financials: 10.60%
Banks: 4.05%
Bank of America Corporation	257,799	$ 11,464,322
Citigroup Incorporated	70,560	4,494,672
Citizens Financial Group Incorporated	14,834	701,203
Comerica Incorporated	4,662	384,755
Fifth Third Bancorp	24,046	1,013,539
First Republic Bank	6,138	1,286,893
Huntington Bancshares Incorporated	51,404	762,835
JPMorgan Chase & Company	104,029	16,522,926
KeyCorp	33,295	747,140
M&T Bank Corporation	4,480	656,813
People's United Financial Incorporated	14,899	253,879
PNC Financial Services Group Incorporated	14,796	2,914,812
Regions Financial Corporation	33,231	756,005
SVB Financial Group †	2,042	1,413,738
Truist Financial Corporation	46,470	2,756,136
US Bancorp	46,970	2,599,320
Wells Fargo & Company	142,959	6,830,581
Zions Bancorporation	5,642	355,897
		55,915,466
Capital markets: 2.91%
Ameriprise Financial Incorporated	3,960	1,146,816
Bank of New York Mellon Corporation	27,646	1,514,724
BlackRock Incorporated	4,981	4,505,862
Cboe Global Markets Incorporated	3,712	478,625
CME Group Incorporated	12,503	2,757,162
Franklin Resources Incorporated	9,803	317,617
Intercontinental Exchange Incorporated	19,606	2,562,896
Invesco Limited	11,886	265,414
MarketAxess Holdings Incorporated	1,323	466,609
Moody's Corporation	5,640	2,203,210
Morgan Stanley	50,816	4,818,373
MSCI Incorporated	2,870	1,806,522
Northern Trust Corporation	7,255	839,404
Raymond James Financial Incorporated	6,448	633,774
S&P Global Incorporated	8,390	3,823,575
State Street Corporation	12,729	1,132,499
T. Rowe Price Group Incorporated	7,901	1,579,805
The Charles Schwab Corporation	52,263	4,044,634
The Goldman Sachs Group Incorporated	11,736	4,471,299
The NASDAQ Incorporated	4,075	828,162
		40,196,982
Consumer finance: 0.55%
American Express Company	22,402	3,411,825
Capital One Financial Corporation	15,531	2,182,571
Discover Financial Services	10,426	1,124,444
Synchrony Financial	19,833	888,320
		7,607,160
Diversified financial services: 1.30%
Berkshire Hathaway Incorporated Class B †	64,533	17,855,636

The accompanying notes are an integral part of these financial statements.

24 | Allspring Index Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Insurance: 1.79%
AFLAC Incorporated	21,483	$ 1,163,090
American International Group Incorporated	29,773	1,566,060
Aon plc Class A	7,859	2,324,456
Arthur J. Gallagher & Company	7,198	1,172,554
Assurant Incorporated	2,048	311,501
Brown & Brown Incorporated	8,137	524,104
Chubb Limited	15,274	2,741,225
Cincinnati Financial Corporation	5,219	594,444
Everest Reinsurance Group Limited	1,388	355,855
Globe Life Incorporated	3,258	281,947
Lincoln National Corporation	6,150	407,930
Loews Corporation	7,076	378,283
Marsh & McLennan Companies Incorporated	17,638	2,892,985
MetLife Incorporated	25,357	1,487,442
Principal Financial Group Incorporated	8,690	595,960
Progressive Corporation	20,372	1,893,374
Prudential Financial Incorporated	13,466	1,377,033
The Allstate Corporation	10,294	1,119,164
The Hartford Financial Services Group Incorporated	12,087	798,951
The Travelers Companies Incorporated	8,686	1,276,408
W.R. Berkley Corporation	4,883	374,233
Willis Towers Watson plc	4,492	1,014,473
		24,651,472
Health care: 12.44%
Biotechnology: 1.74%
AbbVie Incorporated	61,522	7,092,256
Amgen Incorporated	19,769	3,931,659
Biogen Incorporated †	5,188	1,223,019
Gilead Sciences Incorporated	43,650	3,008,795
Incyte Corporation †	6,535	442,550
Moderna Incorporated †	12,226	4,308,809
Regeneron Pharmaceuticals Incorporated †	3,659	2,329,063
Vertex Pharmaceuticals Incorporated †	9,032	1,688,442
		24,024,593
Health care equipment & supplies: 2.86%
Abbott Laboratories	61,718	7,762,273
ABIOMED Incorporated †	1,580	497,352
Align Technology Incorporated †	2,558	1,564,294
Baxter International Incorporated	17,404	1,297,816
Becton Dickinson & Company	9,998	2,370,926
Boston Scientific Corporation †	49,570	1,887,130
Dentsply Sirona Incorporated	7,609	370,863
DexCom Incorporated †	3,368	1,894,803
Edwards Lifesciences Corporation †	21,700	2,328,627
Hologic Incorporated †	8,825	659,492
IDEXX Laboratories Incorporated †	2,962	1,801,103
Intuitive Surgical Incorporated †	12,418	4,027,654
Medtronic plc	46,786	4,992,066
ResMed Incorporated	5,066	1,291,070
STERIS plc	3,473	758,955
Stryker Corporation	11,684	2,764,785
Teleflex Incorporated	1,629	484,497

The accompanying notes are an integral part of these financial statements.

Allspring Index Portfolio | 25

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Health care equipment & supplies (continued)
The Cooper Companies Incorporated	1,715	$ 645,646
West Pharmaceutical Services Incorporated	2,575	1,139,850
Zimmer Biomet Holdings Incorporated	7,271	869,612
		39,408,814
Health care providers & services: 2.49%
AmerisourceBergen Corporation	5,208	602,826
Anthem Incorporated	8,488	3,448,080
Cardinal Health Incorporated	10,101	466,969
Centene Corporation †	20,298	1,449,480
Cigna Corporation	11,840	2,272,096
CVS Health Corporation	45,939	4,091,327
DaVita HealthCare Partners Incorporated †	2,335	220,658
HCA Healthcare Incorporated	8,582	1,936,013
Henry Schein Incorporated †	4,863	345,565
Humana Incorporated	4,474	1,877,783
Laboratory Corporation of America Holdings †	3,366	960,421
McKesson Corporation	5,385	1,167,253
Quest Diagnostics Incorporated	4,254	632,485
UnitedHealth Group Incorporated	32,826	14,581,966
Universal Health Services Incorporated Class B	2,641	313,566
		34,366,488
Health care technology: 0.05%
Cerner Corporation	10,290	724,931
Life sciences tools & services: 1.85%
Agilent Technologies Incorporated	10,564	1,594,108
Bio-Rad Laboratories Incorporated Class A †	748	563,394
Bio-Techne Corporation	1,354	639,129
Charles River Laboratories International Incorporated †	1,755	642,102
Danaher Corporation	22,120	7,114,677
Illumina Incorporated †	5,107	1,865,740
IQVIA Holdings Incorporated †	6,671	1,728,656
Mettler-Toledo International Incorporated †	805	1,218,875
PerkinElmer Incorporated	3,903	710,970
Thermo Fisher Scientific Incorporated	13,696	8,667,240
Waters Corporation †	2,136	700,758
		25,445,649
Pharmaceuticals: 3.45%
Bristol-Myers Squibb Company	77,360	4,148,817
Catalent Incorporated †	5,930	762,954
Eli Lilly & Company	27,641	6,856,074
Johnson & Johnson	91,646	14,290,361
Merck & Company Incorporated	88,127	6,601,594
Organon & Company	8,826	257,984
Pfizer Incorporated	195,190	10,487,559
Viatris Incorporated	42,100	518,251
Zoetis Incorporated	16,500	3,663,660
		47,587,254
Industrials: 7.63%
Aerospace & defense: 1.30%
General Dynamics Corporation	8,077	1,526,311

The accompanying notes are an integral part of these financial statements.

26 | Allspring Index Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Aerospace & defense (continued)
Howmet Aerospace Incorporated	13,439	$ 378,039
Huntington Ingalls Industries Incorporated	1,397	247,981
L3Harris Technologies Incorporated	6,996	1,462,724
Lockheed Martin Corporation	8,580	2,859,886
Northrop Grumman Corporation	5,240	1,827,712
Raytheon Technologies Corporation	52,495	4,247,895
Textron Incorporated	7,803	552,452
The Boeing Company †	19,182	3,795,159
TransDigm Group Incorporated †	1,823	1,053,785
		17,951,944
Air freight & logistics: 0.59%
C.H. Robinson Worldwide Incorporated	4,585	435,988
Expeditors International of Washington Incorporated	5,915	719,382
FedEx Corporation	8,563	1,972,658
United Parcel Service Incorporated Class B	25,354	5,029,473
		8,157,501
Airlines: 0.20%
Alaska Air Group Incorporated †	4,360	211,765
American Airlines Group Incorporated †	22,540	398,733
Delta Air Lines Incorporated †	22,278	806,464
Southwest Airlines Company †	20,597	914,507
United Airlines Holdings Incorporated †	11,266	476,101
		2,807,570
Building products: 0.50%
A.O. Smith Corporation	4,637	366,555
Allegion plc	3,123	386,128
Carrier Global Corporation	30,208	1,634,857
Fortune Brands Home & Security Incorporated	4,800	482,544
Johnson Controls International plc	24,795	1,853,674
Masco Corporation	8,605	567,070
Trane Technologies plc	8,272	1,543,969
		6,834,797
Commercial services & supplies: 0.42%
Cintas Corporation	3,047	1,286,413
Copart Incorporated †	7,413	1,076,071
Republic Services Incorporated	7,315	967,482
Rollins Incorporated	7,880	262,246
Waste Management Incorporated	13,487	2,166,956
		5,759,168
Construction & engineering: 0.04%
Quanta Services Incorporated	4,844	551,150
Electrical equipment: 0.54%
AMETEK Incorporated	8,049	1,098,689
Eaton Corporation plc	13,877	2,248,907
Emerson Electric Company	20,812	1,828,126
Generac Holdings Incorporated †	2,197	925,464
Rockwell Automation Incorporated	4,039	1,357,912
		7,459,098

The accompanying notes are an integral part of these financial statements.

Allspring Index Portfolio | 27

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Industrial conglomerates: 0.99%
3M Company	20,145	$ 3,425,456
General Electric Company	38,214	3,629,948
Honeywell International Incorporated	24,035	4,860,838
Roper Technologies Incorporated	3,670	1,703,431
		13,619,673
Machinery: 1.48%
Caterpillar Incorporated	19,060	3,685,251
Cummins Incorporated	4,999	1,048,540
Deere & Company	9,882	3,414,626
Dover Corporation	5,012	821,216
Fortive Corporation	12,477	921,676
IDEX Corporation	2,646	594,265
Illinois Tool Works Incorporated	9,978	2,316,393
Ingersoll Rand Incorporated	14,106	822,944
Otis Worldwide Corporation	14,858	1,194,583
PACCAR Incorporated	12,086	1,008,214
Parker-Hannifin Corporation	4,493	1,357,156
Pentair plc	5,774	425,486
Snap-on Incorporated	1,879	386,905
Stanley Black & Decker Incorporated	5,673	991,413
Wabtec Corporation	6,581	584,195
Xylem Incorporated	6,272	759,602
		20,332,465
Professional services: 0.43%
Equifax Incorporated	4,242	1,182,033
IHS Markit Limited	13,877	1,773,758
Jacobs Engineering Group Incorporated	4,537	646,795
Leidos Holdings Incorporated	4,928	433,220
Nielsen Holdings plc	12,491	239,328
Robert Half International Incorporated	3,898	433,341
Verisk Analytics Incorporated	5,617	1,263,095
		5,971,570
Road & rail: 0.94%
CSX Corporation	78,487	2,720,359
J.B. Hunt Transport Services Incorporated	2,930	560,099
Kansas City Southern	3,167	921,122
Norfolk Southern Corporation	8,598	2,280,791
Old Dominion Freight Line Incorporated	3,266	1,159,985
Union Pacific Corporation	22,703	5,349,735
		12,992,091
Trading companies & distributors: 0.20%
Fastenal Company	20,009	1,183,933
United Rentals Incorporated †	2,520	853,625
W.W. Grainger Incorporated	1,523	733,187
		2,770,745
Information technology: 28.71%
Communications equipment: 0.82%
Arista Networks Incorporated †	7,800	967,668
Cisco Systems Incorporated	146,712	8,045,686

The accompanying notes are an integral part of these financial statements.

28 | Allspring Index Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Communications equipment (continued)
F5 Networks Incorporated †	2,100	$ 477,918
Juniper Networks Incorporated	11,320	352,392
Motorola Solutions Incorporated	5,895	1,492,496
		11,336,160
Electronic equipment, instruments & components: 0.67%
Amphenol Corporation Class A	20,825	1,678,079
CDW Corporation of Delaware	4,787	906,466
Corning Incorporated	26,759	992,491
IPG Photonics Corporation †	1,248	204,909
Keysight Technologies Incorporated †	6,414	1,247,395
TE Connectivity Limited	11,419	1,757,727
Teledyne Technologies Incorporated †	1,623	674,016
Trimble Incorporated †	8,760	752,221
Zebra Technologies Corporation Class A †	1,859	1,094,542
		9,307,846
IT services: 4.07%
Accenture plc Class A	22,077	7,890,320
Akamai Technologies Incorporated †	5,669	638,896
Automatic Data Processing Incorporated	14,729	3,400,779
Broadridge Financial Solutions Incorporated	4,044	681,697
Cognizant Technology Solutions Corporation Class A	18,298	1,426,878
DXC Technology Company †	8,770	263,012
Fidelity National Information Services Incorporated	21,504	2,247,168
Fiserv Incorporated †	20,748	2,002,597
FleetCor Technologies Incorporated †	2,876	595,706
Gartner Incorporated †	2,912	909,272
Global Payments Incorporated	10,226	1,217,303
International Business Machines Corporation	31,204	3,653,988
Jack Henry & Associates Incorporated	2,586	392,115
MasterCard Incorporated Class A	30,328	9,550,894
Paychex Incorporated	11,149	1,328,961
PayPal Holdings Incorporated †	40,907	7,563,295
The Western Union Company	14,146	223,790
VeriSign Incorporated †	3,388	812,815
Visa Incorporated Class A	58,753	11,384,569
		56,184,055
Semiconductors & semiconductor equipment: 6.53%
Advanced Micro Devices Incorporated †	42,228	6,687,648
Analog Devices Incorporated	18,726	3,375,362
Applied Materials Incorporated	31,819	4,683,439
Broadcom Incorporated	14,283	7,908,211
Enphase Energy Incorporated †	4,687	1,171,750
Intel Corporation	141,239	6,948,959
KLA Corporation	5,317	2,170,027
Lam Research Corporation	4,961	3,372,736
Microchip Technology Incorporated	19,080	1,591,844
Micron Technology Incorporated	39,192	3,292,128
Monolithic Power Systems Incorporated	1,503	831,850
NVIDIA Corporation	86,756	28,348,391
NXP Semiconductors NV	9,230	2,061,613
Qorvo Incorporated †	3,869	565,764
Qualcomm Incorporated	39,270	7,090,591

The accompanying notes are an integral part of these financial statements.

Allspring Index Portfolio | 29

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Semiconductors & semiconductor equipment (continued)
Skyworks Solutions Incorporated	5,749	$ 871,893
Teradyne Incorporated	5,743	877,932
Texas Instruments Incorporated	32,140	6,182,772
Xilinx Incorporated	8,615	1,968,097
		90,001,007
Software: 9.76%
Adobe Incorporated †	16,585	11,109,462
ANSYS Incorporated †	3,038	1,189,316
Autodesk Incorporated †	7,659	1,946,841
Cadence Design Systems Incorporated †	9,636	1,710,005
Ceridian HCM Holding Incorporated †	4,696	513,742
Citrix Systems Incorporated	4,325	347,860
Fortinet Incorporated †	4,719	1,567,227
Intuit Incorporated	9,513	6,205,330
Microsoft Corporation	261,621	86,489,286
NortonLifeLock Incorporated	20,236	502,865
Oracle Corporation	57,348	5,203,758
Paycom Software Incorporated †	1,674	732,342
PTC Incorporated †	3,678	403,035
Salesforce.com Incorporated †	33,823	9,638,202
ServiceNow Incorporated †	6,897	4,467,187
Synopsys Incorporated †	5,312	1,811,392
Tyler Technologies Incorporated †	1,422	737,990
		134,575,840
Technology hardware, storage & peripherals: 6.86%
Apple Incorporated	546,702	90,369,841
Hewlett Packard Enterprise Company	45,464	652,408
HP Incorporated	41,820	1,475,410
NetApp Incorporated	7,799	693,175
Seagate Technology Holdings plc	7,290	748,464
Western Digital Corporation †	10,669	617,095
		94,556,393
Materials: 2.44%
Chemicals: 1.69%
Air Products & Chemicals Incorporated	7,707	2,215,300
Albemarle Corporation	4,071	1,084,881
Celanese Corporation Series A	3,868	585,460
CF Industries Holdings Incorporated	7,488	453,698
Corteva Incorporated	25,560	1,150,200
Dow Incorporated	25,963	1,426,148
DuPont de Nemours Incorporated	18,210	1,346,812
Eastman Chemical Company	4,727	492,979
Ecolab Incorporated	8,665	1,919,038
FMC Corporation	4,480	448,851
International Flavors & Fragrances Incorporated	8,671	1,232,756
Linde plc	17,978	5,719,521
LyondellBasell Industries NV Class A	9,200	801,596
PPG Industries Incorporated	8,263	1,273,907
The Mosaic Company	12,895	441,267
The Sherwin-Williams Company	8,433	2,793,347
		23,385,761

The accompanying notes are an integral part of these financial statements.

30 | Allspring Index Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Construction materials: 0.13%
Martin Marietta Materials Incorporated	2,172	$ 876,424
Vulcan Materials Company	4,619	885,185
		1,761,609
Containers & packaging: 0.29%
Amcor plc	53,676	607,612
Avery Dennison Corporation	2,885	591,627
Ball Corporation	11,371	1,062,620
International Paper Company	13,606	619,345
Packaging Corporation of America	3,307	431,861
Sealed Air Corporation	5,218	324,142
WestRock Company	9,295	403,310
		4,040,517
Metals & mining: 0.33%
Freeport-McMoRan Incorporated	51,109	1,895,122
Newmont Corporation	27,821	1,527,929
Nucor Corporation	10,225	1,086,509
		4,509,560
Real estate: 2.56%
Equity REITs: 2.48%
Alexandria Real Estate Equities Incorporated	4,827	965,738
American Tower Corporation	15,845	4,158,996
AvalonBay Communities Incorporated	4,861	1,161,147
Boston Properties Incorporated	4,948	533,592
Crown Castle International Corporation	15,046	2,733,106
Digital Realty Trust Incorporated	9,838	1,650,226
Duke Realty Corporation	13,171	768,264
Equinix Incorporated	3,125	2,538,125
Equity Residential	11,863	1,012,033
Essex Property Trust Incorporated	2,264	768,492
Extra Space Storage Incorporated	4,658	931,600
Federal Realty Investment Trust	2,437	298,947
Healthpeak Properties Incorporated	18,763	616,552
Host Hotels & Resorts Incorporated †	24,856	390,239
Iron Mountain Incorporated	10,077	457,899
Kimco Realty Corporation	21,359	478,869
Mid-America Apartment Communities Incorporated	4,039	833,044
Prologis Incorporated	25,736	3,879,702
Public Storage Incorporated	5,307	1,737,406
Realty Income Corporation	19,180	1,302,706
Regency Centers Corporation	5,323	369,097
SBA Communications Corporation	3,814	1,311,253
Simon Property Group Incorporated	11,440	1,748,490
UDR Incorporated	9,714	551,075
Ventas Incorporated	13,698	642,710
Vornado Realty Trust	5,535	222,175
Welltower Incorporated	14,711	1,171,290
Weyerhaeuser Company	26,103	981,734
		34,214,507
Real estate management & development: 0.08%
CBRE Group Incorporated Class A †	11,688	1,117,022

The accompanying notes are an integral part of these financial statements.

Allspring Index Portfolio | 31

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Utilities: 2.32%
Electric utilities: 1.50%
Alliant Energy Corporation	8,712	$ 477,330
American Electric Power Company Incorporated	17,416	1,411,567
Duke Energy Corporation	26,783	2,598,219
Edison International	13,219	862,936
Entergy Corporation	6,996	701,979
Evergy Incorporated	7,983	505,324
Eversource Energy	11,963	984,196
Exelon Corporation	34,042	1,795,035
FirstEnergy Corporation	18,945	713,469
NextEra Energy Incorporated	68,296	5,926,727
NRG Energy Incorporated	8,522	306,962
Pinnacle West Capital Corporation	3,926	255,386
PPL Corporation	26,793	745,649
The Southern Company	36,862	2,252,268
Xcel Energy Incorporated	18,745	1,194,619
		20,731,666
Gas utilities: 0.03%
Atmos Energy Corporation	4,553	411,227
Independent power & renewable electricity producers: 0.04%
AES Corporation	23,198	542,369
Multi-utilities: 0.67%
Ameren Corporation	8,952	730,394
CenterPoint Energy Incorporated	20,641	534,808
CMS Energy Corporation	10,084	593,443
Consolidated Edison Incorporated	12,303	955,205
Dominion Energy Incorporated	28,146	2,003,995
DTE Energy Company	6,745	730,753
NiSource Incorporated	13,661	334,831
Public Service Enterprise Group Incorporated	17,601	1,099,886
Sempra Energy	11,117	1,332,595
WEC Energy Group Incorporated	10,981	954,578
		9,270,488
Water utilities: 0.08%
American Water Works Company Incorporated	6,319	1,065,194
Total Common stocks (Cost $291,040,100)		1,349,247,694

		Yield
Short-term investments: 1.94%
Investment companies: 1.94%
Allspring Government Money Market Fund Select Class ♠∞		0.03%	26,342,178	26,342,178
Securities Lending Cash Investments LLC ♠∩∞		0.04	391,200	391,200
Total Short-term investments (Cost $26,733,378)				26,733,378
Total investments in securities (Cost $317,773,478)	99.76%			1,375,981,072
Other assets and liabilities, net	0.24			3,258,518
Total net assets	100.00%			$1,379,239,590

The accompanying notes are an integral part of these financial statements.

32 | Allspring Index Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

†	Non-income-earning security
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.

Abbreviations:
REIT	Real estate investment trust

Investments in affiliates

	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
Common Stocks
Wells Fargo & Company^*	$ 6,988,518	$ 10,147	$ (311,851)	$ 133,986	$ 9,781	$ 6,830,581	142,959	$ 24,088
Short-term investments
Allspring Government Money Market Fund Select Class	14,730,757	53,766,184	(42,154,763)	0	0	26,342,178	26,342,178	3,051
Securities Lending Cash Investments LLC	182,600	2,440,725	(2,232,125)	0	0	391,200	391,200	28 ^#
				$133,986	$9,781	$33,563,959		$27,167

*	No longer an affiliate of the Fund at the end of the period.
^#	Amount shown represents income before fees and rebates.

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
E-Mini S&P 500 Index	131	12-17-2021	$28,732,155	$29,908,938	$1,176,783	$0

The accompanying notes are an integral part of these financial statements.

Allspring Index Portfolio | 33

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $381,929 of securities loaned), at value (cost $291,040,100)	$ 1,349,247,694
Investments in affiliated securities, at value (cost $26,733,378)	26,733,378
Cash at broker segregated for futures contracts	2,475,002
Receivable for dividends	1,717,008
Receivable for securities lending income, net	92
Prepaid expenses and other assets	131,410
Total assets	1,380,304,584
Liabilities
Payable for daily variation margin on open futures contracts	555,113
Payable upon receipt of securities loaned	391,200
Advisory fee payable	107,651
Accrued expenses and other liabilities	11,030
Total liabilities	1,064,994
Total net assets	$1,379,239,590

The accompanying notes are an integral part of these financial statements.

34 | Allspring Index Portfolio

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends (net of foreign withholdings taxes of $44,181)	$ 9,177,426
Income from affiliated securities	27,718
Total investment income	9,205,144
Expenses
Advisory fee	635,983
Custody and accounting fees	32,431
Professional fees	31,016
Interest holder report expenses	5,683
Trustees’ fees and expenses	9,662
Other fees and expenses	17,610
Total expenses	732,385
Net investment income	8,472,759
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities	40,085,830
Futures contracts	3,513,398
Net realized gains on investments	43,599,228
Net change in unrealized gains (losses) on
Unaffiliated securities	67,941,119
Futures contracts	(14,982)
Net change in unrealized gains (losses) on investments	67,926,137
Net realized and unrealized gains (losses) on investments	111,525,365
Net increase in net assets resulting from operations	$119,998,124

The accompanying notes are an integral part of these financial statements.

Allspring Index Portfolio | 35

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment income	$ 8,472,759	$ 16,723,882
Net realized gains on investments	43,599,228	104,436,025
Net change in unrealized gains (losses) on investments	67,926,137	276,635,342
Net increase in net assets resulting from operations	119,998,124	397,795,249
Capital transactions
Transactions in investors’ beneficial interests
Contributions	2,126,891	13,277,558
Withdrawals	(49,681,149)	(159,782,351)
Net decrease in net assets resulting from capital transactions	(47,554,258)	(146,504,793)
Total increase in net assets	72,443,866	251,290,456
Net assets
Beginning of period	1,306,795,724	1,055,505,268
End of period	$1,379,239,590	$1,306,795,724

The accompanying notes are an integral part of these financial statements.

36 | Allspring Index Portfolio

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Total return¹	9.31%	40.16%	12.74%	3.67%	14.27%	17.36%
Ratios to average net assets (annualized)
Gross expenses	0.11%	0.11%	0.12%	0.11%	0.10%	0.10%
Net expenses	0.11%	0.11%	0.12%	0.11%	0.10%	0.10%
Net investment income	1.24%	1.41%	1.80%	1.86%	1.84%	2.03%
Supplemental data
Portfolio turnover rate	1%	4%	3%	4%	3%	9%

¹	Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Allspring Index Portfolio | 37

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Index Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Consummation of the transaction resulted in the automatic termination of the Portfolio’s advisory agreement and subadvisory agreement. The Portfolio’s Board of Trustees approved a new advisory agreement and subadvisory agreement which were approved by the Portfolio's interest holders on September 15, 2021. The new agreements became effective on November 1, 2021.

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

38 | Allspring Index Portfolio

Table of Contents

Notes to financial statements (unaudited)

Securities lending

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price 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 Portfolio 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 Portfolio 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.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date.

Income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

Allspring Index Portfolio | 39

Table of Contents

Notes to financial statements (unaudited)

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $318,400,503 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$1,063,505,350
Gross unrealized losses	(4,747,998)
Net unrealized gains	$1,058,757,352

3. FAIR VALUATION MEASUREMENTS

■	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 Portfolio’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 Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 139,742,298	$0	$0	$ 139,742,298
Consumer discretionary	177,682,528	0	0	177,682,528
Consumer staples	75,228,387	0	0	75,228,387
Energy	36,591,043	0	0	36,591,043
Financials	146,226,716	0	0	146,226,716
Health care	171,557,729	0	0	171,557,729
Industrials	105,207,772	0	0	105,207,772
Information technology	395,961,301	0	0	395,961,301
Materials	33,697,447	0	0	33,697,447
Real estate	35,331,529	0	0	35,331,529
Utilities	32,020,944	0	0	32,020,944
Short-term investments
Investment companies	26,733,378	0	0	26,733,378
Total assets	$1,375,981,072	$0	$0	$1,375,981,072
Liabilities
Futures contracts	$ 1,176,783	$0	$0	$ 1,176,783
Total liabilities	$ 1,176,783	$0	$0	$ 1,176,783

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

40 | Allspring Index Portfolio

Table of Contents

Notes to financial statements (unaudited)

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Average daily net assets	Advisory fee
First $500 million	0.100%
Next $500 million	0.100
Next $2 billion	0.075
Next $2 billion	0.075
Over $5 billion	0.050

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.09% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.05% and declining to 0.02% as the average daily net assets of the Portfolio increase.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2021 were $16,119,038 and $62,870,329, respectively.

6. SECURITIES LENDING TRANSACTIONS

Allspring Index Portfolio | 41

Table of Contents

Notes to financial statements (unaudited)

Counterparty	Value of securities on loan	Collateral received¹	Net amount
BNP Paribas Securities Corporation	$246,684	$(246,684)	$0
Citigroup Global Markets Incorporated	135,245	(135,245)	0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2021, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $27,452,601 in long futures contracts during the six months ended November 30, 2021.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

8. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Portfolio under the agreement.

9. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sectors may be more affected by changes in that sectors than would be a fund whose investments are not heavily weighted in any sectors.

10. INDEMNIFICATION

11. CORONAVIRUS (COVID-19) PANDEMIC

42 | Allspring Index Portfolio

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

SPECIAL MEETING OF SHAREHOLDERS

On September 15, 2021, a Special Meeting of Shareholders for Allspring Index Fund was held to consider the following proposals. The results of the proposals are indicated below.

Proposal 1 – To consider and approve a new investment management agreement with Wells Fargo Funds Management, LLC*.

Shares voted “For”	11,082,401
Shares voted “Against”	728,519
Shares voted “Abstain”	1,117,729

Proposal 2 – To consider and approve a new advisory agreement with Wells Fargo Funds Management, LLC* for Allspring Index Portfolio in which the Fund invests substantially all of its assets.

Shares voted “For”	11,051,440
Shares voted “Against”	727,175
Shares voted “Abstain”	1,150,034

Proposal 3 – To consider and approve a new subadvisory agreement with Wells Capital Management, LLC** for Allspring Index Portfolio.

Shares voted “For”	10,990,940
Shares voted “Against”	782,586
Shares voted “Abstain”	1,155,123

* Effective November 1, 2021, known as Allspring Funds Management, LLC.

** Effective November 1, 2021, known as Allspring Global Investments, LLC.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

Allspring Index Fund | 43

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

44 | Allspring Index Fund

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

Allspring Index Fund | 45

Table of Contents

Other information (unaudited)

Officers²

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

46 | Allspring Index Fund

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

PAR-1221-00196 01-22
SA283/SAR283 11-21

Semi-Annual Report

November 30, 2021

Allspring
Small Company Growth Fund

Contents

Allspring Small Company Growth Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for Allspring Small Company Growth Fund for the six-month period that ended November 30, 2021. Global stocks yielded mixed results as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. The bond market had mostly positive returns during the period.

Vaccination rollout drove the stock markets to new highs.

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

2 | Allspring Small Company Growth Fund

Table of Contents

Letter to shareholders (unaudited)

_“ Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market._”

¹	The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

Allspring Small Company Growth Fund | 3

Table of Contents

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Information on transaction closing.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

¹	As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm.

4 | Allspring Small Company Growth Fund

Table of Contents

This page is intentionally left blank.

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC

Subadviser for the affiliated master portfolio*

Peregrine Capital Management, LLC

Portfolio managers

William A. Grierson, CFA®^‡, Daniel J. Hagen, CFA®^‡, Paul E. von Kuster, CFA®^‡, Ryan H. Smith, CFA®^‡, Samuel D. Smith, CFA®^‡

Average annual total returns (%) as of November 30, 2021
		Including sales charge			Excluding sales charge			Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net ²
Class A (WFSAX)	1-30-2004	13.26	13.96	13.63	20.17	15.32	14.31	1.34	1.29
Class C (WSMCX)	1-30-2004	18.29	14.48	13.47	19.29	14.48	13.47	2.09	2.04
Class R6 (WSCRX)³	10-31-2014	–	–	–	20.69	15.82	14.82	0.91	0.86
Administrator Class (NVSCX)	11-11-1994	–	–	–	20.29	15.45	14.49	1.26	1.19
Institutional Class (WSCGX)	3-31-2008	–	–	–	20.59	15.74	14.77	1.01	0.94
Russell 2000® Growth Index⁴	–	–	–	–	11.95	14.74	14.06	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

¹	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
²	The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.29% for Class A, 2.04% for Class C, 0.86% for Class R6, 1.19% for Administrator Class, and 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
³	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
⁴	The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

^‡

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Small Company Growth Fund

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 2021¹
ICON plc ADR	2.10
Syneos Health Incorporated	1.72
Avantor Incorporated	1.57
ASGN Incorporated	1.57
Omnicell Incorporated	1.50
Ciena Corporation	1.44
SS&C Technologies Holdings Incorporated	1.39
Element Solutions Incorporated	1.36
Triumph Bancorp Incorporated	1.34
International Game Technology plc	1.31

¹	Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of November 30, 2021¹

¹	Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Allspring Small Company Growth Fund | 7

Table of Contents

Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2021 to November 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 6-1-2021	Ending account value 11-30-2021	Expenses paid during the period^1,2	Annualized net expense ratio²
Class A
Actual	$1,000.00	$1,003.74	$ 6.48	1.29%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.60	$ 6.53	1.29%
Class C
Actual	$1,000.00	$1,000.00	$10.23	2.04%
Hypothetical (5% return before expenses)	$1,000.00	$1,014.84	$10.30	2.04%
Class R6
Actual	$1,000.00	$1,005.89	$ 4.32	0.86%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.76	$ 4.36	0.86%
Administrator Class
Actual	$1,000.00	$1,004.16	$ 5.98	1.19%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.10	$ 6.02	1.19%
Institutional Class
Actual	$1,000.00	$1,005.47	$ 4.73	0.94%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.36	$ 4.76	0.94%

² Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

8 | Allspring Small Company Growth Fund

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

		Value
Investment companies: 100.02%
Affiliated master portfolio: 100.02%
Allspring Small Company Growth Portfolio		$992,296,788
Total Investment companies (Cost $658,348,180)		992,296,788
Total investments in securities (Cost $658,348,180)	100.02%	992,296,788
Other assets and liabilities, net	(0.02)	(219,917)
Total net assets	100.00%	$992,076,871

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Dividends allocated from affiliated Master Portfolio	Affiliated income allocated from affiliated Master Portfolio	Value, end of period
Allspring Small Company Growth Portfolio	97.88%	97.63%	$207,951,506	$(196,784,511)	$2,305,653	$57,441	$992,296,788

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund | 9

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in affiliated Master Portfolio, at value (cost $658,348,180)	$ 992,296,788
Receivable for Fund shares sold	854,874
Receivable from manager	11,203
Total assets	993,162,865
Liabilities
Payable for Fund shares redeemed	888,694
Administration fees payable	90,413
Distribution fee payable	4,977
Trustees’ fees and expenses payable	2,957
Accrued expenses and other liabilities	98,953
Total liabilities	1,085,994
Total net assets	$992,076,871
Net assets consist of
Paid-in capital	$ 250,951,240
Total distributable earnings	741,125,631
Total net assets	$992,076,871
Computation of net asset value and offering price per share
Net assets – Class A	$ 44,503,760
Shares outstanding – Class A¹	721,611
Net asset value per share – Class A	$61.67
Maximum offering price per share – Class A²	$65.43
Net assets – Class C	$ 7,486,418
Shares outstanding – Class C¹	147,814
Net asset value per share – Class C	$50.65
Net assets – Class R6	$ 287,516,242
Shares outstanding – Class R6¹	4,206,526
Net asset value per share – Class R6	$68.35
Net assets – Administrator Class	$ 57,493,793
Shares outstanding – Administrator Class¹	881,061
Net asset value per share – Administrator Class	$65.26
Net assets – Institutional Class	$ 595,076,658
Shares outstanding – Institutional Class¹	8,752,197
Net asset value per share – Institutional Class	$67.99

¹	The Fund has an unlimited number of authorized shares.
²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

10 | Allspring Small Company Growth Fund

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends allocated from affiliated Master Portfolio	$ 2,305,653
Affiliated income allocated from affiliated Master Portfolio	57,441
Expenses allocated from affiliated Master Portfolio	(4,498,332)
Total investment income	(2,135,238)
Expenses
Management fee	279,599
Administration fees
Class A	47,591
Class C	9,013
Class R6	50,338
Administrator Class	39,434
Institutional Class	434,351
Shareholder servicing fees
Class A	56,619
Class C	10,713
Administrator Class	75,785
Distribution fee
Class C	32,045
Custody and accounting fees	11,488
Professional fees	19,113
Registration fees	5,646
Shareholder report expenses	31,390
Trustees’ fees and expenses	9,967
Other fees and expenses	6,102
Total expenses	1,119,194
Less: Fee waivers and/or expense reimbursements
Fund-level	(220,422)
Class A	(301)
Class C	(1)
Administrator Class	(6,050)
Institutional Class	(66,641)
Net expenses	825,779
Net investment loss	(2,961,017)
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio	207,951,506
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	(196,784,511)
Net realized and unrealized gains (losses) on investments	11,166,995
Net increase in net assets resulting from operations	$ 8,205,978

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund | 11

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)		Year ended May 31, 2021
Operations
Net investment loss		$ (2,961,017)		$ (6,950,209)
Net realized gains on investments		207,951,506		376,204,644
Net change in unrealized gains (losses) on investments		(196,784,511)		243,393,279
Net increase in net assets resulting from operations		8,205,978		612,647,714
Distributions to shareholders from
Net investment income and net realized gains
Class A		0		(5,976,918)
Class C		0		(1,628,455)
Class R6		0		(56,097,914)
Administrator Class		0		(8,234,181)
Institutional Class		0		(121,915,798)
Total distributions to shareholders		0		(193,853,266)
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	112,208	7,246,853	191,250	10,831,002
Class C	1,818	92,690	11,378	530,387
Class R6	260,962	18,211,489	1,135,839	70,387,361
Administrator Class	46,330	3,113,347	140,592	8,368,325
Institutional Class	1,423,197	100,258,385	2,938,525	180,832,983
		128,922,764		270,950,058
Reinvestment of distributions
Class A	0	0	99,100	5,314,718
Class C	0	0	34,708	1,539,630
Class R6	0	0	860,364	50,924,923
Administrator Class	0	0	144,949	8,217,170
Institutional Class	0	0	1,402,732	82,663,012
		0		148,659,453
Payment for shares redeemed
Class A	(110,742)	(7,076,147)	(353,897)	(19,407,294)
Class C	(36,322)	(1,896,552)	(98,121)	(4,589,705)
Class R6	(2,048,632)	(142,209,326)	(5,125,700)	(309,662,461)
Administrator Class	(120,791)	(8,064,265)	(474,181)	(27,971,851)
Institutional Class	(4,793,447)	(328,451,405)	(7,943,243)	(491,545,106)
		(487,697,695)		(853,176,417)
Net decrease in net assets resulting from capital share transactions		(358,774,931)		(433,566,906)
Total decrease in net assets		(350,568,953)		(14,772,458)
Net assets
Beginning of period		1,342,645,824		1,357,418,282
End of period		$ 992,076,871		$1,342,645,824

The accompanying notes are an integral part of these financial statements.

12 | Allspring Small Company Growth Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class A	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$61.44	$46.62	$48.98	$56.66	$44.26	$37.69
Net investment loss	(0.35)	(0.47) ¹	(0.34) ¹	(0.36)	(0.35) ¹	(0.28) ¹
Net realized and unrealized gains (losses) on investments	0.58	24.27	2.49	(3.22)	12.75	6.85
Total from investment operations	0.23	23.80	2.15	(3.58)	12.40	6.57
Distributions to shareholders from
Net realized gains	0.00	(8.98)	(4.51)	(4.10)	0.00	0.00
Net asset value, end of period	$61.67	$61.44	$46.62	$48.98	$56.66	$44.26
Total return²	0.37%	53.84%	3.70%	(6.13)%	28.02%	17.43%
Ratios to average net assets (annualized)^*
Gross expenses	1.33%	1.33%	1.32%	1.31%	1.32%	1.33%
Net expenses	1.29%	1.29%	1.32%	1.31%	1.32%	1.33%
Net investment loss	(1.14)%	(0.85)%	(0.69)%	(0.63)%	(0.71)%	(0.68)%
Supplemental data
Portfolio turnover rate³	31%	44%	41%	54%	37%	82%
Net assets, end of period (000s omitted)	$44,504	$44,249	$36,534	$64,182	$76,065	$76,087

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.81%
Year ended May 31, 2021	0.79%
Year ended May 31, 2020	0.78%
Year ended May 31, 2019	0.78%
Year ended May 31, 2018	0.78%
Year ended May 31, 2017	0.78%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund | 13

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class C	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$50.65	$39.84	$42.75	$50.38	$39.65	$34.02
Net investment loss	(0.45) ¹	(0.75) ¹	(0.61) ¹	(0.66) ¹	(0.64) ¹	(0.54) ¹
Net realized and unrealized gains (losses) on investments	0.45	20.54	2.21	(2.87)	11.37	6.17
Total from investment operations	0.00	19.79	1.60	(3.53)	10.73	5.63
Distributions to shareholders from
Net realized gains	0.00	(8.98)	(4.51)	(4.10)	0.00	0.00
Net asset value, end of period	$50.65	$50.65	$39.84	$42.75	$50.38	$39.65
Total return²	0.00%	52.86%	2.92%	(6.82)%	27.06%	16.55%
Ratios to average net assets (annualized)^*
Gross expenses	2.08%	2.08%	2.07%	2.06%	2.07%	2.08%
Net expenses	2.04%	2.04%	2.07%	2.06%	2.07%	2.08%
Net investment loss	(1.73)%	(1.60)%	(1.44)%	(1.38)%	(1.47)%	(1.43)%
Supplemental data
Portfolio turnover rate³	31%	44%	41%	54%	37%	82%
Net assets, end of period (000s omitted)	$7,486	$9,235	$9,336	$13,968	$19,979	$22,410

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.80%
Year ended May 31, 2021	0.79%
Year ended May 31, 2020	0.78%
Year ended May 31, 2019	0.78%
Year ended May 31, 2018	0.78%
Year ended May 31, 2017	0.78%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

14 | Allspring Small Company Growth Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class R6	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$67.95	$50.64	$52.65	$60.31	$46.91	$39.77
Net investment loss	(0.16) ¹	(0.17)	(0.14) ¹	(0.12)	(0.14)	(0.11)
Net realized and unrealized gains (losses) on investments	0.56	26.46	2.64	(3.44)	13.54	7.25
Total from investment operations	0.40	26.29	2.50	(3.56)	13.40	7.14
Distributions to shareholders from
Net realized gains	0.00	(8.98)	(4.51)	(4.10)	0.00	0.00
Net asset value, end of period	$68.35	$67.95	$50.64	$52.65	$60.31	$46.91
Total return²	0.59%	54.53%	4.12%	(5.73)%	28.59%	17.95%
Ratios to average net assets (annualized)^*
Gross expenses	0.90%	0.90%	0.90%	0.88%	0.89%	0.90%
Net expenses	0.86%	0.86%	0.89%	0.88%	0.89%	0.90%
Net investment loss	(0.46)%	(0.41)%	(0.27)%	(0.20)%	(0.29)%	(0.25)%
Supplemental data
Portfolio turnover rate³	31%	44%	41%	54%	37%	82%
Net assets, end of period (000s omitted)	$287,516	$407,311	$462,050	$564,516	$618,523	$418,111

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.80%
Year ended May 31, 2021	0.79%
Year ended May 31, 2020	0.78%
Year ended May 31, 2019	0.78%
Year ended May 31, 2018	0.78%
Year ended May 31, 2017	0.78%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund | 15

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Administrator Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$64.98	$48.87	$51.10	$58.85	$45.91	$39.05
Net investment loss	(0.34) ¹	(0.44) ¹	(0.29) ¹	(0.29) ¹	(0.30) ¹	(0.24) ¹
Net realized and unrealized gains (losses) on investments	0.62	25.53	2.57	(3.36)	13.24	7.10
Total from investment operations	0.28	25.09	2.28	(3.65)	12.94	6.86
Distributions to shareholders from
Net realized gains	0.00	(8.98)	(4.51)	(4.10)	0.00	0.00
Net asset value, end of period	$65.26	$64.98	$48.87	$51.10	$58.85	$45.91
Total return²	0.42%	54.02%	3.80%	(6.02)%	28.19%	17.57%
Ratios to average net assets (annualized)^*
Gross expenses	1.25%	1.25%	1.24%	1.23%	1.24%	1.25%
Net expenses	1.19%	1.19%	1.20%	1.20%	1.20%	1.20%
Net investment loss	(1.00)%	(0.74)%	(0.57)%	(0.51)%	(0.60)%	(0.55)%
Supplemental data
Portfolio turnover rate³	31%	44%	41%	54%	37%	82%
Net assets, end of period (000s omitted)	$57,494	$62,092	$55,917	$87,850	$114,429	$130,311

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.80%
Year ended May 31, 2021	0.79%
Year ended May 31, 2020	0.78%
Year ended May 31, 2019	0.78%
Year ended May 31, 2018	0.78%
Year ended May 31, 2017	0.78%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

16 | Allspring Small Company Growth Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Institutional Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$67.62	$50.47	$52.51	$60.20	$46.85	$39.75
Net investment loss	(0.16) ¹	(0.29)	(0.17) ¹	(0.15)	(0.19)	(0.15)
Net realized and unrealized gains (losses) on investments	0.53	26.42	2.64	(3.44)	13.54	7.25
Total from investment operations	0.37	26.13	2.47	(3.59)	13.35	7.10
Distributions to shareholders from
Net realized gains	0.00	(8.98)	(4.51)	(4.10)	0.00	0.00
Net asset value, end of period	$67.99	$67.62	$50.47	$52.51	$60.20	$46.85
Total return²	0.55%	54.39%	4.07%	(5.77)%	28.50%	17.86%
Ratios to average net assets (annualized)^*
Gross expenses	1.00%	1.00%	1.00%	0.98%	0.99%	1.00%
Net expenses	0.94%	0.94%	0.95%	0.95%	0.95%	0.95%
Net investment loss	(0.46)%	(0.49)%	(0.32)%	(0.26)%	(0.35)%	(0.31)%
Supplemental data
Portfolio turnover rate³	31%	44%	41%	54%	37%	82%
Net assets, end of period (000s omitted)	$595,077	$819,760	$793,581	$1,047,883	$1,169,555	$1,014,847

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.80%
Year ended May 31, 2021	0.79%
Year ended May 31, 2020	0.78%
Year ended May 31, 2019	0.78%
Year ended May 31, 2018	0.78%
Year ended May 31, 2017	0.78%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund | 17

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Small Company Growth Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Small Company Growth Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2021, the Fund owned 97.63% of Allspring Small Company Growth Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2021 are included in this report and should be read in conjunction with the Fund’s financial statements.

Effective December 6, 2021, "Wells Fargo" was removed from the Fund's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

18 | Allspring Small Company Growth Fund

Table of Contents

Notes to financial statements (unaudited)

Investment transactions, income and expenses

Distributions to shareholders

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $669,748,471 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$322,548,317
Gross unrealized losses	0
Net unrealized gains	$322,548,317

Class allocations

3. FAIR VALUATION MEASUREMENTS

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Allspring Small Company Growth Portfolio	Seek long-term capital appreciation	$992,296,788

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Small Company Growth Fund | 19

Table of Contents

Notes to financial statements (unaudited)

Average daily net assets	Management fee
First $5 billion	0.050%
Next $5 billion	0.040
Over $10 billion	0.030

For the six months ended November 30, 2021, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees

	Class-level administration fee
Class A	0.21%
Class C	0.21
Class R6	0.03
Administrator Class	0.13
Institutional Class	0.13

Waivers and/or expense reimbursements

	Expense ratio caps
Class A	1.29%
Class C	2.04
Class R6	0.86
Administrator Class	1.19
Institutional Class	0.94

20 | Allspring Small Company Growth Fund

Table of Contents

Notes to financial statements (unaudited)

Distribution fee

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2021, Allspring Funds Distributor received $2,974 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2021.

Shareholder servicing fees

5. INVESTMENT PORTFOLIO TRANSACTIONS

6. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

8. INDEMNIFICATION

9. CORONAVIRUS (COVID-19) PANDEMIC

Allspring Small Company Growth Fund | 21

Table of Contents

Portfolio of investments—November 30, 2021

	Shares	Value
Common stocks: 96.20%
Communication services: 1.12%
Entertainment: 1.12%
Lions Gate Entertainment Class B †	350,517	$ 4,784,557
Zynga Incorporated Class A †	1,096,312	6,610,761
		11,395,318
Consumer discretionary: 9.92%
Auto components: 0.80%
Fox Factory Holding Corporation †	46,150	8,111,786
Hotels, restaurants & leisure: 2.12%
International Game Technology plc	493,551	13,335,748
Papa John's International Incorporated	67,079	8,178,272
		21,514,020
Household durables: 1.39%
Skyline Champion Corporation †	144,173	11,281,537
Traeger Incorporated †«	224,455	2,897,714
		14,179,251
Leisure products: 1.52%
Callaway Golf Company †	263,121	7,093,742
Hayward Holdings Incorporated †	340,434	8,333,824
		15,427,566
Multiline retail: 0.74%
Ollie's Bargain Outlet Holdings Incorporated †	121,944	7,547,114
Specialty retail: 3.35%
American Eagle Outfitters Incorporated	309,314	8,008,139
Burlington Stores Incorporated †	28,905	8,472,923
Five Below Incorporated †	34,342	6,986,536
Monro Muffler Brake Incorporated	77,147	4,321,775
Sleep Number Corporation †	78,348	6,250,603
		34,039,976
Consumer staples: 2.91%
Beverages: 0.20%
Zevia PBC Class A †	260,461	1,992,527
Food & staples retailing: 1.01%
Performance Food Group Company †	253,727	10,227,735
Food products: 0.65%
Lamb Weston Holdings Incorporated	128,090	6,650,433
Personal products: 1.05%
e.l.f. Beauty Incorporated †	354,472	10,676,697
Financials: 10.67%
Banks: 1.34%
Triumph Bancorp Incorporated †	106,677	13,585,316

The accompanying notes are an integral part of these financial statements.

22 | Allspring Small Company Growth Portfolio

Table of Contents

Portfolio of investments—November 30, 2021

	Shares	Value
Capital markets: 3.98%
Evercore Partners Incorporated Class A	63,235	$ 8,770,695
Focus Financial Partners Class A †	146,102	8,991,117
Open Lending Corporation Class A †	155,052	3,603,408
Stifel Financial Corporation	162,654	11,550,061
VIRTU Financial Incorporated Class A	267,152	7,528,343
		40,443,624
Insurance: 4.49%
BRP Group Incorporated Class A †	324,660	12,025,406
Goosehead Insurance Incorporated Class A	99,107	13,014,731
Palomar Holdings Incorporated †	134,990	9,865,069
Ryan Specialty Group Holdings Incorporated †	281,651	10,778,784
		45,683,990
Thrifts & mortgage finance: 0.86%
Essent Group Limited	209,688	8,718,827
Health care: 24.46%
Biotechnology: 5.02%
Amicus Therapeutics Incorporated †	521,166	5,581,688
Arena Pharmaceuticals Incorporated †	70,353	3,833,535
Avid Bioservices Incorporated †	267,689	8,180,576
Blueprint Medicines Corporation †	72,733	6,996,915
Cytokinetics Incorporated †	141,098	5,550,795
Insmed Incorporated †	208,522	5,738,525
Ionis Pharmaceuticals Incorporated †	82,134	2,176,551
Iovance Biotherapeutics Incorporated †	125,200	2,343,744
Mirati Therapeutics Incorporated †	25,017	3,421,575
Neurocrine Biosciences Incorporated †	57,553	4,791,287
Turning Point Therapeutics Incorporated †	62,473	2,377,722
		50,992,913
Health care equipment & supplies: 5.81%
Atricure Incorporated †	145,688	9,236,619
Axonics Modulation Technologies Incorporated †	179,796	9,782,700
Cerus Corporation †	774,848	5,338,703
Conmed Corporation	77,840	10,232,846
Haemonetics Corporation †	105,737	5,419,021
Novocure Limited †	24,910	2,332,572
Silk Road Medical Incorporated †	213,534	8,665,210
Tactile Systems Technology Class I †	202,424	3,947,268
ViewRay Incorporated †	798,262	4,103,067
		59,058,006
Health care providers & services: 3.21%
AMN Healthcare Services Incorporated †	97,847	11,155,536
HealthEquity Incorporated †	127,837	6,990,127
Oak Street Health Incorporated †«	169,593	5,248,903
Privia Health Group Incorporated †	185,549	4,286,182
U.S. Physical Therapy Incorporated	57,468	4,941,099
		32,621,847
Health care technology: 3.80%
Allscripts Healthcare Solutions Incorporated †	466,763	7,762,269

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Portfolio | 23

Table of Contents

Portfolio of investments—November 30, 2021

	Shares	Value
Health care technology (continued)
Evolent Health Incorporated Class A †	284,238	$ 7,390,188
Omnicell Incorporated †	86,376	15,288,552
Phreesia Incorporated †	142,655	8,228,340
		38,669,349
Life sciences tools & services: 5.85%
Adaptive Biotechnologies Corporation †	180,587	4,711,515
Avantor Incorporated †	403,584	15,933,496
ICON plc ADR †	78,949	21,353,336
Syneos Health Incorporated †	179,801	17,469,465
		59,467,812
Pharmaceuticals: 0.77%
Axsome Therapeutics Incorporated †«	70,597	2,438,420
Pacira Pharmaceuticals Incorporated †	102,634	5,400,601
		7,839,021
Industrials: 19.96%
Aerospace & defense: 1.25%
Kratos Defense & Security Solutions Incorporated †	311,605	6,141,735
Mercury Systems Incorporated †	133,107	6,515,588
		12,657,323
Airlines: 0.68%
Sun Country Airlines Holding †	253,323	6,948,650
Building products: 3.60%
A.O. Smith Corporation	54,654	4,320,401
Advanced Drainage Systems Incorporated	82,336	10,185,787
Masonite International Corporation †	89,533	9,580,031
PGT Incorporated †	258,486	5,309,302
The AZEK Company Incorporated †	183,833	7,209,930
		36,605,451
Commercial services & supplies: 0.96%
IAA Incorporated †	110,774	5,350,384
KAR Auction Services Incorporated †	291,289	4,366,422
		9,716,806
Construction & engineering: 0.60%
Dycom Industries Incorporated †	65,139	6,089,194
Electrical equipment: 0.80%
Atkore International Incorporated †	76,378	8,134,257
Machinery: 3.00%
Chart Industries Incorporated †	48,671	8,495,523
SPX Corporation †	191,942	11,161,427
Wabash National Corporation	335,155	5,597,089
Woodward Incorporated	49,877	5,276,987
		30,531,026
Professional services: 6.10%
ASGN Incorporated †	130,768	15,911,850

The accompanying notes are an integral part of these financial statements.

24 | Allspring Small Company Growth Portfolio

Table of Contents

Portfolio of investments—November 30, 2021

	Shares	Value
Professional services (continued)
Clarivate plc †	327,721	$ 7,649,008
FTI Consulting Incorporated †	59,255	8,656,563
ICF International Incorporated	112,405	10,874,060
KBR Incorporated	252,788	11,122,672
Sterling Check Corporation †	326,298	7,756,103
		61,970,256
Road & rail: 1.46%
Knight-Swift Transportation Holdings Incorporated	142,495	8,157,839
Schneider National Incorporated Class B	271,937	6,689,650
		14,847,489
Trading companies & distributors: 1.51%
Boise Cascade Company	116,366	7,544,008
Core & Main Incorporated †	293,869	7,825,731
		15,369,739
Information technology: 23.33%
Communications equipment: 2.51%
Ciena Corporation †	242,658	14,615,291
Lumentum Holdings Incorporated †	125,486	10,888,420
		25,503,711
Electronic equipment, instruments & components: 1.18%
Itron Incorporated †	86,082	5,329,337
Par Technology Corporation †«	126,470	6,623,234
		11,952,571
IT services: 2.48%
EVO Payments Incorporated Class A †	286,950	6,109,166
LiveRamp Holdings Incorporated †	169,224	7,941,682
Verra Mobility Corporation †	500,594	7,203,548
WEX Incorporated †	31,284	3,954,923
		25,209,319
Semiconductors & semiconductor equipment: 5.24%
CMC Materials Incorporated	50,490	6,705,072
FormFactor Incorporated †	132,549	5,556,454
Onto Innovation Incorporated †	91,410	8,607,166
Silicon Motion Technology Corporation ADR	128,867	8,895,689
Synaptics Incorporated †	45,319	12,790,835
Teradyne Incorporated	70,232	10,736,366
		53,291,582
Software: 11.92%
Black Knight Incorporated †	155,500	11,113,585
Box Incorporated Class A †	458,831	10,741,234
CyberArk Software Limited †	59,530	10,289,761
Doubleverify Holdings Incorporated †	109,611	3,384,788
Jamf Holding Corporation †	273,923	8,828,538
Mimecast Limited †	111,607	9,040,167
Nutanix Incorporated Class A †	266,966	8,868,611
Pagerduty Incorporated †	282,896	10,028,663
PTC Incorporated †	111,407	12,207,979

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Portfolio | 25

Table of Contents

Portfolio of investments—November 30, 2021

	Shares	Value
Software (continued)
Sprout Social Incorporated Class A †	61,373	$ 6,854,137
SS&C Technologies Holdings Incorporated	184,502	14,083,038
Zendesk Incorporated †	60,759	6,204,101
Zuora Incorporated †	480,222	9,513,198
		121,157,800
Materials: 2.79%
Chemicals: 2.07%
Element Solutions Incorporated	603,904	13,811,284
Orion Engineered Carbons SA †	410,126	7,197,711
		21,008,995
Metals & mining: 0.72%
Steel Dynamics Incorporated	122,225	7,309,055
Real estate: 1.04%
Equity REITs: 0.72%
Ryman Hospitality Properties Incorporated †	94,547	7,317,938
Real estate management & development: 0.32%
Compass Incorporated Class A †«	342,861	3,277,751
Total Common stocks (Cost $589,401,350)		977,742,041

	Expiration date
Rights: 0.00%
Communication services: 0.00%
Media: 0.00%
Media General Incorporated ♦†	12-31-2021	347,897	0
Total Rights (Cost $0)			0

		Yield
Short-term investments: 5.17%
Investment companies: 5.17%
Allspring Government Money Market Fund Select Class ♠∞		0.03%	36,582,556	36,582,556
Securities Lending Cash Investments LLC ♠∩∞		0.04	15,956,833	15,956,833
Total Short-term investments (Cost $52,539,389)				52,539,389
Total investments in securities (Cost $641,940,739)	101.37%			1,030,281,430
Other assets and liabilities, net	(1.37)			(13,886,763)
Total net assets	100.00%			$1,016,394,667

†	Non-income-earning security
♦	The security is fair valued in accordance with procedures approved by the Board of Trustees.
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.

The accompanying notes are an integral part of these financial statements.

26 | Allspring Small Company Growth Portfolio

Table of Contents

Portfolio of investments—November 30, 2021

Abbreviations:
ADR	American depositary receipt
REIT	Real estate investment trust

Investments in affiliates

	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	$40,275,255	$197,459,065	$(201,151,764)	$0	$0	$ 36,582,556	36,582,556	$ 4,249
Securities Lending Cash Investments LLC	21,935,055	129,473,795	(135,452,017)	0	0	15,956,833	15,956,833	2,474 ^#
				$0	$0	$52,539,389		$6,723

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Portfolio | 27

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $15,508,431 of securities loaned), at value (cost $589,401,350)	$ 977,742,041
Investments in affiliated securities, at value (cost $52,539,389)	52,539,389
Receivable for investments sold	1,970,110
Receivable for dividends	757,587
Receivable for securities lending income, net	4,791
Prepaid expenses and other assets	37,606
Total assets	1,033,051,524
Liabilities
Payable upon receipt of securities loaned	15,956,833
Advisory fee payable	692,880
Accrued expenses and other liabilities	7,144
Total liabilities	16,656,857
Total net assets	$1,016,394,667

The accompanying notes are an integral part of these financial statements.

28 | Allspring Small Company Growth Portfolio

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends	$ 2,347,903
Income from affiliated securities	58,796
Total investment income	2,406,699
Expenses
Advisory fee	4,486,153
Custody and accounting fees	41,148
Professional fees	32,306
Interest holder report expenses	11,742
Trustees’ fees and expenses	9,662
Other fees and expenses	24,485
Total expenses	4,605,496
Net investment loss	(2,198,797)
Realized and unrealized gains (losses) on investments
Net realized gains on investments	212,663,542
Net change in unrealized gains (losses) on investments	(201,183,961)
Net realized and unrealized gains (losses) on investments	11,479,581
Net increase in net assets resulting from operations	$ 9,280,784

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Portfolio | 29

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment loss	$ (2,198,797)	$ (4,920,462)
Net realized gains on investments	212,663,542	383,642,418
Net change in unrealized gains (losses) on investments	(201,183,961)	248,333,561
Net increase in net assets resulting from operations	9,280,784	627,055,517
Capital transactions
Transactions in investors’ beneficial interests
Contributions	47,121,064	27,183,074
Withdrawals	(418,298,101)	(661,328,291)
Net decrease in net assets resulting from capital transactions	(371,177,037)	(634,145,217)
Total decrease in net assets	(361,896,253)	(7,089,700)
Net assets
Beginning of period	1,378,290,920	1,385,380,620
End of period	$1,016,394,667	$1,378,290,920

The accompanying notes are an integral part of these financial statements.

30 | Allspring Small Company Growth Portfolio

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Total return¹	0.62%	54.64%	4.08%	(5.64)%	28.74%	18.15%
Ratios to average net assets (annualized)
Gross expenses	0.80%	0.79%	0.78%	0.78%	0.78%	0.79%
Net expenses	0.80%	0.79%	0.78%	0.78%	0.78%	0.79%
Net investment loss	(0.38)%	(0.34)%	(0.16)%	(0.09)%	(0.18)%	(0.14)%
Supplemental data
Portfolio turnover rate	31%	44%	41%	54%	37%	82%

¹	Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Portfolio | 31

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Small Company Growth Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Securities lending

32 | Allspring Small Company Growth Portfolio

Table of Contents

Notes to financial statements (unaudited)

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been ��passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $660,720,595 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$422,625,083
Gross unrealized losses	(53,064,248)
Net unrealized gains	$369,560,835

3. FAIR VALUATION MEASUREMENTS

■	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 Portfolio’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.

Allspring Small Company Growth Portfolio | 33

Table of Contents

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 11,395,318	$0	$0	$ 11,395,318
Consumer discretionary	100,819,713	0	0	100,819,713
Consumer staples	29,547,392	0	0	29,547,392
Financials	108,431,757	0	0	108,431,757
Health care	248,648,948	0	0	248,648,948
Industrials	202,870,191	0	0	202,870,191
Information technology	237,114,983	0	0	237,114,983
Materials	28,318,050	0	0	28,318,050
Real estate	10,595,689	0	0	10,595,689
Rights
Communication services	0	0	0	0
Short-term investments
Investment companies	52,539,389	0	0	52,539,389
Total assets	$1,030,281,430	$0	$0	$1,030,281,430

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

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Average daily net assets	Advisory fee
First $500 million	0.800%
Next $500 million	0.775
Next $1 billion	0.750
Next $1 billion	0.725
Next $1 billion	0.700
Over $4 billion	0.680

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.78% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Peregrine Capital Management, LLC, which is not an affiliate of Allspring Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate of 0.38% of the Portfolio's average daily net assets.

34 | Allspring Small Company Growth Portfolio

Table of Contents

Notes to financial statements (unaudited)

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2021 were $344,013,216 and $707,037,049, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

Counterparty	Value of securities on loan	Collateral received¹	Net amount
BMO Capital Markets Corporation	$5,331,200	$(5,331,200)	$0
BNP Paribas Securities Corporation	4,861,195	(4,861,195)	0
Credit Suisse Securities (USA) LLC	2,992,000	(2,992,000)	0
Morgan Stanley & Co. LLC	2,300,780	(2,300,780)	0
UBS Securities LLC	23,256	(23,256)	0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in the health care sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Allspring Small Company Growth Portfolio | 35

Table of Contents

Notes to financial statements (unaudited)

separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. CORONAVIRUS (COVID-19) PANDEMIC

36 | Allspring Small Company Growth Portfolio

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

SPECIAL MEETING OF SHAREHOLDERS

On August 16, 2021, a Special Meeting of Shareholders for Allspring Small Company Growth Fund was held to consider the following proposals. The results of the proposals are indicated below.

Proposal 1 – To consider and approve a new investment management agreement with Wells Fargo Funds Management, LLC*.

Shares voted “For”	9,908,243
Shares voted “Against”	99,861
Shares voted “Abstain”	107,942
Shares voted “Uninstructed”	216,349

Proposal 2 – To consider and approve a new advisory agreement with Wells Fargo Funds Management, LLC* for Allspring Small Company Growth Portfolio in which the Fund invests substantially all of its assets.

Shares voted “For”	9,901,468
Shares voted “Against”	71,819
Shares voted “Abstain”	142,759
Shares voted “Uninstructed"	216,349

Proposal 3 – To consider and approve a new subadvisory agreement with Wells Capital Management, LLC** for Allspring Small Company Growth Portfolio.

Shares voted “For”	9,929,920
Shares voted “Against”	76,875
Shares voted “Abstain”	109,251
Shares voted “Uninstructed”	216,349

* Effective November 1, 2021, known as Allspring Funds Management, LLC.

** Effective November 1, 2021, known as Allspring Global Investments, LLC.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

Allspring Small Company Growth Fund | 37

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

38 | Allspring Small Company Growth Fund

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

Allspring Small Company Growth Fund | 39

Table of Contents

Other information (unaudited)

Officers²

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

40 | Allspring Small Company Growth Fund

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

PAR-1221-00197 01-22
SA285/SAR285 11-21

Semi-Annual Report

November 30, 2021

Allspring
Small Company Value Fund

Contents

Allspring Small Company Value Fund | 1

Table of Contents

Letter to shareholders (unaudited)

Andrew Owen

President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for Allspring Small Company Value Fund for the six-month period that ended November 30, 2021. Global stocks yielded mixed results as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. The bond market had mostly positive returns during the period.

Vaccination rollout drove the stock markets to new highs.

_“2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances._”

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

2 | Allspring Small Company Value Fund

Table of Contents

Letter to shareholders (unaudited)

_“ Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market._”

¹	The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

Allspring Small Company Value Fund | 3

Table of Contents

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Information on transaction closing.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

¹	As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm.

4 | Allspring Small Company Value Fund

Table of Contents

This page is intentionally left blank.

Table of Contents

Performance highlights (unaudited)

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC

Subadviser for the affiliated master portfolio*

Allspring Global Investments, LLC

Portfolio managers

Jeff Goverman, Garth R. Nisbet, CFA®^‡, Craig Pieringer, CFA®^‡

Average annual total returns (%) as of November 30, 2021
		Including sales charge			Excluding sales charge			Expense ratios¹ (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net ²
Class A (SCVAX)	1-31-2002	32.34	8.94	11.13	40.41	10.24	11.79	1.35	1.15
Class C (SCVFX)	8-30-2002	38.38	9.45	10.97	39.38	9.45	10.97	2.10	1.90
Class R6 (SCVJX)³	10-31-2016	–	–	–	40.92	10.70	12.16	0.92	0.75
Administrator Class (SCVIX)	1-31-2002	–	–	–	40.50	10.35	11.96	1.27	1.05
Institutional Class (SCVNX)	7-30-2010	–	–	–	40.77	10.58	12.19	1.02	0.85
Russell 2000® Value Index⁴	–	–	–	–	33.01	9.08	11.76	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

¹	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.03% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.
²	The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.75% for Class R6, 1.05% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
³	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
⁴	The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller - company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Consult the Fund’s prospectus for additional information on these and other risks.

^‡

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Small Company Value Fund

Table of Contents

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 2021¹
Lexington Corporate Properties Trust	1.52
Piper Jaffray Companies Incorporated	1.45
STAG Industrial Incorporated	1.40
Arcbest Corporation	1.37
Customers Bancorp Incorporated	1.35
Comfort Systems Incorporated	1.35
Centerspace REIT	1.33
Regal-Beloit Corporation	1.31
Diamondback Energy Incorporated	1.23
Kadant Incorporated	1.22

¹	Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of November 30, 2021¹

¹	Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Allspring Small Company Value Fund | 7

Table of Contents

Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2021 to November 30, 2021.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 6-1-2021	Ending account value 11-30-2021	Expenses paid during the period^1,2	Annualized net expense ratio²
Class A
Actual	$1,000.00	$1,002.96	$5.72	1.14%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.35	$5.77	1.14%
Class C
Actual	$1,000.00	$ 999.39	$9.52	1.90%
Hypothetical (5% return before expenses)	$1,000.00	$1,015.54	$9.60	1.90%
Class R6
Actual	$1,000.00	$1,004.96	$3.77	0.75%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.31	$3.80	0.75%
Administrator Class
Actual	$1,000.00	$1,003.69	$5.27	1.05%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.80	$5.32	1.05%
Institutional Class
Actual	$1,000.00	$1,004.46	$4.27	0.85%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.81	$4.31	0.85%

² Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

8 | Allspring Small Company Value Fund

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

		Value
Investment companies: 100.03%
Affiliated master portfolio: 100.03%
Allspring Small Company Value Portfolio		$519,434,761
Total Investment companies (Cost $389,487,298)		519,434,761
Total investments in securities (Cost $389,487,298)	100.03%	519,434,761
Other assets and liabilities, net	(0.03)	(132,163)
Total net assets	100.00%	$519,302,598

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period	% of ownership, end of period	Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	Dividends allocated from affiliated Master Portfolio	Value, end of period
Allspring Small Company Value Portfolio	85.41%	86.18%	$42,393,871	$(42,498,214)	$4,390,601	$519,434,761

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Fund | 9

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in affiliated Master Portfolio, at value (cost $389,487,298)	$ 519,434,761
Receivable for Fund shares sold	429,458
Receivable from manager	54,399
Prepaid expenses and other assets	156,754
Total assets	520,075,372
Liabilities
Payable for Fund shares redeemed	566,586
Shareholder servicing fees payable	95,401
Administration fees payable	86,708
Trustees’ fees and expenses payable	3,289
Distribution fee payable	1,920
Accrued expenses and other liabilities	18,870
Total liabilities	772,774
Total net assets	$519,302,598
Net assets consist of
Paid-in capital	$ 365,413,164
Total distributable earnings	153,889,434
Total net assets	$519,302,598
Computation of net asset value and offering price per share
Net assets – Class A	$ 398,911,801
Shares outstanding – Class A¹	10,713,356
Net asset value per share – Class A	$37.23
Maximum offering price per share – Class A²	$39.50
Net assets – Class C	$ 3,161,072
Shares outstanding – Class C¹	96,768
Net asset value per share – Class C	$32.67
Net assets – Class R6	$ 10,277,090
Shares outstanding – Class R6¹	266,765
Net asset value per share – Class R6	$38.52
Net assets – Administrator Class	$ 31,705,708
Shares outstanding – Administrator Class¹	831,660
Net asset value per share – Administrator Class	$38.12
Net assets – Institutional Class	$ 75,246,927
Shares outstanding – Institutional Class¹	1,964,451
Net asset value per share – Institutional Class	$38.30

¹	The Fund has an unlimited number of authorized shares.
²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

10 | Allspring Small Company Value Fund

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $4,059)	$ 4,390,601
Affiliated income allocated from affiliated Master Portfolio	15,819
Expenses allocated from affiliated Master Portfolio	(2,170,028)
Waivers allocated from affiliated Master Portfolio	225,979
Total investment income	2,462,371
Expenses
Management fee	131,417
Administration fees
Class A	428,092
Class C	3,264
Class R6	1,403
Administrator Class	20,869
Institutional Class	47,705
Shareholder servicing fees
Class A	509,633
Class C	3,872
Administrator Class	40,122
Distribution fee
Class C	11,614
Custody and accounting fees	8,715
Professional fees	26,004
Registration fees	25,565
Shareholder report expenses	42,496
Trustees’ fees and expenses	9,968
Other fees and expenses	64,983
Total expenses	1,375,722
Less: Fee waivers and/or expense reimbursements
Fund-level	(364,200)
Class A	(81,319)
Class C	(310)
Administrator Class	(8,005)
Net expenses	921,888
Net investment income	1,540,483
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio	42,393,871
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio	(42,498,214)
Net realized and unrealized gains (losses) on investments	(104,343)
Net increase in net assets resulting from operations	$ 1,436,140

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Fund | 11

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)		Year ended May 31, 2021
Operations
Net investment income		$ 1,540,483		$ 1,435,966
Net realized gains on investments		42,393,871		29,216,420
Net change in unrealized gains (losses) on investments		(42,498,214)		204,433,580
Net increase in net assets resulting from operations		1,436,140		235,085,966
Distributions to shareholders from
Net investment income and net realized gains
Class A		0		(1,293,657)
Class R6		0		(57,563)
Administrator Class		0		(111,552)
Institutional Class		0		(291,793)
Total distributions to shareholders		0		(1,754,565)
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	312,261	11,772,002	941,668	26,856,731
Class C	13,959	480,144	13,195	384,992
Class R6	54,301	2,140,644	191,063	5,140,970
Administrator Class	227,179	8,736,857	324,601	9,607,503
Institutional Class	391,586	15,018,881	788,867	24,838,642
		38,148,528		66,828,838
Reinvestment of distributions
Class A	0	0	44,468	1,263,434
Class R6	0	0	1,957	57,318
Administrator Class	0	0	3,678	106,887
Institutional Class	0	0	9,851	287,148
		0		1,714,787
Payment for shares redeemed
Class A	(753,906)	(27,978,319)	(2,387,672)	(63,689,654)
Class C	(20,839)	(681,310)	(149,932)	(3,213,714)
Class R6	(22,561)	(852,223)	(258,998)	(7,165,322)
Administrator Class	(256,984)	(9,916,812)	(194,898)	(5,830,131)
Institutional Class	(318,867)	(12,106,154)	(472,719)	(13,399,558)
		(51,534,818)		(93,298,379)
Net decrease in net assets resulting from capital share transactions		(13,386,290)		(24,754,754)
Total increase (decrease) in net assets		(11,950,150)		208,576,647
Net assets
Beginning of period		531,252,748		322,676,101
End of period		$519,302,598		$531,252,748

The accompanying notes are an integral part of these financial statements.

12 | Allspring Small Company Value Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class A	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$37.11	$20.91	$24.22	$28.60	$24.01	$20.22
Net investment income	0.10	0.09	0.18 ¹	0.09	0.09	0.05
Net realized and unrealized gains (losses) on investments	0.02	16.22	(3.35)	(4.31)	4.58	3.75
Total from investment operations	0.12	16.31	(3.17)	(4.22)	4.67	3.80
Distributions to shareholders from
Net investment income	0.00	(0.11)	(0.14)	(0.16)	(0.08)	(0.01)
Net asset value, end of period	$37.23	$37.11	$20.91	$24.22	$28.60	$24.01
Total return²	0.32%	77.80%	(13.25)%	(14.72)%	19.48%	18.86%
Ratios to average net assets (annualized)^*
Gross expenses	1.32%	1.32%	1.32%	1.49%	1.47%	1.47%
Net expenses	1.14%	1.14%	1.13%	1.15%	1.33%	1.35%
Net investment income	0.54%	0.33%	0.74%	0.38%	0.46%	0.20%
Supplemental data
Portfolio turnover rate³	31%	62%	78%	168%	144%	110%
Net assets, end of period (000s omitted)	$398,912	$414,013	$262,574	$11,902	$15,665	$16,280

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.74%
Year ended May 31, 2021	0.74%
Year ended May 31, 2020	0.74%
Year ended May 31, 2019	0.75%
Year ended May 31, 2018	0.84%
Year ended May 31, 2017	0.84%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Fund | 13

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class C	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$32.69	$18.43	$21.48	$25.38	$21.40	$18.15
Net investment income (loss)	(0.04) ¹	(0.07) ¹	0.01 ¹	(0.08) ¹	(0.07) ¹	(0.11) ¹
Net realized and unrealized gains (losses) on investments	0.02	14.33	(3.00)	(3.82)	4.05	3.36
Total from investment operations	(0.02)	14.26	(2.99)	(3.90)	3.98	3.25
Distributions to shareholders from
Net investment income	0.00	0.00	(0.06)	0.00	0.00	0.00
Net asset value, end of period	$32.67	$32.69	$18.43	$21.48	$25.38	$21.40
Total return²	(0.06)%	76.80%	(13.98)%	(15.37)%	18.60%	17.97%
Ratios to average net assets (annualized)^*
Gross expenses	2.06%	2.06%	2.08%	2.22%	2.21%	2.22%
Net expenses	1.90%	1.90%	1.90%	1.90%	2.08%	2.10%
Net investment income (loss)	(0.24)%	(0.29)%	0.02%	(0.35)%	(0.29)%	(0.54)%
Supplemental data
Portfolio turnover rate³	31%	62%	78%	168%	144%	110%
Net assets, end of period (000s omitted)	$3,161	$3,388	$4,431	$1,099	$1,980	$1,962

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.74%
Year ended May 31, 2021	0.74%
Year ended May 31, 2020	0.74%
Year ended May 31, 2019	0.75%
Year ended May 31, 2018	0.84%
Year ended May 31, 2017	0.84%

¹	Calculated based upon average shares outstanding
²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

14 | Allspring Small Company Value Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Class R6	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017 ¹
Net asset value, beginning of period	$38.33	$21.56	$24.92	$29.44	$24.69	$21.37
Net investment income	0.18 ²	0.20	0.31	0.21 ²	0.29 ²	0.08
Net realized and unrealized gains (losses) on investments	0.01	16.78	(3.50)	(4.45)	4.65	3.33
Total from investment operations	0.19	16.98	(3.19)	(4.24)	4.94	3.41
Distributions to shareholders from
Net investment income	0.00	(0.21)	(0.17)	(0.28)	(0.19)	(0.09)
Net asset value, end of period	$38.52	$38.33	$21.56	$24.92	$29.44	$24.69
Total return³	0.50%	78.63%	(12.97)%	(14.38)%	20.03%	15.95%
Ratios to average net assets (annualized)^*
Gross expenses	0.89%	0.89%	0.90%	1.09%	1.03%	1.02%
Net expenses	0.75%	0.75%	0.75%	0.75%	0.88%	0.90%
Net investment income	0.94%	0.73%	1.22%	0.77%	1.04%	0.58%
Supplemental data
Portfolio turnover rate⁴	31%	62%	78%	168%	144%	110%
Net assets, end of period (000s omitted)	$10,277	$9,007	$6,491	$731	$322	$29

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.74%
Year ended May 31, 2021	0.74%
Year ended May 31, 2020	0.74%
Year ended May 31, 2019	0.75%
Year ended May 31, 2018	0.84%
Year ended May 31, 2017¹	0.83%

¹	For the period from October 31, 2016 (commencement of class operations) to May 31, 2017
²	Calculated based upon average shares outstanding
³	Returns for periods of less than one year are not annualized.
⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Fund | 15

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Administrator Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$37.98	$21.40	$24.80	$29.23	$24.53	$20.66
Net investment income	0.12 ¹	0.10 ¹	0.21 ¹	0.14 ¹	0.20	0.08 ¹
Net realized and unrealized gains (losses) on investments	0.02	16.62	(3.43)	(4.43)	4.63	3.83
Total from investment operations	0.14	16.72	(3.22)	(4.29)	4.83	3.91
Distributions to shareholders from
Net investment income	0.00	(0.14)	(0.18)	(0.14)	(0.13)	(0.04)
Net asset value, end of period	$38.12	$37.98	$21.40	$24.80	$29.23	$24.53
Total return²	0.37%	77.91%	(13.18)%	(14.65)%	19.71%	19.00%
Ratios to average net assets (annualized)^*
Gross expenses	1.24%	1.24%	1.32%	1.35%	1.38%	1.39%
Net expenses	1.05%	1.05%	1.05%	1.05%	1.19%	1.20%
Net investment income	0.63%	0.35%	0.82%	0.49%	0.59%	0.36%
Supplemental data
Portfolio turnover rate³	31%	62%	78%	168%	144%	110%
Net assets, end of period (000s omitted)	$31,706	$32,721	$15,581	$13,905	$60,379	$57,591

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.74%
Year ended May 31, 2021	0.74%
Year ended May 31, 2020	0.74%
Year ended May 31, 2019	0.75%
Year ended May 31, 2018	0.84%
Year ended May 31, 2017	0.84%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

16 | Allspring Small Company Value Fund

Table of Contents

Financial highlights

(For a share outstanding throughout each period)

		Year ended May 31
Institutional Class	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Net asset value, beginning of period	$38.13	$21.46	$24.86	$29.40	$24.68	$20.77
Net investment income	0.16 ¹	0.15 ¹	0.25	0.19 ¹	0.21	0.11
Net realized and unrealized gains (losses) on investments	0.01	16.70	(3.43)	(4.45)	4.69	3.89
Total from investment operations	0.17	16.85	(3.18)	(4.26)	4.90	4.00
Distributions to shareholders from
Net investment income	0.00	(0.18)	(0.22)	(0.28)	(0.18)	(0.09)
Net asset value, end of period	$38.30	$38.13	$21.46	$24.86	$29.40	$24.68
Total return²	0.45%	78.39%	(13.03)%	(14.46)%	19.90%	13.70%
Ratios to average net assets (annualized)^*
Gross expenses	0.99%	0.99%	1.07%	1.14%	1.14%	1.14%
Net expenses	0.85%	0.85%	0.85%	0.85%	0.99%	1.00%
Net investment income	0.83%	0.52%	1.04%	0.68%	0.78%	0.55%
Supplemental data
Portfolio turnover rate³	31%	62%	78%	168%	144%	110%
Net assets, end of period (000s omitted)	$75,247	$72,123	$33,600	$33,116	$60,973	$52,072

*	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2021 (unaudited)	0.74%
Year ended May 31, 2021	0.74%
Year ended May 31, 2020	0.74%
Year ended May 31, 2019	0.75%
Year ended May 31, 2018	0.84%
Year ended May 31, 2017	0.84%

¹	Calculated based upon average shares outstanding
²	Returns for periods of less than one year are not annualized.
³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Fund | 17

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Small Company Value Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Small Company Value Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Allspring Master Trust, a registered open-end management investment company. As of November 30, 2021, the Fund owned 86.18% of Allspring Small Company Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2021 are included in this report and should be read in conjunction with the Fund’s financial statements.

Consummation of the transaction resulted in the automatic termination of the Fund’s investment management agreement. The Fund’s Board of Trustees approved a new investment management agreement which was submitted and approved by the Fund’s shareholders at a Special Meeting of Shareholders held on October 29, 2021. The new agreement became effective on November 1, 2021.

Effective December 6, 2021, "Wells Fargo" was removed from the Fund's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

18 | Allspring Small Company Value Fund

Table of Contents

Notes to financial statements (unaudited)

Investment transactions, income and expenses

Distributions to shareholders

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $404,550,724 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$114,884,037
Gross unrealized losses	0
Net unrealized gains	$114,884,037

As of May 31, 2021, the Fund had capital loss carryforwards which consisted of $5,786,220 in short-term capital losses.

As of May 31, 2021, the Fund had a qualified late-year ordinary loss of $475,078 which was recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Allspring Small Company Value Portfolio	Seek long-term capital appreciation	$519,434,761

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Allspring Small Company Value Fund | 19

Table of Contents

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $5 billion	0.050%
Next $5 billion	0.040
Over $10 billion	0.030

For the six months ended November 30, 2021, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees

	Class-level administration fee
Class A	0.21%
Class C	0.21
Class R6	0.03
Administrator Class	0.13
Institutional Class	0.13

Waivers and/or expense reimbursements

20 | Allspring Small Company Value Fund

Table of Contents

Notes to financial statements (unaudited)

	Expense ratio caps
Class A	1.15%
Class C	1.90
Class R6	0.75
Administrator Class	1.05
Institutional Class	0.85

Distribution fee

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Allspring Funds Distributor received $1,160 in contingent deferred sales charges from Class A shares for the six months ended November 30, 2021. No front-end sales charges were incurred by Class A shares and no contingent deferred sales charges were incurred by Class C shares for the six months ended November 30, 2021.

Shareholder servicing fees

5. INVESTMENT PORTFOLIO TRANSACTIONS

6. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Allspring Small Company Value Fund | 21

Table of Contents

Notes to financial statements (unaudited)

8. CORONAVIRUS (COVID-19) PANDEMIC

22 | Allspring Small Company Value Fund

Table of Contents

Portfolio of investments—November 30, 2021

	Shares	Value
Common stocks: 98.78%
Consumer discretionary: 10.98%
Auto components: 2.01%
Dana Incorporated	185,423	$ 3,986,595
Patrick Industries Incorporated	62,974	5,023,436
Standard Motor Products Incorporated	61,670	3,085,967
		12,095,998
Diversified consumer services: 0.10%
H&R Block Incorporated	26,653	631,143
Hotels, restaurants & leisure: 1.12%
Dine Brands Global Incorporated †	59,747	4,291,030
Wyndham Hotels & Resorts Incorporated	30,734	2,442,738
		6,733,768
Household durables: 1.11%
GoPro Incorporated Class A †	162,832	1,628,320
Green Brick Partners Incorporated †	59,778	1,491,461
Hooker Furniture Corporation	110,503	2,623,341
iRobot Corporation †«	12,399	941,208
		6,684,330
Leisure products: 1.66%
Johnson Outdoors Incorporated Class A	48,169	5,011,503
Malibu Boats Incorporated Class A †	71,663	4,978,429
		9,989,932
Multiline retail: 0.61%
Big Lots Stores Incorporated	66,028	2,864,295
Nordstrom Incorporated †	40,029	847,414
		3,711,709
Specialty retail: 3.35%
American Eagle Outfitters Incorporated	154,831	4,008,575
Bed Bath & Beyond Incorporated †	145,629	2,669,380
Destination XL Group Incorporated †	212,841	1,521,813
Dick's Sporting Goods Incorporated	50,586	5,946,890
Shoe Carnival Incorporated	154,269	6,031,918
		20,178,576
Textiles, apparel & luxury goods: 1.02%
Lakeland Industries Incorporated †	133,606	2,557,219
Rocky Brands Incorporated	101,002	3,588,601
		6,145,820
Consumer staples: 0.52%
Food & staples retailing: 0.52%
Grocery Outlet Holding Corporation †	108,801	3,150,877

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Portfolio | 23

Table of Contents

Portfolio of investments—November 30, 2021

	Shares	Value
Energy: 5.51%
Energy equipment & services: 2.01%
Helmerich & Payne Incorporated	269,602	$ 6,052,565
Patterson-UTI Energy Incorporated	862,030	6,085,932
		12,138,497
Oil, gas & consumable fuels: 3.50%
Diamondback Energy Incorporated	69,492	7,416,881
Marathon Oil Corporation	199,647	3,092,532
Southwestern Energy Company †	1,226,449	5,494,492
W&T Offshore Incorporated †	1,478,501	5,086,043
		21,089,948
Financials: 24.19%
Banks: 15.87%
Ameris Bancorp	137,774	6,705,461
Atlantic Union Bankshares Corporation	185,517	6,031,158
Banc of California Incorporated	244,261	4,785,073
Banner Corporation	107,261	6,143,910
Customers Bancorp Incorporated †	141,619	8,162,919
FB Financial Corporation	131,094	5,623,933
First Foundation Incorporated	249,848	6,351,136
First Interstate BancSystem Class A	129,617	5,288,374
Great Southern Bancorp Incorporated	78,989	4,394,158
Heritage Financial Corporation	196,785	4,610,673
Independent Bank Corporation	174,631	3,937,929
OceanFirst Financial Corporation	230,443	4,749,430
OFG Bancorp	210,933	5,083,485
Synovus Financial Corporation	160,839	7,284,398
Umpqua Holdings Corporation	321,639	6,130,439
Univest Corporation of Pennsylvania	176,019	4,852,844
Western Alliance Bancorp	50,223	5,513,481
		95,648,801
Capital markets: 1.75%
Piper Jaffray Companies Incorporated	52,764	8,745,633
Sculptor Capital Management Incorporated	98,228	1,779,891
		10,525,524
Diversified financial services: 0.31%
A-Mark Precious Metals Incorporated	27,108	1,877,229
Insurance: 1.97%
American Equity Investment Life Holding Company	178,086	5,989,032
Horace Mann Educators Corporation	87,102	3,228,871
United Fire Group Incorporated	128,297	2,683,973
		11,901,876
Mortgage REITs: 1.61%
AGNC Investment Corporation	314,682	4,811,488
Annaly Capital Management Incorporated	605,674	4,905,959
		9,717,447

The accompanying notes are an integral part of these financial statements.

24 | Allspring Small Company Value Portfolio

Table of Contents

Portfolio of investments—November 30, 2021

	Shares	Value
Thrifts & mortgage finance: 2.68%
Axos Financial Incorporated †	119,886	$ 6,786,746
Homestreet Incorporated	46,391	2,290,324
Walker & Dunlop Incorporated	50,172	7,058,699
		16,135,769
Health care: 9.25%
Biotechnology: 1.22%
Chemocentryx Incorporated †	56,425	2,047,099
Eagle Pharmaceuticals Incorporated †	74,287	3,542,004
Global Blood Therapeutics Incorporated †	52,656	1,488,059
Immunovant Incorporated †	33,453	257,588
		7,334,750
Health care equipment & supplies: 2.84%
AngioDynamics Incorporated †	233,206	6,005,055
ICU Medical Incorporated †	20,101	4,547,047
Integer Holdings Corporation †	46,099	3,675,934
Merit Medical Systems Incorporated †	46,065	2,895,646
		17,123,682
Health care providers & services: 4.48%
Addus Homecare Corporation †	43,148	3,763,369
AMN Healthcare Services Incorporated †	36,444	4,154,980
Brookdale Senior Living Incorporated †	436,407	2,557,345
LHC Group Incorporated †	13,979	1,603,671
Option Care Health Incorporated †	97,171	2,459,398
Premier Incorporated Class A	152,891	5,667,669
The Ensign Group Incorporated	56,055	4,278,678
U.S. Physical Therapy Incorporated	29,107	2,502,620
		26,987,730
Health care technology: 0.53%
Computer Programs & Systems Incorporated †	108,137	3,186,797
Pharmaceuticals: 0.18%
Phibro Animal Health Corporation Class A	57,372	1,123,917
Industrials: 17.44%
Air freight & logistics: 0.54%
Radiant Logistics Incorporated †	429,422	3,237,842
Airlines: 0.56%
Alaska Air Group Incorporated †	69,986	3,399,220
Building products: 1.68%
CSW Industrials Incorporated	29,475	3,542,895
Zurn Water Solutions Corporation	187,454	6,570,263
		10,113,158
Commercial services & supplies: 0.92%
ABM Industries Incorporated	81,687	3,675,915
Herman Miller Incorporated	48,741	1,849,234
		5,525,149

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Portfolio | 25

Table of Contents

Portfolio of investments—November 30, 2021

	Shares	Value
Construction & engineering: 4.40%
Comfort Systems Incorporated	85,830	$ 8,142,692
Great Lakes Dredge & Dock Company †	335,945	4,965,267
MYR Group Incorporated †	64,139	7,100,829
Northwest Pipe Company †	51,280	1,475,838
Sterling Construction Company Incorporated †	187,625	4,835,096
		26,519,722
Electrical equipment: 1.77%
Atkore International Incorporated †	25,982	2,767,083
Regal-Beloit Corporation	49,957	7,898,202
		10,665,285
Machinery: 4.91%
Columbus McKinnon Corporation	82,180	3,650,436
Federal Signal Corporation	118,104	5,011,153
Hillenbrand Incorporated	109,047	4,863,496
Kadant Incorporated	31,339	7,347,742
Miller Industries Incorporated	85,709	2,803,541
The Shyft Group Incorporated	121,569	5,909,469
		29,585,837
Professional services: 1.29%
CBIZ Incorporated †	155,416	5,599,638
Kelly Services Incorporated Class A	66,528	1,121,662
Mastech Digital Incorporated †	59,937	1,057,888
		7,779,188
Road & rail: 1.37%
Arcbest Corporation	80,264	8,273,613
Information technology: 8.84%
Electronic equipment, instruments & components: 3.58%
ePlus Incorporated †	35,429	3,737,405
Insight Enterprises Incorporated †	62,713	6,184,756
Methode Electronics Incorporated	126,641	5,631,725
PC Connection Incorporated	56,476	2,475,908
Sanmina Corporation †	96,667	3,532,212
		21,562,006
IT services: 1.22%
BM Technologies Incorporated †	43,806	527,862
Conduent Incorporated †	421,028	2,121,981
TTEC Holdings Incorporated	30,797	2,598,959
Unisys Corporation †	117,853	2,140,210
		7,389,012
Semiconductors & semiconductor equipment: 3.48%
Cirrus Logic Incorporated †	43,629	3,498,173
Diodes Incorporated †	42,685	4,539,550
FormFactor Incorporated †	99,387	4,166,303
Ichor Holdings Limited †	82,206	3,936,845
Onto Innovation Incorporated †	51,132	4,814,589
		20,955,460

The accompanying notes are an integral part of these financial statements.

26 | Allspring Small Company Value Portfolio

Table of Contents

Portfolio of investments—November 30, 2021

	Shares	Value
Software: 0.56%
NCR Corporation †	86,974	$ 3,383,289
Materials: 7.78%
Chemicals: 4.90%
Advansix Incorporated	158,131	7,161,753
Hawkins Incorporated	142,578	4,730,738
Ingevity Corporation †	55,475	3,989,207
Intrepid Potash Incorporated †	63,961	2,628,797
Minerals Technologies Incorporated	93,180	6,119,131
Stepan Company	43,568	4,910,549
		29,540,175
Construction materials: 0.99%
Eagle Materials Incorporated	38,727	5,972,478
Containers & packaging: 0.69%
UFP Technologies Incorporated †	61,632	4,121,332
Metals & mining: 1.20%
Schnitzer Steel Industries Incorporated Class A	150,462	7,237,222
Real estate: 14.27%
Equity REITs: 14.27%
Agree Realty Corporation	87,241	5,894,002
American Campus Communities Incorporated	130,902	6,772,869
Armada Hoffler Properties Incorporated	349,124	4,870,280
Centerspace REIT	78,347	8,006,280
Global Medical REIT Incorporated	354,449	5,791,697
Independence Realty Trust Incorporated	213,284	5,225,458
Lexington Corporate Properties Trust	610,486	9,187,814
Monmouth Real Estate Investment Corporation	306,663	6,369,391
One Liberty Properties Incorporated	154,638	5,030,374
Outfront Media Incorporated	186,999	4,673,105
PotlatchDeltic Corporation	63,912	3,460,196
Retail Opportunity Investment Corporation	245,845	4,317,038
RLJ Lodging Trust	265,964	3,348,487
STAG Industrial Incorporated	193,220	8,420,528
Summit Hotel Properties Incorporated †	522,702	4,678,183
		86,045,702
Total Common stocks (Cost $424,609,907)		595,419,810

	Expiration date
Warrants: 0.00%
Energy: 0.00%
Energy equipment & services: 0.00%
Parker Drilling Company †	9-16-2024	8,457	0
Total Warrants (Cost $0)			0

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Portfolio | 27

Table of Contents

Portfolio of investments—November 30, 2021

		Yield	Shares	Value
Short-term investments: 1.30%
Investment companies: 1.30%
Allspring Government Money Market Fund Select Class ♠∞		0.03%	6,987,351	$ 6,987,351
Securities Lending Cash Investments LLC ♠∩∞		0.04	826,529	826,529
Total Short-term investments (Cost $7,813,880)				7,813,880
Total investments in securities (Cost $432,423,787)	100.08%			603,233,690
Other assets and liabilities, net	(0.08)			(466,551)
Total net assets	100.00%			$602,767,139

†	Non-income-earning security
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.

Abbreviations:
REIT	Real estate investment trust

Investments in affiliates

	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	$5,823,369	$37,179,672	$(36,015,690)	$0	$0	$ 6,987,351	6,987,351	$ 716
Securities Lending Cash Investments LLC	1,657,815	56,114,366	(56,945,652)	0	0	826,529	826,529	422 ^#
				$0	$0	$7,813,880		$1,138

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

28 | Allspring Small Company Value Portfolio

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $810,154 of securities loaned), at value (cost $424,609,907)	$ 595,419,810
Investments in affiliated securities, at value (cost $7,813,880)	7,813,880
Receivable for dividends	671,160
Receivable for securities lending income, net	3,496
Prepaid expenses and other assets	70,687
Total assets	603,979,033
Liabilities
Payable upon receipt of securities loaned	826,529
Advisory fee payable	375,695
Accrued expenses and other liabilities	9,670
Total liabilities	1,211,894
Total net assets	$602,767,139

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Portfolio | 29

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends (net of foreign withholdings taxes of $4,745)	$ 5,122,978
Income from affiliated securities	18,460
Total investment income	5,141,438
Expenses
Advisory fee	2,439,356
Custody and accounting fees	26,850
Professional fees	31,126
Interest holder report expenses	16,545
Trustees’ fees and expenses	9,662
Other fees and expenses	9,597
Total expenses	2,533,136
Less: Fee waivers and/or expense reimbursements	(263,786)
Net expenses	2,269,350
Net investment income	2,872,088
Realized and unrealized gains (losses) on investments
Net realized gains on investments	47,589,144
Net change in unrealized gains (losses) on investments	(49,453,171)
Net realized and unrealized gains (losses) on investments	(1,864,027)
Net increase in net assets resulting from operations	$ 1,008,061

The accompanying notes are an integral part of these financial statements.

30 | Allspring Small Company Value Portfolio

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment income	$ 2,872,088	$ 3,476,701
Net realized gains on investments	47,589,144	37,164,709
Net change in unrealized gains (losses) on investments	(49,453,171)	242,793,164
Net increase in net assets resulting from operations	1,008,061	283,434,574
Capital transactions
Transactions in investors’ beneficial interests
Contributions	15,809,544	44,706,834
Withdrawals	(34,073,132)	(109,788,132)
Net decrease in net assets resulting from capital transactions	(18,263,588)	(65,081,298)
Total increase (decrease) in net assets	(17,255,527)	218,353,276
Net assets
Beginning of period	620,022,666	401,669,390
End of period	$602,767,139	$ 620,022,666

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Portfolio | 31

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Total return¹	0.23%	78.76%	(13.74)%	(14.51)%	20.10%	19.44%
Ratios to average net assets (annualized)
Gross expenses	0.83%	0.83%	0.82%	0.86%	0.85%	0.84%
Net expenses²	0.74%	0.74%	0.74%	0.75%	0.84%	0.84%
Net investment income	0.94%	0.71%	1.15%	0.80%	0.87%	0.72%
Supplemental data
Portfolio turnover rate	34%	62%	78%	168%	144%	110%

¹	Returns for periods of less than one year are not annualized.
²	Net expense ratios reflect voluntary waivers.

The accompanying notes are an integral part of these financial statements.

32 | Allspring Small Company Value Portfolio

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Small Company Value Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Consummation of the transaction resulted in the automatic termination of the Portfolio’s advisory agreement and subadvisory agreement. The Portfolio’s Board of Trustees approved a new advisory agreement and subadvisory agreement which were approved by the Portfolio's interest holders on October 29, 2021. The new agreements became effective on November 1, 2021.

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Allspring Small Company Value Portfolio | 33

Table of Contents

Notes to financial statements (unaudited)

Securities lending

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $444,267,393 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$179,281,201
Gross unrealized losses	(20,314,904)
Net unrealized gains	$158,966,297

3. FAIR VALUATION MEASUREMENTS

■	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 Portfolio’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.

34 | Allspring Small Company Value Portfolio

Table of Contents

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Consumer discretionary	$ 66,171,276	$0	$0	$ 66,171,276
Consumer staples	3,150,877	0	0	3,150,877
Energy	33,228,445	0	0	33,228,445
Financials	145,806,646	0	0	145,806,646
Health care	55,756,876	0	0	55,756,876
Industrials	105,099,014	0	0	105,099,014
Information technology	53,289,767	0	0	53,289,767
Materials	46,871,207	0	0	46,871,207
Real estate	86,045,702	0	0	86,045,702
Warrants
Energy	0	0	0	0
Short-term investments
Investment companies	7,813,880	0	0	7,813,880
Total assets	$603,233,690	$0	$0	$603,233,690

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

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Average daily net assets	Advisory fee
First $500 million	0.800%
Next $500 million	0.775
Next $1 billion	0.750
Next $1 billion	0.725
Next $1 billion	0.700
Over $4 billion	0.680

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Allspring Small Company Value Portfolio | 35

Table of Contents

Notes to financial statements (unaudited)

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2021 were $203,923,315 and $220,463,861, respectively.

6. SECURITIES LENDING TRANSACTIONS

Counterparty	Value of securities on loan	Collateral received¹	Net amount
National Financial Services LLC	$810,154	$(810,154)	$0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

9. CORONAVIRUS (COVID-19) PANDEMIC

36 | Allspring Small Company Value Portfolio

Table of Contents

Notes to financial statements (unaudited)

business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.

Allspring Small Company Value Portfolio | 37

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

SPECIAL MEETING OF SHAREHOLDERS

On October 29, 2021, a Special Meeting of Shareholders for Allspring Small Company Value Fund was held to consider the following proposals. The results of the proposals are indicated below.

Proposal 1 – To consider and approve a new investment management agreement with Wells Fargo Funds Management, LLC*.

Shares voted “For”		4,908,036
Shares voted “Against”		660,279
Shares voted “Abstain”		1,372,226
Shares voted “Uninstructed”		243,892

Proposal 2 – To consider and approve a new advisory agreement with Wells Fargo Funds Management, LLC* for Allspring Small Company Value Portfolio in which the Fund invests substantially all of its assets.

Shares voted “For”		4,893,380
Shares voted “Against”		678,697
Shares voted “Abstain”		1,368,464
Shares voted “Uninstructed”		243,892

Proposal 3 – To consider and approve a new subadvisory agreement with Wells Capital Management, LLC** for Allspring Small Company Value Portfolio.

Shares voted “For”		4,872,860
Shares voted “Against”		699,122
Shares voted “Abstain”		1,368,559
Shares voted “Uninstructed”		243,892

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

38 | Allspring Small Company Value Fund

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Allspring Small Company Value Fund | 39

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

40 | Allspring Small Company Value Fund

Table of Contents

Other information (unaudited)

Officers²

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

Allspring Small Company Value Fund | 41

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

PAR-1221-00198 01-22
SA286/SAR286 11-21

Semi-Annual Report

November 30, 2021

Allspring Diversified Large Cap
Growth Portfolio

Contents

Portfolio information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	9
Statement of operations	10
Statement of changes in net assets	11
Financial highlights	12
Notes to financial statements	13
Other information	18

Allspring Diversified Large Cap Growth Portfolio | 1

Table of Contents

Portfolio information (unaudited)

Investment objective	The Portfolio seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	John R. Campbell, CFA®^‡, Joseph M. Eberhardy, CFA®^‡, CPA, Vince Fioramonti, CFA®^‡, Thomas C. Ognar, CFA®^‡

Ten largest holdings (%) as of November 30, 2021¹
Microsoft Corporation	9.35
Amazon.com Incorporated	6.19
Alphabet Incorporated Class A	4.33
Apple Incorporated	3.91
Alphabet Incorporated Class C	2.64
MasterCard Incorporated Class A	2.19
Linde plc	1.74
NVIDIA Corporation	1.51
ServiceNow Incorporated	1.48
Facebook Incorporated Class A	1.34

¹	Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of November 30, 2021¹

¹	Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified.

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

2 | Allspring Diversified Large Cap Growth Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Common stocks: 99.09%
Communication services: 10.51%
Entertainment: 0.83%
Activision Blizzard Incorporated	16,967	$ 994,266
Live Nation Entertainment Incorporated †	9,735	1,038,238
Roku Incorporated †	400	91,044
		2,123,548
Interactive media & services: 9.38%
Alphabet Incorporated Class A †	3,885	11,025,436
Alphabet Incorporated Class C †	2,359	6,720,886
Bumble Incorporated Class A †	4,835	165,647
Facebook Incorporated Class A †	10,509	3,409,750
Snap Incorporated Class A †	37,741	1,796,849
ZoomInfo Technologies Incorporated †	12,563	775,137
		23,893,705
Media: 0.30%
Discovery Incorporated Class A †«	32,711	761,185
Consumer discretionary: 16.97%
Auto components: 0.67%
Aptiv plc †	4,120	660,642
Lear Corporation	6,265	1,051,204
		1,711,846
Hotels, restaurants & leisure: 1.67%
Airbnb Incorporated Class A †	13,772	2,376,221
Chipotle Mexican Grill Incorporated †	1,144	1,880,061
		4,256,282
Household durables: 0.96%
PulteGroup Incorporated	25,223	1,261,907
Whirlpool Corporation	5,431	1,182,546
		2,444,453
Internet & direct marketing retail: 6.57%
Amazon.com Incorporated †	4,500	15,781,815
MercadoLibre Incorporated †	810	962,612
		16,744,427
Leisure products: 0.70%
The Brunswick Corporation	12,183	1,144,106
YETI Holdings Incorporated †	6,910	636,826
		1,780,932
Multiline retail: 0.59%
Target Corporation	6,164	1,503,030
Specialty retail: 3.59%
Five Below Incorporated †	2,355	479,101
Floor & Decor Holdings Incorporated Class A †	13,781	1,776,509
O'Reilly Automotive Incorporated †	2,328	1,485,636
Petco Health & Wellness Company †	8,150	156,236

The accompanying notes are an integral part of these financial statements.

Allspring Diversified Large Cap Growth Portfolio | 3

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Specialty retail (continued)
RH †	1,680	$ 979,742
The Home Depot Incorporated	5,303	2,124,435
The TJX Companies Incorporated	30,751	2,134,119
		9,135,778
Textiles, apparel & luxury goods: 2.22%
Crocs Incorporated †	3,560	583,911
Deckers Outdoor Corporation †	3,480	1,410,792
lululemon athletica Incorporated †	5,909	2,685,109
Nike Incorporated Class B	5,716	967,376
		5,647,188
Consumer staples: 1.00%
Food & staples retailing: 0.74%
Costco Wholesale Corporation	3,498	1,886,751
Personal products: 0.26%
The Estee Lauder Companies Incorporated Class A	1,962	651,521
Energy: 1.06%
Oil, gas & consumable fuels: 1.06%
Chevron Corporation	9,166	1,034,566
ConocoPhillips	23,683	1,660,889
		2,695,455
Financials: 8.25%
Banks: 1.76%
Citigroup Incorporated	20,892	1,330,820
Citizens Financial Group Incorporated	29,529	1,395,836
JPMorgan Chase & Company	11,005	1,747,924
		4,474,580
Capital markets: 5.89%
BlackRock Incorporated	1,777	1,607,492
Evercore Partners Incorporated Class A	11,178	1,550,389
LPL Financial Holdings Incorporated	9,100	1,434,251
MarketAxess Holdings Incorporated	7,049	2,486,112
MSCI Incorporated	2,300	1,447,735
The Charles Schwab Corporation	28,177	2,180,618
The Goldman Sachs Group Incorporated	4,073	1,551,772
Tradeweb Markets Incorporated Class A	28,673	2,752,608
		15,010,977
Insurance: 0.60%
Fidelity National Financial Incorporated	31,398	1,535,676
Health care: 13.19%
Biotechnology: 2.82%
AbbVie Incorporated	8,508	980,803
Alnylam Pharmaceuticals Incorporated †	1,311	240,962
Biohaven Pharmaceutical Holding Company †	5,725	642,574
Horizon Therapeutics plc †	15,374	1,595,206
Natera Incorporated †	9,475	866,584

The accompanying notes are an integral part of these financial statements.

4 | Allspring Diversified Large Cap Growth Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Biotechnology (continued)
Regeneron Pharmaceuticals Incorporated †	1,908	$ 1,214,499
Seagen Incorporated †	1,974	315,840
United Therapeutics Corporation †	7,061	1,338,060
		7,194,528
Health care equipment & supplies: 3.82%
Abbott Laboratories	13,240	1,665,195
Boston Scientific Corporation †	26,979	1,027,091
Edwards Lifesciences Corporation †	22,022	2,363,181
Hologic Incorporated †	14,528	1,085,677
IDEXX Laboratories Incorporated †	1,190	723,603
Insulet Corporation †	5,905	1,703,238
Intuitive Surgical Incorporated †	675	218,930
Stryker Corporation	4,013	949,596
		9,736,511
Health care providers & services: 1.66%
Anthem Incorporated	3,467	1,408,399
CVS Health Corporation	15,384	1,370,099
Laboratory Corporation of America Holdings †	5,101	1,455,468
		4,233,966
Health care technology: 0.54%
Veeva Systems Incorporated Class A †	4,835	1,366,274
Life sciences tools & services: 2.13%
Agilent Technologies Incorporated	7,308	1,102,777
Bio-Techne Corporation	2,390	1,128,152
Danaher Corporation	4,701	1,512,030
Maravai LifeSciences Holdings Class A †	5,960	273,802
Repligen Corporation †	4,915	1,408,148
		5,424,909
Pharmaceuticals: 2.22%
Bristol-Myers Squibb Company	15,988	857,436
Pfizer Incorporated	31,436	1,689,056
Zoetis Incorporated	13,979	3,103,897
		5,650,389
Industrials: 6.90%
Aerospace & defense: 0.28%
HEICO Corporation	5,100	706,452
Air freight & logistics: 0.53%
United Parcel Service Incorporated Class B	6,850	1,358,835
Building products: 1.85%
Advanced Drainage Systems Incorporated	6,785	839,372
Johnson Controls International plc	23,348	1,745,496
Masco Corporation	21,447	1,413,357
The AZEK Company Incorporated †	18,618	730,198
		4,728,423
Commercial services & supplies: 0.78%
Copart Incorporated †	13,682	1,986,079

The accompanying notes are an integral part of these financial statements.

Allspring Diversified Large Cap Growth Portfolio | 5

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Construction & engineering: 0.56%
EMCOR Group Incorporated	11,923	$ 1,422,891
Electrical equipment: 1.02%
Generac Holdings Incorporated †	6,163	2,596,102
Machinery: 0.44%
Cummins Incorporated	5,333	1,118,597
Road & rail: 1.44%
J.B. Hunt Transport Services Incorporated	8,257	1,578,408
Norfolk Southern Corporation	5,343	1,417,338
TFI International Incorporated	6,555	666,971
		3,662,717
Information technology: 37.68%
Electronic equipment, instruments & components: 1.09%
CDW Corporation of Delaware	7,108	1,345,971
Zebra Technologies Corporation Class A †	2,407	1,417,193
		2,763,164
IT services: 7.24%
Cloudflare Incorporated Class A †	8,962	1,687,007
Cognizant Technology Solutions Corporation Class A	15,119	1,178,980
MasterCard Incorporated Class A	17,726	5,582,271
MongoDB Incorporated †	5,270	2,624,987
PayPal Holdings Incorporated †	4,512	834,224
Shopify Incorporated Class A †	950	1,445,701
Snowflake Incorporated Class A †	1,524	518,389
Square Incorporated Class A †	13,631	2,839,746
Twilio Incorporated Class A †	4,320	1,236,168
Visa Incorporated Class A	2,508	485,975
		18,433,448
Semiconductors & semiconductor equipment: 7.47%
Allegro MicroSystems Incorporated †	18,379	573,976
Applied Materials Incorporated	12,257	1,804,108
ASML Holding NV	1,544	1,222,091
Enphase Energy Incorporated †	6,380	1,595,000
Intel Corporation	20,775	1,022,130
Microchip Technology Incorporated	40,690	3,394,767
Monolithic Power Systems Incorporated	3,390	1,876,229
NVIDIA Corporation	11,805	3,857,402
NXP Semiconductors NV	5,205	1,162,589
Qorvo Incorporated †	8,431	1,232,865
Qualcomm Incorporated	4,965	896,480
Wolfspeed Incorporated †	3,280	402,194
		19,039,831
Software: 17.97%
Adobe Incorporated †	3,065	2,053,090
Atlassian Corporation plc Class A †	2,585	972,787
Avalara Incorporated †	4,920	687,226
Bill.com Holdings Incorporated †	2,180	612,253
Crowdstrike Holdings Incorporated Class A †	4,332	940,650
Dynatrace Incorporated †	43,905	2,759,429

The accompanying notes are an integral part of these financial statements.

6 | Allspring Diversified Large Cap Growth Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Software (continued)
Elastic NV †	6,661	$ 1,035,519
Five9 Incorporated †	2,240	318,819
Fortinet Incorporated †	5,052	1,677,820
HubSpot Incorporated †	2,204	1,778,430
Microsoft Corporation	72,027	23,811,406
Oracle Corporation	16,009	1,452,657
Procore Technologies Incorporated †	487	41,278
RingCentral Incorporated Class A †	2,314	499,778
ServiceNow Incorporated †	5,825	3,772,853
Unity Software Incorporated †	12,898	2,223,486
Workday Incorporated Class A †	2,435	667,750
Zendesk Incorporated †	4,705	480,428
		45,785,659
Technology hardware, storage & peripherals: 3.91%
Apple Incorporated	60,207	9,952,217
Materials: 2.92%
Chemicals: 1.74%
Linde plc	13,957	4,440,280
Metals & mining: 1.18%
Nucor Corporation	14,886	1,581,786
Reliance Steel & Aluminum Company	9,486	1,409,904
		2,991,690
Real estate: 0.61%
Equity REITs: 0.61%
Weyerhaeuser Company	41,653	1,566,569
Total Common stocks (Cost $135,283,186)		252,416,865

		Yield
Short-term investments: 1.09%
Investment companies: 1.09%
Allspring Government Money Market Fund Select Class ♠∞		0.03%	1,960,965	1,960,965
Securities Lending Cash Investments LLC ♠∩∞		0.04	811,595	811,595
Total Short-term investments (Cost $2,772,560)				2,772,560
Total investments in securities (Cost $138,055,746)	100.18%			255,189,425
Other assets and liabilities, net	(0.18)			(466,669)
Total net assets	100.00%			$254,722,756

†	Non-income-earning security
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.

Abbreviations:
REIT	Real estate investment trust

The accompanying notes are an integral part of these financial statements.

Allspring Diversified Large Cap Growth Portfolio | 7

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

Investments in affiliates

	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	$1,367,980	$27,646,495	$(27,053,510)	$0	$0	$ 1,960,965	1,960,965	$235
Securities Lending Cash Investments LLC	1,198,950	4,165,465	(4,552,820)	0	0	811,595	811,595	136 ^#
				$0	$0	$2,772,560		$371

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

8 | Allspring Diversified Large Cap Growth Portfolio

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $791,798 of securities loaned), at value (cost $135,283,186)	$ 252,416,865
Investments in affiliated securities, at value (cost $2,772,560)	2,772,560
Receivable for investments sold	759,199
Receivable for dividends	173,722
Receivable for securities lending income, net	274
Total assets	256,122,620
Liabilities
Payable upon receipt of securities loaned	810,683
Payable for investments purchased	415,244
Advisory fee payable	120,594
Accrued expenses and other liabilities	53,343
Total liabilities	1,399,864
Total net assets	$254,722,756

The accompanying notes are an integral part of these financial statements.

Allspring Diversified Large Cap Growth Portfolio | 9

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends (net of foreign withholdings taxes of $2,811)	$ 846,167
Income from affiliated securities	3,614
Total investment income	849,781
Expenses
Advisory fee	886,137
Custody and accounting fees	18,094
Professional fees	21,774
Interest holder report expenses	6,035
Trustees’ fees and expenses	9,662
Interest expense	1,073
Other fees and expenses	2,743
Total expenses	945,518
Less: Fee waivers and/or expense reimbursements	(126,472)
Net expenses	819,046
Net investment income	30,735
Realized and unrealized gains (losses) on investments
Net realized gains on investments	30,021,724
Net change in unrealized gains (losses) on investments	(4,202,120)
Net realized and unrealized gains (losses) on investments	25,819,604
Net increase in net assets resulting from operations	$25,850,339

The accompanying notes are an integral part of these financial statements.

10 | Allspring Diversified Large Cap Growth Portfolio

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment income	$ 30,735	$ 354,603
Net realized gains on investments	30,021,724	30,420,160
Net change in unrealized gains (losses) on investments	(4,202,120)	42,384,795
Net increase in net assets resulting from operations	25,850,339	73,159,558
Capital transactions
Transactions in investors’ beneficial interests
Contributions	613,707	41,984,976
Withdrawals	(57,078,234)	(56,173,469)
Net decrease in net assets resulting from capital transactions	(56,464,527)	(14,188,493)
Total increase (decrease) in net assets	(30,614,188)	58,971,065
Net assets
Beginning of period	285,336,944	226,365,879
End of period	$254,722,756	$285,336,944

The accompanying notes are an integral part of these financial statements.

Allspring Diversified Large Cap Growth Portfolio | 11

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Total return	9.17%	35.78%	16.10%	3.79%	24.12%	15.36%
Ratios to average net assets (annualized)
Gross expenses	0.69%	0.70%	0.71%	0.70%	0.80%	0.78%
Net expenses¹	0.60%	0.60%	0.62%	0.62%	0.62%	0.62%
Net investment income	0.01%	0.14%	0.46%	0.68%	0.53%	0.51%
Supplemental data
Portfolio turnover rate	22%	58%	43%	100%	37%	98%

¹	Net expense ratios reflect voluntary waivers.

The accompanying notes are an integral part of these financial statements.

12 | Allspring Diversified Large Cap Growth Portfolio

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Diversified Large Cap Growth Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Securities lending

Allspring Diversified Large Cap Growth Portfolio | 13

Table of Contents

Notes to financial statements (unaudited)

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $136,593,812 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$120,760,641
Gross unrealized losses	(2,165,028)
Net unrealized gains	$118,595,613

3. FAIR VALUATION MEASUREMENTS

■	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 Portfolio’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.

14 | Allspring Diversified Large Cap Growth Portfolio

Table of Contents

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 26,778,438	$0	$0	$ 26,778,438
Consumer discretionary	43,223,936	0	0	43,223,936
Consumer staples	2,538,272	0	0	2,538,272
Energy	2,695,455	0	0	2,695,455
Financials	21,021,233	0	0	21,021,233
Health care	33,606,577	0	0	33,606,577
Industrials	17,580,096	0	0	17,580,096
Information technology	95,974,319	0	0	95,974,319
Materials	7,431,970	0	0	7,431,970
Real estate	1,566,569	0	0	1,566,569
Short-term investments
Investment companies	2,772,560	0	0	2,772,560
Total assets	$255,189,425	$0	$0	$255,189,425

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

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Average daily net assets	Advisory fee
First $500 million	0.650%
Next $500 million	0.625
Next $1 billion	0.600
Next $2 billion	0.575
Next $4 billion	0.550
Next $4 billion	0.525
Next $4 billion	0.500
Over $16 billion	0.475

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio’s average daily net assets.

Allspring Diversified Large Cap Growth Portfolio | 15

Table of Contents

Notes to financial statements (unaudited)

rate starting at 0.35% and declining to 0.30% as the average daily net assets of the asset sleeve managed by the Golden Capital team increase and an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of all other asset sleeves increase.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2021 were $58,760,647 and $115,689,815, respectively.

6. SECURITIES LENDING TRANSACTIONS

Counterparty	Value of securities on loan	Collateral received¹	Net amount
BNP Paribas Securities Corporation	$553,275	$(553,275)	$0
JPMorgan Securities LLC	238,523	(238,523)	0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

During the six months ended November 30, 2021, the Portfolio had average borrowings outstanding of $78,321 (on an annualized basis) at an average rate of 1.37% and paid interest in the amount of $1,073.

8. INDEMNIFICATION

16 | Allspring Diversified Large Cap Growth Portfolio

Table of Contents

Notes to financial statements (unaudited)

9. CORONAVIRUS (COVID-19) PANDEMIC

Allspring Diversified Large Cap Growth Portfolio | 17

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

18 | Allspring Diversified Large Cap Growth Portfolio

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 139 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Allspring Diversified Large Cap Growth Portfolio | 19

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

20 | Allspring Diversified Large Cap Growth Portfolio

Table of Contents

Other information (unaudited)

Officers¹

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

¹ For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.

Allspring Diversified Large Cap Growth Portfolio | 21

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call
1-800-222-8222 or visit the Portfolio's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.

Semi-Annual Report

November 30, 2021

Allspring
Disciplined Large Cap Portfolio

Contents

Portfolio information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	16
Other information	21

Allspring Disciplined Large Cap Portfolio | 1

Table of Contents

Portfolio information (unaudited)

Investment objective	The Portfolio seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Justin P. Carr, CFA®^‡, Robert M. Wicentowski, CFA®^‡

Ten largest holdings (%) as of November 30, 2021¹
Apple Incorporated	6.19
Microsoft Corporation	6.05
Amazon.com Incorporated	3.40
Alphabet Incorporated Class C	2.21
NVIDIA Corporation	2.08
Alphabet Incorporated Class A	2.06
Tesla Motors Incorporated	1.96
Facebook Incorporated Class A	1.86
JPMorgan Chase & Company	1.38
Berkshire Hathaway Incorporated Class B	1.27

¹	Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of November 30, 2021¹

¹	Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified.

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

2 | Allspring Disciplined Large Cap Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Common stocks: 98.10%
Communication services: 8.97%
Diversified telecommunication services: 0.97%
AT&T Incorporated	70,720	$ 1,614,538
Verizon Communications Incorporated	40,692	2,045,587
		3,660,125
Entertainment: 1.19%
Activision Blizzard Incorporated	13,250	776,450
Netflix Incorporated †	3,151	2,022,627
Roku Incorporated †	1,886	429,272
The Walt Disney Company †	8,621	1,249,183
		4,477,532
Interactive media & services: 6.13%
Alphabet Incorporated Class A †	2,739	7,773,145
Alphabet Incorporated Class C †	2,915	8,304,952
Facebook Incorporated Class A †	21,553	6,993,086
		23,071,183
Media: 0.68%
Comcast Corporation Class A	30,222	1,510,496
Interpublic Group of Companies Incorporated	14,237	472,526
Omnicom Group Incorporated	8,316	559,750
		2,542,772
Consumer discretionary: 12.12%
Automobiles: 2.25%
General Motors Company †	18,676	1,080,780
Tesla Motors Incorporated †	6,461	7,396,294
		8,477,074
Diversified consumer services: 0.30%
Service Corporation International	17,097	1,131,138
Hotels, restaurants & leisure: 1.41%
Boyd Gaming Corporation †	12,612	739,189
Chipotle Mexican Grill Incorporated †	447	734,604
Darden Restaurants Incorporated	2,504	345,427
McDonald's Corporation	7,576	1,853,090
Royal Caribbean Cruises Limited †	3,438	240,041
Starbucks Corporation	12,484	1,368,746
		5,281,097
Household durables: 0.72%
D.R. Horton Incorporated	14,235	1,390,760
Lennar Corporation Class A	5,096	535,335
PulteGroup Incorporated	15,732	787,072
		2,713,167

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined Large Cap Portfolio | 3

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Internet & direct marketing retail: 3.54%
Amazon.com Incorporated †	3,649	$ 12,797,298
Etsy Incorporated †	1,849	507,698
		13,304,996
Leisure products: 0.24%
Polaris Industries Incorporated	3,755	419,771
The Brunswick Corporation	5,245	492,558
		912,329
Multiline retail: 0.56%
Target Corporation	8,680	2,116,531
Specialty retail: 2.51%
AutoNation Incorporated †	3,567	441,773
AutoZone Incorporated †	493	895,816
Best Buy Company Incorporated	8,830	943,574
Dick's Sporting Goods Incorporated	5,854	688,196
Lowe's Companies Incorporated	8,183	2,001,480
The Home Depot Incorporated	10,188	4,081,415
The TJX Companies Incorporated	5,603	388,848
		9,441,102
Textiles, apparel & luxury goods: 0.59%
lululemon athletica Incorporated †	1,501	682,069
Nike Incorporated Class B	9,148	1,548,208
		2,230,277
Consumer staples: 5.17%
Beverages: 0.46%
Monster Beverage Corporation †	6,300	527,814
PepsiCo Incorporated	2,375	379,478
The Coca-Cola Company	15,637	820,161
		1,727,453
Food & staples retailing: 1.95%
Costco Wholesale Corporation	6,706	3,617,082
The Kroger Company	9,237	383,613
Walmart Incorporated	23,760	3,341,369
		7,342,064
Food products: 0.99%
Archer Daniels Midland Company	8,515	529,718
Bunge Limited	7,753	671,177
Pilgrim's Pride Corporation †	20,175	566,514
Tyson Foods Incorporated Class A	25,129	1,984,186
		3,751,595
Household products: 1.12%
The Procter & Gamble Company	29,107	4,208,290
Personal products: 0.26%
The Estee Lauder Companies Incorporated Class A	2,913	967,320

The accompanying notes are an integral part of these financial statements.

4 | Allspring Disciplined Large Cap Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Tobacco: 0.39%
Altria Group Incorporated	8,103	$ 345,512
Philip Morris International Incorporated	13,111	1,126,759
		1,472,271
Energy: 2.63%
Energy equipment & services: 0.10%
Baker Hughes Incorporated	16,145	376,824
Oil, gas & consumable fuels: 2.53%
Cabot Oil & Gas Corporation	21,204	425,776
Chevron Corporation	18,953	2,139,225
ConocoPhillips	17,228	1,208,200
Diamondback Energy Incorporated	17,043	1,818,999
EOG Resources Incorporated	13,388	1,164,756
Exxon Mobil Corporation	45,889	2,745,998
		9,502,954
Financials: 11.36%
Banks: 4.06%
Bank of America Corporation	64,882	2,885,303
Bank OZK	11,740	524,895
Citigroup Incorporated	25,090	1,598,233
JPMorgan Chase & Company	32,699	5,193,582
Regions Financial Corporation	78,312	1,781,598
Signature Bank	4,468	1,350,676
US Bancorp	34,768	1,924,061
		15,258,348
Capital markets: 2.99%
Bank of New York Mellon Corporation	21,952	1,202,750
BlackRock Incorporated	510	461,351
Jefferies Financial Group Incorporated	38,599	1,450,550
KKR & Company Incorporated Class A	20,779	1,546,997
Morgan Stanley	8,543	810,047
Northern Trust Corporation	11,316	1,309,261
S&P Global Incorporated	1,336	608,855
T. Rowe Price Group Incorporated	1,776	355,111
The Blackstone Group Incorporated Class A	5,851	827,624
The Carlyle Group Incorporated	6,981	381,791
The Goldman Sachs Group Incorporated	6,064	2,310,323
		11,264,660
Consumer finance: 0.39%
Capital One Financial Corporation	5,774	811,420
SLM Corporation	19,317	343,456
Synchrony Financial	6,551	293,419
		1,448,295
Diversified financial services: 1.63%
Berkshire Hathaway Incorporated Class B †	17,315	4,790,887
Equitable Holdings Incorporated	43,210	1,359,387
		6,150,274

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined Large Cap Portfolio | 5

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Insurance: 2.29%
Arch Capital Group Limited †	26,382	$ 1,065,305
Athene Holding Limited Class A †	19,151	1,568,850
Axis Capital Holdings Limited	13,828	686,975
Everest Reinsurance Group Limited	4,362	1,118,330
Lincoln National Corporation	14,934	990,572
MetLife Incorporated	30,906	1,812,946
Old Republic International Corporation	37,018	886,951
Reinsurance Group of America Incorporated	5,274	500,555
		8,630,484
Health care: 12.86%
Biotechnology: 2.04%
AbbVie Incorporated	13,289	1,531,956
Amgen Incorporated	5,805	1,154,498
Exelixis Incorporated †	50,988	856,089
Horizon Therapeutics plc †	3,207	332,758
Moderna Incorporated †	2,419	852,528
United Therapeutics Corporation †	8,430	1,597,485
Vertex Pharmaceuticals Incorporated †	7,253	1,355,876
		7,681,190
Health care equipment & supplies: 2.46%
Abbott Laboratories	19,488	2,451,006
Baxter International Incorporated	8,825	658,080
Edwards Lifesciences Corporation †	13,808	1,481,736
Globus Medical Incorporated Class A †	8,351	522,940
Intuitive Surgical Incorporated †	5,162	1,674,243
Medtronic plc	23,236	2,479,281
		9,267,286
Health care providers & services: 2.86%
AmerisourceBergen Corporation	14,867	1,720,855
Anthem Incorporated	3,043	1,236,158
CVS Health Corporation	15,647	1,393,522
McKesson Corporation	9,544	2,068,757
Molina Healthcare Incorporated †	4,932	1,406,508
UnitedHealth Group Incorporated	6,575	2,920,747
		10,746,547
Health care technology: 0.42%
Veeva Systems Incorporated Class A †	5,522	1,560,407
Life sciences tools & services: 1.77%
Avantor Incorporated †	9,393	370,836
Danaher Corporation	8,032	2,583,412
Maravai LifeSciences Holdings Class A †	23,011	1,057,125
Thermo Fisher Scientific Incorporated	4,184	2,647,761
		6,659,134
Pharmaceuticals: 3.31%
Bristol-Myers Squibb Company	36,249	1,944,034
Eli Lilly & Company	1,532	379,997
Johnson & Johnson	28,799	4,490,628
Merck & Company Incorporated	20,287	1,519,699

The accompanying notes are an integral part of these financial statements.

6 | Allspring Disciplined Large Cap Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Pharmaceuticals (continued)
Nektar Therapeutics †	16,159	$ 181,950
Pfizer Incorporated	65,938	3,542,849
Royalty Pharma plc Class A	10,366	412,256
		12,471,413
Industrials: 8.41%
Aerospace & defense: 0.65%
General Dynamics Corporation	2,616	494,346
Lockheed Martin Corporation	5,824	1,941,256
		2,435,602
Air freight & logistics: 1.23%
Expeditors International of Washington Incorporated	12,279	1,493,372
FedEx Corporation	5,884	1,355,497
United Parcel Service Incorporated Class B	8,946	1,774,618
		4,623,487
Airlines: 0.16%
Delta Air Lines Incorporated †	16,096	582,675
Building products: 1.26%
Carrier Global Corporation	27,019	1,462,268
Lennox International Incorporated	1,707	527,497
Masco Corporation	23,570	1,553,263
Owens Corning Incorporated	13,979	1,185,978
		4,729,006
Commercial services & supplies: 0.66%
Copart Incorporated †	6,994	1,015,249
Waste Management Incorporated	9,242	1,484,912
		2,500,161
Construction & engineering: 0.74%
MasTec Incorporated †	10,168	937,185
Quanta Services Incorporated	16,307	1,855,410
		2,792,595
Electrical equipment: 0.87%
AMETEK Incorporated	3,720	507,780
Eaton Corporation plc	9,068	1,469,560
Generac Holdings Incorporated †	1,390	585,524
Regal-Beloit Corporation	4,502	711,766
		3,274,630
Industrial conglomerates: 0.15%
Honeywell International Incorporated	2,876	581,642
Machinery: 1.90%
AGCO Corporation	8,292	913,867
Crane Company	3,856	372,258
Cummins Incorporated	7,087	1,486,498
Deere & Company	1,466	506,562
Nordson Corporation	1,481	376,455
Oshkosh Corporation	5,729	616,440

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined Large Cap Portfolio | 7

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Machinery (continued)
Parker-Hannifin Corporation	3,266	$ 986,528
Snap-on Incorporated	3,944	812,109
Stanley Black & Decker Incorporated	1,982	346,374
The Toro Company	7,273	731,373
		7,148,464
Professional services: 0.11%
Manpower Incorporated	4,572	409,788
Road & rail: 0.52%
Landstar System Incorporated	4,262	718,360
Schneider National Incorporated Class B	49,837	1,225,990
		1,944,350
Trading companies & distributors: 0.16%
W.W. Grainger Incorporated	1,281	616,686
Information technology: 29.38%
Communications equipment: 0.78%
Cisco Systems Incorporated	53,654	2,942,385
Electronic equipment, instruments & components: 0.83%
Keysight Technologies Incorporated †	3,472	675,235
SYNNEX Corporation	11,282	1,167,236
Vontier Corporation	10,671	336,243
Zebra Technologies Corporation Class A †	1,584	932,628
		3,111,342
IT services: 3.57%
Accenture plc Class A	8,313	2,971,066
Amdocs Limited	9,593	669,783
Cognizant Technology Solutions Corporation Class A	13,468	1,050,235
EPAM Systems Incorporated †	802	488,057
International Business Machines Corporation	3,179	372,261
Kyndryl Holdings Incorporated †	635	10,033
MasterCard Incorporated Class A	8,212	2,586,123
PayPal Holdings Incorporated †	8,561	1,582,843
Visa Incorporated Class A	19,095	3,700,038
		13,430,439
Semiconductors & semiconductor equipment: 6.15%
Applied Materials Incorporated	18,970	2,792,194
Broadcom Incorporated	5,722	3,168,157
Enphase Energy Incorporated †	1,766	441,500
Intel Corporation	34,935	1,718,802
KLA Corporation	2,327	949,719
Lam Research Corporation	2,143	1,456,919
Micron Technology Incorporated	7,610	639,240
NVIDIA Corporation	23,984	7,837,012
Qorvo Incorporated †	5,596	818,303
Qualcomm Incorporated	18,450	3,331,332
		23,153,178
Software: 11.55%
Adobe Incorporated †	5,223	3,498,627

The accompanying notes are an integral part of these financial statements.

8 | Allspring Disciplined Large Cap Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Software (continued)
Atlassian Corporation plc Class A †	2,173	$ 817,743
Cadence Design Systems Incorporated †	6,618	1,174,430
DocuSign Incorporated †	1,888	465,128
Dolby Laboratories Incorporated Class A	13,684	1,141,382
Dropbox Incorporated Class A †	21,342	525,227
Fortinet Incorporated †	4,972	1,651,251
HubSpot Incorporated †	721	581,782
Intuit Incorporated	4,218	2,751,401
Microsoft Corporation	68,902	22,778,312
Oracle Corporation	25,112	2,278,663
Paycom Software Incorporated †	678	296,611
Salesforce.com Incorporated †	8,042	2,291,648
ServiceNow Incorporated †	1,095	709,232
Synopsys Incorporated †	2,743	935,363
The Trade Desk Incorporated †	7,767	803,263
VMware Incorporated Class A	2,721	317,650
Zoom Video Communications Incorporated †	2,096	443,115
		43,460,828
Technology hardware, storage & peripherals: 6.50%
Apple Incorporated	140,885	23,288,291
Dell Technologies Incorporated	6,176	348,759
HP Incorporated	23,469	827,986
		24,465,036
Materials: 2.33%
Chemicals: 0.88%
Dow Incorporated	7,939	436,089
Eastman Chemical Company	4,096	427,172
LyondellBasell Industries NV Class A	7,845	683,535
Olin Corporation	10,598	576,001
The Chemours Company	21,655	643,154
Westlake Chemical Corporation	5,974	555,104
		3,321,055
Containers & packaging: 0.53%
Avery Dennison Corporation	1,728	354,361
Berry Global Group Incorporated †	14,009	967,321
Packaging Corporation of America	5,247	685,206
		2,006,888
Metals & mining: 0.92%
Freeport-McMoRan Incorporated	14,767	547,560
Newmont Corporation	11,222	616,312
Nucor Corporation	12,290	1,305,935
Reliance Steel & Aluminum Company	6,635	986,160
		3,455,967
Real estate: 3.19%
Equity REITs: 3.19%
Alexandria Real Estate Equities Incorporated	5,176	1,035,562
American Tower Corporation	6,729	1,766,228
AvalonBay Communities Incorporated	4,664	1,114,090

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined Large Cap Portfolio | 9

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Equity REITs (continued)
Essex Property Trust Incorporated	2,859	$ 970,459
Gaming and Leisure Properties Incorporated	18,910	853,219
Invitation Homes Incorporated	22,699	917,948
National Retail Properties Incorporated	7,152	315,403
Prologis Incorporated	14,916	2,248,587
Public Storage Incorporated	2,823	924,194
SBA Communications Corporation	3,113	1,070,249
Spirit Realty Capital Incorporated REIT	7,600	338,656
Store Capital Corporation	13,564	446,798
		12,001,393
Utilities: 1.68%
Electric utilities: 0.91%
Exelon Corporation	15,046	793,376
NRG Energy Incorporated	24,135	869,343
PPL Corporation	24,459	680,694
The Southern Company	17,554	1,072,549
		3,415,962
Independent power & renewable electricity producers: 0.39%
AES Corporation	62,618	1,464,009
Multi-utilities: 0.38%
DTE Energy Company	7,236	783,948
Sempra Energy	5,375	644,301
		1,428,249
Total Common stocks (Cost $235,172,456)		369,141,949

		Yield
Short-term investments: 1.65%
Investment companies: 1.65%
Allspring Government Money Market Fund Select Class ♠∞		0.03%	6,190,773	6,190,773
Total Short-term investments (Cost $6,190,773)				6,190,773
Total investments in securities (Cost $241,363,229)	99.75%			375,332,722
Other assets and liabilities, net	0.25			940,858
Total net assets	100.00%			$376,273,580

†	Non-income-earning security
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∞	The rate represents the 7-day annualized yield at period end.

Abbreviations:
REIT	Real estate investment trust

The accompanying notes are an integral part of these financial statements.

10 | Allspring Disciplined Large Cap Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

Investments in affiliates

	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	$5,124,422	$84,770,090	$(83,703,739)	$0	$0	$ 6,190,773	6,190,773	$750
Securities Lending Cash Investments LLC	202,520	39,955	(242,475)	0	0	0	0	7 ^#
				$0	$0	$6,190,773		$757

^#	Amount shown represents income before fees and rebates.

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
E-Mini S&P 500 Index	27	12-17-2021	$6,338,912	$6,164,437	$0	$(174,475)

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined Large Cap Portfolio | 11

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities, at value (cost $235,172,456)	$ 369,141,949
Investments in affiliated securities, at value (cost $6,190,773)	6,190,773
Cash at broker segregated for futures contracts	693,000
Receivable for dividends	432,588
Prepaid expenses and other assets	29,593
Total assets	376,487,903
Liabilities
Payable for daily variation margin on open futures contracts	114,412
Advisory fee payable	79,986
Professional fees payable	16,203
Accrued expenses and other liabilities	3,722
Total liabilities	214,323
Total net assets	$376,273,580

The accompanying notes are an integral part of these financial statements.

12 | Allspring Disciplined Large Cap Portfolio

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends (net of foreign withholdings taxes of $14,991)	$ 2,549,365
Income from affiliated securities	1,001
Total investment income	2,550,366
Expenses
Advisory fee	460,733
Custody and accounting fees	22,800
Professional fees	29,830
Interest holder report expenses	12,839
Trustees’ fees and expenses	9,662
Other fees and expenses	5,391
Total expenses	541,255
Net investment income	2,009,111
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities	14,051,567
Futures contracts	636,710
Net realized gains on investments	14,688,277
Net change in unrealized gains (losses) on
Unaffiliated securities	16,355,573
Futures contracts	(149,164)
Net change in unrealized gains (losses) on investments	16,206,409
Net realized and unrealized gains (losses) on investments	30,894,686
Net increase in net assets resulting from operations	$32,903,797

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined Large Cap Portfolio | 13

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment income	$ 2,009,111	$ 4,374,651
Net realized gains on investments	14,688,277	21,928,585
Net change in unrealized gains (losses) on investments	16,206,409	84,159,527
Net increase in net assets resulting from operations	32,903,797	110,462,763
Capital transactions
Transactions in investors’ beneficial interests
Contributions	54,824,967	87,991,362
Withdrawals	(40,864,797)	(122,800,676)
Net increase (decrease) in net assets resulting from capital transactions	13,960,170	(34,809,314)
Total increase in net assets	46,863,967	75,653,449
Net assets
Beginning of period	329,409,613	253,756,164
End of period	$376,273,580	$ 329,409,613

The accompanying notes are an integral part of these financial statements.

14 | Allspring Disciplined Large Cap Portfolio

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019 ¹
Total return²	9.57%	41.79%	11.56%	(2.40)%
Ratios to average net assets (annualized)
Gross expenses	0.29%	0.29%	0.29%	0.28%
Net expenses	0.29%	0.29%	0.29%	0.28%
Net investment income	1.09%	1.36%	1.82%	1.84%
Supplemental data
Portfolio turnover rate	25%	53%	81%	92%

¹	For the period from June 12, 2018 (commencement of operations) to May 31, 2019.
²	Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined Large Cap Portfolio | 15

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Disciplined Large Cap Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

16 | Allspring Disciplined Large Cap Portfolio

Table of Contents

Notes to financial statements (unaudited)

Securities lending

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price 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 Portfolio 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 Portfolio 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.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date.

Income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

Allspring Disciplined Large Cap Portfolio | 17

Table of Contents

Notes to financial statements (unaudited)

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $248,012,253 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$137,718,810
Gross unrealized losses	(10,572,816)
Net unrealized gains	$127,145,994

3. FAIR VALUATION MEASUREMENTS

■	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 Portfolio’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 Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 33,751,612	$0	$0	$ 33,751,612
Consumer discretionary	45,607,711	0	0	45,607,711
Consumer staples	19,468,993	0	0	19,468,993
Energy	9,879,778	0	0	9,879,778
Financials	42,752,061	0	0	42,752,061
Health care	48,385,977	0	0	48,385,977
Industrials	31,639,086	0	0	31,639,086
Information technology	110,563,208	0	0	110,563,208
Materials	8,783,910	0	0	8,783,910
Real estate	12,001,393	0	0	12,001,393
Utilities	6,308,220	0	0	6,308,220
Short-term investments
Investment companies	6,190,773	0	0	6,190,773
Total assets	$375,332,722	$0	$0	$375,332,722
Liabilities
Futures contracts	$ 174,475	$0	$0	$ 174,475
Total liabilities	$ 174,475	$0	$0	$ 174,475

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

18 | Allspring Disciplined Large Cap Portfolio

Table of Contents

Notes to financial statements (unaudited)

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Average daily net assets	Advisory fee
First $1 billion	0.250%
Next $4 billion	0.225
Over $5 billion	0.200

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.25% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.20% and declining to 0.15% as the average daily net assets of the Portfolio increase.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2021 were $105,371,736 and $89,799,630, respectively.

6. SECURITIES LENDING TRANSACTIONS

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2021, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $5,768,218 in long futures contracts during the six months ended November 30, 2021.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

Allspring Disciplined Large Cap Portfolio | 19

Table of Contents

Notes to financial statements (unaudited)

8. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Portfolio under the agreement.

9. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

10. INDEMNIFICATION

11. CORONAVIRUS (COVID-19) PANDEMIC

20 | Allspring Disciplined Large Cap Portfolio

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

Allspring Disciplined Large Cap Portfolio | 21

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 139 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

22 | Allspring Disciplined Large Cap Portfolio

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

Allspring Disciplined Large Cap Portfolio | 23

Table of Contents

Other information (unaudited)

Officers¹

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

24 | Allspring Disciplined Large Cap Portfolio

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

Semi-Annual Report

November 30, 2021

Allspring Disciplined International
Developed Markets Portfolio

Contents

Portfolio information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	18
Other information	24

Allspring Disciplined International Developed Markets Portfolio | 1

Table of Contents

Portfolio information (unaudited)

Investment objective	The Portfolio seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Justin P. Carr, CFA®^‡, Vince Fioramonti, CFA®^‡

Ten largest holdings (%) as of November 30, 2021¹
Nestle SA	2.10
ASML Holding NV	2.04
Roche Holding AG	1.79
LVMH Moët Hennessy Louis Vuitton SE	1.45
Novo Nordisk AS Class B	1.18
AstraZeneca plc	1.09
Toyota Motor Corporation	1.03
Novartis AG	0.92
Siemens AG	0.88
SAP SE	0.81

¹	Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of November 30, 2021¹

¹	Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified.

Geographic allocation as of November 30, 2021¹

¹	Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified.

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

2 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Common stocks: 96.02%
Australia: 6.32%
Afterpay Limited (Information technology, IT services) †	2,289	$ 175,293
Aristocrat Leisure Limited (Consumer discretionary, Hotels, restaurants & leisure)	8,342	259,271
Aurizon Holdings Limited (Industrials, Road & rail)	91,692	219,279
Australia & New Zealand Banking Group Limited (Financials, Banks)	41,072	776,346
BHP Billiton Limited (Materials, Metals & mining)	32,443	908,851
Brambles Limited (Industrials, Commercial services & supplies)	42,605	301,843
Coles Group Limited (Consumer staples, Food & staples retailing)	20,042	255,932
Commonwealth Bank of Australia (Financials, Banks)	17,479	1,153,985
CSL Limited (Health care, Biotechnology)	5,336	1,160,246
Fortescue Metals Group Limited (Materials, Metals & mining)	20,150	241,976
Goodman Group (Real estate, Equity REITs)	22,849	398,811
Macquarie Group Limited (Financials, Capital markets)	4,072	567,076
National Australia Bank Limited (Financials, Banks)	38,852	750,739
Newcrest Mining Limited (Materials, Metals & mining)	13,047	216,429
Reece Limited (Industrials, Trading companies & distributors)	5,802	95,889
Rio Tinto Limited (Materials, Metals & mining)	5,240	347,688
Scentre Group (Real estate, Equity REITs)	77,615	169,870
Sonic Healthcare Limited (Health care, Health care providers & services)	8,339	252,150
Stockland Corporation Limited (Real estate, Equity REITs)	78,659	242,843
Suncorp Group Limited (Financials, Insurance)	27,287	209,075
The GPT Group (Real estate, Equity REITs)	61,351	228,915
Transurban Group (Industrials, Transportation infrastructure)	27,723	267,611
Wesfarmers Limited (Consumer discretionary, Multiline retail)	16,771	676,029
Westpac Banking Corporation (Financials, Banks)	42,331	613,287
Woodside Petroleum Limited (Energy, Oil, gas & consumable fuels)	29,984	454,926
Woolworths Group Limited (Consumer staples, Food & staples retailing)	13,167	381,213
		11,325,573
Austria: 0.27%
Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Banks)	5,763	252,495
Voestalpine AG (Materials, Metals & mining)	6,837	230,732
		483,227
Belgium: 0.57%
Anheuser-Busch InBev SA (Consumer staples, Beverages)	7,205	402,055
Colruyt SA (Consumer staples, Food & staples retailing)	3,319	155,811
KBC Group NV (Financials, Banks)	3,969	333,159
Umicore SA (Materials, Chemicals)	2,766	135,254
		1,026,279
Denmark: 2.81%
A.P. Moller - Maersk AS Class B (Industrials, Marine)	192	549,494
Carlsberg AS Class B (Consumer staples, Beverages)	1,341	208,256
Coloplast AS Class B (Health care, Health care equipment & supplies)	1,340	218,883
Danske Bank AS (Financials, Banks)	12,904	213,348
DSV Panalpina AS (Industrials, Air freight & logistics)	2,778	604,842
Genmab AS (Health care, Biotechnology) †	1,232	477,451
GN Store Nord AS (Health care, Health care equipment & supplies)	5,289	304,594
Novo Nordisk AS Class B (Health care, Pharmaceuticals)	19,734	2,112,524

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined International Developed Markets Portfolio | 3

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Denmark: (continued)
Vestas Wind System AS Class A (Industrials, Electrical equipment)	6,082	$ 204,214
William Demant Holding (Health care, Health care equipment & supplies) †	2,851	136,730
		5,030,336
Finland: 1.37%
Elisa Oyj (Communication services, Diversified telecommunication services)	2,821	169,393
Fortum Oyj (Utilities, Electric utilities)	10,946	314,721
Kesko Oyj Class B (Consumer staples, Food & staples retailing)	6,877	215,919
Kone Oyj Class B (Industrials, Machinery)	3,560	233,873
Neste Oil Oyj (Energy, Oil, gas & consumable fuels)	2,145	101,452
Nokia Oyj (Information technology, Communications equipment) †	75,940	425,617
Nordea Bank AB (Financials, Banks)	44,735	529,795
Sampo Oyj Class A (Financials, Insurance)	4,739	232,530
Stora Enso Oyj (Materials, Paper & forest products)	14,050	237,856
		2,461,156
France: 11.32%
Air Liquide SA (Materials, Chemicals)	3,817	630,349
Amundi SA (Financials, Capital markets) 144A	2,098	174,540
Arkema SA (Materials, Chemicals)	1,687	221,202
AXA SA (Financials, Insurance)	24,504	673,567
BNP Paribas SA (Financials, Banks)	15,670	973,885
Bolloré SA (Industrials, Air freight & logistics)	36,958	198,298
Bouygues SA (Industrials, Construction & engineering)	6,845	231,190
Capgemini SE (Information technology, IT services)	2,147	495,681
Carrefour SA (Consumer staples, Food & staples retailing)	12,426	205,530
CNP Assurances SA (Financials, Insurance)	16,801	409,593
Compagnie de Saint-Gobain SA (Industrials, Building products)	8,411	533,507
Compagnie Generale des Etablissements Michelin SCA (Consumer discretionary, Auto components)	2,921	431,053
Credit Agricole SA (Financials, Banks)	23,808	324,187
Danone SA (Consumer staples, Food products)	6,861	403,520
Edenred Group (Information technology, IT services)	7,097	317,473
Eiffage SA (Industrials, Construction & engineering)	4,245	395,366
Engie SA (Utilities, Multi-utilities)	24,197	350,049
Essilor International (Compagnie Generale d'Optique) (Consumer discretionary, Textiles, apparel & luxury goods)	3,339	669,162
Hermes International SA (Consumer discretionary, Textiles, apparel & luxury goods)	358	671,825
Kering SA (Consumer discretionary, Textiles, apparel & luxury goods)	754	580,648
La Francaise Des Jeux SA (Consumer discretionary, Hotels, restaurants & leisure) 144A	3,608	167,106
Legrand SA (Industrials, Electrical equipment)	4,569	501,927
L'Oréal SA (Consumer staples, Personal products)	2,626	1,185,738
LVMH Moët Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & luxury goods)	3,336	2,594,054
Orange SA (Communication services, Diversified telecommunication services)	26,571	285,658
Pernod-Ricard SA (Consumer staples, Beverages)	2,589	594,071
Publicis Groupe SA (Communication services, Media)	5,753	372,270
Safran SA (Industrials, Aerospace & defense)	3,370	376,408
Sanofi SA (Health care, Pharmaceuticals)	11,295	1,073,729
Sartorius Stedim Biotech SA (Health care, Life sciences tools & services)	542	319,983
Schneider Electric SE (Industrials, Electrical equipment)	6,788	1,204,693
Societe Generale SA (Financials, Banks)	8,589	267,267

The accompanying notes are an integral part of these financial statements.

4 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
France: (continued)
Teleperformance SE (Industrials, Professional services)	1,012	$ 416,269
Thales SA (Industrials, Aerospace & defense)	2,175	178,450
Total SA (Energy, Oil, gas & consumable fuels)	25,410	1,169,184
Vinci SA (Industrials, Construction & engineering) «	6,055	572,874
Vivendi SE (Communication services, Entertainment)	10,532	134,124
		20,304,430
Germany: 8.27%
adidas AG (Consumer discretionary, Textiles, apparel & luxury goods)	1,738	502,660
Allianz AG (Financials, Insurance)	4,602	998,759
BASF SE (Materials, Chemicals)	11,421	748,030
Bayer AG (Health care, Pharmaceuticals)	5,186	261,569
Bayerische Motoren Werke AG (Consumer discretionary, Automobiles)	5,483	525,564
Bechtle AG (Information technology, IT services)	3,003	216,485
Beiersdorf AG (Consumer staples, Personal products)	2,372	235,924
Brenntag AG (Industrials, Trading companies & distributors)	2,569	220,036
Continental AG (Consumer discretionary, Auto components)	1,545	165,245
Covestro AG (Materials, Chemicals) 144A	4,730	266,762
Daimler AG (Consumer discretionary, Automobiles)	11,524	1,079,257
Delivery Hero SE (Consumer discretionary, Internet & direct marketing retail) 144A†	1,406	186,592
Deutsche Bank AG (Financials, Capital markets) †	20,650	247,838
Deutsche Boerse AG (Financials, Capital markets)	3,531	554,448
Deutsche Post AG (Industrials, Air freight & logistics)	13,801	815,108
Deutsche Telekom AG (Communication services, Diversified telecommunication services)	36,547	643,691
E.ON SE (Utilities, Multi-utilities)	34,038	419,905
Heidelbergcement AG (Materials, Construction materials)	3,933	261,668
Hellofresh SE (Consumer discretionary, Internet & direct marketing retail) †	2,753	279,208
Infineon Technologies AG (Information technology, Semiconductors & semiconductor equipment)	11,317	511,681
LANXESS AG (Materials, Chemicals)	1,044	60,460
LEG Immobilien AG (Real estate, Real estate management & development)	1,963	274,664
Merck KGaA (Health care, Pharmaceuticals)	2,192	541,764
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)	1,462	393,109
RWE AG (Utilities, Multi-utilities)	11,382	438,321
SAP SE (Information technology, Software)	11,266	1,443,752
Siemens AG (Industrials, Industrial conglomerates)	9,859	1,571,679
Siemens Healthineers AG (Health care, Health care equipment & supplies) 144A	3,663	266,053
Uniper SE (Utilities, Independent power & renewable electricity producers)	4,578	198,758
Vonovia SE (Real estate, Real estate management & development)	5,571	309,168
Zalando SE (Consumer discretionary, Internet & direct marketing retail) 144A†	2,128	193,528
		14,831,686
Hong Kong: 2.85%
AIA Group Limited (Financials, Insurance)	117,800	1,240,133
BOC Hong Kong (Holdings) Limited (Financials, Banks)	85,500	258,450
CK Asset Holdings Limited (Real estate, Real estate management & development)	43,000	245,961
Galaxy Entertainment Group Limited (Consumer discretionary, Hotels, restaurants & leisure) †	31,000	168,529
Henderson Land Development Company Limited (Real estate, Real estate management & development)	43,000	175,832

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined International Developed Markets Portfolio | 5

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Hong Kong: (continued)
Hong Kong Exchanges & Clearing Limited (Financials, Capital markets)	12,700	$ 698,391
Hong Kong Land Holdings Limited (Real estate, Real estate management & development)	60,740	327,457
New World Development Company Limited (Real estate, Real estate management & development)	92,000	363,258
Sino Land Company (Real estate, Real estate management & development)	178,000	211,918
SITC International Holdings Incorporated (Industrials, Marine)	41,000	163,688
Sun Hung Kai Properties Limited (Real estate, Real estate management & development)	22,000	267,887
Swire Pacific Limited Class A (Real estate, Real estate management & development)	49,000	270,535
Techtronic Industries Company Limited (Industrials, Machinery)	19,000	390,767
WH Group Limited (Consumer staples, Food products) 144A	331,500	208,579
Xinyi Glass Holdings Limited (Consumer discretionary, Auto components)	48,000	117,087
		5,108,472
Ireland: 0.69%
CRH plc (Materials, Construction materials)	8,823	428,927
DCC plc (Industrials, Industrial conglomerates)	5,899	434,494
Flutter Entertainment plc (Consumer discretionary, Hotels, restaurants & leisure) †	1,407	192,688
James Hardie Industries CDI (Materials, Construction materials)	4,457	174,689
		1,230,798
Israel: 0.48%
Bank Leumi Le-Israel (Financials, Banks)	21,886	210,600
Check Point Software Technologies Limited (Information technology, Software) †	2,367	263,471
Nice Systems Limited ADR (Information technology, Software) †	952	276,546
Wix.com Limited (Information technology, IT services) †	656	100,237
		850,854
Italy: 1.71%
Assicurazioni Generali SpA (Financials, Insurance)	23,168	464,110
Enel SpA (Utilities, Electric utilities)	86,703	656,980
Eni SpA (Energy, Oil, gas & consumable fuels)	30,199	397,956
FinecoBank SpA (Financials, Banks)	20,481	358,704
Intesa Sanpaolo SpA (Financials, Banks)	103,079	246,824
Moncler SpA (Consumer discretionary, Textiles, apparel & luxury goods)	1,761	127,138
Poste Italiane SpA (Financials, Insurance) 144A	31,806	399,986
Snam SpA (Utilities, Gas utilities)	35,997	202,855
UniCredit SpA (Financials, Banks)	17,381	209,855
		3,064,408
Japan: 23.10%
Advantest Corporation (Information technology, Semiconductors & semiconductor equipment)	3,400	296,822
Astellas Pharma Incorporated (Health care, Pharmaceuticals)	23,500	368,488
Bridgestone Corporation (Consumer discretionary, Auto components)	8,400	336,828
Brother Industries Limited (Information technology, Technology hardware, storage & peripherals)	20,700	355,263
Canon Incorporated (Information technology, Technology hardware, storage & peripherals)	16,400	360,681
Capcom Company Limited (Communication services, Entertainment)	8,000	199,123
Chugai Pharmaceutical Company Limited (Health care, Pharmaceuticals)	7,800	252,671

The accompanying notes are an integral part of these financial statements.

6 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Japan: (continued)
CyberAgent Incorporated (Communication services, Media)	9,900	$ 182,210
Dai Nippon Printing Company Limited (Industrials, Commercial services & supplies)	9,300	218,272
Dai-ichi Life Holdings Incorporated (Financials, Insurance)	17,900	358,619
Daiichi Sankyo Company Limited (Health care, Pharmaceuticals)	17,400	432,496
Daikin Industries Limited (Industrials, Building products)	2,500	509,060
Daiwa House Industry Company Limited (Real estate, Real estate management & development)	6,900	200,377
DENSO Corporation (Consumer discretionary, Auto components)	4,200	307,252
Dentsu Incorporated (Communication services, Media)	6,400	202,685
Disco Corporation (Information technology, Semiconductors & semiconductor equipment)	900	257,627
Eisai Company Limited (Health care, Pharmaceuticals)	2,800	169,219
ENEOS Holdings Incorporated (Energy, Oil, gas & consumable fuels)	51,000	189,326
FANUC Corporation (Industrials, Machinery)	2,300	450,897
Fast Retailing Company Limited (Consumer discretionary, Specialty retail)	600	355,214
FUJIFILM Holdings Incorporated (Information technology, Technology hardware, storage & peripherals)	5,100	401,171
Fujitsu Limited (Information technology, IT services)	3,300	545,436
Hitachi Limited (Industrials, Industrial conglomerates)	9,200	538,919
Honda Motor Company Limited (Consumer discretionary, Automobiles)	24,000	657,234
Hoya Corporation (Health care, Health care equipment & supplies)	4,600	728,118
Iida Group Holdings Company Limited (Consumer discretionary, Household durables)	13,200	272,585
Inpex Holdings Incorporated (Energy, Oil, gas & consumable fuels)	28,000	229,113
Isuzu Motors Limited (Consumer discretionary, Automobiles)	13,700	183,616
Itochu Corporation (Industrials, Trading companies & distributors)	18,400	526,205
Itochu Techno-Solutions Corporation (Information technology, IT services)	6,700	217,963
Japan Post Holdings Company Limited (Financials, Insurance)	15,000	231,713
Japan Post Holdings Company Limited (Financials, Insurance)	44,300	333,861
Japan Post Holdings Company Limited (Financials, Insurance)	39,300	321,101
Kao Corporation (Consumer staples, Personal products)	5,000	255,058
KDDI Corporation (Communication services, Wireless telecommunication services)	17,000	493,258
Keyence Corporation (Information technology, Electronic equipment, instruments & components)	2,000	1,235,162
Kirin Holdings Company Limited (Consumer staples, Beverages)	10,900	173,666
Komatsu Limited (Industrials, Machinery)	11,100	251,116
Konami Holdings Corporation (Communication services, Entertainment)	4,700	240,267
Kubota Corporation (Industrials, Machinery)	13,500	280,908
Lawson Incorporated (Consumer staples, Food & staples retailing)	7,800	382,431
M3 Incorporated (Health care, Health care technology)	6,100	327,926
Marubeni Corporation (Industrials, Trading companies & distributors)	41,600	372,003
MediPal Holdings Corporation (Health care, Health care providers & services)	11,500	206,687
Mitsubishi Corporation (Industrials, Trading companies & distributors)	18,500	550,087
Mitsubishi Electric Corporation (Industrials, Electrical equipment)	25,700	321,115
Mitsubishi Estate Company Limited (Real estate, Real estate management & development)	14,400	197,912
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)	62,200	328,502
Mitsui & Company Limited (Industrials, Trading companies & distributors)	26,200	589,065
Mitsui Chemicals Incorporated (Materials, Chemicals)	6,800	181,131
Mitsui Fudosan Company Limited (Real estate, Real estate management & development)	7,900	162,386
Murata Manufacturing Company Limited (Information technology, Electronic equipment, instruments & components)	7,800	572,239
NEC Corporation (Information technology, IT services)	7,800	351,915

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined International Developed Markets Portfolio | 7

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Japan: (continued)
Nexon Company Limited (Communication services, Entertainment)	13,100	$ 260,070
Nidec Corporation (Industrials, Electrical equipment)	4,700	538,185
Nintendo Company Limited (Communication services, Entertainment)	1,900	837,934
Nissan Motor Company Limited (Consumer discretionary, Automobiles) †	58,500	289,261
Nitori Holdings Company Limited (Consumer discretionary, Specialty retail)	900	142,637
Nitto Denko Corporation (Materials, Chemicals)	6,000	415,974
Nomura Holdings Incorporated (Financials, Capital markets)	34,000	142,466
Nomura Research Institute Limited (Information technology, IT services)	5,700	243,687
NTT Data Corporation (Information technology, IT services)	14,100	297,564
OBIC Company Limited (Information technology, IT services)	1,800	331,043
Olympus Corporation (Health care, Health care equipment & supplies)	17,100	382,070
Omron Corporation (Information technology, Electronic equipment, instruments & components)	3,500	336,282
Ono Pharmaceutical Company Limited (Health care, Pharmaceuticals)	10,200	224,979
ORIX Corporation (Financials, Diversified financial services)	13,400	264,026
Osaka Gas Company Limited (Utilities, Gas utilities)	25,200	404,815
Otsuka Corporation (Information technology, IT services)	3,900	178,231
Otsuka Holdings Company Limited (Health care, Pharmaceuticals)	10,100	365,818
Panasonic Corporation (Consumer discretionary, Household durables)	34,000	370,686
Rakuten Incorporated (Consumer discretionary, Internet & direct marketing retail)	22,600	230,660
Recruit Holdings Company Limited (Industrials, Professional services)	14,600	886,507
Rinnai Corporation (Consumer discretionary, Household durables)	3,200	302,753
Rohm Company Limited (Information technology, Semiconductors & semiconductor equipment)	3,100	287,879
Secom Company Limited (Industrials, Commercial services & supplies)	4,400	297,846
Seiko Epson Corporation (Information technology, Technology hardware, storage & peripherals)	11,500	185,420
Sekisui House Limited (Consumer discretionary, Household durables)	9,000	174,913
Seven & I Holdings Company Limited (Consumer staples, Food & staples retailing)	9,000	362,497
SG Holdings Company Limited (Industrials, Air freight & logistics)	8,300	183,195
Sharp Corporation (Consumer discretionary, Household durables)	14,100	157,295
Shimano Incorporated (Consumer discretionary, Leisure products)	1,300	359,562
Shin-Etsu Chemical Company Limited (Materials, Chemicals)	3,600	599,640
SMC Corporation (Industrials, Machinery)	700	446,909
SoftBank Corporation (Communication services, Wireless telecommunication services)	38,600	531,312
SoftBank Group Corporation (Communication services, Wireless telecommunication services)	14,600	767,260
Sompo Holdings Incorporated (Financials, Insurance)	5,600	229,981
Sony Corporation (Consumer discretionary, Household durables)	11,700	1,427,502
Square Enix Company Limited (Communication services, Entertainment)	3,600	188,354
Sumitomo Chemical Company Limited (Materials, Chemicals)	70,900	325,222
Sumitomo Corporation (Industrials, Trading companies & distributors)	30,500	415,266
Sumitomo Metal Mining Company Limited (Materials, Metals & mining)	2,700	99,796
Suntory Beverage & Food Limited (Consumer staples, Beverages)	7,000	246,938
Suzuki Motor Corporation (Consumer discretionary, Automobiles)	5,100	205,875
Sysmex Corporation (Health care, Health care equipment & supplies)	1,100	136,821
T&D Holdings Incorporated (Financials, Insurance)	19,100	224,485
Taisho Pharmaceutical (Health care, Pharmaceuticals)	4,000	196,652
Takeda Pharmaceutical Company Limited (Health care, Pharmaceuticals)	19,100	510,981
TDK Corporation (Information technology, Electronic equipment, instruments & components)	9,100	359,991
Terumo Corporation (Health care, Health care equipment & supplies)	6,800	276,924
Tokio Marine Holdings Incorporated (Financials, Insurance)	7,500	376,645

The accompanying notes are an integral part of these financial statements.

8 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Japan: (continued)
Tokyo Electron Limited (Information technology, Semiconductors & semiconductor equipment)	2,000	$ 1,050,939
Tokyo Gas Company Limited (Utilities, Gas utilities)	10,600	181,342
Toppan Printing Company Limited (Industrials, Commercial services & supplies)	12,800	194,023
Toray Industries Incorporated (Materials, Chemicals)	37,900	219,138
Tosoh Corporation (Materials, Chemicals)	17,700	253,044
Toyo Suisan Kaisha Limited (Consumer staples, Food products)	3,900	157,812
Toyota Motor Corporation (Consumer discretionary, Automobiles)	104,000	1,844,882
Toyota Tsusho Corporation (Industrials, Trading companies & distributors)	5,600	242,504
Trend Micro Incorporated (Information technology, Software)	5,200	299,849
Unicharm Corporation (Consumer staples, Household products)	6,100	264,229
USS Company Limited (Consumer discretionary, Specialty retail)	9,300	136,436
Yahoo! Japan Corporation (Communication services, Interactive media & services)	47,900	317,022
Yamada Denki Company Limited (Consumer discretionary, Specialty retail)	50,800	177,513
Yamaha Motor Company Limited (Consumer discretionary, Automobiles)	6,600	165,980
Yamato Holdings Company Limited (Industrials, Air freight & logistics)	10,200	225,156
		41,413,677
Luxembourg: 0.37%
ArcelorMittal SA (Materials, Metals & mining)	10,711	290,781
Eurofins Scientific SE (Health care, Life sciences tools & services)	2,942	376,369
		667,150
Netherlands: 5.54%
Adyen NV (Information technology, IT services) 144A†	205	567,816
Airbus SE (Industrials, Aerospace & defense) †	5,812	648,736
Akzo Nobel NV (Materials, Chemicals)	1,943	204,455
ASML Holding NV (Information technology, Semiconductors & semiconductor equipment)	4,652	3,651,264
CNH Industrial NV (Industrials, Machinery)	22,875	375,474
ING Groep NV (Financials, Banks)	48,979	676,569
Koninklijke Ahold Delhaize NV (Consumer staples, Food & staples retailing)	19,921	670,337
Koninklijke Philips NV (Health care, Health care equipment & supplies)	11,160	393,282
NN Group NV (Financials, Insurance)	8,354	415,106
Prosus NV (Consumer discretionary, Internet & direct marketing retail)	9,041	726,561
Qiagen NV (Health care, Life sciences tools & services) †	4,197	231,895
Randstad Holdings NV (Industrials, Professional services)	3,336	210,505
Stellantis NV (Consumer discretionary, Automobiles)	16,375	279,419
STMicroelectronics NV (Information technology, Semiconductors & semiconductor equipment)	8,664	421,952
Universal Music Group NV (Communication services, Entertainment)	7,006	201,101
Wolters Kluwer NV (Communication services, Media)	2,326	261,584
		9,936,056
New Zealand: 0.15%
Fisher & Paykel Healthcare Corporation (Health care, Health care equipment & supplies)	11,692	264,538
Norway: 0.43%
DNB Bank ASA (Financials, Banks)	10,746	234,531
Equinor ASA (Energy, Oil, gas & consumable fuels)	21,657	541,879
		776,410

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined International Developed Markets Portfolio | 9

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Singapore: 0.68%
DBS Group Holdings Limited (Financials, Banks)	21,200	$ 461,791
Genting Singapore Limited (Consumer discretionary, Hotels, restaurants & leisure)	252,500	142,314
Oversea-Chinese Banking Corporation Limited (Financials, Banks)	42,400	339,802
Wilmar International Limited (Consumer staples, Food products)	93,200	279,524
		1,223,431
Spain: 2.31%
Banco Bilbao Vizcaya Argentaria SA (Financials, Banks)	86,240	457,212
Banco Santander Central Hispano SA (Financials, Banks)	177,780	552,763
CaixaBank SA (Financials, Banks)	126,667	327,038
Cellnex Telecom SA (Communication services, Diversified telecommunication services) 144A	4,052	238,970
Enagás SA (Utilities, Gas utilities)	11,100	253,256
Endesa SA (Utilities, Electric utilities)	11,260	253,292
Iberdrola SA (Utilities, Electric utilities)	68,265	766,762
Industria de Diseno Textil SA (Consumer discretionary, Specialty retail)	11,494	363,333
Red Eléctrica Corporacion SA (Utilities, Electric utilities)	11,934	253,669
Repsol SA (Energy, Oil, gas & consumable fuels)	22,258	245,950
Telefónica SA (Communication services, Diversified telecommunication services)	96,060	435,828
		4,148,073
Sweden: 3.00%
Alfa Laval AB (Industrials, Machinery)	5,520	212,992
Assa Abloy AB Class B (Industrials, Building products)	12,534	351,198
Atlas Copco AB Class A (Industrials, Machinery)	10,598	648,373
Electrolux AB (Industrials, Electronic equipment, instruments & components)	11,377	255,437
Epiroc AB Class A (Industrials, Machinery)	9,928	240,354
Ericsson LM Class B (Information technology, Communications equipment)	32,131	322,996
Evolution Gaming Group (Consumer discretionary, Hotels, restaurants & leisure) 144A	2,463	258,609
Hennes & Mauritz AB Class B (Consumer discretionary, Specialty retail)	4,817	84,912
Hexagon AB Class B (Information technology, Electronic equipment, instruments & components)	28,199	410,089
Husqvarna AB Class B (Industrials, Machinery)	23,609	332,380
Industrivarden AB Class A (Financials, Diversified financial services)	478	14,191
Investor AB (Financials, Diversified financial services)	15,366	357,053
Kinnevik AB (Financials, Diversified financial services)	6,801	242,478
Sandvik AB (Industrials, Machinery)	15,921	393,077
Skanska AB Class B (Industrials, Construction & engineering)	10,140	233,313
Svenska Handelsbanken AB Class A (Financials, Banks)	31,129	329,344
Swedbank AB Class A (Financials, Banks)	11,086	223,214
Swedish Match AB (Consumer staples, Tobacco)	28,224	205,918
Volvo AB Class B (Industrials, Machinery)	12,268	264,125
		5,380,053
Switzerland: 10.51%
ABB Limited (Industrials, Electrical equipment)	17,459	603,781
Adecco SA (Industrials, Professional services)	2,961	137,223
Alcon Incorporated (Health care, Health care equipment & supplies)	3,908	308,688
Barry Callebaut AG (Consumer staples, Food products)	141	333,581
Chocoladefabriken Lindt & Sprungli AG (Consumer staples, Food products)	33	406,546
Compagnie Financière Richemont SA (Consumer discretionary, Textiles, apparel & luxury goods)	5,423	807,026

The accompanying notes are an integral part of these financial statements.

10 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Switzerland: (continued)
Geberit AG (Industrials, Building products)	672	$ 513,079
Givaudan SA (Materials, Chemicals)	54	263,992
Julius Bär Gruppe AG (Financials, Capital markets)	5,236	324,967
Kuehne & Nagel International AG (Industrials, Marine)	1,119	319,887
LafargeHolcim Limited (Materials, Construction materials)	8,321	400,855
Logitech International SA (Information technology, Technology hardware, storage & peripherals)	3,258	259,838
Lonza Group AG (Health care, Life sciences tools & services)	570	459,618
Nestle SA (Consumer staples, Food products)	29,451	3,774,786
Novartis AG (Health care, Pharmaceuticals)	20,650	1,645,923
Partners Group Holding AG (Financials, Capital markets)	330	569,530
Roche Holding AG (Health care, Pharmaceuticals)	8,205	3,203,315
Roche Holding AG (Health care, Pharmaceuticals)	753	312,229
Schindler Holding AG (Industrials, Machinery)	1,054	261,594
Sika AG (Materials, Chemicals)	1,687	658,775
Sonova Holding AG (Health care, Health care equipment & supplies)	972	365,296
Straumann Holding AG (Health care, Health care equipment & supplies)	100	212,595
Swiss Life Holding AG (Financials, Insurance)	506	290,414
Swisscom AG (Communication services, Diversified telecommunication services)	532	295,532
The Swatch Group AG Class B (Consumer discretionary, Textiles, apparel & luxury goods)	2,122	623,251
UBS Group AG (Financials, Capital markets)	50,649	875,796
Zurich Insurance Group AG (Financials, Insurance)	1,501	617,075
		18,845,192
United Kingdom: 13.26%
Admiral Group plc (Financials, Insurance)	6,556	257,744
Anglo American plc (Materials, Metals & mining)	15,833	582,810
Ashtead Group plc (Industrials, Trading companies & distributors)	6,377	513,017
AstraZeneca plc (Health care, Pharmaceuticals)	17,800	1,951,499
Aviva plc (Financials, Insurance)	52,818	269,565
BAE Systems plc (Industrials, Aerospace & defense)	39,622	288,561
Barclays plc (Financials, Banks)	130,732	319,206
Barratt Developments plc (Consumer discretionary, Household durables)	24,676	228,521
Berkeley Group Holdings (Consumer discretionary, Household durables)	3,382	192,522
BHP Group plc (Materials, Metals & mining)	22,040	602,266
BP plc (Energy, Oil, gas & consumable fuels)	225,318	977,593
British American Tobacco plc (Consumer staples, Tobacco)	31,496	1,054,083
BT Group plc (Communication services, Diversified telecommunication services) †	111,678	235,093
Bunzl plc (Industrials, Trading companies & distributors)	9,440	359,182
Burberry Group plc (Consumer discretionary, Textiles, apparel & luxury goods)	7,488	175,870
Compass Group plc (Consumer discretionary, Hotels, restaurants & leisure) †	20,409	398,136
Diageo plc (Consumer staples, Beverages)	26,806	1,352,851
Experian Group Limited plc (Industrials, Professional services)	8,463	379,954
Ferguson plc (Industrials, Trading companies & distributors)	3,141	478,147
GlaxoSmithKline plc (Health care, Pharmaceuticals)	41,354	839,614
Glencore plc (Materials, Metals & mining)	105,113	499,055
GVC Holdings plc (Consumer discretionary, Hotels, restaurants & leisure) †	7,756	172,394
Hargreaves Lansdown plc (Financials, Capital markets)	8,749	155,288
HSBC Holdings plc (Financials, Banks)	219,857	1,215,017
Imperial Tobacco Group plc (Consumer staples, Tobacco)	18,002	367,902
Johnson Matthey plc (Materials, Chemicals)	4,009	111,378
Kingfisher plc (Consumer discretionary, Specialty retail)	49,372	207,472

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined International Developed Markets Portfolio | 11

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
United Kingdom: (continued)
Lloyds Banking Group plc (Financials, Banks)	711,760	$ 441,962
London Stock Exchange Group plc (Financials, Capital markets)	3,050	264,224
National Grid plc (Utilities, Multi-utilities)	28,800	382,149
Persimmon plc (Consumer discretionary, Household durables)	5,066	184,102
Phoenix Group Holdings plc (Financials, Insurance)	21,023	178,517
Prudential plc (Financials, Insurance)	29,066	490,961
RELX plc (Industrials, Professional services)	13,306	412,761
Rentokil Initial plc (Industrials, Commercial services & supplies)	19,374	157,775
Rio Tinto plc (Materials, Metals & mining)	11,445	701,626
Rolls-Royce Holdings plc (Industrials, Aerospace & defense) †	73,316	119,604
Royal Dutch Shell plc Class A (Energy, Oil, gas & consumable fuels)	51,326	1,073,707
Royal Dutch Shell plc Class B (Energy, Oil, gas & consumable fuels)	32,512	681,319
Schroders plc (Financials, Capital markets)	6,156	280,737
Segro plc (Real estate, Equity REITs)	13,967	261,032
Smith & Nephew plc (Health care, Health care equipment & supplies)	11,422	183,567
Smiths Group plc (Industrials, Industrial conglomerates)	10,216	195,118
SSE plc (Utilities, Electric utilities)	24,088	495,222
Standard Chartered plc (Financials, Banks)	43,017	236,727
Unilever plc (Consumer staples, Personal products)	14,887	766,758
Unilever plc (London Exchange) (Consumer staples, Personal products)	20,951	1,070,030
Vodafone Group plc (Communication services, Wireless telecommunication services)	354,400	513,815
WPP plc (Communication services, Media)	36,335	504,334
		23,780,787
United States: 0.01%
Jackson Financial Incorporated Class A (Financials, Diversified financial services)	726	23,472
Total Common stocks (Cost $142,232,468)		172,176,058

	Dividend yield
Preferred stocks: 0.74%
Germany: 0.74%
Fuchs Petrolub SE (Materials, Chemicals)	2.46%	3,710	166,618
Henkel AG & Company KGaA (Consumer staples, Household products)	2.82	3,081	243,092
Sartorius AG Vorzug (Health care, Health care equipment & supplies)	0.12	379	260,726
Volkswagen AG ADR (Consumer discretionary, Automobiles)	2.57	3,565	651,308
			1,321,744
Total Preferred stocks (Cost $1,359,367)			1,321,744

		Yield
Short-term investments: 2.59%
Investment companies: 2.59%
Allspring Government Money Market Fund Select Class ♠∞		0.03	4,080,632	4,080,632
Securities Lending Cash Investments LLC ♠∩∞		0.04	567,720	567,720
Total Short-term investments (Cost $4,648,352)				4,648,352
Total investments in securities (Cost $148,240,187)	99.35%			178,146,154
Other assets and liabilities, net	0.65			1,166,192
Total net assets	100.00%			$179,312,346

The accompanying notes are an integral part of these financial statements.

12 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

†	Non-income-earning security
144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.

Abbreviations:
ADR	American depositary receipt
REIT	Real estate investment trust

Investments in affiliates

	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	$1,648,018	$19,126,269	$(16,693,655)	$0	$0	$ 4,080,632	4,080,632	$460
Securities Lending Cash Investments LLC	2,186,481	6,592,679	(8,211,440)	0	0	567,720	567,720	90 ^#
				$0	$0	$4,648,352		$550

^#	Amount shown represents income before fees and rebates.

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
MSCI EAFE Index	38	12-17-2021	$4,434,976	$4,247,450	$0	$(187,526)

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined International Developed Markets Portfolio | 13

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $540,563 of securities loaned), at value (cost $143,591,835)	$ 173,497,802
Investments in affiliated securities, at value (cost $4,648,352)	4,648,352
Cash at broker segregated for futures contracts	540,573
Foreign currency, at value (cost $142,950)	143,912
Receivable for dividends	1,070,472
Receivable for investments sold	19,697
Receivable for securities lending income, net	572
Prepaid expenses and other assets	26,508
Total assets	179,947,888
Liabilities
Payable upon receipt of securities loaned	567,720
Advisory fee payable	38,741
Payable for daily variation margin on open futures contracts	29,081
Total liabilities	635,542
Total net assets	$179,312,346

The accompanying notes are an integral part of these financial statements.

14 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends (net of foreign withholdings taxes of $302,588)	$ 2,325,024
Income from affiliated securities	90,040
Total investment income	2,415,064
Expenses
Advisory fee	240,666
Custody and accounting fees	76,735
Professional fees	27,194
Interest holder report expenses	14,208
Trustees’ fees and expenses	9,662
Other fees and expenses	30,887
Total expenses	399,352
Net investment income	2,015,712
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities	5,640,971
Futures contracts	372,286
Net realized gains on investments	6,013,257
Net change in unrealized gains (losses) on
Unaffiliated securities	(15,271,526)
Futures contracts	(245,595)
Net change in unrealized gains (losses) on investments	(15,517,121)
Net realized and unrealized gains (losses) on investments	(9,503,864)
Net decrease in net assets resulting from operations	$ (7,488,152)

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined International Developed Markets Portfolio | 15

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment income	$ 2,015,712	$ 4,321,572
Net realized gains on investments	6,013,257	41,094,177
Net change in unrealized gains (losses) on investments	(15,517,121)	19,528,673
Net increase (decrease) in net assets resulting from operations	(7,488,152)	64,944,422
Capital transactions
Transactions in investors’ beneficial interests
Contributions	705,589	3,259,460
Withdrawals	(18,542,249)	(42,716,944)
Net decrease in net assets resulting from capital transactions	(17,836,660)	(39,457,484)
Total increase (decrease) in net assets	(25,324,812)	25,486,938
Net assets
Beginning of period	204,637,158	179,150,220
End of period	$179,312,346	$204,637,158

The accompanying notes are an integral part of these financial statements.

16 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Total return¹	(4.44)%	39.97%	1.76%	(0.14)%	9.46%	10.31%
Ratios to average net assets (annualized)
Gross expenses	0.41%	0.43%	0.91%	0.89%	1.10%	0.98%
Net expenses²	0.41%	0.43%	0.91%	0.89%	1.06%	0.98%
Net investment income	2.09%	2.23%	0.34%	1.24%	0.70%	1.25%
Supplemental data
Portfolio turnover rate	12%	127%	53%	100%	71%	121%

¹	Returns for periods of less than one year are not annualized.
²	Net expense ratios reflect voluntary waivers.

The accompanying notes are an integral part of these financial statements.

Allspring Disciplined International Developed Markets Portfolio | 17

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Disciplined International Developed Markets Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

18 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Notes to financial statements (unaudited)

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees 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, unless the determination has been delegated to the Allspring Global Investments Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Allspring Global Investments Pricing Committee which may include items for ratification.

Foreign currency translation

Securities lending

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price 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 Portfolio 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 Portfolio 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.

Allspring Disciplined International Developed Markets Portfolio | 19

Table of Contents

Notes to financial statements (unaudited)

fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $147,993,024 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$35,655,791
Gross unrealized losses	(5,690,187)
Net unrealized gains	$29,965,604

3. FAIR VALUATION MEASUREMENTS

■	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 Portfolio’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.

20 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Australia	$ 0	$ 11,325,573	$0	$ 11,325,573
Austria	0	483,227	0	483,227
Belgium	0	1,026,279	0	1,026,279
Denmark	0	5,030,336	0	5,030,336
Finland	0	2,461,156	0	2,461,156
France	0	20,304,430	0	20,304,430
Germany	0	14,831,686	0	14,831,686
Hong Kong	0	5,108,472	0	5,108,472
Ireland	0	1,230,798	0	1,230,798
Israel	363,708	487,146	0	850,854
Italy	0	3,064,408	0	3,064,408
Japan	0	41,413,677	0	41,413,677
Luxembourg	0	667,150	0	667,150
Netherlands	201,101	9,734,955	0	9,936,056
New Zealand	0	264,538	0	264,538
Norway	0	776,410	0	776,410
Singapore	0	1,223,431	0	1,223,431
Spain	1,020,054	3,128,019	0	4,148,073
Sweden	0	5,380,053	0	5,380,053
Switzerland	406,546	18,438,646	0	18,845,192
United Kingdom	766,758	23,014,029	0	23,780,787
United States	23,472	0	0	23,472
Preferred stocks
Germany	166,618	1,155,126	0	1,321,744
Short-term investments
Investment companies	4,648,352	0	0	4,648,352
Total assets	$7,596,609	$170,549,545	$0	$178,146,154
Liabilities
Futures contracts	$ 187,526	$ 0	$0	$ 187,526
Total liabilities	$ 187,526	$ 0	$0	$ 187,526

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

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Allspring Disciplined International Developed Markets Portfolio | 21

Table of Contents

Notes to financial statements (unaudited)

Average daily net assets	Advisory fee
First $1 billion	0.250%
Next $4 billion	0.225
Over $5 billion	0.200

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.25% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.20% and declining to 0.15% as the average daily net assets of the Portfolio increase.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2021 were $22,029,202 and $40,218,180, respectively.

6. SECURITIES LENDING TRANSACTIONS

Counterparty	Value of securities on loan	Collateral received¹	Net amount
UBS Securities LLC	$540,563	$(540,563)	$0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2021, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $4,216,139 in long futures contracts during the six months ended November 30, 2021.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

22 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Notes to financial statements (unaudited)

8. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Portfolio under the agreement.

9. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in Europe. A fund that invests a substantial portion of its assets in any country or geographic region will be more vulnerable than a fund that invests its assets more broadly to the economic, financial, political or other developments affecting that country or region. Such developments may have a significant impact on the Portfolio’s investment performance causing such performance to be more volatile than the investment performance of a more geographically diversified fund.

10. INDEMNIFICATION

11. CORONAVIRUS (COVID-19) PANDEMIC

Allspring Disciplined International Developed Markets Portfolio | 23

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

24 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 139 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Allspring Disciplined International Developed Markets Portfolio | 25

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

26 | Allspring Disciplined International Developed Markets Portfolio

Table of Contents

Other information (unaudited)

Officers¹

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

Allspring Disciplined International Developed Markets Portfolio | 27

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

Semi-Annual Report

November 30, 2021

Allspring
Large Company Value Portfolio

Contents

Portfolio information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	9
Statement of operations	10
Statement of changes in net assets	11
Financial highlights	12
Notes to financial statements	13
Other information	18

Allspring Large Company Value Portfolio | 1

Table of Contents

Portfolio information (unaudited)

Investment objective	The Portfolio seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Dennis Bein, CFA®^‡, Ryan Brown, CFA®^‡, Harindra de Silva, Ph.D., CFA®^‡

Ten largest holdings (%) as of November 30, 2021¹
Berkshire Hathaway Incorporated Class B	4.55
JPMorgan Chase & Company	3.59
Pfizer Incorporated	2.98
Johnson & Johnson	2.87
Marsh & McLennan Companies Incorporated	2.46
Target Corporation	2.30
The Procter & Gamble Company	2.12
Colgate-Palmolive Company	1.93
Dolby Laboratories Incorporated Class A	1.92
Mueller Industries Incorporated	1.91

¹	Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of November 30, 2021¹

¹	Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified.

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

2 | Allspring Large Company Value Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Common stocks: 98.44%
Communication services: 9.11%
Diversified telecommunication services: 1.82%
AT&T Incorporated	55,810	$ 1,274,142
Verizon Communications Incorporated	64,904	3,262,724
		4,536,866
Entertainment: 1.01%
Activision Blizzard Incorporated	42,880	2,512,768
Interactive media & services: 3.41%
Alphabet Incorporated Class A †	1,396	3,961,778
Alphabet Incorporated Class C †	1,602	4,564,162
		8,525,940
Media: 2.68%
Comcast Corporation Class A	56,149	2,806,327
Interpublic Group of Companies Incorporated	117,015	3,883,728
		6,690,055
Wireless telecommunication services: 0.19%
T-Mobile US Incorporated †	4,433	482,355
Consumer discretionary: 5.63%
Auto components: 1.37%
Aptiv plc †	21,290	3,413,852
Automobiles: 0.30%
Ford Motor Company	16,696	320,396
Winnebago Industries Incorporated	5,828	420,898
		741,294
Hotels, restaurants & leisure: 0.49%
Chipotle Mexican Grill Incorporated †	744	1,222,697
Multiline retail: 2.52%
Macy's Incorporated	19,827	565,070
Target Corporation	23,520	5,735,117
		6,300,187
Textiles, apparel & luxury goods: 0.95%
lululemon athletica Incorporated †	5,230	2,376,564
Consumer staples: 7.90%
Food & staples retailing: 2.40%
Costco Wholesale Corporation	3,744	2,019,439
Walmart Incorporated	28,278	3,976,735
		5,996,174
Food products: 1.21%
Bunge Limited	2,674	231,488

The accompanying notes are an integral part of these financial statements.

Allspring Large Company Value Portfolio | 3

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Food products (continued)
Mondelez International Incorporated Class A	18,930	$ 1,115,734
The Simply Good Foods Company †	45,623	1,686,682
		3,033,904
Household products: 4.16%
Colgate-Palmolive Company	64,358	4,828,137
Kimberly-Clark Corporation	2,025	263,878
The Procter & Gamble Company	36,617	5,294,086
		10,386,101
Personal products: 0.13%
The Estee Lauder Companies Incorporated Class A	948	314,802
Energy: 4.91%
Oil, gas & consumable fuels: 4.91%
Chevron Corporation	16,425	1,853,890
ConocoPhillips	39,883	2,796,995
EOG Resources Incorporated	21,831	1,899,297
Exxon Mobil Corporation	48,305	2,890,571
Marathon Petroleum Corporation	46,194	2,810,905
		12,251,658
Financials: 21.33%
Banks: 6.65%
Bank of America Corporation	36,692	1,631,693
Citigroup Incorporated	34,556	2,201,217
Hancock Holding Company	33,865	1,618,070
JPMorgan Chase & Company	56,411	8,959,759
PNC Financial Services Group Incorporated	5,136	1,011,792
Truist Financial Corporation	20,022	1,187,505
		16,610,036
Capital markets: 3.80%
Bank of New York Mellon Corporation	10,039	550,037
BlackRock Incorporated	102	92,270
Intercontinental Exchange Incorporated	7,012	916,609
KKR & Company Incorporated Class A	29,770	2,216,377
Moody's Corporation	1,813	708,230
Piper Jaffray Companies Incorporated	11,035	1,829,051
S&P Global Incorporated	285	129,883
The Goldman Sachs Group Incorporated	8,022	3,056,302
		9,498,759
Consumer finance: 1.60%
American Express Company	6,422	978,071
Capital One Financial Corporation	21,451	3,014,509
		3,992,580
Diversified financial services: 4.55%
Berkshire Hathaway Incorporated Class B †	41,056	11,359,781
Insurance: 4.73%
Enstar Group Limited †	122	27,218
Marsh & McLennan Companies Incorporated	37,350	6,126,147

The accompanying notes are an integral part of these financial statements.

4 | Allspring Large Company Value Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Insurance (continued)
MetLife Incorporated	25,495	$ 1,495,537
Old Republic International Corporation	25,160	602,834
Progressive Corporation	7,215	670,562
W.R. Berkley Corporation	37,545	2,877,449
		11,799,747
Health care: 18.60%
Biotechnology: 3.46%
AbbVie Incorporated	25,353	2,922,694
Horizon Therapeutics plc †	16,325	1,693,882
United Therapeutics Corporation †	4,447	842,707
Vertex Pharmaceuticals Incorporated †	16,922	3,163,399
		8,622,682
Health care equipment & supplies: 1.62%
Abbott Laboratories	18,064	2,271,909
Medtronic plc	16,595	1,770,687
		4,042,596
Health care providers & services: 3.34%
Anthem Incorporated	9,939	4,037,520
Cigna Corporation	21,799	4,183,228
Humana Incorporated	284	119,198
		8,339,946
Life sciences tools & services: 2.51%
Danaher Corporation	2,469	794,129
IQVIA Holdings Incorporated †	7,736	2,004,630
Medpace Holdings Incorporated †	11,103	2,302,873
Thermo Fisher Scientific Incorporated	1,853	1,172,634
		6,274,266
Pharmaceuticals: 7.67%
Johnson & Johnson	45,985	7,170,441
Merck & Company Incorporated	60,812	4,555,427
Pfizer Incorporated	138,329	7,432,417
		19,158,285
Industrials: 9.58%
Aerospace & defense: 1.54%
General Dynamics Corporation	20,374	3,850,075
Air freight & logistics: 0.73%
Expeditors International of Washington Incorporated	11,661	1,418,211
FedEx Corporation	1,727	397,849
		1,816,060
Airlines: 0.38%
SkyWest Incorporated †	24,009	940,433
Commercial services & supplies: 0.42%
Clean Harbors Incorporated †	10,418	1,056,802

The accompanying notes are an integral part of these financial statements.

Allspring Large Company Value Portfolio | 5

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Electrical equipment: 3.05%
Emerson Electric Company	39,455	$ 3,465,727
Encore Wire Corporation	29,538	4,148,907
		7,614,634
Machinery: 2.82%
Caterpillar Incorporated	3,232	624,907
Deere & Company	4,765	1,646,498
Mueller Industries Incorporated	86,342	4,777,303
		7,048,708
Professional services: 0.25%
IHS Markit Limited	2,483	317,377
Korn Ferry International	4,331	315,037
		632,414
Trading companies & distributors: 0.39%
Boise Cascade Company	15,037	974,849
Information technology: 8.32%
Electronic equipment, instruments & components: 1.44%
Amphenol Corporation Class A	14,740	1,187,749
Vishay Intertechnology Incorporated	118,022	2,404,108
		3,591,857
IT services: 2.48%
Accenture plc Class A	5,726	2,046,472
Fidelity National Information Services Incorporated	4,981	520,515
Genpact Limited	14,458	697,888
Global Payments Incorporated	9,677	1,151,950
Twilio Incorporated Class A †	6,185	1,769,838
		6,186,663
Semiconductors & semiconductor equipment: 0.79%
Diodes Incorporated †	3,297	350,636
Intel Corporation	12,779	628,727
Micron Technology Incorporated	11,838	994,392
		1,973,755
Software: 3.61%
Autodesk Incorporated †	2,333	593,025
Cadence Design Systems Incorporated †	5,110	906,821
Dolby Laboratories Incorporated Class A	57,422	4,789,569
InterDigital Incorporated	5,848	397,138
Intuit Incorporated	2,624	1,711,635
Microsoft Corporation	1,265	418,196
Synopsys Incorporated †	635	216,535
		9,032,919
Materials: 2.63%
Chemicals: 0.89%
CF Industries Holdings Incorporated	24,130	1,462,037
Dow Incorporated	13,822	759,242
		2,221,279

The accompanying notes are an integral part of these financial statements.

6 | Allspring Large Company Value Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Shares	Value
Metals & mining: 1.74%
Freeport-McMoRan Incorporated	112,048	$ 4,154,740
Newmont Corporation	3,604	197,932
		4,352,672
Real estate: 5.32%
Equity REITs: 3.14%
Gaming and Leisure Properties Incorporated	24,552	1,107,786
Invitation Homes Incorporated	31,787	1,285,466
Life Storage Incorporated	19,256	2,544,488
Orion Office Incorporated †	112	1,990
Public Storage Incorporated	6,662	2,181,006
Realty Income Corporation	1,123	76,274
Simon Property Group Incorporated	4,131	631,382
		7,828,392
Real estate management & development: 2.18%
CBRE Group Incorporated Class A †	12,307	1,176,180
Jones Lang LaSalle Incorporated †	15,599	3,664,361
Kennedy Wilson Holdings Incorporated	28,122	609,966
		5,450,507
Utilities: 5.11%
Electric utilities: 2.77%
American Electric Power Company Incorporated	39,814	3,226,925
Exelon Corporation	53,968	2,845,733
The Southern Company	14,017	856,439
		6,929,097
Independent power & renewable electricity producers: 1.81%
Vistra Energy Corporation	227,250	4,517,730
Multi-utilities: 0.53%
Dominion Energy Incorporated	10,061	716,343
MDU Resources Group Incorporated	22,280	606,684
		1,323,027
Total Common stocks (Cost $240,526,885)		245,825,768

		Yield
Short-term investments: 0.72%
Investment companies: 0.72%
Allspring Government Money Market Fund Select Class ♠∞		0.03%	1,789,222	1,789,222
Total Short-term investments (Cost $1,789,222)				1,789,222
Total investments in securities (Cost $242,316,107)	99.16%			247,614,990
Other assets and liabilities, net	0.84			2,091,391
Total net assets	100.00%			$249,706,381

†	Non-income-earning security
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∞	The rate represents the 7-day annualized yield at period end.

The accompanying notes are an integral part of these financial statements.

Allspring Large Company Value Portfolio | 7

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

Abbreviations:
REIT	Real estate investment trust

Investments in affiliates

	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	$3,849,497	$15,640,880	$(17,701,155)	$0	$0	$1,789,222	1,789,222	$386

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
E-Mini S&P 500 Index	17	12-17-2021	$3,829,515	$3,881,313	$51,798	$0

The accompanying notes are an integral part of these financial statements.

8 | Allspring Large Company Value Portfolio

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities, at value (cost $240,526,885)	$ 245,825,768
Investments in affiliated securities, at value (cost $1,789,222)	1,789,222
Cash	1,201,000
Cash at broker segregated for futures contracts	535,000
Receivable for dividends	486,871
Prepaid expenses and other assets	13,975
Total assets	249,851,836
Liabilities
Advisory fee payable	73,422
Payable for daily variation margin on open futures contracts	72,033
Total liabilities	145,455
Total net assets	$249,706,381

The accompanying notes are an integral part of these financial statements.

Allspring Large Company Value Portfolio | 9

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Dividends (net of foreign withholdings taxes of $20,057)	$ 2,660,606
Income from affiliated securities	386
Total investment income	2,660,992
Expenses
Advisory fee	467,706
Custody and accounting fees	14,593
Professional fees	28,749
Interest holder report expenses	13,484
Trustees’ fees and expenses	9,662
Other fees and expenses	6,382
Total expenses	540,576
Less: Fee waivers and/or expense reimbursements	(7,924)
Net expenses	532,652
Net investment income	2,128,340
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities	13,543,003
Futures contracts	824,378
Net realized gains on investments	14,367,381
Net change in unrealized gains (losses) on
Unaffiliated securities	(16,158,423)
Futures contracts	(8,644)
Net change in unrealized gains (losses) on investments	(16,167,067)
Net realized and unrealized gains (losses) on investments	(1,799,686)
Net increase in net assets resulting from operations	$ 328,654

The accompanying notes are an integral part of these financial statements.

10 | Allspring Large Company Value Portfolio

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment income	$ 2,128,340	$ 3,775,447
Net realized gains on investments	14,367,381	101,388,910
Net change in unrealized gains (losses) on investments	(16,167,067)	(3,681,890)
Net increase in net assets resulting from operations	328,654	101,482,467
Capital transactions
Transactions in investors’ beneficial interests
Contributions	209,299	42,173,014
Withdrawals	(40,446,281)	(76,489,354)
Net decrease in net assets resulting from capital transactions	(40,236,982)	(34,316,340)
Total increase (decrease) in net assets	(39,908,328)	67,166,127
Net assets
Beginning of period	289,614,709	222,448,582
End of period	$249,706,381	$289,614,709

The accompanying notes are an integral part of these financial statements.

Allspring Large Company Value Portfolio | 11

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Total return¹	0.12%	51.44%	(0.09)%	(0.94)%	9.80%	13.22%
Ratios to average net assets (annualized)
Gross expenses	0.40%	0.40%	0.39%	0.39%	0.49%	0.68%
Net expenses²	0.40%	0.40%	0.39%	0.39%	0.42%	0.66%
Net investment income	1.59%	1.55%	2.05%	2.29%	1.56%	1.45%
Supplemental data
Portfolio turnover rate	217%	482%	335%	246%	244%	203%

¹	Returns for periods of less than one year are not annualized.
²	Net expense ratios reflect voluntary waivers.

The accompanying notes are an integral part of these financial statements.

12 | Allspring Large Company Value Portfolio

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Large Company Value Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Allspring Large Company Value Portfolio | 13

Table of Contents

Notes to financial statements (unaudited)

Securities lending

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price 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 Portfolio 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 Portfolio 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.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

14 | Allspring Large Company Value Portfolio

Table of Contents

Notes to financial statements (unaudited)

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $242,376,549 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$14,361,858
Gross unrealized losses	(9,071,619)
Net unrealized gains	$ 5,290,239

3. FAIR VALUATION MEASUREMENTS

■	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 Portfolio’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 Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$ 22,747,984	$0	$0	$ 22,747,984
Consumer discretionary	14,054,594	0	0	14,054,594
Consumer staples	19,730,981	0	0	19,730,981
Energy	12,251,658	0	0	12,251,658
Financials	53,260,903	0	0	53,260,903
Health care	46,437,775	0	0	46,437,775
Industrials	23,933,975	0	0	23,933,975
Information technology	20,785,194	0	0	20,785,194
Materials	6,573,951	0	0	6,573,951
Real estate	13,278,899	0	0	13,278,899
Utilities	12,769,854	0	0	12,769,854
Short-term investments
Investment companies	1,789,222	0	0	1,789,222
Total assets	$247,614,990	$0	$0	$247,614,990
Liabilities
Futures contracts	$ 51,798	$0	$0	$ 51,798
Total liabilities	$ 51,798	$0	$0	$ 51,798

Allspring Large Company Value Portfolio | 15

Table of Contents

Notes to financial statements (unaudited)

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

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Average daily net assets	Advisory fee
First $1 billion	0.350%
Next $4 billion	0.325
Over $5 billion	0.300

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.35% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Portfolio increase.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2021 were $562,583,957 and $597,659,608, respectively.

6. SECURITIES LENDING TRANSACTIONS

16 | Allspring Large Company Value Portfolio

Table of Contents

Notes to financial statements (unaudited)

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2021, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $5,524,634 in long futures contracts during the six months ended November 30, 2021.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

8. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Portfolio under the agreement.

9. INDEMNIFICATION

10. CORONAVIRUS (COVID-19) PANDEMIC

Allspring Large Company Value Portfolio | 17

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

18 | Allspring Large Company Value Portfolio

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 139 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Allspring Large Company Value Portfolio | 19

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

20 | Allspring Large Company Value Portfolio

Table of Contents

Other information (unaudited)

Officers¹

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

Allspring Large Company Value Portfolio | 21

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

Semi-Annual Report

November 30, 2021

Allspring
Managed Fixed Income Portfolio

Contents

Portfolio information	2
Portfolio of investments	3
Financial statements
Statement of assets and liabilities	21
Statement of operations	22
Statement of changes in net assets	23
Financial highlights	24
Notes to financial statements	25
Other information	30

Allspring Managed Fixed Income Portfolio | 1

Table of Contents

Portfolio information (unaudited)

Investment objective	The Portfolio seeks consistent fixed-income returns.
Manager	Allspring Funds Management, LLC
Subadviser	Galliard Capital Management, Inc.
Portfolio managers	Andrea Johnson, CFA®^‡, Brandon Kanz, CFA®^‡

Ten largest holdings (%) as of November 30, 2021¹
U.S. Treasury Bond, 2.38%, 11-15-2049	2.24
FNMA, 2.50%, 12-13-2051	2.06
FNMA, 4.50%, 1-1-2051	1.97
FNMA, 4.00%, 8-1-2051	1.75
U.S. Treasury Note, 0.63%, 10-15-2024	1.47
FNMA, 3.97%, 6-1-2025	1.44
U.S. Treasury Note, 0.13%, 12-31-2022	1.27
U.S. Treasury Bond, 1.38%, 11-15-2040	1.25
U.S. Treasury Bond, 1.63%, 11-15-2050	1.22
U.S. Treasury Bond, 1.88%, 2-15-2041	1.19

¹	Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified.

Portfolio allocation as of November 30, 2021¹

¹	Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified.

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

2 | Allspring Managed Fixed Income Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Agency securities: 21.01%
FHLMC	2.00%	12-1-2051	$	970,000	$ 976,684
FHLMC	2.00	12-1-2051		1,660,000	1,669,380
FHLMC	2.00	11-25-2059		1,101,096	1,104,188
FHLMC	3.00	7-1-2046		359,016	379,730
FHLMC	3.00	7-1-2046		404,443	426,235
FHLMC	3.00	11-1-2049		1,640,902	1,718,935
FHLMC	3.50	4-1-2043		460,397	495,416
FHLMC	3.50	5-1-2044		282,511	305,189
FHLMC	3.50	6-1-2046		194,226	207,686
FHLMC	3.50	2-1-2047		1,154,889	1,235,496
FHLMC	3.50	4-1-2047		224,330	240,709
FHLMC	3.50	12-1-2047		856,166	918,649
FHLMC	3.50	3-1-2048		917,695	979,577
FHLMC	3.50	8-1-2049		259,577	272,631
FHLMC	4.00	4-1-2044		340,572	375,309
FHLMC	4.00	8-1-2044		193,959	213,476
FHLMC	4.00	6-1-2048		1,004,083	1,089,741
FHLMC	4.50	8-1-2048		1,279,694	1,382,396
FHLMC	4.50	11-1-2048		1,293,966	1,411,902
FHLMC	4.50	11-1-2048		2,378,747	2,589,799
FHLMC Series 2018-3 Class MA ±±	3.50	8-25-2057		3,678,718	3,832,028
FHLMC Series 2019-3 Class M55D	4.00	10-25-2058		722,303	779,430
FHLMC Structured Pass-Through Securities Series T-20 Class A6 øø	7.99	9-25-2029		7,583	8,022
FHLMC Structured Pass-Through Securities Series T-58 Class 4A	7.50	9-25-2043		569,221	657,749
FNMA	1.47	11-1-2029		2,020,000	1,994,101
FNMA %%	2.00	1-13-2052		2,284,000	2,280,788
FNMA ±±	2.50	5-1-2023		141,563	143,357
FNMA	2.50	8-1-2031		186,594	194,849
FNMA	2.50	2-1-2035		757,360	793,246
FNMA	2.50	2-1-2035		938,834	980,021
FNMA %%	2.50	12-13-2051		10,210,000	10,466,845
FNMA	2.73	1-1-2023		514,160	525,402
FNMA	2.73	9-1-2023		532,635	548,733
FNMA	3.00	12-1-2032		24,772	26,242
FNMA	3.00	7-1-2046		265,135	280,360
FNMA	3.00	4-1-2047		1,101,740	1,155,291
FNMA	3.00	12-1-2049		1,523,503	1,596,721
FNMA	3.00	12-1-2049		1,343,945	1,409,169
FNMA	3.07	2-1-2026		353,444	374,649
FNMA ±±	3.08	11-1-2022		183,346	184,240
FNMA ±±	3.08	9-1-2025		2,958,819	3,112,949
FNMA	3.08	1-1-2026		473,679	503,734
FNMA ±±	3.34	11-1-2026		2,101,220	2,257,440
FNMA	3.35	1-1-2028		268,033	293,873
FNMA ±±	3.37	12-1-2027		1,041,852	1,133,236
FNMA	3.50	10-1-2032		397,305	425,905
FNMA	3.50	11-1-2042		156,440	168,917
FNMA	3.50	11-1-2042		162,031	174,963
FNMA	3.50	2-1-2043		81,734	88,263
FNMA	3.50	11-1-2045		716,294	768,802
FNMA	3.50	4-1-2046		94,948	101,838
FNMA	3.50	7-1-2046		230,775	246,285

The accompanying notes are an integral part of these financial statements.

Allspring Managed Fixed Income Portfolio | 3

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Agency securities (continued)
FNMA	3.50%	11-1-2046	$	327,704	$ 350,729
FNMA	3.50	8-1-2047		1,570,238	1,677,514
FNMA	3.97	6-1-2025		6,766,295	7,329,115
FNMA	4.00	11-1-2040		147,071	160,225
FNMA	4.00	4-1-2041		207,885	226,476
FNMA	4.00	8-1-2046		225,953	249,045
FNMA	4.00	3-1-2049		630,006	680,620
FNMA	4.00	8-1-2051		7,986,165	8,889,448
FNMA	4.00	7-1-2056		350,546	388,187
FNMA	4.50	8-1-2048		1,005,022	1,086,540
FNMA	4.50	1-1-2051		9,013,338	10,035,791
FNMA	4.50	6-1-2056		285,760	321,028
FNMA	4.50	6-1-2056		258,588	290,501
FNMA	4.50	6-1-2056		372,412	418,374
FNMA	5.00	9-1-2033		72,465	82,021
FNMA	5.50	2-1-2036		31,963	33,217
FNMA Series 2002-90 Class A2	6.50	11-25-2042		246,995	282,315
FNMA Series 2002-T4 Class A2	7.00	12-25-2041		89,296	103,330
FNMA Series 2002-W4 Class A4	6.25	5-25-2042		839,329	959,770
FNMA Series 2003-W4 Class 3A ±±	5.39	10-25-2042		145,474	165,686
FNMA Series 2004-T2 Class 1A1	6.00	11-25-2043		300,067	340,964
FNMA Series 2004-T3 Class A1	6.00	2-25-2044		487,051	551,505
FNMA Series 2004-W01 Class 2A2	7.00	12-25-2033		77,774	90,111
FNMA Series 2004-W11 Class 1A3	7.00	5-25-2044		496,123	558,984
FNMA Series 2004-W8 Class 3A	7.50	6-25-2044		115,511	135,531
GNMA	6.50	10-15-2023		3,565	3,948
GNMA	6.50	11-15-2023		1,852	2,051
GNMA	6.50	12-15-2023		2,776	3,074
GNMA	6.50	1-15-2024		3,814	4,224
GNMA	7.00	8-15-2027		26,496	29,285
SBA Series 2006-20B Class 1	5.35	2-1-2026		86,737	91,751
SBA Series 2006-20H Class 1	5.70	8-1-2026		47,821	51,456
SBA Series 2007-20J Class 1	5.57	10-1-2027		143,615	155,347
SBA Series 2013-20A Class 1	2.13	1-1-2033		188,580	191,394
SBA Series 2013-20J Class 1	3.37	10-1-2033		190,584	202,156
SBA Series 2014-10A Class 1	3.19	3-10-2024		69,588	70,709
SBA Series 2014-10B Class 1	3.02	9-10-2024		96,962	97,699
SBA Series 2014-20A Class 1	3.46	1-1-2034		197,637	209,958
SBA Series 2015-10B Class 1	2.83	9-10-2025		152,033	155,330
SBA Series 2015-20C Class 1	2.72	3-1-2035		241,642	250,070
SBA Series 2015-20E Class 1	2.77	5-1-2035		352,633	366,563
SBA Series 2015-20F Class 1	2.98	6-1-2035		282,270	295,609
SBA Series 2017-10A Class 1	2.85	3-10-2027		285,509	295,420
SBA Series 2017-20F Class 1	2.81	6-1-2037		208,011	218,473
SBA Series 2018-10B Class 1	3.55	9-10-2028		3,547,548	3,769,753
SBA Series 2018-20E Class 1	3.50	5-1-2038		1,704,521	1,842,791
SBA Series 2018-20G Class 1	3.54	7-1-2038		2,149,998	2,328,032
SBA Series 2018-20H Class 1	3.58	8-1-2038		2,895,010	3,140,829
SBA Series 2018-20K Class 1	3.87	11-1-2038		1,970,322	2,174,661
Total Agency securities (Cost $101,703,789)					106,858,186
Asset-backed securities: 1.84%
ECMC Group Student Loan Trust Series 16-1A Class A (1 Month LIBOR +1.35%) 144A±	1.44	7-26-2066		286,257	294,362

The accompanying notes are an integral part of these financial statements.

4 | Allspring Managed Fixed Income Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Asset-backed securities (continued)
ECMC Group Student Loan Trust Series 2018-2A Class A (1 Month LIBOR +0.80%) 144A±	0.89%	9-25-2068	$	2,111,776	$ 2,126,004
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A	3.47	1-15-2030		3,200,000	3,338,482
Ford Credit Auto Owner Trust Series 2021-1 Class A 144A	1.37	10-17-2033		1,225,000	1,217,565
MMAF Equipment Finance LLC Series 2017-AA Class A5 144A	2.68	7-16-2027		571,721	576,923
SLM Student Loan Trust Series 2003-10A Class A4 (3 Month LIBOR +0.67%) 144A±	0.79	12-17-2068		1,310,000	1,310,182
South Carolina Student Loan Corporation Series 2014-1 Class B (1 Month LIBOR +1.50%) ±	1.59	8-1-2035		500,000	512,062
Total Asset-backed securities (Cost $9,186,135)					9,375,580
Corporate bonds and notes: 34.81%
Communication services: 1.77%
Diversified telecommunication services: 1.01%
AT&T Incorporated	2.25	2-1-2032		460,000	443,891
AT&T Incorporated	2.75	6-1-2031		535,000	543,578
AT&T Incorporated	4.75	5-15-2046		1,280,000	1,558,159
AT&T Incorporated	5.25	3-1-2037		60,000	74,759
Verizon Communications Incorporated	2.10	3-22-2028		500,000	498,698
Verizon Communications Incorporated	4.81	3-15-2039		1,228,000	1,533,997
Verizon Communications Incorporated 144A	2.36	3-15-2032		470,000	465,204
					5,118,286
Entertainment: 0.11%
Walt Disney Company	2.65	1-13-2031		540,000	560,562
Media: 0.48%
CCO Holdings LLC 144A	4.50	8-15-2030		381,000	384,027
CCO Holdings LLC 144A	5.13	5-1-2027		925,000	952,089
Comcast Corporation	1.95	1-15-2031		550,000	537,436
Lamar Media Corporation	4.88	1-15-2029		550,000	570,625
					2,444,177
Wireless telecommunication services: 0.17%
T-Mobile USA Incorporated	3.38	4-15-2029		875,000	880,469
Consumer discretionary: 3.67%
Auto components: 0.22%
Allison Transmission Incorporated 144A	4.75	10-1-2027		1,075,000	1,109,938
Automobiles: 0.15%
General Motors Company	4.88	10-2-2023		400,000	425,318
Volkswagen Group of America Incorporated 144A	2.85	9-26-2024		300,000	311,665
					736,983
Diversified consumer services: 2.59%
Duke University	3.20	10-1-2038		1,175,000	1,279,909
Johns Hopkins University	2.81	1-1-2060		280,000	289,162
Massachusetts Institute of Technology	3.96	7-1-2038		1,780,000	2,130,562
Massachusetts Institute of Technology	4.68	7-1-2114		120,000	187,804
Massachusetts Institute of Technology	7.25	11-2-2096		500,000	1,054,201
Northwestern University	3.66	12-1-2057		105,000	133,422

The accompanying notes are an integral part of these financial statements.

Allspring Managed Fixed Income Portfolio | 5

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Diversified consumer services (continued)
Northwestern University	3.69%	12-1-2038	$	1,915,000	$ 2,173,341
President and Fellows of Harvard College	3.62	10-1-2037		275,000	322,929
President and Fellows of Harvard College	4.88	10-15-2040		183,000	249,737
President and Fellows of Harvard College	5.63	10-1-2038		525,000	755,230
Princeton University	5.70	3-1-2039		1,640,000	2,378,501
Service Corporation International	4.63	12-15-2027		450,000	468,468
Service Corporation International	7.50	4-1-2027		345,000	413,138
University of Southern California	3.03	10-1-2039		1,250,000	1,339,949
					13,176,353
Hotels, restaurants & leisure: 0.16%
Cedar Fair LP	5.38	6-1-2024		795,000	803,355
Specialty retail: 0.08%
Lowe's Companies Incorporated	1.70	9-15-2028		420,000	410,071
Textiles, apparel & luxury goods: 0.47%
HanesBrands Incorporated 144A	4.63	5-15-2024		200,000	208,000
HanesBrands Incorporated 144A	4.88	5-15-2026		1,250,000	1,334,625
The William Carter Company 144A	5.63	3-15-2027		185,000	190,465
Wolverine World Wide Company 144A	4.00	8-15-2029		700,000	679,000
					2,412,090
Consumer staples: 0.41%
Beverages: 0.21%
Anheuser-Busch InBev Worldwide Incorporated	4.70	2-1-2036		870,000	1,046,175
Food products: 0.11%
7 Eleven Incorporated 144A	0.95	2-10-2026		220,000	212,232
Ingredion Incorporated	2.90	6-1-2030		320,000	334,577
					546,809
Household products: 0.09%
Central Garden & Pet Company	5.13	2-1-2028		460,000	477,586
Energy: 4.53%
Energy equipment & services: 0.48%
Baker Hughes LLC	3.34	12-15-2027		1,500,000	1,602,173
Halliburton Company	2.92	3-1-2030		820,000	839,267
					2,441,440
Oil, gas & consumable fuels: 4.05%
Antero Resources Corporation	5.00	3-1-2025		1,360,000	1,366,800
Antero Resources Corporation 144A	5.38	3-1-2030		245,000	252,656
Apache Corporation	4.38	10-15-2028		100,000	105,401
Buckeye Partners LP	3.95	12-1-2026		247,000	242,284
Coterra Energy Incorporated 144A	3.90	5-15-2027		500,000	542,107
Devon Energy Corporation 144A	4.50	1-15-2030		450,000	483,270
Enable Midstream Partners	4.95	5-15-2028		790,000	880,258
EnLink Midstream Partners LP	4.85	7-15-2026		430,000	440,999
Enterprise Products Operating LLC	4.15	10-16-2028		260,000	293,013
Florida Gas Transmission Company 144A	4.35	7-15-2025		1,521,000	1,653,620
Gray Oak Pipeline LLC 144A	2.60	10-15-2025		860,000	874,627
Gulfstream Natural Gas System LLC 144A	6.19	11-1-2025		210,000	243,816

The accompanying notes are an integral part of these financial statements.

6 | Allspring Managed Fixed Income Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Oil, gas & consumable fuels (continued)
Hess Corporation	4.30%	4-1-2027	$	460,000	$ 499,565
HollyFrontier Corporation	4.50	10-1-2030		910,000	980,139
Magellan Midstream Partners LP	5.00	3-1-2026		170,000	190,545
Marathon Petroleum Corporation	5.13	12-15-2026		1,500,000	1,704,461
MPLX LP	4.13	3-1-2027		1,500,000	1,631,608
Newfield Exploration Company	5.38	1-1-2026		959,000	1,056,942
Newfield Exploration Company	5.63	7-1-2024		249,000	270,958
NuStar Logistics LP	6.00	6-1-2026		600,000	635,250
Occidental Petroleum Corporation	3.20	8-15-2026		1,070,000	1,051,275
Plains All American Pipeline LP	4.70	6-15-2044		600,000	636,477
Plains All American Pipeline LP	4.90	2-15-2045		80,000	88,704
Range Resources Corporation	4.88	5-15-2025		200,000	204,042
Range Resources Corporation	5.00	3-15-2023		753,000	763,339
Transcontinental Gas Pipe Line Company LLC	3.25	5-15-2030		790,000	832,778
Transcontinental Gas Pipe Line Company LLC	7.85	2-1-2026		1,200,000	1,472,322
Western Midstream Operating LP	5.30	2-1-2030		1,100,000	1,183,930
					20,581,186
Financials: 5.97%
Banks: 2.84%
Bank of America Corporation (U.S. SOFR +1.15%) ±	1.32	6-19-2026		790,000	782,463
Bank of America Corporation (U.S. SOFR +0.96%) ±	1.73	7-22-2027		1,400,000	1,387,353
Bank of America Corporation (U.S. SOFR +1.37%) ±	1.92	10-24-2031		540,000	515,374
Bank of America Corporation (3 Month LIBOR +1.51%) ±	3.71	4-24-2028		1,440,000	1,554,866
Bank of America Corporation (U.S. SOFR +1.21%) ±	2.57	10-20-2032		170,000	170,730
Citigroup Incorporated (U.S. SOFR +0.77%) ±	1.12	1-28-2027		330,000	320,397
Citigroup Incorporated (U.S. SOFR +1.18%) ±	2.52	11-3-2032		450,000	449,771
Citigroup Incorporated (U.S. SOFR +2.11%) ±	2.57	6-3-2031		370,000	372,067
Citigroup Incorporated	3.40	5-1-2026		1,000,000	1,075,600
Citigroup Incorporated (3 Month LIBOR +1.39%) ±	3.67	7-24-2028		900,000	968,158
Citigroup Incorporated	4.40	6-10-2025		65,000	70,593
JPMorgan Chase & Company (U.S. SOFR +0.77%) ±	1.47	9-22-2027		660,000	647,367
JPMorgan Chase & Company (U.S. SOFR +1.89%) ±	2.18	6-1-2028		310,000	310,691
JPMorgan Chase & Company (U.S. SOFR +1.25%) ±	2.58	4-22-2032		110,000	110,927
JPMorgan Chase & Company	3.20	6-15-2026		500,000	530,810
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ±	3.78	2-1-2028		1,100,000	1,191,969
JPMorgan Chase & Company (3 Month LIBOR +1.26%) ±	4.20	7-23-2029		600,000	670,689
JPMorgan Chase & Company (3 Month LIBOR +1.33%) ±	4.45	12-5-2029		470,000	534,080
KeyCorp	2.25	4-6-2027		690,000	705,219
National Capital Commerce Incorporated (3 Month LIBOR +0.98%) ±	1.11	4-1-2027		400,000	395,448
PNC Bank	4.05	7-26-2028		1,000,000	1,130,014
Regions Financial Corporation	1.80	8-12-2028		540,000	529,276
					14,423,862
Capital markets: 1.07%
Goldman Sachs Capital II (3 Month LIBOR +0.77%) ±	4.00	12-29-2049		6,000	5,850
Goldman Sachs Group Incorporated	3.75	2-25-2026		1,500,000	1,615,548
Goldman Sachs Group Incorporated	4.25	10-21-2025		120,000	130,492
Goldman Sachs Group Incorporated (3 Month LIBOR +1.30%) ±	4.22	5-1-2029		570,000	632,022
Morgan Stanley	3.88	1-27-2026		1,000,000	1,085,067
Morgan Stanley	3.95	4-23-2027		1,000,000	1,092,651

The accompanying notes are an integral part of these financial statements.

Allspring Managed Fixed Income Portfolio | 7

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Capital markets (continued)
Morgan Stanley (U.S. SOFR +0.86%) ±	1.51%	7-20-2027	$	300,000	$ 294,260
MSCI Incorporated 144A	4.00	11-15-2029		590,000	611,388
					5,467,278
Consumer finance: 1.62%
American Express Company	1.65	11-4-2026		780,000	778,596
American Honda Finance Corporation	1.30	9-9-2026		680,000	669,979
BMW US Capital LLC Company 144A	3.15	4-18-2024		945,000	990,278
Capital One Financial Corporation	3.30	10-30-2024		1,500,000	1,581,361
Daimler Finance North America LLC 144A	2.70	6-14-2024		740,000	767,451
Daimler Finance North America LLC 144A	3.35	2-22-2023		1,490,000	1,536,813
Ford Motor Credit Company LLC	5.58	3-18-2024		1,130,000	1,205,484
General Motors Finance Company	2.40	10-15-2028		380,000	376,377
Toyota Motor Credit Corporation	1.13	6-18-2026		340,000	333,779
					8,240,118
Insurance: 0.41%
Minnesota Life Insurance Company 144A«	8.25	9-15-2025		650,000	793,666
NLV Financial Corporation 144A	7.50	8-15-2033		565,000	763,489
Northwestern Mutual Life 144A	3.45	3-30-2051		470,000	520,766
					2,077,921
Mortgage REITs: 0.03%
Ventas Realty LP	3.50	2-1-2025		150,000	158,864
Health care: 3.62%
Biotechnology: 0.28%
AbbVie Incorporated	4.55	3-15-2035		1,200,000	1,432,617
Health care equipment & supplies: 0.84%
Baxter International Incorporated 144A%%	1.92	2-1-2027		260,000	259,890
Baxter International Incorporated 144A%%	2.27	12-1-2028		1,130,000	1,136,190
Hill-Rom Holdings Incorporated 144A	4.38	9-15-2027		810,000	840,251
Hologic Incorporated 144A	3.25	2-15-2029		505,000	495,531
Hologic Incorporated 144A	4.63	2-1-2028		575,000	596,563
Teleflex Incorporated 144A	4.25	6-1-2028		800,000	808,000
Teleflex Incorporated	4.63	11-15-2027		150,000	154,313
					4,290,738
Health care providers & services: 1.63%
Advocate Health Corporation	4.27	8-15-2048		290,000	373,179
BayCare Health System Incorporated	3.83	11-15-2050		145,000	178,969
Cleveland Clinic Foundation	4.86	1-1-2114		347,000	544,758
CVS Health Corporation	1.75	8-21-2030		200,000	190,197
CVS Health Corporation	4.30	3-25-2028		285,000	320,902
CVS Health Corporation	5.05	3-25-2048		130,000	171,774
Kaiser Foundation Hospitals	3.27	11-1-2049		160,000	177,004
Mayo Clinic	4.13	11-15-2052		650,000	842,359
MEDNAX Incorporated 144A	6.25	1-15-2027		342,000	356,945
Memorial Health Services	3.45	11-1-2049		590,000	671,189
Memorial Sloan Kettering Cancer Center	4.20	7-1-2055		185,000	241,386
Northwestern Memorial Hospital	2.63	7-15-2051		480,000	476,831
NYU Hospitals Center	3.38	7-1-2055		690,000	750,146
OhioHealth Corporation	2.83	11-15-2041		730,000	755,288

The accompanying notes are an integral part of these financial statements.

8 | Allspring Managed Fixed Income Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Health care providers & services (continued)
OhioHealth Corporation	3.04%	11-15-2050	$	260,000	$ 276,539
Stanford Health Care	3.80	11-15-2048		145,000	176,056
Texas Health Resources	4.33	11-15-2055		687,000	926,151
The New York-Presbyterian Hospital	3.56	8-1-2036		750,000	834,858
					8,264,531
Health care technology: 0.09%
IQVIA Incorporated 144A	5.00	10-15-2026		445,000	455,013
Life sciences tools & services: 0.42%
Agilent Technologies Incorporated	2.75	9-15-2029		600,000	622,059
Charles River Laboratories Incorporated 144A	4.25	5-1-2028		745,000	755,218
Perkinelmer Incorporated	1.90	9-15-2028		490,000	478,180
Thermo Fisher Scientific Incorporated	1.75	10-15-2028		280,000	275,288
					2,130,745
Pharmaceuticals: 0.36%
Astrazeneca Finance LLC	1.20	5-28-2026		250,000	246,774
Bayer US Finance LLC 144A	3.38	10-8-2024		240,000	251,611
Bayer US Finance LLC 144A	4.38	12-15-2028		1,170,000	1,313,804
					1,812,189
Industrials: 3.10%
Aerospace & defense: 1.05%
BAE Systems Holdings Incorporated 144A	3.80	10-7-2024		1,345,000	1,433,441
Hexcel Corporation	4.20	2-15-2027		1,302,000	1,387,889
Moog Incorporated 144A	4.25	12-15-2027		700,000	710,973
Raytheon Technologies Corporation	2.25	7-1-2030		360,000	359,485
Raytheon Technologies Corporation	2.38	3-15-2032		250,000	250,138
The Boeing Company	2.70	2-1-2027		840,000	856,283
The Boeing Company	5.15	5-1-2030		155,000	179,799
The Boeing Company	5.71	5-1-2040		110,000	140,492
					5,318,500
Air freight & logistics: 0.06%
Fedex Corporation	3.90	2-1-2035		280,000	313,270
Building products: 0.34%
Fortune Brands Home	3.25	9-15-2029		460,000	494,594
Lennox International Incorporated	1.70	8-1-2027		530,000	524,199
Masco Corporation	6.50	8-15-2032		150,000	199,165
Masonite International Company 144A	5.38	2-1-2028		510,000	531,038
					1,748,996
Chemicals: 0.14%
Axalta Coating Systems LLC 144A	4.75	6-15-2027		670,000	692,412
Commercial services & supplies: 0.28%
Clean Harbors Incorporated 144A	4.88	7-15-2027		425,000	436,688
Stericycle Incorporated 144A	3.88	1-15-2029		1,010,000	984,750
					1,421,438

The accompanying notes are an integral part of these financial statements.

Allspring Managed Fixed Income Portfolio | 9

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Electrical equipment: 0.16%
Carrier Global Corporation	2.49%	2-15-2027	$	780,000	$ 797,764
Machinery: 0.34%
Mueller Water Products Incorporated 144A	4.00	6-15-2029		700,000	700,000
Oshkosh Corporation	3.10	3-1-2030		490,000	516,201
Oshkosh Corporation	4.60	5-15-2028		200,000	227,942
Vessel Management Services Incorporated	3.43	8-15-2036		255,000	281,329
					1,725,472
Professional services: 0.10%
Equifax Incorporated	2.35	9-15-2031		180,000	177,145
Relx Capital Incorporated	3.00	5-22-2030		70,000	73,744
Relx Capital Incorporated	4.00	3-18-2029		240,000	266,812
					517,701
Road & rail: 0.33%
Norfolk Southern Corporation	5.10	12-31-2049		760,000	1,025,357
Ryder System Incorporated	3.65	3-18-2024		620,000	654,770
					1,680,127
Transportation infrastructure: 0.30%
Crowley Conro LLC	4.18	8-15-2043		1,315,076	1,537,759
Information technology: 2.20%
Electronic equipment, instruments & components: 0.29%
Amphenol Corporation	2.20	9-15-2031		480,000	471,672
Jabil Incorporated	3.95	1-12-2028		900,000	986,905
					1,458,577
IT services: 0.18%
Gartner Incorporated 144A	4.50	7-1-2028		580,000	602,794
Verisign Incorporated	4.75	7-15-2027		300,000	311,658
					914,452
Semiconductors & semiconductor equipment: 0.77%
KLA Tencor Corporation	4.10	3-15-2029		150,000	170,491
Maxim Integrated Products Incorporated	3.45	6-15-2027		1,550,000	1,685,879
Microchip Technology Incorporated	4.33	6-1-2023		1,500,000	1,570,554
ON Semiconductor Corporation 144A	3.88	9-1-2028		500,000	508,695
					3,935,619
Software: 0.58%
CDK Global Incorporated 144A	5.25	5-15-2029		475,000	502,313
Fair Isaac Corporation 144A	4.00	6-15-2028		725,000	723,188
Fair Isaac Corporation 144A	5.25	5-15-2026		705,000	774,619
Oracle Corporation	2.30	3-25-2028		970,000	975,391
					2,975,511
Technology hardware, storage & peripherals: 0.38%
Apple Incorporated	1.40	8-5-2028		560,000	547,082
Hewlett Packard Enterprise Company	4.90	10-15-2025		375,000	416,775

The accompanying notes are an integral part of these financial statements.

10 | Allspring Managed Fixed Income Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Technology hardware, storage & peripherals (continued)
HP Incorporated 144A	1.45%	6-17-2026	$	350,000	$ 344,659
TSMC Arizona Corporation	1.75	10-25-2026		600,000	602,421
					1,910,937
Materials: 3.89%
Chemicals: 2.37%
Albemarle Corporation	4.15	12-1-2024		1,390,000	1,496,968
Ashland LLC 144A	3.38	9-1-2031		875,000	855,313
DuPont de Nemours Incorporated	4.49	11-15-2025		430,000	475,624
DuPont de Nemours Incorporated	4.73	11-15-2028		930,000	1,083,621
FMC Corporation	3.20	10-1-2026		1,120,000	1,190,752
Ingevity Corporation 144A	4.50	2-1-2026		2,015,000	2,032,631
Mosaic Company	4.05	11-15-2027		1,090,000	1,198,662
PPG Industries Incorporated	2.55	6-15-2030		770,000	790,713
RPM International Incorporated	4.55	3-1-2029		420,000	478,108
Scotts Miracle-Gro Company	4.50	10-15-2029		120,000	123,900
Scotts Miracle-Gro Company	5.25	12-15-2026		800,000	820,000
The Sherwin-Williams Company	2.95	8-15-2029		450,000	473,343
The Sherwin-Williams Company	3.30	2-1-2025		100,000	104,740
Valvoline Incorporated 144A	4.25	2-15-2030		720,000	713,808
WR Grace Holding LLC 144A	5.63	10-1-2024		200,000	212,821
					12,051,004
Construction materials: 0.10%
CRH America Finance Incorporated 144A	3.40	5-9-2027		200,000	214,913
Martin Marietta Materials Incorporated	2.50	3-15-2030		280,000	282,281
					497,194
Containers & packaging: 1.02%
Graphic Packaging International Company 144A	3.50	3-15-2028		275,000	272,250
Graphic Packaging International Company 144A	3.50	3-1-2029		420,000	413,364
Graphic Packaging International Company	4.13	8-15-2024		355,000	375,413
Packaging Corporation of America	3.00	12-15-2029		480,000	505,078
Sealed Air Corporation 144A	5.50	9-15-2025		450,000	490,500
Silgan Holdings Incorporated	4.13	2-1-2028		760,000	769,500
Westrock Company	3.00	9-15-2024		1,680,000	1,758,324
WRKCo Incorporated	3.90	6-1-2028		560,000	618,322
					5,202,751
Metals & mining: 0.25%
Freeport-McMoRan Incorporated	4.13	3-1-2028		840,000	863,100
Freeport-McMoRan Incorporated	4.55	11-14-2024		385,000	411,769
					1,274,869
Paper & forest products: 0.15%
Clearwater Paper Corporation 144A	4.75	8-15-2028		775,000	782,750
Real estate: 2.64%
Equity REITs: 2.64%
Alexandria Real Estate Equities Incorporated	3.95	1-15-2027		240,000	261,910
Alexandria Real Estate Equities Incorporated	4.30	1-15-2026		1,500,000	1,656,899
Boston Properties LP	2.75	10-1-2026		780,000	812,109

The accompanying notes are an integral part of these financial statements.

Allspring Managed Fixed Income Portfolio | 11

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Equity REITs (continued)
Boston Properties LP	3.20%	1-15-2025	$	250,000	$ 262,439
CubeSmart LP	2.25	12-15-2028		160,000	160,590
Digital Realty Trust LP	4.45	7-15-2028		510,000	579,393
Duke Realty LP	3.25	6-30-2026		1,500,000	1,603,624
Duke Realty LP	4.00	9-15-2028		230,000	257,099
HCP Incorporated	3.50	7-15-2029		560,000	610,020
Healthcare Trust of America Incorporated	3.50	8-1-2026		255,000	273,800
Healthpeak Properties Incorporated	2.13	12-1-2028		40,000	39,958
Healthpeak Properties Incorporated	2.88	1-15-2031		190,000	197,204
Host Hotels & Resorts Incorporated	3.88	4-1-2024		265,000	278,388
Kimco Realty Corporation	3.30	2-1-2025		1,500,000	1,585,180
Mid-America Apartments LP	3.60	6-1-2027		845,000	916,711
Mid-America Apartments LP	4.20	6-15-2028		160,000	180,660
National Retail Properties Incorporated	4.30	10-15-2028		370,000	418,330
Simon Property Group LP	1.38	1-15-2027		750,000	734,417
Ventas Realty LP	3.85	4-1-2027		1,500,000	1,635,739
Welltower Incorporated	2.05	1-15-2029		190,000	187,063
Welltower Incorporated	2.70	2-15-2027		460,000	478,284
Welltower Incorporated	2.75	1-15-2032		320,000	322,784
					13,452,601
Utilities: 3.01%
Electric utilities: 2.46%
American Transmission System Incorporated 144A%%	2.65	1-15-2032		380,000	383,862
Dominion Energy South Carolina Incorporated	2.30	12-1-2031		450,000	452,900
Duke Energy Carolinas LLC	6.05	4-15-2038		830,000	1,168,043
Duke Energy Florida LLC %%	2.40	12-15-2031		200,000	201,267
Duke Energy Progress LLC	2.00	8-15-2031		620,000	608,211
Evergy Metro Incorporated	2.25	6-1-2030		350,000	352,877
FirstEnergy Corporation	4.40	7-15-2027		365,000	390,259
ITC Holdings Corporation	3.65	6-15-2024		120,000	126,029
MidAmerican Energy Holdings Company	5.80	10-15-2036		900,000	1,236,584
Monongahela Power Company 144A	4.10	4-15-2024		1,660,000	1,756,485
NextEra Energy Operating Partners LP 144A	4.25	9-15-2024		6,000	6,266
NextEra Energy Operating Partners LP 144A	4.50	9-15-2027		500,000	529,065
Northern States Power Company of Minnesota	5.35	11-1-2039		1,580,000	2,173,457
Public Service Electric & Gas Company	5.70	12-1-2036		590,000	798,899
Rochester Gas & Electric Corporation 144A	3.10	6-1-2027		1,790,000	1,898,910
Southern California Edison Company	6.00	1-15-2034		188,000	244,700
Trans-Allegheny Interstate Line Company 144A	3.85	6-1-2025		200,000	212,398
					12,540,212
Gas utilities: 0.39%
AmeriGas Partners LP	5.50	5-20-2025		450,000	481,500
AmeriGas Partners LP	5.88	8-20-2026		500,000	545,630
Boardwalk Pipelines Company	5.95	6-1-2026		550,000	635,780
CenterPoint Energy Incorporated	1.75	10-1-2030		330,000	309,868
					1,972,778
Multi-utilities: 0.16%
Black Hills Corporation	4.35	5-1-2033		710,000	815,099
Total Corporate bonds and notes (Cost $165,354,019)					177,037,149

The accompanying notes are an integral part of these financial statements.

12 | Allspring Managed Fixed Income Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Municipal obligations: 9.02%
Alabama: 0.17%
Miscellaneous revenue: 0.17%
Alabama Federal Aid Highway Finance Authority Series B	2.65%	9-1-2037	$	835,000	$ 841,933
Arizona: 0.09%
Miscellaneous revenue: 0.09%
Yuma AZ Pledged Revenue Obligations Series 2021	2.10	7-15-2030		430,000	436,856
California: 1.61%
GO revenue: 1.52%
Alameda County CA Series A	3.70	8-1-2031		275,000	307,983
Campbell Union High School District	2.31	8-1-2035		660,000	662,504
Coast Community College District	2.89	8-1-2035		1,165,000	1,250,873
Desert Community College District %%	2.78	8-1-2035		450,000	457,642
Oxnard Union High School District	1.87	8-1-2030		800,000	788,051
Palomar Community College District	2.32	8-1-2034		500,000	505,144
San Diego Community College District Series B	2.88	8-1-2033		1,935,000	2,063,814
San Ramon Valley Unified School District	1.91	8-1-2030		740,000	741,347
Solano California Community College District Series B	1.76	8-1-2030		950,000	944,687
					7,722,045
Tax revenue: 0.09%
San Jose CA RDA Senior Taxable Refunding Bonds Series A-T	3.38	8-1-2034		455,000	487,729
Florida: 0.25%
Water & sewer revenue: 0.25%
Florida Water Pollution Control Financing Corporation Series A	2.60	1-15-2030		1,175,000	1,254,711
Georgia: 0.11%
GO revenue: 0.11%
Cherokee County GA School System Build America Bonds	5.87	8-1-2028		500,000	580,900
Hawaii: 0.37%
GO revenue: 0.37%
Hawaii State Taxable Series FZ	1.60	8-1-2031		770,000	748,790
Hawaii State Taxable Series GD	2.52	10-1-2035		1,110,000	1,137,457
					1,886,247
Idaho: 0.04%
Miscellaneous revenue: 0.04%
Idaho Building Authority State Office Campus Project Series B	3.28	9-1-2028		170,000	185,507
Illinois: 0.03%
GO revenue: 0.03%
Lake County IL Community Consolidated School District Series A	3.40	11-1-2027		150,000	167,627

The accompanying notes are an integral part of these financial statements.

Allspring Managed Fixed Income Portfolio | 13

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Indiana: 0.34%
Health revenue: 0.27%
Indiana Finance Authority Community Foundation	3.63%	3-1-2039	$	1,235,000	$ 1,382,466
Miscellaneous revenue: 0.07%
Indianapolis IN Local Public Improvement Bonds Series A-2	6.00	1-15-2040		235,000	335,826
Massachusetts: 0.28%
GO revenue: 0.07%
Boston MA Qualified School Construction Bonds Series C	4.40	4-1-2026		370,000	371,093
Tax revenue: 0.21%
Massachusetts State Taxable Consolidated Loan Series E	5.46	12-1-2039		750,000	1,033,190
Michigan: 0.20%
Health revenue: 0.20%
Michigan Finance Authority Trinity Health Credit Group Series T	3.08	12-1-2034		930,000	1,002,965
Mississippi: 0.33%
Education revenue: 0.06%
Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 (1 Month LIBOR +0.68%) ±	0.77	10-25-2035		284,120	284,800
Miscellaneous revenue: 0.27%
Mississippi Series E %%	2.49	10-1-2035		1,350,000	1,386,917
New Jersey: 0.12%
Miscellaneous revenue: 0.12%
Hudson County NJ Improvement Authority Hudson County Lease Project	7.40	12-1-2025		540,000	606,173
New York: 0.30%
GO revenue: 0.10%
New York Refunding Bond Series B	2.65	2-15-2030		500,000	527,416
Miscellaneous revenue: 0.20%
New York Dormitory Authority Personal Income Taxable General Purpose Series C	1.54	3-15-2027		660,000	659,498
New York State Taxable Bonds Series 2010C	5.62	3-1-2040		250,000	354,769
					1,014,267
North Carolina: 0.44%
Education revenue: 0.44%
North Carolina Education Assistance Authority Student Loan (3 Month LIBOR +0.90%) ±	1.02	7-25-2041		1,300,518	1,301,790
North Carolina Education Assistance Authority Student Loan Series A-3 (3 Month LIBOR +0.90%) ±	1.02	10-25-2041		380,320	380,709
University of North Carolina Chapel Hill Refunding Bonds Series C	3.33	12-1-2036		500,000	575,282
					2,257,781
Ohio: 0.54%
Education revenue: 0.27%
Ohio State University Build America Bonds	4.91	6-1-2040		1,000,000	1,397,525

The accompanying notes are an integral part of these financial statements.

14 | Allspring Managed Fixed Income Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Health revenue: 0.16%
Ohio Hospital Facility Refunding Bond Cleveland Clinic	3.28%	1-1-2042	$	725,000	$ 797,858
Miscellaneous revenue: 0.11%
Jobsohio Beverage System Ohio Statewide Senior Lien Liquor Profits Series A	2.83	1-1-2038		515,000	545,810
Oklahoma: 0.16%
Water & sewer revenue: 0.16%
Oklahoma Water Resources Board Refunding Bond Series 2019	2.56	4-1-2031		770,000	812,438
Pennsylvania: 0.76%
Education revenue: 0.53%
Pennsylvania HEFAR Refunding Taxable Bonds Series B	2.94	8-15-2039		1,000,000	1,082,985
Pennsylvania Higher Education Authority Class A (1 Month LIBOR +1.15%) 144A±	1.24	9-25-2065		786,445	800,144
University of Pittsburgh Series A	3.65	9-15-2036		715,000	837,303
					2,720,432
GO revenue: 0.23%
Northampton County PA Series C	2.54	10-1-2028		1,100,000	1,160,148
Rhode Island: 0.35%
Education revenue: 0.35%
Rhode Island Student Loan Authority Class A-1 (1 Month LIBOR +0.90%) ±	0.98	7-1-2031		1,794,949	1,797,651
South Carolina: 0.08%
GO revenue: 0.08%
Richland County SC School District #1 Refunding Bond Series 2020B	1.78	3-1-2028		385,000	392,015
Texas: 0.92%
Education revenue: 0.25%
University of Texas Build America Bonds Series A	5.26	7-1-2039		550,000	786,587
University of Texas Build America Bonds Series C	4.79	8-15-2046		120,000	164,304
University of Texas Build America Bonds Series D	5.13	8-15-2042		215,000	298,349
					1,249,240
GO revenue: 0.47%
Hidalgo County TX Refunding Bonds Series 2018C	4.04	8-15-2030		1,270,000	1,449,038
Houston TX Pension Obligation Bonds Series 2017	3.73	3-1-2030		110,000	122,564
Stafford TX Municipal School District Refunding Bond Series B	3.08	8-15-2041		750,000	823,715
					2,395,317
Miscellaneous revenue: 0.14%
Texas Transportation Commission Series 2020	1.53	10-1-2029		710,000	703,220
Tax revenue: 0.06%
Texas Transportation Commission Highway Fund Series B	5.18	4-1-2030		250,000	305,176

The accompanying notes are an integral part of these financial statements.

Allspring Managed Fixed Income Portfolio | 15

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Utah: 0.45%
Education revenue: 0.45%
State Board of Regents of Utah Series 1-A (1 Month LIBOR +0.75%) ±	0.84%	9-25-2056	$	2,291,541	$ 2,290,040
Vermont: 0.02%
Housing revenue: 0.02%
Vermont Housing Finance Agency	3.80	11-1-2037		110,000	122,714
Virginia: 0.19%
Education revenue: 0.17%
University of Virginia Build America Bonds	6.20	9-1-2039		315,000	490,539
University of Virginia Revenue Bond Series C	4.18	9-1-2117		265,000	379,704
					870,243
Housing revenue: 0.02%
Virginia Housing Development Authority	3.10	6-25-2041		92,221	94,210
Washington: 0.49%
GO revenue: 0.49%
King County WA Build America Bonds Series B	6.05	12-1-2030		350,000	451,441
King County WA Public Hospital District	2.70	12-1-2035		915,000	939,859
Washington Series T	3.45	8-1-2029		1,000,000	1,120,015
					2,511,315
West Virginia: 0.09%
Tax revenue: 0.09%
Ohio County WV Special District Excise Tax Series A	8.25	3-1-2035		415,000	451,607
Wisconsin: 0.29%
GO revenue: 0.15%
Wisconsin State Refunding Bond Series 1	2.50	5-1-2032		750,000	794,062
Miscellaneous revenue: 0.14%
Wisconsin State Refunding Bond Taxable Series 4	2.10	5-1-2035		690,000	694,453
Total Municipal obligations (Cost $43,470,316)					45,871,923
Non-agency mortgage-backed securities: 6.14%
Commercial Mortgage Pass-Through Certificate Series 2012-CR2 Class A4	3.15	8-15-2045		550,000	553,411
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3	3.55	9-10-2047		334,387	344,619
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class ASB	3.62	10-10-2046		223,987	229,559
Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±±	4.19	11-10-2046		600,000	632,254
Commercial Mortgage Pass-Through Certificate Series 2014-CR17 Class A5	3.98	5-10-2047		1,795,000	1,903,260
Commercial Mortgage Pass-Through Certificate Series 2014-CR21 Class A3	3.53	12-10-2047		2,649,561	2,764,907
Commercial Mortgage Pass-Through Certificate Series 2014-UBS5 Class A4	3.84	9-10-2047		620,000	657,147
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ7 Class A4	3.38	5-10-2045		85,821	85,824

The accompanying notes are an integral part of these financial statements.

16 | Allspring Managed Fixed Income Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Non-agency mortgage-backed securities (continued)
Goldman Sachs Mortgage Securities Trust Series 2013-GC14 Class A5	4.24%	8-10-2046	$	615,000	$ 643,547
Goldman Sachs Mortgage Securities Trust Series 2013-GC16 Class A4	4.27	11-10-2046		350,000	367,899
Goldman Sachs Mortgage Securities Trust Series 2014-GC26 Class A5	3.63	11-10-2047		2,565,000	2,713,673
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C19 Class A4	4.00	4-15-2047		450,000	472,961
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C20 Class A5	3.80	7-15-2047		4,065,000	4,269,676
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-GC26 Class A4	3.49	1-15-2048		1,338,000	1,412,153
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB	3.65	4-15-2047		234,057	240,808
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19 Class A4	3.53	12-15-2047		1,790,000	1,886,262
Small Business Investment Company Series 2021-10A Class 1	1.67	3-10-2031		586,643	592,218
Small Business Investment Company Series 2021-10B Class 1	1.30	9-10-2031		1,665,000	1,662,638
Towd Point Mortgage Trust Series 2016-2 Class A1A 144A±±	2.75	8-25-2055		32,103	32,213
Towd Point Mortgage Trust Series 2016-3 Class A1 144A±±	2.25	4-25-2056		21,122	21,141
Towd Point Mortgage Trust Series 2018-3 Class A1 144A±±	3.75	5-25-2058		1,432,932	1,477,695
Towd Point Mortgage Trust Series 2019-4 Class A1 144A±±	2.90	10-25-2059		1,671,753	1,707,156
WFRBS Commercial Mortgage Trust Series 2013-C17 Class A4	4.02	12-15-2046		4,370,000	4,569,667
WFRBS Commercial Mortgage Trust Series 2014-C20 Class A5	4.00	5-15-2047		1,876,047	1,973,291
Total Non-agency mortgage-backed securities (Cost $30,079,824)					31,213,979
U.S. Treasury securities: 19.51%
U.S. Treasury Bond	1.13	5-15-2040		930,000	824,866
U.S. Treasury Bond	1.13	8-15-2040		6,120,000	5,410,941
U.S. Treasury Bond	1.25	5-15-2050		2,255,000	1,972,156
U.S. Treasury Bond	1.38	11-15-2040		6,905,000	6,367,165
U.S. Treasury Bond	1.38	8-15-2050		3,718,000	3,355,350
U.S. Treasury Bond	1.63	11-15-2050		6,467,000	6,200,994
U.S. Treasury Bond	1.88	2-15-2041		6,005,000	6,024,469
U.S. Treasury Bond	1.88	2-15-2051		2,244,000	2,281,517
U.S. Treasury Bond	2.38	11-15-2049		10,063,000	11,363,328
U.S. Treasury Bond	4.25	5-15-2039		1,890,000	2,627,469
U.S. Treasury Bond	4.50	5-15-2038		1,540,000	2,187,101
U.S. Treasury Note	0.13	12-31-2022		6,475,000	6,463,618
U.S. Treasury Note	0.13	1-31-2023		4,800,000	4,789,125
U.S. Treasury Note	0.13	5-31-2023		5,000,000	4,978,125
U.S. Treasury Note	0.13	7-31-2023		5,000,000	4,972,070
U.S. Treasury Note	0.25	11-15-2023		4,575,000	4,548,193
U.S. Treasury Note	0.25	3-15-2024		4,825,000	4,780,708
U.S. Treasury Note	0.63	10-15-2024		7,525,000	7,487,375
U.S. Treasury Note	1.13	10-31-2026		2,550,000	2,546,414

The accompanying notes are an integral part of these financial statements.

Allspring Managed Fixed Income Portfolio | 17

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
U.S. Treasury securities (continued)
U.S. Treasury Note	1.25%	5-31-2028	$	3,750,000	$ 3,731,982
U.S. Treasury Note	2.00	8-15-2051		495,000	518,358
U.S. Treasury Note	2.25	5-15-2041		3,219,000	3,426,223
U.S. Treasury Note	2.38	5-15-2051		2,070,000	2,347,833
Total U.S. Treasury securities (Cost $99,913,796)					99,205,380
Yankee corporate bonds and notes: 5.62%
Consumer staples: 0.12%
Food products: 0.12%
Mondelez International Holdings Company 144A	1.25	9-24-2026		620,000	606,664
Energy: 0.37%
Oil, gas & consumable fuels: 0.37%
BP Capital Markets plc	3.28	9-19-2027		155,000	165,700
Cenovus Energy Incorporated	4.25	4-15-2027		550,000	599,345
Petroleos Mexicanos	2.29	2-15-2024		68,750	69,891
Petroleos Mexicanos	2.83	2-15-2024		143,750	147,066
Petroleos Mexicanos	6.38	1-23-2045		1,080,000	871,992
					1,853,994
Financials: 3.21%
Banks: 2.28%
Bank of Montreal	1.25	9-15-2026		765,000	749,922
Bank of Nova Scotia	1.30	9-15-2026		1,040,000	1,020,580
Bank of Nova Scotia	4.50	12-16-2025		80,000	88,425
BNP Paribas SA (3 Month LIBOR +1.11%) 144A±	2.82	11-19-2025		820,000	846,251
BNP Paribas SA 144A	4.40	8-14-2028		520,000	588,436
Cooperatieve Rabobank UA (1 Year Treasury Constant Maturity +1.00%) 144A±	1.34	6-24-2026		530,000	525,178
HSBC Holdings plc (U.S. SOFR +1.41%) ±	2.87	11-22-2032		270,000	270,356
HSBC Holdings plc (3 Month LIBOR +1.35%) ±	4.29	9-12-2026		950,000	1,028,792
HSBC Holdings plc (3 Month LIBOR +1.53%) ±	4.58	6-19-2029		1,500,000	1,680,461
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.75%) ±	1.54	7-20-2027		1,050,000	1,034,772
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.97%) ±	2.49	10-13-2032		260,000	260,923
Royal Bank of Canada	1.15	7-14-2026		500,000	490,216
Royal Bank of Canada	1.40	11-2-2026		830,000	817,821
Sumitomo Mitsui Financial Group Incorporated	1.47	7-8-2025		430,000	429,087
Sumitomo Mitsui Financial Group Incorporated	1.90	9-17-2028		660,000	645,555
Toronto Dominion Bank	1.25	9-10-2026		1,130,000	1,110,073
					11,586,848
Capital markets: 0.48%
Credit Suisse Group AG (3 Month LIBOR +1.41%) 144A±	3.87	1-12-2029		1,500,000	1,606,590
NXP BV 144A	2.65	2-15-2032		870,000	873,754
					2,480,344

The accompanying notes are an integral part of these financial statements.

18 | Allspring Managed Fixed Income Portfolio

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

	Interest rate	Maturity date	Principal		Value
Consumer finance: 0.45%
NTT Finance Corporation 144A	1.16%	4-3-2026	$	630,000	$ 618,793
UBS Group Funding Switzerland 144A	4.25	3-23-2028		1,500,000	1,659,280
					2,278,073
Health care: 0.07%
Pharmaceuticals: 0.07%
Teva Pharmaceutical Finance BV	3.15	10-1-2026		350,000	327,688
Industrials: 0.84%
Aerospace & defense: 0.24%
Embraer Netherlands Finance BV	5.05	6-15-2025		1,200,000	1,230,000
Electrical equipment: 0.24%
Sensata Technologies BV 144A	4.00	4-15-2029		935,000	948,090
Sensata Technologies BV 144A	5.63	11-1-2024		265,000	288,850
					1,236,940
Machinery: 0.25%
CNH Industrial NV	4.50	8-15-2023		600,000	633,116
Siemens Finance 144A	1.70	3-11-2028		660,000	650,682
					1,283,798
Road & rail: 0.11%
Canadian Pacific Railway Company %%	2.45	12-2-2031		520,000	526,345
Information technology: 0.42%
Software: 0.21%
Experian Finance plc 144A	4.25	2-1-2029		510,000	571,574
OpenText Corporation 144A	3.88	2-15-2028		520,000	514,800
					1,086,374
Technology hardware, storage & peripherals: 0.21%
Seagate HDD 144A	3.13	7-15-2029		375,000	357,000
TSMC Global Limited 144A	1.25	4-23-2026		700,000	688,919
					1,045,919
Materials: 0.59%
Chemicals: 0.04%
Nutrien Limited	2.95	5-13-2030		180,000	188,822
Metals & mining: 0.55%
Anglo American Capital plc 144A	4.75	4-10-2027		1,000,000	1,113,657
Vale Overseas Limited	6.25	8-10-2026		1,500,000	1,707,300
					2,820,957
Total Yankee corporate bonds and notes (Cost $27,626,159)					28,552,766

The accompanying notes are an integral part of these financial statements.

Allspring Managed Fixed Income Portfolio | 19

Table of Contents

Portfolio of investments—November 30, 2021 (unaudited)

		Yield	Shares		Value
Short-term investments: 3.86%
Investment companies: 3.86%
Allspring Government Money Market Fund Select Class ♠∞##		0.03%		19,639,478	$ 19,639,478
Securities Lending Cash Investments LLC ♠∩∞		0.04		6,313	6,313
Total Short-term investments (Cost $19,645,791)					19,645,791
Total investments in securities (Cost $496,979,829)	101.81%				517,760,754
Other assets and liabilities, net	(1.81)				(9,200,893)
Total net assets	100.00%				$508,559,861

±±	The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.
øø	The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end.
144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.
±	Variable rate investment. The rate shown is the rate in effect at period end.
##	All or a portion of this security is segregated for when-issued securities.
«	All or a portion of this security is on loan.
♠	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∩	The investment is a non-registered investment company purchased with cash collateral received from securities on loan.
∞	The rate represents the 7-day annualized yield at period end.
%%	The security is purchased on a when-issued basis.

Abbreviations:
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General obligation
HEFAR	Higher Education Facilities Authority Revenue
LIBOR	London Interbank Offered Rate
RDA	Redevelopment Authority
REIT	Real estate investment trust
SBA	Small Business Authority
SOFR	Secured Overnight Financing Rate

Investments in affiliates

	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	$23,036,815	$74,317,263	$(77,714,600)	$0	$0	$ 19,639,478	19,639,478	$ 2,846
Securities Lending Cash Investments LLC	127,000	3,138	(123,825)	0	0	6,313	6,313	4 ^#
				$0	$0	$19,645,791		$2,850

^#	Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

20 | Allspring Managed Fixed Income Portfolio

Table of Contents

Statement of assets and liabilities—November 30, 2021 (unaudited)


Assets
Investments in unaffiliated securities (including $6,186 of securities loaned), at value (cost $477,334,038)	$ 498,114,963
Investments in affiliated securities, at value (cost $19,645,791)	19,645,791
Cash	3,977,878
Receivable for investments sold	8,666,464
Receivable for interest	2,910,447
Receivable for securities lending income, net	12
Prepaid expenses and other assets	34,844
Total assets	533,350,399
Liabilities
Payable for when-issued transactions	24,639,565
Advisory fee payable	144,660
Payable upon receipt of securities loaned	6,313
Total liabilities	24,790,538
Total net assets	$508,559,861

The accompanying notes are an integral part of these financial statements.

Allspring Managed Fixed Income Portfolio | 21

Table of Contents

Statement of operations—six months ended November 30, 2021 (unaudited)


Investment income
Interest	$ 7,154,746
Income from affiliated securities	3,289
Total investment income	7,158,035
Expenses
Advisory fee	1,016,148
Custody and accounting fees	21,146
Professional fees	36,552
Interest holder report expenses	19,274
Trustees’ fees and expenses	9,662
Other fees and expenses	18,459
Total expenses	1,121,241
Less: Fee waivers and/or expense reimbursements	(132,639)
Net expenses	988,602
Net investment income	6,169,433
Realized and unrealized gains (losses) on investments
Net realized gains on investments	1,543,621
Net change in unrealized gains (losses) on investments	(778,025)
Net realized and unrealized gains (losses) on investments	765,596
Net increase in net assets resulting from operations	$6,935,029

The accompanying notes are an integral part of these financial statements.

22 | Allspring Managed Fixed Income Portfolio

Table of Contents

Statement of changes in net assets


	Six months ended November 30, 2021 (unaudited)	Year ended May 31, 2021
Operations
Net investment income	$ 6,169,433	$ 11,781,229
Net realized gains on investments	1,543,621	3,530,420
Net change in unrealized gains (losses) on investments	(778,025)	(3,700,898)
Net increase in net assets resulting from operations	6,935,029	11,610,751
Capital transactions
Transactions in investors’ beneficial interests
Contributions	31,192,718	59,804,501
Withdrawals	(25,743,207)	(37,488,593)
Net increase in net assets resulting from capital transactions	5,449,511	22,315,908
Total increase in net assets	12,384,540	33,926,659
Net assets
Beginning of period	496,175,321	462,248,662
End of period	$508,559,861	$496,175,321

The accompanying notes are an integral part of these financial statements.

Allspring Managed Fixed Income Portfolio | 23

Table of Contents

Financial highlights

		Year ended May 31
	Six months ended November 30, 2021 (unaudited)	2021	2020	2019	2018	2017
Total return¹	1.30%	2.52%	7.51%	7.22%	0.05%	3.13%
Ratios to average net assets (annualized)
Gross expenses	0.44%	0.44%	0.42%	0.41%	0.49%	0.48%
Net expenses²	0.39%	0.39%	0.39%	0.39%	0.39%	0.39%
Net investment income	2.43%	2.49%	3.10%	3.24%	3.09%	2.99%
Supplemental data
Portfolio turnover rate	31%	31%	40%	232%	23%	47%

¹	Returns for periods of less than one year are not annualized.
²	Net expense ratios reflect voluntary waivers.

The accompanying notes are an integral part of these financial statements.

24 | Allspring Managed Fixed Income Portfolio

Table of Contents

Notes to financial statements (unaudited)

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Managed Fixed Income Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

On February 23, 2021, Wells Fargo & Company entered into a definitive agreement to sell Wells Fargo Asset Management ("WFAM") to GTCR LLC and Reverence Capital Partners, L.P. WFAM was the trade name used by the asset management businesses of Wells Fargo & Company and included Wells Fargo Funds Management, LLC, Wells Capital Management, LLC, Wells Fargo Asset Management (International) Limited and Wells Fargo Funds Distributor, LLC. Effective on November 1, 2021, the sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. was closed. In connection with the closing of the transaction, WFAM became known as Allspring Global Investments (“Allspring”) and various entities that provide services to the Portfolio changed their names to "Allspring", including Allspring Funds Management, LLC (formerly Wells Fargo Funds Management, LLC), the adviser to the Portfolio, Allspring Global Investments, Inc. (formerly Wells Capital Management, LLC) and Allspring Global Investments (UK) Limited (formerly Wells Fargo Asset Management (International) Limited), both registered investment advisers providing subadvisory services to certain funds, and Allspring Funds Distributor, LLC (formerly Wells Fargo Funds Distributor, LLC).

Effective December 6, 2021, "Wells Fargo" was removed from the Portfolio's name and replaced it with "Allspring".

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Securities lending

Allspring Managed Fixed Income Portfolio | 25

Table of Contents

Notes to financial statements (unaudited)

When-issued transactions

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Paydown gains and losses are included in interest income.

Federal and other taxes

As of November 30, 2021, the aggregate cost of all investments for federal income tax purposes was $496,832,480 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$24,735,884
Gross unrealized losses	(3,807,610)
Net unrealized gains	$20,928,274

26 | Allspring Managed Fixed Income Portfolio

Table of Contents

Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

■	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 Portfolio’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 Portfolio’s assets and liabilities as of November 30, 2021:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Agency securities	$ 0	$ 106,858,186	$0	$ 106,858,186
Asset-backed securities	0	9,375,580	0	9,375,580
Corporate bonds and notes	0	177,037,149	0	177,037,149
Municipal obligations	0	45,871,923	0	45,871,923
Non-agency mortgage-backed securities	0	31,213,979	0	31,213,979
U.S. Treasury securities	99,205,380	0	0	99,205,380
Yankee corporate bonds and notes	0	28,552,766	0	28,552,766
Short-term investments
Investment companies	19,645,791	0	0	19,645,791
Total assets	$118,851,171	$398,909,583	$0	$517,760,754

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

For the six months ended November 30, 2021, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Allspring Managed Fixed Income Portfolio | 27

Table of Contents

Notes to financial statements (unaudited)

Average daily net assets	Advisory fee
First $500 million	0.400%
Next $500 million	0.375
Next $2 billion	0.350
Next $2 billion	0.325
Next $5 billion	0.300
Over $10 billion	0.290

For the six months ended November 30, 2021, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Galliard Capital Management, Inc., an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Portfolio increase.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2021 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$136,938,322	$54,296,622	$132,817,798	$19,964,549

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Allspring Funds Management and is subadvised by Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser.

28 | Allspring Managed Fixed Income Portfolio

Table of Contents

Notes to financial statements (unaudited)

Counterparty	Value of securities on loan	Collateral received¹	Net amount
Morgan Stanley & Company LLC	$6,186	$(6,186)	$0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

For the six months ended November 30, 2021, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

9. CORONAVIRUS (COVID-19) PANDEMIC

Allspring Managed Fixed Income Portfolio | 29

Table of Contents

Other information (unaudited)

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

30 | Allspring Managed Fixed Income Portfolio

Table of Contents

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 139 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
Judith M. Johnson** (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Allspring Managed Fixed Income Portfolio | 31

Table of Contents

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Ms. Johnson has resigned from the Board effective December 31, 2021.

32 | Allspring Managed Fixed Income Portfolio

Table of Contents

Other information (unaudited)

Officers¹

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration.
Kate McKinley (Born 1977)	Chief Legal Officer, since 2021	Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

Allspring Managed Fixed Income Portfolio | 33

Table of Contents

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:

Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967

Website: allspringglobal.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

ITEM 2.

CODE OF ETHICS

Not applicable.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6.

INVESTMENTS

A Portfolio of Investments for each series of Allspring Master Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11.

CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Allspring Master Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable

assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13.

EXHIBITS


(a)(1)		Not applicable.

(a)(2)		Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(b)		Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Allspring Master Trust

By:		/s/ Andrew Owen

		Andrew Owen
		President

Date:		January 27, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.


Allspring Master Trust

By:		/s/ Andrew Owen

		Andrew Owen
		President

Date:		January 27, 2022

By:		/s/ Jeremy DePalma

		Jeremy DePalma
		Treasurer

Date:		January 27, 2022

Wells Fargo Master Trust N-CSRSCertified semi-annual shareholder report (management investment company)